https://www.taxtmi.com/caselaws?id=332042 The Tribunal held that the authorities were not justified in disallowing the foreign exchange fluctuation loss claimed by the assessee. The assessee's policy of restating foreign currency payables at the closing rate was consistent with Accounting Standard-11 and judicial precedents. The appeal was allowed in favor of the assessee, and the disallowance of Rs. 12,41,11,179 was set aside. en-us Wed, 24 Aug 2016 00:00:00 +0530 Wed, 07 Sep 2016 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332042 The Tribunal held that the authorities were not justified in disallowing the foreign exchange fluctuation loss claimed by the assessee. The assessee's policy of restating foreign currency payables at the closing rate was consistent with Accounting Standard-11 and judicial precedents. The appeal was allowed in favor of the assessee, and the disallowance of Rs. 12,41,11,179 was set aside. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332042