2022 (6) TMI 750

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.... ORDER PER MAHAVIR SINGH, VP: This appeal by the assessee is arising out of the order of Commissioner of Income Tax (Appeals)-16, Chennai in ITA No.173/CIT(A)-16/2013-14, order dated 18.09.2018. The assessment was framed by the DCIT, Corporate Circle-6, Chennai for the assessment year 2013-14 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the 'Act') vide order dated 31.03.2016. 2. At the o....

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...., machinery and the depreciation at the appropriate rate by increasing the cost of this machinery be allowed to the assessee. 4. Brief facts are that during the financial year 2012-13 relevant to assessment year 2013-14, assessee claimed loss on foreign currency transaction to the extent of Rs.81,66,986/- and claimed the same as revenue expenditure in the nature of financial cost. The assessee cl....

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.... in restatement of loss on long term loan obtained for purchase of indigenous assets and according to him, the loss is capital loss and not revenue. Accordingly, the CIT(A) confirmed the action of AO. Aggrieved, now assessee is in appeal before the Tribunal. 5. We have heard ld. Senior DR and gone through facts and circumstances of the case. We have perused the case records and noted that foreign....