Dismissing the appeal of the revenue the court held that loss suffered due to fluctuation in foreign exchange rate at time of recovering loan advanced to subsidiary company is held to be allowable as business expenditure. Order of Tribunal is affirmed. (AY. 2011-12)
PCIT v. Albasta Wholesale Services Ltd. (2020) 117 taxmann.com 165 (Delhi)(HC) Editorial : SLP of revenue is dismissed, PCIT v. Albasta Wholesale Services Ltd. (2020) 272 Taxman 105 (SC)
S. 37(1) : Business expenditure-Foreign exchange fluctuation loss-Loan to subsidiary-Allowable as business expenditure. [S. 28(i)]