https://www.taxtmi.com/caselaws?id=33596 The High Court of Delhi upheld the treatment of fluctuation in foreign exchange rate as a trading loss for an assessee engaged in manufacturing bleaching earth. The court concurred with the Tribunal's decision that adjustments made due to fluctuation in the US dollar rate were permissible under accounting standards. The judgment referenced the Supreme Court decision in Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) to support the view that such fluctuations could be considered trading losses if the foreign currency was held on revenue account. The appeal was dismissed as no substantial question of law arose. en-us Tue, 23 Oct 2007 00:00:00 +0530 Sat, 17 Sep 2011 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33596 The High Court of Delhi upheld the treatment of fluctuation in foreign exchange rate as a trading loss for an assessee engaged in manufacturing bleaching earth. The court concurred with the Tribunal's decision that adjustments made due to fluctuation in the US dollar rate were permissible under accounting standards. The judgment referenced the Supreme Court decision in Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) to support the view that such fluctuations could be considered trading losses if the foreign currency was held on revenue account. The appeal was dismissed as no substantial question of law arose. Case-Laws Income Tax Tue, 23 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33596