https://www.taxtmi.com/caselaws?id=68243 The Tribunal held that the CIT's invocation of Section 263 of the Income Tax Act was erroneous as the Assessing Officer had taken a permissible view. The CIT's order was deemed invalid and quashed, restoring the AO's original assessments for the years 1996-97 and 1997-98. Regarding the treatment of foreign exchange fluctuation loss, the Tribunal upheld the AO's decision to allow the loss on an accrual basis, rejecting the CIT's argument for payment basis treatment. The Tribunal found the CIT's setting aside of assessments for re-examination unjustified and restored the original assessments, allowing the appeals of the assessee for both years. en-us Mon, 24 Oct 2005 00:00:00 +0530 Mon, 13 Jul 2026 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68243 The Tribunal held that the CIT's invocation of Section 263 of the Income Tax Act was erroneous as the Assessing Officer had taken a permissible view. The CIT's order was deemed invalid and quashed, restoring the AO's original assessments for the years 1996-97 and 1997-98. Regarding the treatment of foreign exchange fluctuation loss, the Tribunal upheld the AO's decision to allow the loss on an accrual basis, rejecting the CIT's argument for payment basis treatment. The Tribunal found the CIT's setting aside of assessments for re-examination unjustified and restored the original assessments, allowing the appeals of the assessee for both years. Case-Laws Income Tax Mon, 24 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68243