In The Deputy Commissioner of Income-tax vs M/s. Coffee Day Global Limited, ITA Nos. 3040 & 3041/Bang/2018, Assessment Years: 2013-14 & 2014-15, the Income Tax Appellate Tribunal (ITAT) has held that foreign exchange loss due to the reinstatement of the accounts at the end of the financial year as well as loss incurred on account of exchange fluctuation on repayment of borrowings is similar to the interest and expenditure and it is to be allowed as revenue expenditure u/s 37 of the Income Tax Act.
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