Held, that the assessee having offered the foreign exchange gains in respect of the same loan to tax it was only correct that the loss arising out of the same loan be allowed. The loss incurred on fluctuation of foreign currency was to be allowed.(AY. 2013-14).
Praxair India P. Ltd. v. Dy. CIT (2023) 101 ITR 640 (Bang.)(Trib.)
S. 37(1) : Business expenditure-Interest on foreign currency loan-Loss on fluctuation of rates-Foreign exchange gains offered to tax-loss arising of the same to also be allowed.[S. 28(i)]