https://www.taxtmi.com/caselaws?id=282265 The case involved a reassessment under Section 148 of the Income-Tax Act for the assessment year 2002-03, focusing on the treatment of renovation expenses, loss on repossessed assets, and loss on forward contracts in foreign currency. The ITAT ruled in favor of the assessee, allowing the deductions for loss on repossessed assets and rejecting the disallowance of the loss on forward contracts. The judgment referenced precedents, including a case involving Citicorp Maruti Finance Ltd., to support the allowance of these deductions, emphasizing their treatment as normal business losses under Section 36(1)(vii) of the Act. en-us Fri, 04 Nov 2011 00:00:00 +0530 Tue, 30 Jul 2019 17:46:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282265 The case involved a reassessment under Section 148 of the Income-Tax Act for the assessment year 2002-03, focusing on the treatment of renovation expenses, loss on repossessed assets, and loss on forward contracts in foreign currency. The ITAT ruled in favor of the assessee, allowing the deductions for loss on repossessed assets and rejecting the disallowance of the loss on forward contracts. The judgment referenced precedents, including a case involving Citicorp Maruti Finance Ltd., to support the allowance of these deductions, emphasizing their treatment as normal business losses under Section 36(1)(vii) of the Act. Case-Laws Income Tax Fri, 04 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282265