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In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed
Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal
disallowance of exchange loss amounting to Rs.8,65,74,413/- pertaining to conversion of US dollar currency in EEFC account to Indian rupees at the close of the year. According to the AO, the appellant claimed an unrealised loss due to change in the dollar rate in respect of the amounts of sale proceeds held in EEFC account with