https://www.taxtmi.com/caselaws?id=384424 The ITAT allowed the appeal of the assessee, holding that the exchange difference due to the conversion of FCNR loans into INR loans is a revenue expenditure allowable under section 37 of the Act. The provisions of section 43A were deemed not applicable as the assets were purchased domestically, and the nature of the expenditure was considered revenue, not capital. The appeal was pronounced in favor of the assessee on 9th August 2019. en-us Fri, 09 Aug 2019 00:00:00 +0530 Mon, 12 Aug 2019 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384424 The ITAT allowed the appeal of the assessee, holding that the exchange difference due to the conversion of FCNR loans into INR loans is a revenue expenditure allowable under section 37 of the Act. The provisions of section 43A were deemed not applicable as the assets were purchased domestically, and the nature of the expenditure was considered revenue, not capital. The appeal was pronounced in favor of the assessee on 9th August 2019. Case-Laws Income Tax Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384424