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2018 (2) TMI 867 - ITAT CHENNAIDisallowance of loss on foreign exchange fluctuation - allowable busniss expenditure - Held that:- The issue of loss on foreign exchange fluctuation was examined by this Tribunal for assessment year 2012-13 in the assessee's own case. Placing reliance on the judgment of Apex Court in Woodward Governor India (P) Ltd. (2009 (4) TMI 4 - SUPREME COURT) this Tribunal found that the loss suffered by the assessee on foreign exchange fluctuation has to be allowed under Section 37(1) of the Act. We hold that the loss suffered by the assessee on foreign exchange fluctuation has to be allowed under Section 37(1) of the Act. - Decided in favour of assessee
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