Foreign Exchange fluctuation loss allowable under section 37: SC

Wipro Finance Ltd. Vs CIT (Supreme court of India) Facts- The appellant submitted ROI on 29.11.1997 for the A.Y. 1997-­1998, mentioning loss of income, amongst others, owing to exchange fluctuation of Rs. 1,10,53,909/­. After processing the return u/s. 143(1)(a), the assessment was completed on 16.3.2000. As against the loss declared by the appellant due to exchange fluctuation, the assessment was concluded by positive taxable income. Against that decision, the matter was carried in appeal by the appellant before the Commissioner of Income Tax and eventually, by way of appeal before the Inc...