https://www.taxtmi.com/highlights?id=99640 Foreign exchange loss on FCCBs was treated as revenue in nature because the borrowing was for business purposes and not shown to relate to acquisition of capital assets; the disallowance of amortised forex loss was deleted. The corresponding increase in book profit under section 115JB also failed once the underlying addition was removed. Delayed employees' contribution to PF and ESI remained disallowable under section 36(1)(va) despite payment before the section 139(1) due date. In reassessment, the Tribunal held that a fresh addition for the same forex loss amounted to double taxation and deleted it. en-us Mon, 11 May 2026 09:50:58 +0530 Mon, 11 May 2026 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=99640 Foreign exchange loss on FCCBs was treated as revenue in nature because the borrowing was for business purposes and not shown to relate to acquisition of capital assets; the disallowance of amortised forex loss was deleted. The corresponding increase in book profit under section 115JB also failed once the underlying addition was removed. Delayed employees' contribution to PF and ESI remained disallowable under section 36(1)(va) despite payment before the section 139(1) due date. In reassessment, the Tribunal held that a fresh addition for the same forex loss amounted to double taxation and deleted it. Highlights Income Tax Mon, 11 May 2026 09:50:58 +0530 https://www.taxtmi.com/highlights?id=99640