https://www.taxtmi.com/caselaws?id=369976 The ITAT upheld the allowability of a loss of Rs. 489.66 lakhs on the revaluation of foreign exchange outstanding as a deduction for the assessment year 2009-10. The ITAT relied on precedents and ruled that such losses are deductible, even if not accounted for in the books, due to foreign exchange fluctuations. The issue of potential double deduction was referred back to the Assessing Officer for further examination. en-us Wed, 19 Sep 2018 00:00:00 +0530 Tue, 06 Nov 2018 07:19:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369976 The ITAT upheld the allowability of a loss of Rs. 489.66 lakhs on the revaluation of foreign exchange outstanding as a deduction for the assessment year 2009-10. The ITAT relied on precedents and ruled that such losses are deductible, even if not accounted for in the books, due to foreign exchange fluctuations. The issue of potential double deduction was referred back to the Assessing Officer for further examination. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369976