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TMI Blog2023 (8) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... ain capital assets, AO wrongly granted deduction in respect of such foreign exchange loss - HELD THAT:- The assessee is engaged in the business of running hotels at Pune and Nagpur. Certain amount of loan was taken in foreign currency for capital purposes. Loss on foreign exchange fluctuation in respect of such loan was claimed as deduction. The same could not have been allowed as deduction in ter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PER R.S. SYAL, VP : This appeal by the assessee is directed against the order dt. 27-03-2017 passed by the Pr.CIT-1, Pune u/s. 263 of the Income-tax Act, 1961 (hereinafter also called the Act ) in relation to the assessment year 2012-13. 2. It is a recalled matter inasmuch as the earlier ex parte order passed by the Tribunal on 11-09-2020 was subsequently recalled vide its later order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der to be erroneous and prejudicial to the interest of the Revenue and directed the AO to examine the eligibility of deduction claim on account of foreign exchange loss of Rs. 6.23 crore. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 4. Having heard the rival submissions and gone through the relevant material on record, it is seen that the assessee is engaged in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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