https://www.taxtmi.com/caselaws?id=795928 Foreign exchange fluctuation loss arising on year-end restatement of an external commercial borrowing used to acquire capital assets retains a capital character. Subsequent conversion of the borrowing into equity shares does not alter the character of the loss. Where the borrowing was obtained from a parent company for capital purposes, the resulting exchange loss is not allowable as a business-revenue deduction. Consistency with the treatment adopted in earlier assessment years applies where no distinguishing facts or change in law exists. en-us Mon, 20 Jul 2026 00:00:00 +0530 Wed, 29 Jul 2026 08:21:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795928 Foreign exchange fluctuation loss arising on year-end restatement of an external commercial borrowing used to acquire capital assets retains a capital character. Subsequent conversion of the borrowing into equity shares does not alter the character of the loss. Where the borrowing was obtained from a parent company for capital purposes, the resulting exchange loss is not allowable as a business-revenue deduction. Consistency with the treatment adopted in earlier assessment years applies where no distinguishing facts or change in law exists. Case-Laws Income Tax Mon, 20 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795928