https://www.taxtmi.com/caselaws?id=219930 The Tribunal allowed the assessee's claim for the disallowance of loss on account of foreign exchange fluctuation, stating it as an item of expenditure under section 37(1) of the Income-tax Act. The issue of addition of Inter-company Management charges as deemed dividend was remanded back to the AO for a fresh examination, as the Tribunal found that the AO had not adequately considered the business purpose of the payments. Similarly, the disallowance under section 14A was remanded back to the AO for a de novo consideration, as the AO did not address the correctness of the assessee's claim. en-us Thu, 09 Aug 2012 00:00:00 +0530 Wed, 02 Jan 2013 15:09:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219930 The Tribunal allowed the assessee's claim for the disallowance of loss on account of foreign exchange fluctuation, stating it as an item of expenditure under section 37(1) of the Income-tax Act. The issue of addition of Inter-company Management charges as deemed dividend was remanded back to the AO for a fresh examination, as the Tribunal found that the AO had not adequately considered the business purpose of the payments. Similarly, the disallowance under section 14A was remanded back to the AO for a de novo consideration, as the AO did not address the correctness of the assessee's claim. Case-Laws Income Tax Thu, 09 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219930