https://www.taxtmi.com/caselaws?id=433741 The ITAT allowed the appeal filed by the assessee, holding that the foreign exchange fluctuation loss incurred on ECB loans should be treated as a revenue expenditure and allowable under section 37(1) of the Income-tax Act, 1961. The ITAT emphasized that the loss was recognized as per mandatory accounting standards and was not merely contingent or notional. en-us Mon, 30 Jan 2023 00:00:00 +0530 Wed, 08 Feb 2023 07:35:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433741 The ITAT allowed the appeal filed by the assessee, holding that the foreign exchange fluctuation loss incurred on ECB loans should be treated as a revenue expenditure and allowable under section 37(1) of the Income-tax Act, 1961. The ITAT emphasized that the loss was recognized as per mandatory accounting standards and was not merely contingent or notional. Case-Laws Income Tax Mon, 30 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433741