Loss on account of foreign currency fluctuations is allowable expense

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 the case and the...