2013 (12) TMI 1530

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....vik Shah   O R D E R Per D. Manmohan, V.P. This appeal by the Revenue is directed against the order dated 09.07.2012 passed by CIT(A)-18, Mumbai and it pertains to A.Y. 2009-10. 2. The only issue urged before us reads as under: - "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance of Rs. 20,88,885/- on account of unre....

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....dward Governor India Pvt. Ltd. 294 ITR 451. In this regard he observed as under: - ITA No. 6129/Mum/2012 M/s. Laguna Clothing Pvt. Ltd.   "From this it is clear that not only the exchange loss on outstanding forward contracts is considered but also exchange gain on outstanding forward contracts is also considered. Hence it is clear that assessee company follows the accounting policies as p....