Bombay HC allows Investment Allowance Owing to Exchange Rate Fluctuations [Read Order]

Investment Allowance is allowable for Additional Cost incurred due to Exchange Rate Fluctuations

By Manu Sharma - On July 19, 2024 12:31 pm - 2 mins read

Bombay High Court - Bombay HC Exchange Rate Fluctuations - Exchange Rate Fluctuations - Bombay HC - Taxscan

The Bombay High Court has ruled that investment allowance is applicable to exchange rate fluctuations. The appellant, engaged in the shipping business, acquired a vessel named M/s. M.V. Prabhu Das, paid for in foreign currency via a foreign currency loan. In the filed return of income, under Section 32A as it then stood, the appellant…

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