Foreign currency is not a commodity for Section 43(5) of Income Tax

ACIT Vs M/s. Lifestyle International (P) Limited (ITAT Bangalore) The brief facts in relation to the above ground is that the assessee had imported certain trade merchandise from parties located outside Payments to such foreign vendors is required to be made in future on specified dates in foreign currency. The assessee had also obtained foreign currency working capital loans and repayment needs to be made on future specified dates in foreign currency. The assessee in order to secure itself from adverse foreign exchange movements, i.e,, making payments at higher rate than the rate at which exp...