Held that loss on account of exchange resulting of loans in foreign currency allowable as business loss. Relied CIT v. Woodward Governor India P. Ltd. (2009) 312 ITR 254(SC), Oil and Natural Gas Corporation Ltd. v. CIT (2010) 322 ITR 180 (SC) (AY.2005-06)
Dy. CIT v. Global Wool Alliance Pvt. Ltd. (2022) 100 ITR 12 (SN) (Kol)(Trib)
S. 28(i) : Business loss-Working capital-Allowable as business loss. [S. 37(1)]