Foreign exchange gain/loss should be considered as part of operational income

DCIT Vs GHCL Ltd. (ITAT Ahmedabad)

During the course of assessment, the assessee has submitted that foreign exchange gain/loss should be considered as part of operational income mainly stating that receipts/expenditures are booked at the time of transaction while conversion of payment/receipts of foreign exchange occurs at a later point of time resulting into foreign exchange gain/loss due to variation in the exchange rate from the date of transaction to date of conversion of foreign exchange into Indian currency and in the

Please become a Premium member. If you are already a Premium member, login here to access the full content.