In AS it is written that when assets is purchased from foreign at credit and when there is price increased due to exchange rate difference we have to charges it to P& L account at the end of the year. But in taxation instead of charging to P&L the assets cost is increased why it is so?????
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Difference in Foreign Exchange Expert Query reqd.
Replies (1)
Originally, even AS was requiring to adjust the ERF to asset cost. But, it is amended recently to fall in line with Internaltional Practice. However, this has not been done in Income Tax. May be, Direct Tax Code stands altered. Need to check.
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