2018 (2) TMI 2011

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..... xpenditure on account of Foreign Exchange fluctuation - ITAT deleted disallowance - HELD THAT:- Assessing Officer as well as CIT [A] were of the opinion that though such expenditure was allowable, the same could be booked only on the basis of actual and not notional basis. The Tribunal by impugned judgment reversed decisions, relying on judgment of Woodward Governor India Private Limited, [ 2009 ( .....

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..... ,913/= as the such losses are notional loss of contingent nature and hence not allowable as per the provisions of Section 37 [1] of the Act ? Issue relates to disallowance of an amount of ₹ 71.29 lakhs claimed by the assessee as an expenditure on account of Foreign Exchange fluctuation. The Assessing Officer as well as CIT [A] were of the opinion that though such expenditure was allowable, t .....

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