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Case Law Details

Case Name : DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore)
Related Assessment Year : 2011-2012
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DCIT Vs. Coffee Day Global Ltd. (ITAT Bangalore)

The issue under consideration is whether foreign exchange fluctuations are allowed as revenue expense u/s 37 of Income Tax Act?

ITAT states that, the Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254 had already held that the actual payment was not a condition precedent for making adjustment in respect of foreign currency transactions at the end of the closing year. ITAT are, th

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