Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao
gains or losses, involving foreign exchange already stand settled in hon’ble apex court’s landmark decision in CIT vs. Woodward Governor India P. Ltd., [2009] 312 ITR 254 (SC). This is indeed coupled with the fact that the relevant Accounting standard AS-11 has also issued necessary clarification that such differences ought to be recognized as income or expenditure