https://www.taxtmi.com/caselaws?id=782437 ITAT Delhi dismissed Revenue's appeal, upholding CIT(A)'s allowance of the assessee's foreign exchange fluctuation loss as a deductible business expenditure. The Tribunal held that the loss was not merely notional and distinguished the precedents in Sanjeev Woollen Mills (SC) and Bechtel India (ITAT Delhi) as factually different. Relying on Woodward Governor (SC) and Sutlej Cotton Mills (SC), it confirmed the treatment of forex loss. ITAT further upheld CIT(A)'s decision permitting carry forward of losses under section 79, noting no change in shareholding post-amalgamation, following AMCO Power Systems (Karnataka HC). en-us Wed, 26 Nov 2025 00:00:00 +0530 Sat, 29 Nov 2025 07:57:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782437 ITAT Delhi dismissed Revenue's appeal, upholding CIT(A)'s allowance of the assessee's foreign exchange fluctuation loss as a deductible business expenditure. The Tribunal held that the loss was not merely notional and distinguished the precedents in Sanjeev Woollen Mills (SC) and Bechtel India (ITAT Delhi) as factually different. Relying on Woodward Governor (SC) and Sutlej Cotton Mills (SC), it confirmed the treatment of forex loss. ITAT further upheld CIT(A)'s decision permitting carry forward of losses under section 79, noting no change in shareholding post-amalgamation, following AMCO Power Systems (Karnataka HC). Case-Laws Income Tax Wed, 26 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782437