https://www.taxtmi.com/caselaws?id=64847 The ITAT Delhi allowed the appeal, directing the AO to permit the exchange fluctuation loss claimed by the company trading computer hardware and software. The ITAT held that the loan for which the loss arose was for working capital needs, in line with accounting standard 11, and the loss was on revenue account. The ITAT relied on the Sutlej Cotton Mills case and the Special Bench decision in Oil & Natural Gas Corpn. Ltd. case to support treating such losses under the mercantile system of accounting. en-us Fri, 06 Oct 2006 00:00:00 +0530 Thu, 10 Feb 2011 16:04:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64847 The ITAT Delhi allowed the appeal, directing the AO to permit the exchange fluctuation loss claimed by the company trading computer hardware and software. The ITAT held that the loan for which the loss arose was for working capital needs, in line with accounting standard 11, and the loss was on revenue account. The ITAT relied on the Sutlej Cotton Mills case and the Special Bench decision in Oil & Natural Gas Corpn. Ltd. case to support treating such losses under the mercantile system of accounting. Case-Laws Income Tax Fri, 06 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64847