Monday 15 December 2014

Forex loss couldn’t be considered while computing ALP of purchases if sale/purchase wasn’t at pre-de

IT/ILT : Where assessee-company having purchased bearings and other products from its AE located abroad, sold said products to Indian customers, in absence of any documentary evidence to show that purchases and sales were made against pre-determined rates, foreign exchange fluctuation loss could not be adjusted in hands of assessee


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