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 2007-08 & 2008-09. As on 31.03.2009, the liability was in Rupee terms Rs.138,21,30,000/- whereas on 31.03.2008 it was Rs.1,08,00,00,000/-. Thus, the amount of Rs.30,21,30,0...