Tribunal held that loss on account of foreign exchange difference is allowable as deduction. Referred CBDT Instruction No. 3 of 2010 dt. 23-3-2010. (AY. 2012-13)
HSBC Electronic Data Processing India (P.) Ltd. v. ACIT (2021) 189 ITD 312 (Hyd.)(Trib.)
S. 37(1) : Business expenditure-Foreign exchange loss-Hedging-Mark to market on foreign exchange forwards-Allowable as business loss. [S. 28(i)]