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HomeDirect TaxAborted IPO Expenses Allowable as Revenue, Forex Losses Not Speculative: ITAT

Aborted IPO Expenses Allowable as Revenue, Forex Losses Not Speculative: ITAT

Direct Tax

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By Mariya Paliwala
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The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that the aborted IPO expenses are allowable as revenue and forex losses are not speculative. The bench of Satbeer Singh Godara (Judicial Member) and Naveen Chandra (Accountant Member) has observed that since the entire IPO was aborted, the expenses incurred did not result…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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