The Income Tax Appellate Tribunal (ITAT) held that loss caused due to currency fluctuation on the conversion of USD (US Dollar) into Swiss Franc is a capital loss for the purpose of Income Tax Act, 1961. The appellant company, M/s. Acalmar Oils & Fats Ltd. purchased crude palm oil from Acalpo Wilmar Pte Ltd. for […]
The post Loss due to Currency Fluctuation is Capital Loss: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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