2017 (7) TMI 1095

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..... oodward Governor India (P.) Ltd. reported in (2009 (4) TMI 4 - SUPREME COURT). The Apex Court has observed that the loss claimed by the Assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-­sheet was allowable and the Assessee was entitled for the adjustment of actual cost of imported assets. The loss due to foreign exchange fluctuation in foreign curren .....

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..... f being valued at cost or market price. It ought to have been considered that the trading in foreign currency was not a main business of the Assessee. According to the learned counsel, notional loss arising in foreign exchange forward contract at the end of financial year was not allowable under the Income­Tax Act. 2 The learned counsel for the Respondent supports the Order. 3 The Tribunal w .....

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