https://www.taxtmi.com/caselaws?id=336639 Foreign exchange fluctuation loss on repayment of external commercial borrowing is allowable only where it is linked to the actual cost of the relevant asset under Section 43A of the Income-tax Act; absent any finding that asset cost changed due to exchange variation, the loss was allowed. Advertisement and promotion expenditure incurred by a business licensee cannot be disallowed on a notional basis merely because it may incidentally enhance the foreign brand owner's value; in the absence of a concrete legal or factual basis for apportionment, the business deduction was upheld. en-us Fri, 09 Dec 2016 00:00:00 +0530 Mon, 26 Dec 2016 14:18:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336639 Foreign exchange fluctuation loss on repayment of external commercial borrowing is allowable only where it is linked to the actual cost of the relevant asset under Section 43A of the Income-tax Act; absent any finding that asset cost changed due to exchange variation, the loss was allowed. Advertisement and promotion expenditure incurred by a business licensee cannot be disallowed on a notional basis merely because it may incidentally enhance the foreign brand owner's value; in the absence of a concrete legal or factual basis for apportionment, the business deduction was upheld. Case-Laws Income Tax Fri, 09 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336639