https://www.taxtmi.com/caselaws?id=257204 The tribunal held that foreign exchange fluctuation loss is an operating cost, not an extraordinary item, and should be included in operating costs. It allowed a working capital adjustment, emphasizing that rightful dues should not be denied due to technicalities. The deletion of addition on account of forex loss was upheld, as it was considered contingent. Additionally, the deletion of the addition under Section 68 of the Income Tax Act was affirmed, as the credits were advances adjusted against invoices. The tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal. en-us Fri, 18 Jul 2014 00:00:00 +0530 Wed, 04 Mar 2015 15:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257204 The tribunal held that foreign exchange fluctuation loss is an operating cost, not an extraordinary item, and should be included in operating costs. It allowed a working capital adjustment, emphasizing that rightful dues should not be denied due to technicalities. The deletion of addition on account of forex loss was upheld, as it was considered contingent. Additionally, the deletion of the addition under Section 68 of the Income Tax Act was affirmed, as the credits were advances adjusted against invoices. The tribunal partly allowed the assessee's appeal and dismissed the Revenue's appeal. Case-Laws Income Tax Fri, 18 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257204