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of <h1>Assessee denied deduction for exchange rate fluctuation as revenue expenditure</h1> <h3>Gnanambika Mills Limited Versus Commissioner Of Income Tax</h3> Gnanambika Mills Limited Versus Commissioner Of Income Tax - [1998] 232 ITR 434, 150 CTR 673 The High Court of Madras ruled that the assessee cannot deduct the extra amount and interest payable on account of exchange fluctuation as revenue expenditure. The Tribunal decision was upheld based on previous court rulings. The interest payment was considered capital in nature and could not be claimed as revenue expenditure. The court answered the question in the negative, against the assessee.
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