https://www.taxtmi.com/caselaws?id=250951 The case analyzed the applicability of Section 43A of the Income Tax Act on foreign exchange fluctuation losses. The court determined that the loss incurred by the respondent-assessee was a revenue expense related to debt servicing, not capital in nature. The Supreme Court decision in Commissioner of Income Tax, Delhi Vs. Woodward Governor India Pvt. Ltd. was cited to support the allowability of exchange fluctuation losses as deductible expenditure under Section 37(1) of the Act. The appeal by the revenue was dismissed, affirming the revenue nature of the expenditure and upholding the Commissioner's decision. en-us Fri, 22 Aug 2014 00:00:00 +0530 Sat, 30 Aug 2014 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250951 The case analyzed the applicability of Section 43A of the Income Tax Act on foreign exchange fluctuation losses. The court determined that the loss incurred by the respondent-assessee was a revenue expense related to debt servicing, not capital in nature. The Supreme Court decision in Commissioner of Income Tax, Delhi Vs. Woodward Governor India Pvt. Ltd. was cited to support the allowability of exchange fluctuation losses as deductible expenditure under Section 37(1) of the Act. The appeal by the revenue was dismissed, affirming the revenue nature of the expenditure and upholding the Commissioner's decision. Case-Laws Income Tax Fri, 22 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250951