ACEELERATED FREEZE DRYING CO.LTD,ALAPPUZHA vs. DCIT, ALAPPUZHA
In the result, the appeal of the Revenue is allowed and the appeal of the
ITA 1286/COCH/2005[2002-03]Status: DisposedITAT Cochin28 Jun 2019AY 2002-03
Bench: S/Shri Chandra Poojari, Am & George George K., Jm
Section 143(3)Section 2Section 2(14)Section 42Section 50BSection 50B(1)
10. The last ground is with regard to disallowance of loss which had occurred on
the re-instatement of foreign exchange loans procured for working capital
requirements.
10.1 The brief fact of the case are that the assessee had taken foreign exchange
loans for purchase of assets as well as for working capital requirements. The
practice adopted by the assessee