Actual profit in Indian Currency declared after determining the Foreign Profit by calculating all Transactions in Foreign Currency is valid method: ITAT deletes the Addition

Actual profit - Indian currency - foreign profit - transactions - foreign currency - ITAT - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) ruled that actual profit in Indian currency was declared after determining the foreign profit by calculating all transactions in foreign currency as valid method. The assessee was represented by Shri Tejveer Singh and the revenue was represented by Shri Mehul Jain. The assessee filed its…

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