2009 (4) TMI 980

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..... Heard learned for the appellant and the respondent. The appeal seeks to raise the following substantial questions of law :- a) Whether the foreign exchange losses suffered by the assessee on the revenue account on account of fluctuation in foreign exchange on the last date of the accounting year ending March 31, 2001 (i.e. the assessment year in question) being a contingent notional lia....

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.... d) Whether on the facts and circumstances of the case and in law, the ITAT was justified in upholding the order of CIT(A) in allowing foreign exchange fluctuation loss ignoring the fact that the loss was notional as a result of restatement of liabilities and not actual loss qualifying for deduction as expenditure ? 2. All the issues raised in this appeal relates to the question of foreign e....