Co. entitled to claim loss incurred on sale of bonds received as sales consideration for execution of project: HC

INCOME TAX: Where assessee received RBI bond instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of bond, since assessee is recording notional loss or profit on revaluation of earlier years as well and considering nature of business assessee has been doing, bonds are rightly treated as current assets in facts and circumstances of case and assessee was entitled to claim loss on sale of RBI bond

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