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Forex fluctuation loss on advance received from Foreign Head Office was allowable as deduction: ITAT

August 9, 2018[2018] 96 taxmann.com 80 (Delhi - Trib.)

IT/ILT: Assessee, Spanish company, advanced loan to its Indian PE in foreign currency for execution of project in India, which incurred foreign exchange fluctuation loss on account of differential value in INR, such fluctuation loss was allowable as deduction under section 37(1) in hands of Indian PE

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