The AO passed order u/s. 143(3) disallowing claim of assessee of loss incurred on foreign exchange. Held that, loss incurred on foreign exchange was neither speculative loss within meaning of section 43(5), nor same was notional nor contingent in nature, therefore, said sum being loss on foreign exchange derivatives deserved to be allowed. (AY. 2009-10)
Pricewaterhouse Coopers (P.) Ltd. v. ACIT (2021) 189 ITD 329 (Kol.)(Trib.)
S. 37(1) : Business expenditure-Foreign exchange loss-neither speculative loss within meaning of s.43(5), nor same was notional or contingent in nature, same being loss on foreign exchange derivatives allowed. [S.43 (5)]