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Loss / Gain on Foreign Currency Translation is notional debit/credit and not subject to Income Tax
Case Law Details
- Case Name
- CIT Central Vs M/S Jai Prakash Industries Pvt. Ltd. (Allahabad High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04
- Courts
- All High Courts, Allahabad High Court
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As could be seen from the computation reproduced by the AO in assessment order, this difference had arisen on the translation of the overseas account in the Head Office account at the end of the year on exchange rate prevalent on the last day of the accounting year. The AO in assessment year 1993- 94, had observed that this difference arose as it was in different accounts appearing in the books at the exchange rate prevailing on the first day of the accounting year were translated in Indian Rupees at the closing date. The difference was adjusted in the accounts of foreign cur...
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