https://www.taxtmi.com/caselaws?id=206210 The Court upheld the Tribunal's decision to allow the deduction of actual loss incurred due to fluctuation in the Foreign Exchange rate. It was determined that the loss was not notional but an actual event, making the assessee eligible for the claimed deduction. The Court found that the assessee met all conditions prescribed by the Apex Court for claiming national loss, including the adoption of a mercantile system of accounting and continuous reflection of the claimed loss in the accounts. The appeal was dismissed as no substantial question of law arose for consideration. en-us Tue, 22 Mar 2011 00:00:00 +0530 Tue, 18 Oct 2011 08:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206210 The Court upheld the Tribunal's decision to allow the deduction of actual loss incurred due to fluctuation in the Foreign Exchange rate. It was determined that the loss was not notional but an actual event, making the assessee eligible for the claimed deduction. The Court found that the assessee met all conditions prescribed by the Apex Court for claiming national loss, including the adoption of a mercantile system of accounting and continuous reflection of the claimed loss in the accounts. The appeal was dismissed as no substantial question of law arose for consideration. Case-Laws Income Tax Tue, 22 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206210