https://www.taxtmi.com/caselaws?id=220828 The case involved a dispute over the treatment of a foreign exchange loss claimed by a financial company as a revenue loss. The assessing officer disallowed the claim as a notional loss, but the appellate Commissioner and tribunal disagreed. Citing precedent, the Supreme Court ruled that even notional losses can be claimed as business losses if certain conditions are met. The tribunal's decision allowing the deduction was affirmed, but the claim was to be reevaluated by the assessing officer to ensure compliance with specified conditions. The matter was remanded for further assessment based on the Supreme Court's criteria. en-us Mon, 07 Jan 2013 00:00:00 +0530 Fri, 28 Jun 2013 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220828 The case involved a dispute over the treatment of a foreign exchange loss claimed by a financial company as a revenue loss. The assessing officer disallowed the claim as a notional loss, but the appellate Commissioner and tribunal disagreed. Citing precedent, the Supreme Court ruled that even notional losses can be claimed as business losses if certain conditions are met. The tribunal's decision allowing the deduction was affirmed, but the claim was to be reevaluated by the assessing officer to ensure compliance with specified conditions. The matter was remanded for further assessment based on the Supreme Court's criteria. Case-Laws Income Tax Mon, 07 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220828