https://www.taxtmi.com/caselaws?id=402497 The Tribunal upheld the CIT(A)'s decisions, dismissing the Revenue's appeals for both assessment years. The forex loss on ECB loans for acquiring indigenous assets was treated as a revenue expense deductible under Section 37(1). Additionally, the interest expense claim, initially added to total income but later sought for deduction, was allowed for verification and potential deduction. en-us Thu, 31 Dec 2020 00:00:00 +0530 Wed, 28 Jul 2021 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402497 The Tribunal upheld the CIT(A)'s decisions, dismissing the Revenue's appeals for both assessment years. The forex loss on ECB loans for acquiring indigenous assets was treated as a revenue expense deductible under Section 37(1). Additionally, the interest expense claim, initially added to total income but later sought for deduction, was allowed for verification and potential deduction. Case-Laws Income Tax Thu, 31 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402497