https://www.taxtmi.com/caselaws?id=217219 The assessee, a non-banking finance company, successfully claimed a deduction for the loss on exchange of Sri Lankan Rupees as a current asset. The Tribunal allowed the deduction, stating that the loss on foreign exchange is an allowable expenditure under section 37(1) of the Act. Additionally, the Tribunal held that the claimed loss on exchange was not notional and cannot be termed a provision. Furthermore, the Tribunal ruled in favor of the assessee regarding the treatment of dividends refundable to purchasers, stating that such receipts are not income as the assessee holds them in trust for the rightful owners. The appeal of the assessee was allowed for all grounds. en-us Tue, 31 Jul 2012 00:00:00 +0530 Mon, 08 Oct 2012 21:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217219 The assessee, a non-banking finance company, successfully claimed a deduction for the loss on exchange of Sri Lankan Rupees as a current asset. The Tribunal allowed the deduction, stating that the loss on foreign exchange is an allowable expenditure under section 37(1) of the Act. Additionally, the Tribunal held that the claimed loss on exchange was not notional and cannot be termed a provision. Furthermore, the Tribunal ruled in favor of the assessee regarding the treatment of dividends refundable to purchasers, stating that such receipts are not income as the assessee holds them in trust for the rightful owners. The appeal of the assessee was allowed for all grounds. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217219