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Routine exchange difference

This query is : Resolved 
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(Querist)
06 September 2016 Any sc or Mumbai high court judgement for allowing routine exchange difference (no forward contract) by assessee as expense?
Such simple exchange difference loss was disallowed by Ito :(
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 September 2016 the judgements are somewhat on the following lines....
if the exchange loss is for the revenue items, then it is allowed....(say for example purchase of raw material)

but, if it is for capital items...(Say purchase of machinery), the same is NOT allowed.
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