Marked to Market loss incurred on account of foreign exchange fluctuations is allowable as deduction: HC

INCOME TAX : Where assessee-company had borrowed working capital loan with foreign swap option for business purpose and had entered into a foreign currency contract to protect itself from foreign exchange fluctuation, loss incurred by assessee on account of foreign exchange fluctuations was to be allowed as deduction under section 37(1)INCOME TAX : Where assessee-company had borrowed working capital loan with foreign swap option for business purpose and had entered into a foreign currency contract to protect itself from foreign exchange fluctuation, loss incurred by assessee on account of foreign exchange fluctuations was to be allowed as deduction under section 37(1)www.taxmann.com Latest Case LawsRead More

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