https://www.taxtmi.com/caselaws?id=788586 IPO expenditure for an aborted public issue was treated as revenue expenditure where no asset or enduring benefit arose, while foreign exchange differences and excess provision written back were held to have a direct nexus with the operations of an export-oriented undertaking for section 10B purposes. Product development expenses were dealt with as recurring business expenditure, with deferred revenue treatment not accepted on the facts. The discussion also records that disallowance under section 14A read with Rule 8D is confined to the exempt income earned in the year, and that loss on settlement of forward foreign exchange contracts entered into for export hedging is a normal business loss, not a speculation loss. en-us Fri, 20 Mar 2026 00:00:00 +0530 Wed, 25 Mar 2026 08:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788586 IPO expenditure for an aborted public issue was treated as revenue expenditure where no asset or enduring benefit arose, while foreign exchange differences and excess provision written back were held to have a direct nexus with the operations of an export-oriented undertaking for section 10B purposes. Product development expenses were dealt with as recurring business expenditure, with deferred revenue treatment not accepted on the facts. The discussion also records that disallowance under section 14A read with Rule 8D is confined to the exempt income earned in the year, and that loss on settlement of forward foreign exchange contracts entered into for export hedging is a normal business loss, not a speculation loss. Case-Laws Income Tax Fri, 20 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788586