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can the foreign exchange loss/gain to be taken for valuation of closing stock

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(Querist)
13 February 2008 The assessee is a limited company and incurred huge foreign exchange loss on purchase of raw materials in the year 2002-03.Is it required the above loss to be considered for valuation of the raw material for calculation of proft/loss under income tax act 1961.Kindly give emphasis on Judicial case law under income tax act.
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PARSURAM BAISAKH

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PARSURAM BAISAKH (Querist)
13 February 2008 0
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
15 February 2008 The exchange loss on purchase of material will be recognised as a revenue loss. It can not be taken for valuation.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
07 March 2008 This goes by the principle of coservative approach.
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