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Treatment of Foreign Exchange Gain Loss (Income Tax)

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This query is : Resolved

Querist : Anonymous

( Querist )
03 December 2009

Pl provide answer to my following query.

Machinery imported which as already been capitalised in books two years back.

Against this import some payments are still outstanding in the liability side.

After making this payment or at the year end forign exchange gain or loss arises.
Shell we capitalised this or treated as revenue gain or expenditure.

B.Chackrapani Warrier

( Expert )
03 December 2009

Pl refer clause 46 of AS 11.



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