https://www.taxtmi.com/caselaws?id=56869 The Tribunal ruled in favor of the Department, holding that losses due to exchange rate fluctuations should be treated as capital expenditure, not revenue expenditure. The Tribunal also agreed with the Department on the priority of set-off, stating that unabsorbed depreciation should be set off before unabsorbed development rebate. However, the Tribunal upheld the CIT (A)'s decision regarding the disallowance of interest paid to United Commercial Bank. en-us Thu, 28 Jan 1988 00:00:00 +0530 Tue, 07 Dec 2010 11:56:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56869 The Tribunal ruled in favor of the Department, holding that losses due to exchange rate fluctuations should be treated as capital expenditure, not revenue expenditure. The Tribunal also agreed with the Department on the priority of set-off, stating that unabsorbed depreciation should be set off before unabsorbed development rebate. However, the Tribunal upheld the CIT (A)'s decision regarding the disallowance of interest paid to United Commercial Bank. Case-Laws Income Tax Thu, 28 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56869