Income Tax deduction allowed by Karnataka High Court on loss suffered by assessee on Foreign Rate Fluctuation
Last updated: 18 November 2021
Court :
Karnataka High Court
Brief :
The Hon’ble Karnataka High Court in P.R Commissioner of Income Taxv. M/s United Spirits Ltd. [I.T.A. No. 548/2015 c/w I.T.A No. 37/2010 decided on September 2, 2021] answered in favor of the M/s United Spirits Ltd. ("the Assessee")and held that the loss suffered by an Assessee on account of foreign exchange difference as on the date of the balance sheet is an item of expenditure under Section 37(1) of the Income Tax Act ("IT Act") and further allowed the Income Tax deduction ("ITD") on the loss suffered by an Assessee on account of Foreign Exchange Fluctuation Loss ("FEFL").
Citation :
I.T.A. No. 548/2015 c/w I.T.A No. 37/2010 decided on September 2, 2021
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Bimal Jain
Published in Income Tax
Views : 124
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