I have imported goods during the F.Y. 2007 -08, 2008 - 09 . But I have not paid to suppliers (of course foreign suppliers). Out of imported goods some are sold, some are unsold. The goods unsold are included in my closing stock.
My question is whether I can claim Loss due to Exchnage fluctuation during this year as a expediture or whether I have to bifercate my Exchange loss into two categories - loss against goods inclued in closing stock & loss against goods sold. Loss against goods sold can be claimed as expenses whereas loss against goods in stock can not be claimed as expenses & same should added in purchases.
I am not clear in this regard.
Please clarify, alongwith any case laws.
CAclubindia
