Case Law Details
Case Name : Silicon Graphics Systems (India) Pvt. Ltd Vs DCIT (ITAT Delhi)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Delhi
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Foreign exchange fluctuation loss cannot be called notional loss since the fall in the exchange rate has already taken place in the accounting year. Accounting Standards-11 provides that the entire amount of liabilities outstanding as at the balance sheet date should be restated and the loss should be charged to the Profit and Loss account of each year.
Issue- That on the facts and circumstances of the case and in the law, the CIT(A) has seriously erred in failing t Please become a Premium member. If you are already a Premium member, login here to access the full content.
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