Upward adjustment on account of foreign exchange losses on ECB ...

Income Tax

March 22, 2023

Upward adjustment on account of foreign exchange losses on ECB loan - in the light of fact that the conversion in foreign currency loans which led to impugned loss, were dictated by revenue considerations towards savings interest costs etc. we have no hesitation in coming to the conclusion that loss being on revenue account is an allowable expenditure under s. 37(1) of the Act. - AT

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Upward adjustment on account of foreign exchange losses on ECB ...

Income Tax

March 22, 2023

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