Assessee following Accounting Standard 11 and paying tax on foreign exchange gains of earlier years was held to be allowable . ( AY. 2009 -10)
PCIT v. Samwon Precision Mould Mfg. India Pvt. Ltd. (2018) 401 ITR 486 (Delhi) (HC)
S.28(i): Business loss — Fluctuation in foreign exchange rate was held to be allowable. [ S.37(i) ]