https://www.taxtmi.com/caselaws?id=236832 The Tribunal ruled in favor of the assessee regarding the addition of Inter-corporate Deposits (ICD) as deemed dividends, citing distinctions between ICDs and loans. The computation of expenses for earning exempt dividend income was remanded for re-adjudication in line with relevant case law. The disallowance of loss due to foreign exchange rate fluctuation was also remanded for reconsideration. The Tribunal upheld the treatment of bad debts as business losses and deletion of additions under various sections, while allowing the revenue's appeal on notional loss due to foreign exchange fluctuations for statistical purposes. Both parties' appeals were partly allowed, with issues referred back to the Assessing Officer for further review. en-us Tue, 12 Mar 2013 00:00:00 +0530 Tue, 10 Sep 2013 08:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236832 The Tribunal ruled in favor of the assessee regarding the addition of Inter-corporate Deposits (ICD) as deemed dividends, citing distinctions between ICDs and loans. The computation of expenses for earning exempt dividend income was remanded for re-adjudication in line with relevant case law. The disallowance of loss due to foreign exchange rate fluctuation was also remanded for reconsideration. The Tribunal upheld the treatment of bad debts as business losses and deletion of additions under various sections, while allowing the revenue's appeal on notional loss due to foreign exchange fluctuations for statistical purposes. Both parties' appeals were partly allowed, with issues referred back to the Assessing Officer for further review. Case-Laws Income Tax Tue, 12 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236832