ITAT Pune Allows Foreign Investment Loss as Business Loss, Not Capital Loss

Brahm Precision Materials Pvt. Ltd Vs CIT(A) (ITAT Pune)

Foreign Venture Flopped, But Not the Tax Claim – ITAT Says Business Loss, Not Capital

Assessee, a manufacturer of aluminium die-casting and auto components, faced multiple additions by AO, which were mostly confirmed by NFAC/CIT(A). Assessee filed two appeals before ITAT. The appeal for AY 2020-21 was late by 445 days, but ITAT condoned the delay after finding genuine and reasonable cause. Since the issues in both years were common, ITAT passed a consolidated order.

Issue 1 – Foreign Inve

Please become a Premium member. If you are already a Premium member, login here to access the full content.