PCIT Revision Upheld: Accumulated Forex Loss Claimed in One Year Invalid

CA Vijayakumar Shetty 02 Nov 2025 780 Views 1 comment Print Income Tax | Judiciary

Case Law Details

Case Name : Hyderabad Yadgiri Tollway Private Limited Vs PCIT (ITAT Ahmedabad)

Related Assessment Year : 2018-19

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Hyderabad Yadgiri Tollway Private Limited Vs PCIT (ITAT Ahmedabad)

Forex Loss Claimed in One Go Invalid – AO’s Lapse Invites 263 Revision – ITAT Ahmedabad Upholds PCIT’s Action; ITAT Upholds 263: AO Failed to Enforce ICDS-VI on Foreign Exchange Loss; Exchange Loss Accounting: Claim Must Be Annual, Not Cumulative on Loan Repayment; PCIT Intervention Justified: AO’s Lack of Inquiry on Forex Loss Claim.

The assessee, an SPV executing the Hyderabad–Yadgiri highway project

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Author Bio

Name: CA Vijayakumar Shetty

Qualification: CA in Practice

Company: Shetty & Co, Chartered Accountants, Mangalore

Location: Mangalore, Karnataka, India

Member Since: 17 Feb 2018 | Total Posts: 4451

CA Vijayakumar Shetty qualified in 1994 and in practice since then. Founding partner of Shetty & Co. He is a graduate from St Aloysius College, Mangalore . View Full Profile

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One Comment

KAILASH BHAGWANDAS BHATIA says:

Sir,
thank you very much for sharing case law

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November 2, 2025 at 12:03 pm

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