Treat foreign exchange loss in accordance with Section 43A: ITAT

Shin-Etsu Polymers India P. Ltd. Vs DCIT (ITAT Chennai) We have observed that the authorities below have commented while disallowing these foreign exchange losses on conversion of outstanding balance in foreign currency into Indian rupee on the date of Balance Sheet as at year end to be on account of outstanding unsecured loans which were not paid by the assessee till the end of the previous year, but there are no further detailed elaborations on the same by authorities below as to whether these unsecured loans were raised towards acquisition of capital assets or on account of working capital ...