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Foriegn exchange fluctuation

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IP Madan (Querist)
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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

CS ,CMA Shambhu Kr. jha

CS ,CMA Shambhu Kr. jha (Expert)
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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 .

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