Supreme Court: Driving Licence Renewal After a Gap Will Not Take Effect From Expiry Date  ||  Supreme Court: High Courts Cannot Quash Cheque Bounce Cases by Pre-Trial Inquiry Into Liability  ||  Supreme Court: Passport Renewal Cannot be Denied if Trial Court Has Permitted it Despite Pending Case  ||  SC: Delay in Depositing Sale Balance Does not Make Specific Performance Decree Inexecutable  ||  Supreme Court: Non-Compete Fees Qualify as Deductible Revenue Expenditure under Income Tax Act  ||  Supreme Court: Section 311 CrPC Should be Invoked Sparingly, Only When Evidence is Vital  ||  J&K&L High Court: Successive Bail Applications Can Be Filed Even Without Change in Circumstances  ||  Kerala HC: Fresh Arbitration Notice is Required For Second Arbitration After Prior Award Set Aside  ||  NCLT Hyderabad: Mortgaging Property Without Lending Money Does Not Constitute Financial Debt  ||  Supreme Court: Vacancies From Resignations under CUSAT Act Must Follow Communal Rotation    

ITAT, Bangalore: Foreign Exchange Loss on Repayment of Borrowings is Revenue Expenditure - (27 Feb 2020)

DIRECT TAXATION

Income Tax Appellate Tribunal (ITAT), Bangalore has granted relief to Cafe Coffee Day and held that foreign exchange loss due to the reinstatement of the accounts at the end of the financial year as well as loss incurred on account of exchange fluctuation on repayment of borrowings is similar to the interest expenditure and it is to be allowed as revenue expenditure under Section 37 of the Income Tax Act, 1961.

Tags : INCOME TAX APPELLATE TRIBUNAL   FOREIGN EXCHANGE LOSS ON REPAYMENT OF BORROWINGS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved