CA Loan Bajaj Finserv
CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Liability due to Exchange Fluctuation


Court :

Brief :
The assessee obtained orders from foreign buyers with advance payment to be adjusted against supplies to be made. The assessee had to supply in future more quantities than what was originally agreed due to rupee devaluation. The assessee treated this excess quantity to be supplied as a trading loss.

Citation :

The court applying the Sutlej Cotton Mills Ltd (116 ITR 1) case declined the claim of the assessee.

CA.Tarun Maheshwari
on 11 August 2008
Published in Income Tax
Views :
Report Abuse


Trending Tags