Foreign Currency Forward Contract loss for foreign currency liability allowable

Deep Industries Ltd. Vs DCIT (ITAT Ahmedabad)

Assessee in the present case has secured such loss with respect to the liability in foreign currency which may arise at the time of payment by way of taking of forward contract. The assessee to secure the loss on account of foreign currency fluctuation has taken a forward contract and for which it has paid the premium which was claimed as revenue expenditure. Now the question arises whether such premium paid by the assessee to secure the fluctuation in the foreign currency is sub

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