Assessee Challenges Double Addition of Forex Loss u/s 37(1) to Prevent Legal Contradiction in Income Tax.

Addition on account of foreign exchange loss u/s 37(1) - Assessee in the subsequent assessment year has offered the amount of trading advance as income including the effect of forex losses and gain. - Addition on account of such loss in the year under consideration will lead to the double addition to the income of the assessee which is contrary to the provisions of law. - AT .....

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