Tag Archives: Forex loss

Forex Loss on advances to be calculated at end of Financial year, loss is not to be postponed to a future date when the transaction gets crystalised

Facts of the case :- Assessee claimed an amount of Rs.12.85 lakhs as loss on foreign exchange fluctuation. The appellant had received advances for supply from foreign parties for supply of iron ore. The variation/fluctuation in the exchange rate led to a revenue loss/profit. Therefore, at the end of the accounting period i.e 31st March.… Read More »