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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

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