Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
Not allowing the claim for deduction of loss on account of foreign exchange fluctuation as on the last date of the previous year - addition on the ground that the loss in question was only contingent and hence cannot be allowed - The forward contracts are in respect of consideration for exports proceeds, which are revenue items. There is an actual contract for sale of merchandise - claim of loss allowed - AT
Not allowing the claim for deduction of loss on account of foreign exchange fluctuation as on the last date of the previous year - addition on the ground that the loss in question was only contingent and hence cannot be allowed - The forward contracts are in respect of consideration for exports proceeds, which are revenue items. There is an actual contract for sale of merchandise - claim of loss allowed - AT
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