Sponsored
    Follow Us:

Case Law Details

Case Name : Asstt. Commr. of Income Tax Vs. M/s. Afcons Pauling (India) Ltd. (ITAT Mumbai)
Related Assessment Year : 2004- 05
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

The assessee debited an amount of Rs. 17,34,716/- being foreign exchange loss that arose due to re-statement of current liabilities. The liability had arisen in the earlier years due to consultancy services rendered by Alfred Mcalphine, UK. The assessee contended that the loss arising due to fluctuation in foreign exchange liabilities, when such liabilities are re-instated as on 31st March, is ascertained liability and not contingent liability. The AO rejected the contention of the assessee. The CIT(A) followed the judgment of Hon’ble Supreme Co

Please become a Premium member. If you are already a Premium member, login here to access the full content.

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

0 Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Ads Free tax News and Updates
Sponsored
Search Post by Date
March 2025
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31