Case Law Details
Case Name : Hyderabad Yadgiri Tollway Private Limited Vs PCIT (ITAT Ahmedabad)
Related Assessment Year : 2018-19
Courts :
All ITAT ITAT Ahmedabad
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Hyderabad Yadgiri Tollway Private Limited Vs PCIT (ITAT Ahmedabad)
Forex Loss Claimed in One Go Invalid – AO’s Lapse Invites 263 Revision – ITAT Ahmedabad Upholds PCIT’s Action; ITAT Upholds 263: AO Failed to Enforce ICDS-VI on Foreign Exchange Loss; Exchange Loss Accounting: Claim Must Be Annual, Not Cumulative on Loan Repayment; PCIT Intervention Justified: AO’s Lack of Inquiry on Forex Loss Claim.
The assessee, an SPV executing the Hyderabad–Yadgiri highway project under NHAI, filed return declaring a loss of ₹37.84 crore. PCIT invoked section 263, finding that the AO w...
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