Refund claim dismissed as time-barred under s.142(5); non-obstante clause read restrictively, merits not decided, self-assessment payments not mere de...
Assessee's project-completion revenue recognition upheld; income addition deleted under Guidance Note/AS-9 and percentage-completion rules as complian...
The ITAT allowed the appellant's appeal, setting aside the revision order of the revenue which had disallowed claimed foreign exchange loss. The Tribunal found the appellant consistently follows the mercantile system and recognizes exchange differences on year-end valuation of outstanding foreign currency liabilities; therefore exchange loss recorded in the profit and loss account is genuine under the accounting method adopted. The ITAT concluded that, notwithstanding lack of current operations or actual settlement, year-end revaluation of a USD liability legitimately produces taxable accounting loss and is allowable, and directed restoration of the claim.
The ITAT allowed the appellant's appeal, setting aside the revision order of the revenue which had disallowed claimed foreign exchange loss. The Tribunal found the appellant consistently follows the mercantile system and recognizes exchange differences on year-end valuation of outstanding foreign currency liabilities; therefore exchange loss recorded in the profit and loss account is genuine under the accounting method adopted. The ITAT concluded that, notwithstanding lack of current operations or actual settlement, year-end revaluation of a USD liability legitimately produces taxable accounting loss and is allowable, and directed restoration of the claim.
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