Depreciation on forex loss pertained to non-depreciable asset acquired in India could be claimed as loss from income

M/s Paramount Communications Ltd. Vs DCIT (ITAT Delhi)

Conclusion: Since  AS-11 was mandatory and required to be followed in computing the income, therefore, assessee was entitled to claim depreciation on forex loss pertained to non-depreciable asset acquired in India as loss from income.

Held: Assessee had issued unsecured foreign currency convertible bonds of US$ 2,70,00,000/-. The entire proceeds were utilized in AY 20

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