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Income Tax - Highlights / Catch Notes

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Claim of foreign exchange fluctuation loss - ECB was availed for ...

Income Tax

May 1, 2020

Claim of foreign exchange fluctuation loss - ECB was availed for the purpose of expansion of three existing industrial units, hence, not on capital account and further taking note of Accounting Standard/11 r/w Accounting Standard/16, ultimately concluded that assessee’s claim of loss is allowable.

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