https://www.taxtmi.com/caselaws?id=203028 The Tribunal upheld the CIT(A)'s decision that the exchange loss on refund of advances constituted an admissible deduction as it was incurred in the course of normal business operations. The Tribunal emphasized that the deduction for exchange loss was not influenced by the usage of funds but by the fact that the transactions were conducted in the course of business. As long as the funds were received and refunded in the course of business, the exchange loss was deemed a legitimate expenditure incidental to business operations. The appeal was dismissed, affirming the decision of the CIT(A). en-us Wed, 24 Nov 2010 00:00:00 +0530 Sun, 01 May 2011 20:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203028 The Tribunal upheld the CIT(A)'s decision that the exchange loss on refund of advances constituted an admissible deduction as it was incurred in the course of normal business operations. The Tribunal emphasized that the deduction for exchange loss was not influenced by the usage of funds but by the fact that the transactions were conducted in the course of business. As long as the funds were received and refunded in the course of business, the exchange loss was deemed a legitimate expenditure incidental to business operations. The appeal was dismissed, affirming the decision of the CIT(A). Case-Laws Income Tax Wed, 24 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203028