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 Investment Written Off (₹97.61 lakh in AY 2018-1...