https://www.taxtmi.com/caselaws?id=304411 The ITAT allowed the assessee's deduction claim for foreign exchange hedging losses, considering them as business losses. The disallowance under Section 14A was directed to be re-evaluated by the AO based on proportionate expenses. The issue of disallowance under Section 36(1)(iii) was remanded to verify the source of investments. The capitalization of interest under the proviso to Section 36(1)(iii) was also subject to further verification. The additional depreciation claim was allowed, following precedent. Carbon credits were treated as capital receipts, in line with previous decisions. The appeals were partly allowed, and departmental appeals were dismissed. en-us Fri, 22 Jul 2022 00:00:00 +0530 Tue, 11 Oct 2022 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304411 The ITAT allowed the assessee's deduction claim for foreign exchange hedging losses, considering them as business losses. The disallowance under Section 14A was directed to be re-evaluated by the AO based on proportionate expenses. The issue of disallowance under Section 36(1)(iii) was remanded to verify the source of investments. The capitalization of interest under the proviso to Section 36(1)(iii) was also subject to further verification. The additional depreciation claim was allowed, following precedent. Carbon credits were treated as capital receipts, in line with previous decisions. The appeals were partly allowed, and departmental appeals were dismissed. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304411