Allowability of forex loss on restatement of loans/advances
This query is : Resolved
17 November 2008
Whether forex loss on restatement of loans/advances can be allowed as deduction for AY 2006-07. Please quote relevant case laws.
Thanks in advance
Thanks in advance
17 November 2008
it is not allowed
it is allowed on payament basis. refer sec 43A.
it is allowed on payament basis. refer sec 43A.
17 November 2008
Yet it is allowable if it is on revenue account. Pl. see Mumbai Tribunal decision in ONGC case. 43A is not relevant in this case as the section gets attracted only whether the exchange fluctuation arises on account of a capital asset
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