Case Law Details
Case Name : M/s. Baby Memorial Hospital Ltd. Vs ACIT (ITAT Cochin)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Cochin
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M/s. Baby Memorial Hospital Ltd. Vs ACIT (ITAT Cochin)
In view of the revision made in AS-11 in 2003, it can be said that treatment of foreign exchange loss arising out of foreign currency fluctuations in respect of fixed assets acquired through loan in foreign currency shall required to be given in profit and loss account. Said exchange loss should be allowed as revenue expenditure in view of amended AS-11 (2003). It may be noted that apex court had followed treatment of exchange loss or gain as per AS-11 (1994). In view of
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