Held by SC in Woodward Governor India (P.) Ltd.312 ITR 254 that an enterprise has to report outstanding liability relating to import of raw material using closing rate of foreign exchange and any difference, loss or gain, arising on conversion of said liability at closing rate should be recognized in profit and loss account for reporting period . Bombay High Court in Vassantram Mehta & Co. (P.) Ltd. [2015] 63 taxmann.com 102 (Bombay) 17-04-2015 has followed the same