https://www.taxtmi.com/caselaws?id=246887 The High Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the assessee regarding the treatment of foreign exchange loss as an allowable loss under the Income Tax Act. The Court determined that the restatement of liability due to exchange rate fluctuation at the year-end constituted an ascertained loss, not a contingent liability, aligning with Supreme Court interpretations of relevant sections of the Act. The judgment favored the assessee's position, emphasizing the timing and nature of the liability restatement, ultimately dismissing the Revenue's appeal. en-us Fri, 04 Apr 2014 00:00:00 +0530 Fri, 25 Apr 2014 10:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246887 The High Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the assessee regarding the treatment of foreign exchange loss as an allowable loss under the Income Tax Act. The Court determined that the restatement of liability due to exchange rate fluctuation at the year-end constituted an ascertained loss, not a contingent liability, aligning with Supreme Court interpretations of relevant sections of the Act. The judgment favored the assessee's position, emphasizing the timing and nature of the liability restatement, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246887