This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Forex loss on year-end reinstatement of genuine business advances is deductible
Case Law Details
- Case Name
- Sitac Re Pvt. Ltd. Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Sitac Re Pvt. Ltd. Vs DCIT (ITAT Delhi)
ITAT Delhi Allows Forex Loss on Business Advances: Disallowance of ₹23.71 Lakh Deleted
In a noteworthy ruling, Delhi ITAT has given relief to Assessee by allowing the claim of foreign exchange fluctuation loss on year-end reinstatement of business advances. Tribunal set aside the findings of AO & CIT(A), who had disallowed the loss of ₹23.71 lakh
Assessee had advanced a sum of ₹11.25 crore in the course of business. At the close of the financial year, the company revalued the outstanding advance in line with exchange rate movements & book...
Author Info
