https://www.taxtmi.com/caselaws?id=10079 The court ruled in favor of the Revenue, determining that the exchange loss incurred by the non-resident assessee in converting rupee earnings into foreign currency for remittance abroad is not an admissible business expenditure. The judgment emphasized the difference between capital and revenue expenditures regarding currency conversion losses and clarified the tax treatment of income earned in India and its transfer abroad. en-us Thu, 08 Apr 2004 00:00:00 +0530 Tue, 07 Jul 2009 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10079 The court ruled in favor of the Revenue, determining that the exchange loss incurred by the non-resident assessee in converting rupee earnings into foreign currency for remittance abroad is not an admissible business expenditure. The judgment emphasized the difference between capital and revenue expenditures regarding currency conversion losses and clarified the tax treatment of income earned in India and its transfer abroad. Case-Laws Income Tax Thu, 08 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10079