Gain/Loss arising out of Foreign Exchange Fluctuation is Recognised as Profit or Loss Accrued During Relevant Previous Year: ITAT reinstates Income Tax Addition [Read Order]

By Ipsita Das - On September 11, 2023 10:45 am - 3 mins read

Gain - Loss arising out of Foreign Exchange Fluctuation - Profit or Loss Accrued - Foreign Exchange Fluctuation - ITAT reinstates Income Tax Addition - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) held that the gain arising on account of revaluation of the outstanding forward contract as on the last of the previous year as per the provisions of Accounting Standard 11 would have to be recognized as profits of the relevant previous year. The Assessee Standard Chartered…

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