Disallowance of foreign exchange loss on restatement of working ...

Foreign Exchange Loss on Working Capital and Gold Loans Considered Deductible Revenue Expenditure.

February 17, 2022

Case Laws     Income Tax     AT

Disallowance of foreign exchange loss on restatement of working capital loans and gold loans - In this case, the assessee has taken foreign currency working capital for the purpose of business of the assessee and thus, profit or loss arisen on account of restatement of such loan is in nature of revenue expenditure which can be allowed as deduction. - AT

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