https://www.taxtmi.com/caselaws?id=436084 The Tribunal partly allowed the appeal, upholding the disallowance of foreign exchange fluctuation loss but directing the deletion of the disallowance of interest expenditure on advances given to related parties. The foreign exchange fluctuation loss was treated as a revenue expenditure, to be added to the cost of the asset for depreciation purposes, based on judicial precedents. The disallowance of notional interest on advances for non-business purposes was overturned, with the Tribunal finding them to be for business purposes. en-us Fri, 31 Mar 2023 00:00:00 +0530 Tue, 04 Apr 2023 08:31:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436084 The Tribunal partly allowed the appeal, upholding the disallowance of foreign exchange fluctuation loss but directing the deletion of the disallowance of interest expenditure on advances given to related parties. The foreign exchange fluctuation loss was treated as a revenue expenditure, to be added to the cost of the asset for depreciation purposes, based on judicial precedents. The disallowance of notional interest on advances for non-business purposes was overturned, with the Tribunal finding them to be for business purposes. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436084