https://www.taxtmi.com/caselaws?id=440069 Foreign exchange fluctuation loss required fresh examination because the nature of the underlying liabilities, including whether the loss was on revenue or capital account and whether it was merely notional, had not been fully assessed; the matter was remanded to the Assessing Officer. Supplementary lease rent and maintenance reserve paid under aircraft lease arrangements were not liable to disallowance for non-deduction of tax at source where the payments fell within the relevant statutory or treaty exemption and were not taxable as royalty in India; the disallowance was deleted. Interest paid for delayed deposit of service tax and VAT was treated as compensatory rather than penal and was deductible as business expenditure, subject to proof of that character; the Revenue's objection failed. en-us Wed, 05 Jul 2023 00:00:00 +0530 Fri, 07 Jul 2023 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440069 Foreign exchange fluctuation loss required fresh examination because the nature of the underlying liabilities, including whether the loss was on revenue or capital account and whether it was merely notional, had not been fully assessed; the matter was remanded to the Assessing Officer. Supplementary lease rent and maintenance reserve paid under aircraft lease arrangements were not liable to disallowance for non-deduction of tax at source where the payments fell within the relevant statutory or treaty exemption and were not taxable as royalty in India; the disallowance was deleted. Interest paid for delayed deposit of service tax and VAT was treated as compensatory rather than penal and was deductible as business expenditure, subject to proof of that character; the Revenue's objection failed. Case-Laws Income Tax Wed, 05 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440069