COMMISSIONER OF INCOME TAX (CENTRAL) vs EXPRESS SECURTIES PVTLTD.

Whether exchange fluctuation loss on foreign currency loan for capital expenditure is allowable as revenue expenditure --- Held No. Whether Section 43A of Income Tax Act applies to disallow exchange fluctuation claim when loan was for capital assets --- Held Yes. Whether denial of deduction should be restricted to amounts spent on capital assets using other income sources --- Held No. Whether expenditure on ROC fees, printing and postage for bonus issue is allowable --- Held Yes.