https://www.taxtmi.com/caselaws?id=214262 Year-end foreign exchange fluctuation may give rise to a real business loss or gain and, on mercantile principles, can be allowed as a deduction subject to verification of the accrued liability and correct quantification; the matter was remanded for fresh determination. Expenditure on renovation of leased office premises could be treated as revenue expenditure to that extent, but amounts paid to the lessor for alteration of the structure did not qualify as revenue expenditure and were not depreciation-eligible in the assessee's hands. The assessment therefore required bifurcation of the two components and recomputation of income. en-us Tue, 03 Apr 2012 00:00:00 +0530 Wed, 18 Jul 2012 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214262 Year-end foreign exchange fluctuation may give rise to a real business loss or gain and, on mercantile principles, can be allowed as a deduction subject to verification of the accrued liability and correct quantification; the matter was remanded for fresh determination. Expenditure on renovation of leased office premises could be treated as revenue expenditure to that extent, but amounts paid to the lessor for alteration of the structure did not qualify as revenue expenditure and were not depreciation-eligible in the assessee's hands. The assessment therefore required bifurcation of the two components and recomputation of income. Case-Laws Income Tax Tue, 03 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214262