https://www.taxtmi.com/caselaws?id=205083 The Supreme Court remitted the issue back to the Tribunal for a fresh decision regarding the deduction of Rs. 38,30,000 for the loss due to fluctuation in foreign exchange rates on a foreign currency loan used for working capital. The Tribunal allowed the appeal, emphasizing the principle of consistency and past treatment of similar losses, concluding that the loss was an allowable expenditure. The decision favored the assessee, highlighting the significance of past decisions and legal precedents in determining the allowability of deductions. en-us Fri, 06 May 2011 00:00:00 +0530 Mon, 05 Sep 2011 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205083 The Supreme Court remitted the issue back to the Tribunal for a fresh decision regarding the deduction of Rs. 38,30,000 for the loss due to fluctuation in foreign exchange rates on a foreign currency loan used for working capital. The Tribunal allowed the appeal, emphasizing the principle of consistency and past treatment of similar losses, concluding that the loss was an allowable expenditure. The decision favored the assessee, highlighting the significance of past decisions and legal precedents in determining the allowability of deductions. Case-Laws Income Tax Fri, 06 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205083