https://www.taxtmi.com/caselaws?id=388342 The High Court upheld the Tribunal's decision, ruling that the foreign exchange fluctuation loss should be included in the computation of Book Profit under Section 115JB of the Income Tax Act, 1961. The Court held that the obligation arising from the forward foreign exchange contract was not contingent but a binding obligation, dismissing the Appellant's argument that it should be treated as a contingent liability. The Court also rejected the Appellant's attempt to introduce a new argument during the proceedings, affirming the Tribunal's decision and emphasizing the non-contingent nature of the foreign exchange transaction difference. en-us Tue, 05 Nov 2019 00:00:00 +0530 Tue, 12 Nov 2019 17:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388342 The High Court upheld the Tribunal's decision, ruling that the foreign exchange fluctuation loss should be included in the computation of Book Profit under Section 115JB of the Income Tax Act, 1961. The Court held that the obligation arising from the forward foreign exchange contract was not contingent but a binding obligation, dismissing the Appellant's argument that it should be treated as a contingent liability. The Court also rejected the Appellant's attempt to introduce a new argument during the proceedings, affirming the Tribunal's decision and emphasizing the non-contingent nature of the foreign exchange transaction difference. Case-Laws Income Tax Tue, 05 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388342