https://www.taxtmi.com/caselaws?id=401727 The Appellate Tribunal ITAT Pune partially allowed the appeals related to the disallowance of Forex loss on an ECB loan for Assessment Years 2012-13 and 2014-15. The Tribunal held that Forex losses should be added to the actual cost of assets for depreciation purposes, in line with legal precedents and provisions of section 43A of the Income Tax Act and relevant Accounting Standards. The Assessing Officer was directed to adjust the actual cost of assets for the Forex losses incurred, resulting in a partial success for the appellant in including Forex losses in asset depreciation calculations. en-us Thu, 29 Oct 2020 00:00:00 +0530 Tue, 15 Dec 2020 15:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401727 The Appellate Tribunal ITAT Pune partially allowed the appeals related to the disallowance of Forex loss on an ECB loan for Assessment Years 2012-13 and 2014-15. The Tribunal held that Forex losses should be added to the actual cost of assets for depreciation purposes, in line with legal precedents and provisions of section 43A of the Income Tax Act and relevant Accounting Standards. The Assessing Officer was directed to adjust the actual cost of assets for the Forex losses incurred, resulting in a partial success for the appellant in including Forex losses in asset depreciation calculations. Case-Laws Income Tax Thu, 29 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401727