https://www.taxtmi.com/caselaws?id=120985 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decision to allow the exchange loss as a deduction. The decision was based on the mercantile system of accounting and the precedent set by a Special Bench ruling confirmed by the Delhi High Court. The ITAT emphasized the importance of continuity and predictability in judicial decisions, ultimately ruling in favor of the assessee regarding the nature of exchange loss on external commercial borrowings. en-us Tue, 18 Sep 2007 00:00:00 +0530 Wed, 25 Jul 2012 17:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120985 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decision to allow the exchange loss as a deduction. The decision was based on the mercantile system of accounting and the precedent set by a Special Bench ruling confirmed by the Delhi High Court. The ITAT emphasized the importance of continuity and predictability in judicial decisions, ultimately ruling in favor of the assessee regarding the nature of exchange loss on external commercial borrowings. Case-Laws Income Tax Tue, 18 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120985