Foreign exchange difference as on balance sheet date is allowable expense

Venture Lighting India Vs ACIT / DCIT (ITAT Chennai) ITAT noted that the assessee is consistently following a policy and method of accounting admitting foreign exchange gain or loss on year-on-year basis. The assessee before us filed complete chart from assessment year 2010-11 to 2016-17 as noted above. Before us, the ld. Senior DR could not contradict the chart placed before us. On query from the Bench in respect of treatment of gains in certain years by the Revenue, he could not contradict that it was accepted by the Revenue as part of total income of the assessee. Thus, this factual matrix ...