Tribunal held that the exchange fluctuation loss arising on account of the revaluation of business advances at the close of the year by the assessee was allowable as deduction in the hands of the assessee. Accordingly, the addition of Rs.2.59 crores was deleted.(AY. 2014-15)
Sitae Re P. Ltd. v. ITO (2020) 83 ITR 457 (Delhi)(Trib.)
S. 37(1) : Business expenditure-Loss on revaluation of business advances-Loss on account of foreign exchange rate fluctuation as on date of balance-sheet is allowable as deduction. [S. 28(1)]