Ltd. Vs ITO (ITAT Delhi)ITAT Delhi Allows Forex Loss of Rs.1.19 Cr – Consistent Accounting Method Upheld- Exchange Loss on Import Creditors Allowed Despite No BusinessAssessee had imported machinery from overseas suppliers during F.Ys. Therefore, foreign exchange loss of Rs.1.19 crore was allowable. If at all any foreign exchange loss needs to be allowed to the assessee company, it will come to Rs.44,60,488/- only against the claimed loss of Rs.1,19,56,753/-. Thus, prima facie the foreign exchange loss claimed by the assessee during the year itself is found to be incorrect.”6. Thus prima facie, foreign exchange loss claimed by the assessee during the year itself is found to be incorrect.