Assessee's appeal partly allowed: forex loss reimbursement not taxable s.28(iv); s.40(a)(iii) remand; reversed provision addition deleted

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....ITAT allowed assessee's appeal in part. It held that reimbursement of foreign exchange fluctuation loss on repayment of external commercial borrowing, received in monetary form from an associated enterprise, is not taxable as business income under s.28(iv), following SC precedent that the provision applies only to non-monetary benefits/perquisites. Consequently, the addition of Rs. 4,88,50,000 was directed to be deleted. On disallowance under s.40(a)(iii) relating to payments to an Indonesian entity under a secondment arrangement, ITAT remanded the matter to AO for fresh examination of agreements, invoices, employee relationships and taxability in India. ITAT also deleted addition of Rs. 9,41,162 reversed provision, as corresponding expenditure had already been disallowed.....