https://www.taxtmi.com/caselaws?id=120274 The tribunal upheld the decisions of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) on various grounds, emphasizing compliance with specific statutory provisions. The deduction under section 80HHC was disallowed due to lack of evidence of customs clearance and receipt of sale proceeds in convertible foreign exchange. The claim for trading loss was rejected as it was not treated as a bad debt. The deduction on interest and exclusion of foreign exchange fluctuation gain were also upheld. The issue of interest levied under sections 234A, 234B, and 234C was not specifically addressed. Appeals were allowed in part for statistical purposes. en-us Wed, 25 Jan 2006 00:00:00 +0530 Wed, 18 Jul 2012 11:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120274 The tribunal upheld the decisions of the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) on various grounds, emphasizing compliance with specific statutory provisions. The deduction under section 80HHC was disallowed due to lack of evidence of customs clearance and receipt of sale proceeds in convertible foreign exchange. The claim for trading loss was rejected as it was not treated as a bad debt. The deduction on interest and exclusion of foreign exchange fluctuation gain were also upheld. The issue of interest levied under sections 234A, 234B, and 234C was not specifically addressed. Appeals were allowed in part for statistical purposes. Case-Laws Income Tax Wed, 25 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120274