Foreign exchange loss attributable to material purchase is revenue expense

DCIT Vs Macrotech Developers Limited (ITAT Mumbai) ITAT Mumbai held that foreign exchange loss incurred by the assessee attributable to purchase of material is revenue expenditure and it cannot be included in the cost of project. Accordingly, the same is allowable as deduction. Facts- Assessee is engaged in the business of real estate, construction and development. Assessee filed the return of income declaring total income of Rs.62,08,53,170/- and book profit u/s. 115JB of Rs.45,42,04,660/-. Subsequently, the return was revised on 29/03/2018 declaring Nil income after setting off all brought f...