https://www.taxtmi.com/caselaws?id=313323 The ITAT Delhi allowed the appeal by the assessee, engaged in cable manufacturing, against the disallowance of depreciation related to exchange rate fluctuation loss on indigenous assets purchased in India. The Tribunal held that the assessee was entitled to depreciation, as the liability arose from fixed assets acquired with a foreign currency loan. The Assessing Officer was directed to allow the depreciation, resulting in the assessee's appeal being allowed. en-us Wed, 18 Aug 2021 00:00:00 +0530 Sat, 06 Apr 2024 14:47:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313323 The ITAT Delhi allowed the appeal by the assessee, engaged in cable manufacturing, against the disallowance of depreciation related to exchange rate fluctuation loss on indigenous assets purchased in India. The Tribunal held that the assessee was entitled to depreciation, as the liability arose from fixed assets acquired with a foreign currency loan. The Assessing Officer was directed to allow the depreciation, resulting in the assessee's appeal being allowed. Case-Laws Income Tax Wed, 18 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313323