Exchange Fluctuation Loss on Forward Contracts are allowable

ABB Global Industries and Services Pvt. Ltd. Vs DCIT (ITAT Bangalore)

A perusal of the order of the AO shows that the AO called upon the assessee to justify the allowability of the losses on account of exchange loss on forward contracts. The assessee gave two submissions dated 8.1.2014 and 23.1.2014, copies of which are placed at page nos. 26-27 & 28-34 respectively. In both the submissions, the details of forward contracts has not been mentioned.

As far as law on the

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