https://www.taxtmi.com/highlights?id=73453 Disallowance of foreign exchange loss u/s. 43A - The assessee made advance payments through Letter of Credit is the first step for acquisition of capital asset because there was a direct link of LOC towards purchase of the fixed assets, therefore it will be treated as capital in nature. Section 43(1) has defined the actual cost of the assets. - Claim was rightly denied as revenue expenditure - However, depreciation to be allowed - AT en-us Thu, 07 Dec 2023 13:09:46 +0530 Thu, 07 Dec 2023 13:09:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73453 Disallowance of foreign exchange loss u/s. 43A - The assessee made advance payments through Letter of Credit is the first step for acquisition of capital asset because there was a direct link of LOC towards purchase of the fixed assets, therefore it will be treated as capital in nature. Section 43(1) has defined the actual cost of the assets. - Claim was rightly denied as revenue expenditure - However, depreciation to be allowed - AT Highlights Income Tax Thu, 07 Dec 2023 13:09:46 +0530 https://www.taxtmi.com/highlights?id=73453