ITAT Allows Premium for hedging foreign exchange fluctuation on FCNRB loan interest

La Opala RG Ltd. Vs DCIT (ITAT Kolkata)

In the case of La Opala RG Ltd. Vs DCIT, heard in the Income Tax Appellate Tribunal (ITAT) Kolkata, the appellant, La Opala RG Ltd., filed two appeals against separate orders of the Commissioner of Income Tax (Appeals) [CIT(A)], National Faceless Appeal Centre (NFAC), Delhi. These orders were passed against the assessment orders by the Deputy Commissioner of Income Tax (DCIT), Circle-12(1), Kolkata, under section 143(3) of the Income-tax Act, 1961, for the assessment years 2013-14 and 2014-15.

The grounds taken by the appellant for the

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