https://www.taxtmi.com/highlights?id=58812 Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the cancellation of the said contract and claimed the same as business loss and debited to P&L A/c as forex loss under the head ‘manufacturing administration expenditure’. - As per accounting standard AS-11, the assessee has rightly, claimed the forex loss as business loss u/s 37(1) - The losses claimed by the assessee are not speculative loss as alleged by the AO - AT en-us Fri, 16 Jul 2021 15:52:03 +0530 Fri, 16 Jul 2021 15:52:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=58812 Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the cancellation of the said contract and claimed the same as business loss and debited to P&L A/c as forex loss under the head ‘manufacturing administration expenditure’. - As per accounting standard AS-11, the assessee has rightly, claimed the forex loss as business loss u/s 37(1) - The losses claimed by the assessee are not speculative loss as alleged by the AO - AT Highlights Income Tax Fri, 16 Jul 2021 15:52:03 +0530 https://www.taxtmi.com/highlights?id=58812