https://www.taxtmi.com/caselaws?id=446718 ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal held that foreign exchange fluctuation loss on ECB liability by an NBFC was not speculative loss, rejecting AO's application of CBDT Instruction No. 3 of 2010 which applies only to forex derivatives trading. Disallowance under section 36(1)(viii) was deleted as AO incorrectly applied section 80IA timelines. Advertisement expense disallowance was remanded for fresh consideration. Section 14A disallowance was restricted to exempt income earned. Depreciation on windmill investment was allowed following Delhi HC precedent. TDS disallowance under section 40(a)(ia) was deleted, with tribunal directing invocation of section 201 instead for short deduction cases. en-us Wed, 29 Nov 2023 00:00:00 +0530 Sat, 09 Dec 2023 13:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446718 ITAT Delhi ruled in favor of the assessee on multiple issues. The tribunal held that foreign exchange fluctuation loss on ECB liability by an NBFC was not speculative loss, rejecting AO's application of CBDT Instruction No. 3 of 2010 which applies only to forex derivatives trading. Disallowance under section 36(1)(viii) was deleted as AO incorrectly applied section 80IA timelines. Advertisement expense disallowance was remanded for fresh consideration. Section 14A disallowance was restricted to exempt income earned. Depreciation on windmill investment was allowed following Delhi HC precedent. TDS disallowance under section 40(a)(ia) was deleted, with tribunal directing invocation of section 201 instead for short deduction cases. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446718