https://www.taxtmi.com/caselaws?id=212566 The appeal was partly allowed with regards to the disallowance of Rs. 8,82,234 due to foreign exchange rate fluctuation, as the Tribunal held that the disallowance under section 40(a)(i) was not justified. The issue of Rs. 6,11,000 as a provision for doubtful debts was remanded back to the AO for proper verification. The addition of Rs. 1,99,43,610 on account of excise duty payment was deleted, upholding the Commissioner's decision. The decision to tax the gross interest received was upheld, reversing the Commissioner's decision. The assessee's cross objection related to the Rs. 8,82,234 issue was dismissed as it was rendered academic. en-us Tue, 29 Nov 2011 00:00:00 +0530 Tue, 20 Nov 2012 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212566 The appeal was partly allowed with regards to the disallowance of Rs. 8,82,234 due to foreign exchange rate fluctuation, as the Tribunal held that the disallowance under section 40(a)(i) was not justified. The issue of Rs. 6,11,000 as a provision for doubtful debts was remanded back to the AO for proper verification. The addition of Rs. 1,99,43,610 on account of excise duty payment was deleted, upholding the Commissioner's decision. The decision to tax the gross interest received was upheld, reversing the Commissioner's decision. The assessee's cross objection related to the Rs. 8,82,234 issue was dismissed as it was rendered academic. Case-Laws Income Tax Tue, 29 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212566