https://www.taxtmi.com/caselaws?id=64016 The Tribunal quashed the Commissioner's order under section 263, ruling in favor of the assessee. It held that the foreign exchange loss claimed was legitimate under the mercantile system of accounting, and the Assessing Officer's decision to allow the claim was not erroneous or prejudicial to the interest of Revenue. The Tribunal emphasized that the AO had taken a permissible view in law, supported by legal precedents, making the Commissioner's invocation of section 263 unjustified. Consequently, the appeal was allowed, and the order under section 263 was canceled. en-us Fri, 14 Jul 2000 00:00:00 +0530 Thu, 03 Feb 2011 11:39:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64016 The Tribunal quashed the Commissioner's order under section 263, ruling in favor of the assessee. It held that the foreign exchange loss claimed was legitimate under the mercantile system of accounting, and the Assessing Officer's decision to allow the claim was not erroneous or prejudicial to the interest of Revenue. The Tribunal emphasized that the AO had taken a permissible view in law, supported by legal precedents, making the Commissioner's invocation of section 263 unjustified. Consequently, the appeal was allowed, and the order under section 263 was canceled. Case-Laws Income Tax Fri, 14 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64016