https://www.taxtmi.com/caselaws?id=331657 The Court dismissed the appeal, upholding the Tribunal's decision to allow the set off of foreign exchange fluctuation loss against taxable income without considering CBDT's instruction. The Court relied on Section 37 of the Income Tax Act, citing the Woodward Governor India case to support the claim of expenditure. It found that the losses were not from derivatives but from transactions like creditors and debtors outstanding, making the instruction inapplicable. The appeal was dismissed as the issue was covered by the principles in the Woodward Governor India case, with no costs awarded. en-us Thu, 11 Aug 2016 00:00:00 +0530 Tue, 30 Aug 2016 10:59:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331657 The Court dismissed the appeal, upholding the Tribunal's decision to allow the set off of foreign exchange fluctuation loss against taxable income without considering CBDT's instruction. The Court relied on Section 37 of the Income Tax Act, citing the Woodward Governor India case to support the claim of expenditure. It found that the losses were not from derivatives but from transactions like creditors and debtors outstanding, making the instruction inapplicable. The appeal was dismissed as the issue was covered by the principles in the Woodward Governor India case, with no costs awarded. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331657