https://www.taxtmi.com/caselaws?id=257424 The Tribunal partly allowed the assessee's appeals by reducing disallowance of general expenses, treating gains from cancellation of forward contracts as business income, remanding the taxability of gains from revaluation of foreign currency borrowings, directing consideration of net interest income for deduction, and allowing deduction under section 80HHC for unrealized export proceeds. The Tribunal dismissed the Revenue's appeal on penalty under section 271(1)(c) as the issues in the quantum appeal were either remanded or allowed, resulting in no penalty imposition. en-us Fri, 13 Feb 2015 00:00:00 +0530 Tue, 10 Mar 2015 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257424 The Tribunal partly allowed the assessee's appeals by reducing disallowance of general expenses, treating gains from cancellation of forward contracts as business income, remanding the taxability of gains from revaluation of foreign currency borrowings, directing consideration of net interest income for deduction, and allowing deduction under section 80HHC for unrealized export proceeds. The Tribunal dismissed the Revenue's appeal on penalty under section 271(1)(c) as the issues in the quantum appeal were either remanded or allowed, resulting in no penalty imposition. Case-Laws Income Tax Fri, 13 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257424