Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss: ITAT [Read Order]

By Siva Lakshmi M - On April 29, 2023 9:00 pm - 2 mins read
Foreign Exchange Loss - Foreign Exchange - Foreign Exchange Loss incurred for Converting Loan - Converting Loan - Loan - Foreign Currency allowable as Business Loss - Foreign Currency - Business Loss - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, held that the loss incurred in foreign exchange for converting loan to foreign currency is allowable as business loss. The assessee’s unit M/s Semall Impex Private Limited set up in Falta Special Economic Zone (FSEZ), registered with the Development Commissioner FSEZ, claimed Rs. 1,56,10,764/- on account of…

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