Notional loss can be claimed in case of computation of income on notional basis

HIGH COURT OF KARNATAKA Commissioner of Income-tax, Central Circle Versus Wipro Finance Ltd. IT APPEAL NO. 106 OF 2007 JANUARY 7, 2013 JUDGMENT D.V. Shylendra Kumar, J. Appeal by the revenue under Section 260A of the Income Tax Act, 1961 [for short, the Act], had been admitted to examine the following substantial question of law: Whether the Appellate Authorities were correct in holding that a sum of Rs. 80,04,000/- claimed as a foreign exchange loss on account of restatement of CDC loan should be treated as a revenue loss despite the same not having actually arisen and was o...