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Loss on account of foreign currency fluctuations is allowable expense
Case Law Details
- Case Name
- DCIT vs. Indo Colchem Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10, 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Advocate Akhilesh Kumar Sah
DCIT vs. Indo Colchem Ltd. (ITAT Ahmedabad)
Fall in net profit rate due to dollar rate fluctuation (currency fluctuations): additions to income deleted in Indo Colchem case by Ahmedabad ITAT
Recently, in DCIT vs. Indo Colchem Ltd. [ITA Nos. 1902 & 2492/Ahd/2014 A.Y. 2009-10 & 2011-12, decided on 07. 3.2018], briefly, in ITA No. 1902/Ahd/2014, ground of appeal taken by Revenue was the CIT(A) has erred in law and on facts in deleting the addition of Rs.2,24,64,664/- made on account of low net profit, without properly appreciating the facts of...
