Section 43A not invocable when there is only reinstatement of fluctuation loss

Bando (India) Private Limited Vs DCIT (ITAT Delhi) ITAT Delhi held that provision of section 43A of the Income Tax Act not invocable when there is only reinstatement of fluctuation loss as per accounting standards and there is no actual payment or remittance. Thus, appeal allowed. Facts- The assessee claimed expenses on account of foreign exchange fluctuation of Rs.6,42,33,238/-and the Assessing Officer has disallowed Rs.4,20,57,880 representing foreign exchange fluctuation loss on reinstatement of the ECB loans borrowed near the end of FY 2011-2012. Notably, CIT(A) has made disallowance by re...