Unrealized loss due to foreign fluctuation debited to P&L A/c allowable

Pr. CIT Vs Suzlon Energy Limited (Gujarat High Court) Where assessee had debited unrealized loss due to foreign exchange fluctuation in foreign currency transaction on revenue items to its profit and loss account on the last date of accounting year, the same should be allowed as deduction under section 37(1). FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT 1. Draft amendment is allowed. 2. Tax Appeal is admitted for consideration of following substantial questions of law: “A. Whether the Tribunal erred in law and on facts in granting the deduction u/s 80IB of the Act on duty draw back of Rs. 18...