https://www.taxtmi.com/caselaws?id=470440 Foreign-exchange fluctuation loss arising on year-end restatement of an external commercial borrowing used to acquire capital assets retains a capital character. Because the borrowing liability was in the capital field, the resulting loss could not be claimed as a revenue or business-expenditure deduction. The note states that an identical issue in a subsequent assessment year was resolved on the same basis, with no change in facts or law identified. The loss was therefore treated as capital loss and held non-deductible as business expenditure. en-us Wed, 18 Jun 2025 00:00:00 +0530 Mon, 27 Jul 2026 19:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470440 Foreign-exchange fluctuation loss arising on year-end restatement of an external commercial borrowing used to acquire capital assets retains a capital character. Because the borrowing liability was in the capital field, the resulting loss could not be claimed as a revenue or business-expenditure deduction. The note states that an identical issue in a subsequent assessment year was resolved on the same basis, with no change in facts or law identified. The loss was therefore treated as capital loss and held non-deductible as business expenditure. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470440