Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Disallowance of foreign exchange loss u/s. 43A - The assessee made advance payments through Letter of Credit is the first step for acquisition of capital asset because there was a direct link of LOC towards purchase of the fixed assets, therefore it will be treated as capital in nature. Section 43(1) has defined the actual cost of the assets. - Claim was rightly denied as revenue expenditure - However, depreciation to be allowed - AT
Disallowance of foreign exchange loss u/s. 43A - The assessee made advance payments through Letter of Credit is the first step for acquisition of capital asset because there was a direct link of LOC towards purchase of the fixed assets, therefore it will be treated as capital in nature. Section 43(1) has defined the actual cost of the assets. - Claim was rightly denied as revenue expenditure - However, depreciation to be allowed - AT
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