Dismissing the appeal of the revenue the Court held that the loss on account of fluctuations in foreign currency did not pertain to any capital asset and such loss had occurred to the assessee in the ordinary course of business,hence allowable as business loss
PCIT v V. A. Tech Wabag Pvt. Ltd. (2020) 424 ITR 105 (Mad) (HC)
S.28(i):Business loss —Fluctuation in rate of foreign exchange — Allowable as business loss . [ S.37(1) ]