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HomeDirect TaxForex Loss Allowed on Foreign Loan as Business Expenditure: ITAT

Forex Loss Allowed on Foreign Loan as Business Expenditure: ITAT

Direct Tax

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By Mariya Paliwala
ITAT

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The Income Tax Appellate Tribunal (ITAT), Pune Bench has held that forex (foreign exchange) loss incurred on repayment of a foreign currency loan used for acquiring shares of a subsidiary company is allowable as a business expenditure.  The bench of Vinay Bhamore (Judicial Member) and Manish Borad (Accountant Member) has observed that in earlier proceedings…

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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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