https://www.taxtmi.com/caselaws?id=210504 The Tribunal allowed the appeal filed by the assessee, finding that the Assessing Officer exceeded the permissible scope of rectification under section 154 of the Income-tax Act, 1961 for Assessment Year 2004-05. The Assessing Officer's disallowance of losses on foreign exchange fluctuation/expenses was deemed unjustified as it exceeded the authority granted for rectification under the law. The Tribunal directed the exclusion of the disallowed amount from the total income, emphasizing the importance of adhering to statutory provisions when making adjustments to returned income. en-us Fri, 16 Dec 2011 00:00:00 +0530 Mon, 13 Feb 2012 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210504 The Tribunal allowed the appeal filed by the assessee, finding that the Assessing Officer exceeded the permissible scope of rectification under section 154 of the Income-tax Act, 1961 for Assessment Year 2004-05. The Assessing Officer's disallowance of losses on foreign exchange fluctuation/expenses was deemed unjustified as it exceeded the authority granted for rectification under the law. The Tribunal directed the exclusion of the disallowed amount from the total income, emphasizing the importance of adhering to statutory provisions when making adjustments to returned income. Case-Laws Income Tax Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210504