Vgm Export v. JCIT (2025) 235 TTJ 526 / 172 taxmann.com 819 (Panaji) (Trib)

S.37(1): Business expenditure-Foreign exchange fluctuation loss-Working capital-Allowable as a deduction. [S. 145, AS-11]

Held that since the assessee has recognised the losses on forex fluctuation in relation to the closing balance held in EEFC a/c regularly in accordance with AS-11 and the Revenue has accepted the claim of fluctuation loss as ‘real and revenue in nature’, the same is an allowable deduction.  (AY. 2010-11)

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