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Income Tax

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(Querist)
01 August 2009 I want to know the treatment of government notification on AS-11 regarding capitalization of foreign exchange gain or loss in tax audit, whether it will be capitalized in fixed assets considered for tax audit purpose or not
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Jitender

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Jitender (Expert)
02 August 2009 notification on as-11 is not linked with tax audit.

But the teatment suggested by that notification is same as per income tax act ,i.e, capitalize the exchange fluctuation.
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CA Bosu babu

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CA Bosu babu (Expert)
02 August 2009 not all exchage fluctuations.....




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