https://www.taxtmi.com/caselaws?id=391975 The Tribunal allowed the appeal, ruling in favor of treating the foreign exchange loss on repayment of the ECB loan as revenue expenditure. It held that the Assessing Officer was unjustified in denying the claim of revenue expenditure, directing the AO to withdraw the depreciation benefit on the assets and rework the depreciation. The decision emphasized consistency in treatment, compliance with Accounting Standards, and the nature of the loan and interest cost savings, ultimately concluding that the loss should be treated as revenue expenditure. en-us Mon, 20 Jan 2020 00:00:00 +0530 Tue, 11 Feb 2020 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391975 The Tribunal allowed the appeal, ruling in favor of treating the foreign exchange loss on repayment of the ECB loan as revenue expenditure. It held that the Assessing Officer was unjustified in denying the claim of revenue expenditure, directing the AO to withdraw the depreciation benefit on the assets and rework the depreciation. The decision emphasized consistency in treatment, compliance with Accounting Standards, and the nature of the loan and interest cost savings, ultimately concluding that the loss should be treated as revenue expenditure. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391975