https://www.taxtmi.com/caselaws?id=309684 The High Court of Calcutta dismissed the revenue's appeal challenging the deduction of foreign exchange fluctuation loss on an ECB loan and the treatment of Marked to Market Loss on foreign currency swaps. The Court upheld the decisions of the Income Tax Appellate Tribunal, ruling in favor of the assessee-company. The Court found that the assessee was eligible for the deduction based on the mercantile system of accounting and previous case law precedent. Additionally, the Court determined that the treatment of Marked to Market Loss on foreign currency swaps as an "ascertained liability" was consistent with established legal principles, leading to the dismissal of the revenue's appeal. en-us Wed, 20 Jul 2022 00:00:00 +0530 Fri, 15 Sep 2023 21:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309684 The High Court of Calcutta dismissed the revenue's appeal challenging the deduction of foreign exchange fluctuation loss on an ECB loan and the treatment of Marked to Market Loss on foreign currency swaps. The Court upheld the decisions of the Income Tax Appellate Tribunal, ruling in favor of the assessee-company. The Court found that the assessee was eligible for the deduction based on the mercantile system of accounting and previous case law precedent. Additionally, the Court determined that the treatment of Marked to Market Loss on foreign currency swaps as an "ascertained liability" was consistent with established legal principles, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 20 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309684