Foreign Exchange Fluctuation Loss Claim on ECB for Industrial Expansion Allowed Under Accounting Standards 11 and 16.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Claim of foreign exchange fluctuation loss - ECB was availed for the purpose of expansion of three existing industrial units, hence, not on capital account and further taking note of Accounting Standard/11 r/w Accounting Standard/16, ultimately concluded that assessee’s claim of loss is allowable.....