https://www.taxtmi.com/caselaws?id=209394 The High Court upheld the Tribunal's decision, allowing the assessee to claim the loss due to fluctuation in foreign exchange as a revenue expenditure. The Court referred to relevant case law and rejected the revenue's argument against the assessee benefiting from the increase in foreign exchange rate. Additionally, the treatment of bad debts claimed by the assessee was remitted to the Assessing Officer for further examination in line with guidelines from the Apex Court. The judgment emphasizes adherence to legal principles in determining tax liabilities related to foreign currency fluctuations. en-us Thu, 23 Sep 2010 00:00:00 +0530 Sat, 20 Jul 2013 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209394 The High Court upheld the Tribunal's decision, allowing the assessee to claim the loss due to fluctuation in foreign exchange as a revenue expenditure. The Court referred to relevant case law and rejected the revenue's argument against the assessee benefiting from the increase in foreign exchange rate. Additionally, the treatment of bad debts claimed by the assessee was remitted to the Assessing Officer for further examination in line with guidelines from the Apex Court. The judgment emphasizes adherence to legal principles in determining tax liabilities related to foreign currency fluctuations. Case-Laws Income Tax Thu, 23 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209394