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forex loss on assest under construction

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Querist : Anonymous

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Querist : Anonymous (Querist)
15 January 2011 On the receipt of import documents ( Sight Lc) in Bank, payment of $ 10 mn @ Rs. 45 has been made on 20.12.10 towards import of assets under construction. The aforesaid consignment was cleared from the port on 24.12.10 the rate of $ was Rs. 46/- on that date.
In this case whether Ex. Loss of Rs. 100 lacs is to be charged in revenue ( As per AS 11) OR is to be capitalised under CWIP.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
15 January 2011 Have you paid Rs. 100lacs?, Then where is the question of loss.

ERV is booked for difference between Actual liability and amount actually paid.
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