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No CBDT circular or instruction can be contrary to decision of SC
Case Law Details
- Case Name
- Emmsons International Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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Emmsons International Ltd. Vs ACIT (ITAT Delhi)
In ONGC vs CIT 322 ITR 180 (SC) also, Hon’ble Apex Court took a similar view and held that loss on account of foreign exchange fluctuation on balance sheet date is item of expenditure u/s 37(1) of IT Act notwithstanding that liability had not been discharged in which fluctuation in the rate of foreign exchange occurred. This view is followed by the Bombay High Court in the case of CIT vs D Chetan & Co.,ITA No. 278 of 2014 dt: 01.10.2016 and PCIT vs International Gold Company Ltd.,ITA No. 1827 of 2016 dt: 27.02.2019 wherein it was held that ...
