Tag Archives: Forex loss

Exchange fluctuation loss to be deducted u/s 10A : High Court

By | February 18, 2016

Issue Whether exchange fluctuation loss of Rs. 74,25,340/- should be reduced from the total turnover for the purpose of computation of deduction under section 10A of the Act, Held Section 10A of the Act is a beneficial provision. The purpose of section 10A of the Act is also to bring more foreign exchange and to… Read More »

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

By | November 23, 2015

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 »