https://www.taxtmi.com/caselaws?id=21582 The High Court upheld the Commissioner of Income-tax's decision to disallow excess loan repayment amount claimed as a business loss, considering it a capital loss. The court emphasized the Commissioner's jurisdiction under section 263 to revise the assessment when the appellate authority does not address specific issues, such as exchange rate losses on loan repayment. The judgment clarified the treatment of exchange rate losses and affirmed the Commissioner's revision powers under section 263 based on relevant case laws and statutory amendments. en-us Mon, 17 Jul 1989 00:00:00 +0530 Wed, 25 Nov 2009 15:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21582 The High Court upheld the Commissioner of Income-tax's decision to disallow excess loan repayment amount claimed as a business loss, considering it a capital loss. The court emphasized the Commissioner's jurisdiction under section 263 to revise the assessment when the appellate authority does not address specific issues, such as exchange rate losses on loan repayment. The judgment clarified the treatment of exchange rate losses and affirmed the Commissioner's revision powers under section 263 based on relevant case laws and statutory amendments. Case-Laws Income Tax Mon, 17 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21582