Krishan sir... Para 46 has been withdrawn from the date you specified.. but i mentioned para 46A.. which implemented from that date onwards.. kindly refer AS-11 for your reference.. you will get the same wordings...
and thanks to shivani mam... and if he didn't take the land or any other fixed asset on loan, then why will it be shown in the books and why one needs to make effect of foregin exchange fluctuation??? for e.g. i purhcased a land of Rs. 1crore, without loan, that is by paying cash or cheque of the same amount.. then, it's nil... where's the effect of foreign exhchange difference in that case?? the difference will occur only when there is monetary and non-monetary difference and it is asset or liability for us.. not in normal sale/purchase cases, where we didn't have the liability... and in that case, the asset you purchased (e.g. land) would be recorded at the historcial value or simply say, Rs. 1 crore, which you paid for it..
Best Regards,
CA Lovely Arora
ca.lovelyarora @ gmail.com
CAclubindia
