Foriegn exchange fluctuation
This query is : Resolved
17 February 2013
Please let me know, whether foriegn exchange exchange fluctuation is allowable as expenses as per income tax act 1961, if so please give me terms and condition for allowability of this expenses
17 February 2013
Dear Madan
Loss due to foreign exchange in allowable expenditure in profit and loss account as per the Accounting Standard . The decision of Honorable Supreme court in case of Bharat Earth Movers Ltd and CIT . Supreme court said that it is allowable expenditure .
Loss due to foreign exchange in allowable expenditure in profit and loss account as per the Accounting Standard . The decision of Honorable Supreme court in case of Bharat Earth Movers Ltd and CIT . Supreme court said that it is allowable expenditure .
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