https://www.taxtmi.com/caselaws?id=220349 The Court dismissed the revenue's appeal concerning disallowances and expenses. It upheld the assessee's claim for provisions made towards ageing inventory, citing compliance with Accounting Standard 2. Depreciation on amounts capitalized due to foreign exchange fluctuation was allowed based on a related Apex Court decision. Disallowance of exchange fluctuation losses regarding debtors and creditors was rejected. Additionally, expenses for personal usage were not disallowed, following previous assessments. The Court found no substantial legal question, leading to the dismissal of the appeal. en-us Tue, 28 Aug 2012 00:00:00 +0530 Mon, 21 Jan 2013 07:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220349 The Court dismissed the revenue's appeal concerning disallowances and expenses. It upheld the assessee's claim for provisions made towards ageing inventory, citing compliance with Accounting Standard 2. Depreciation on amounts capitalized due to foreign exchange fluctuation was allowed based on a related Apex Court decision. Disallowance of exchange fluctuation losses regarding debtors and creditors was rejected. Additionally, expenses for personal usage were not disallowed, following previous assessments. The Court found no substantial legal question, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 28 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220349