https://www.taxtmi.com/caselaws?id=340726 The Tribunal ruled in favor of the appellant, holding that the Assessing Officer was wrong in setting off unabsorbed business losses against profits of eligible units. The appellant successfully argued that notional forex fluctuation gain on external commercial borrowing should be treated as capital, not revenue, for tax purposes. The Tribunal also emphasized that deductions under section 10B should be allowed independently, without setting off other losses, granting the appellant exemption under section 10B of the Income Tax Act. en-us Thu, 23 Mar 2017 00:00:00 +0530 Thu, 23 Mar 2017 20:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340726 The Tribunal ruled in favor of the appellant, holding that the Assessing Officer was wrong in setting off unabsorbed business losses against profits of eligible units. The appellant successfully argued that notional forex fluctuation gain on external commercial borrowing should be treated as capital, not revenue, for tax purposes. The Tribunal also emphasized that deductions under section 10B should be allowed independently, without setting off other losses, granting the appellant exemption under section 10B of the Income Tax Act. Case-Laws Income Tax Thu, 23 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340726