Foreign Exchange Loss is allowable expense under Section 37(1): SC
Section 37(1), read with section 145, of the Income-tax Act, 1961 Subject : Allowability of Business expenditure Assessment year: 1998-99 Whether expression ‘expenditure’ as used in section 37 may, in circumstances of a particular case, cover an amount which is really a ‘loss’, even though said amount has not gone out from pocket of assessee ?… Read More »