Query- unrealised gain or loss (notional)
vrinda shah (Article Assisstant) (30 Points)
11 February 2014vrinda shah (Article Assisstant) (30 Points)
11 February 2014
CA NITUL MEHTA
(KPMG-Senior Consultant-International Tax )
(236 Points)
Replied 20 February 2014
Un realized gain / loss on revenue items like purchase, sales, expenditure are allowed items if consistency in accounting and tax treatment is followed. However, un realized gaon / loss on capital items like exchange diffrence on loans used for fixed asset purchase, investment in other companies, group companies are not an allowed item. You will get even supreme court rulings in this case, its a well settled case.
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