https://www.taxtmi.com/caselaws?id=260177 Foreign exchange cover cancellation costs fall outside section 43A where they represent expenditure to terminate forward contracts rather than exchange fluctuation loss; capitalising such costs does not make them eligible for depreciation. Forklift trucks qualify for 100% depreciation where they are electrically operated vehicles, including battery-powered or fuel-cell-powered vehicles, within the relevant Appendix I entry. Advances written off as irrecoverable may be deducted as revenue loss when they are incidental to the business and arise in the ordinary course of operations, rather than constituting capital loss. Allowability depends on the legally relevant character of the expenditure or loss and compliance with the specific statutory allowance. en-us Thu, 07 May 2015 00:00:00 +0530 Thu, 04 Jun 2015 08:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260177 Foreign exchange cover cancellation costs fall outside section 43A where they represent expenditure to terminate forward contracts rather than exchange fluctuation loss; capitalising such costs does not make them eligible for depreciation. Forklift trucks qualify for 100% depreciation where they are electrically operated vehicles, including battery-powered or fuel-cell-powered vehicles, within the relevant Appendix I entry. Advances written off as irrecoverable may be deducted as revenue loss when they are incidental to the business and arise in the ordinary course of operations, rather than constituting capital loss. Allowability depends on the legally relevant character of the expenditure or loss and compliance with the specific statutory allowance. Case-Laws Income Tax Thu, 07 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260177