https://www.taxtmi.com/caselaws?id=421028 SC upheld the ITAT and allowed the taxpayer to deduct foreign-exchange loss on a foreign-currency loan as revenue expenditure under Section 37, rejecting the HC's contrary view. The Court held the loan was for the carrying on of the financing business, not for creating an asset, so exchange loss is wholly deductible. The SC also upheld the ITAT's admission of a fresh revenue plea raised first on appeal, noting the department's representative raised no objection. The assessment is to be reopened and amended to give consequential relief. en-us Tue, 12 Apr 2022 00:00:00 +0530 Thu, 11 Jun 2026 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421028 SC upheld the ITAT and allowed the taxpayer to deduct foreign-exchange loss on a foreign-currency loan as revenue expenditure under Section 37, rejecting the HC's contrary view. The Court held the loan was for the carrying on of the financing business, not for creating an asset, so exchange loss is wholly deductible. The SC also upheld the ITAT's admission of a fresh revenue plea raised first on appeal, noting the department's representative raised no objection. The assessment is to be reopened and amended to give consequential relief. Case-Laws Income Tax Tue, 12 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421028