The DRP erroneously treated the issue from a transfer pricing perspective, but the ITAT directed the AO to reconsider the claim in accordance with the law after verifying the facts
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) restored the issue of ₹5.11 crore forex fluctuation loss on the settlement of External Commercial Borrowings (ECB) to the Assessing Officer (AO) for re-examination. TDK India Pvt. Ltd.,appellant-assessee,incurred a forex fluctuation loss of ₹12,77,92,261 during the relevant assessment year 2017-18. This loss arose from the settlement…
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