Relief to Bajaj Auto Ltd: ITAT allows Deduction u/s 40(a) (i) of Income Tax Act in respect of Expenditure incurred in Foreign Currency [Read Order]

ITAT has granted relief to Bajaj Auto Ltd by allowing a deduction under Section 40(a) (i) of the Income Tax Act 1961, for expenditures incurred in foreign currency
By Aiswarya Krishnadas - On January 23, 2024 10:42 am - 2 mins read
ITAT - ITAT Mumbai - Income tax on bajaj auto ltd - Bajaj auto ltd - Income tax act - Expenditure incurred in foreign currency - Foreign currency - ITAT allows deduction - Expenditure incurred - TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has granted relief to Bajaj Auto Ltd by allowing a deduction under Section 40(a) (i) of the Income Tax Act 1961, for expenditures incurred in foreign currency. The Assessee incurred expenditures in foreign currency amounting to Rs.194.85 lakhs. The tax deducted at source…

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