AI Drafter ✕

Generate professional replies to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.

Step 1 – Issue Identification & Review

The AI analyses your query, notice, order, or uploaded documents and identifies the key issues involved.

• Review the issues identified by the AI
• Add, edit, remove, or refine issues as required

Step 2 – Draft Generation

Once you approve the issues, the AI performs issue-wise legal research and prepares a structured draft response.

• Relevant statutory provisions
• Judicial precedents and Supreme Court, High Court and other citations
• Issue-wise legal analysis
• Practical arguments and supporting content
• Professionally structured draft ready for further review.

Try Now →

Call Us / Help / Feedback✕

TMI Blog

Home /

Previous Next

Forex Contract Cancellation Loss Deemed Business Loss u/s 37(1) as Per AS-11, Not Speculative.

X X X X Extracts X X X X

Full Text of the Document

X X X X Extracts X X X X

....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....

Previous Next

Contact Us At :

FAQs :

Most Asked Video Tutorials :

Submit Feedback/Suggestion :

Forex Contract Cancellation Loss Deemed Business Loss u/s 37(1) as Per AS-11, Not Speculative.