https://www.taxtmi.com/caselaws?id=286050 The Tribunal allowed the appeals by the assessee for A.Ys. 2012-13 and 2013-14, overturning the disallowance of Foreign Exchange Loss under Sec.43A of the Income Tax Act. The Tribunal held that Sec.43A applied only to assets acquired from outside India, not indigenous assets acquired in India. Relying on the Pune Tribunal's decision, the Tribunal set aside the invocation of Sec.43A, allowing the assessee's grounds for both years. The appeals were allowed on June 7, 2019, reversing the previous decisions disallowing the Foreign Exchange Loss. en-us Fri, 07 Jun 2019 00:00:00 +0530 Mon, 10 Feb 2020 18:55:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286050 The Tribunal allowed the appeals by the assessee for A.Ys. 2012-13 and 2013-14, overturning the disallowance of Foreign Exchange Loss under Sec.43A of the Income Tax Act. The Tribunal held that Sec.43A applied only to assets acquired from outside India, not indigenous assets acquired in India. Relying on the Pune Tribunal's decision, the Tribunal set aside the invocation of Sec.43A, allowing the assessee's grounds for both years. The appeals were allowed on June 7, 2019, reversing the previous decisions disallowing the Foreign Exchange Loss. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286050