Home › Income-Tax Act › PCIT. v. United Spirits Ltd. (2022) 442 ITR 451 / 284 Taxman 568 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 442 ITR 451 284 Taxman 568 (Karn.)(HC)

PCIT. v. United Spirits Ltd. (2022) 442 ITR 451 / 284 Taxman 568 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 442 ITR 451 284 Taxman 568 (Karn.)(HC)

S. 37(1) : Business expenditure-Loss on account of fluctuations in rate of Foreign exchange-Deductible.

Foreign exchange loss on account of fluctuations in rate of foreign exchange is allowable as deduction. Followed. CIT v. Woodward Governor India (P.) Ltd (2009) 312 ITR 254 (SC). (AY. 2005-06, 2008-09)