Unrealised Foreign Exchange Loss, Loan to Purchase of Assets is Revenue Loss & Allow as Deduction U/s 37(1) of the Income-Tax Act

Unrealised foreign exchange loss, loan to purchase of assets in India - The Chennai Bench of the Income Tax Appellate Tribunal held that an unrealised foreign exchange loss on a loan obtained for the purpose of asset purchases was a “revenue loss” and therefore was allowable as deduction. In the case of Hyundai Motor India Ltd. Click here to detail judgment of Chennai ITAT - https://www.itat.gov.in/files/uploads/categoryImage/6796542921712502391351REFNO739_853_Ch_2014_563_614_Ch_2015_842_761_Ch_2016_Hyundai_Motor_India.pdf