Held that foreign exchange rates Expenses incurred on account of foreign exchange fluctuation and interest thereon in respect of foreign currency loans, allowable business expenditure. Order of Tribunal set aside. Travelling expenses incurred towards foreign tour of executives accompanied by their spouses. Major portion of claim allowed by Commissioner (Appeals). Miniscule amount being involved order of Tribunal, affirmed. (AY. 1985-86, 1987-88)
Bajaj Auto Ltd. v. Dy. CIT (2025) 477 ITR 611/176 taxmann.com 104 (Bom)(HC) CIT v. Reliance Industries Ltd. (2025) 477 ITR 611/176 taxmann.com 104 (Bom)(HC)
S. 37(1) : Business expenditure-Foreign exchange rates Expenses incurred on account of foreign exchange fluctuation and interest thereon in respect of foreign currency loans-Allowable business expenditure-Order of Tribunal set aside-Travelling expenses-Expenses incurred towards foreign tour of executives accompanied by their spouses-Major portion of claim allowed by Commissioner (Appeals)-Miniscule amount being involved order of Tribunal, affirmed.
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