{"id":59998,"date":"2026-06-02T15:10:00","date_gmt":"2026-06-02T09:40:00","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-avantha-realty-ltd-2025-482-itr-599-calhc-2\/"},"modified":"2026-06-02T15:10:00","modified_gmt":"2026-06-02T09:40:00","slug":"pcit-v-avantha-realty-ltd-2025-482-itr-599-calhc-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-avantha-realty-ltd-2025-482-itr-599-calhc-2\/","title":{"rendered":"PCIT v. Avantha Realty Ltd (2025) 482 ITR 599 (Cal)(HC)"},"content":{"rendered":"<p>Held that the Tribunal had rightly affirmed the order passed by the Commissioner (Appeals). It was not in dispute that the assessee was a non-banking financial company and had suffered a loss on account of foreign exchange fluctuation on receipt of repayment of a loan to a foreign company. The Tribunal was justified in holding that the loss due to foreign exchange fluctuation was a revenue loss and not a capital loss as held by the Assessing Officer. (AY.2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business loss-Capital loss-Foreign exchange fluctuation loss-Allowable as business loss.[S.37(1), 260A]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-59998","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fBI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59998"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59998\/revisions"}],"predecessor-version":[{"id":59999,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59998\/revisions\/59999"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}