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Loss due to foreign exchange currency rate fluctuation on reinstatement of ECB loan
Case Law Details
- Case Name
- Aesseal India Pvt. Ltd. Vs ITO (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13 & 2014-15
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Aesseal India Pvt. Ltd. Vs ITO (ITAT Pune)
The only issue that arises for our consideration is whether the loss arising out of reinstatement of the ECB loan as on date of balance sheet can be added to the actual cost of asset for the purpose of determining the actual cost u/s 43A of the Act. Admittedly, it is an undisputed fact that the ECB loan was availed by the appellant-company for the purpose of acquiring the assets in India. The loss arising consequent upon on the fluctuation, in foreign currency rate is recognized in the books of account by debiting to the Profit & Loss Account and ...
