Reinstatement of accounts as required under Accounting Standard resulting in gains on foreign exchange valuation at year-end rate. Loss in earlier years on reinstatement of accounts neither claimed as deduction nor allowed. Gains not taxable as income of year. (AY.2011–12)
ACIT v. Privi Speciality Chemicals Ltd. (2023) 152 taxmann.com 105 / 102 ITR 1 (SN)(Mum) (Trib)
S. 43A : Rate of exchange-Foreign currency-Accounting Standard-Reinstatement of accounts-Loss is not claimed in earlier years-Gains not taxable as income of year.[S. 45, 145]