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) ]

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