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Foreign Exchange gain

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(Querist)
26 June 2010 As-11 requires to restate the debtors on the year end date. so in case of exchange gain on restatment is liable to tax?
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
26 June 2010 Yes.
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
27 June 2010 YES IT WILL BE TREATED AS REVENUE INCOME AND IT IS TAXABLE.




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