Disallowance of foreign exchange loss u/s. 43A - The assessee ...

Income Tax

December 7, 2023

Disallowance of foreign exchange loss u/s. 43A - The assessee made advance payments through Letter of Credit is the first step for acquisition of capital asset because there was a direct link of LOC towards purchase of the fixed assets, therefore it will be treated as capital in nature. Section 43(1) has defined the actual cost of the assets. - Claim was rightly denied as revenue expenditure - However, depreciation to be allowed - AT

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Disallowance of foreign exchange loss u/s. 43A - The assessee ...

Income Tax

December 7, 2023

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