https://www.taxtmi.com/caselaws?id=244436 The appeal challenging the addition of foreign exchange loss as revenue expenditure was allowed by the CIT (A) based on evidence showing the actual expenditure incurred. The provisions of section 43A were deemed inapplicable as the loan was used for debenture repayment, not for acquiring capital assets. Following precedent, the foreign exchange loss was allowed as a deductible expenditure. The Tribunal upheld the decision, emphasizing consistency in treatment of similar expenditures, resulting in the dismissal of the revenue's appeal. en-us Fri, 21 Feb 2014 00:00:00 +0530 Wed, 26 Feb 2014 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244436 The appeal challenging the addition of foreign exchange loss as revenue expenditure was allowed by the CIT (A) based on evidence showing the actual expenditure incurred. The provisions of section 43A were deemed inapplicable as the loan was used for debenture repayment, not for acquiring capital assets. Following precedent, the foreign exchange loss was allowed as a deductible expenditure. The Tribunal upheld the decision, emphasizing consistency in treatment of similar expenditures, resulting in the dismissal of the revenue's appeal. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244436