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2013 (8) TMI 963 - ITAT BANGALORENature of expenditure - Held that:- Expenditure incurred after allowing depreciation at 10% by the AO cannot be categorized as capital in nature. Addition on ‘speculative loss’ - Held that:- For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing the export contracts, the assessee had entered into forward contract with banks. In some cases, the export could not be executed and the assessee had to pay certain charges to the bank and thereby incurred certain expenses. These expenses, the assessee claimed by way of expenditure towards business. We do not find that the transaction can be stated to be in speculation as to cover under sub-section (5) of section 43 of the Act
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