https://www.taxtmi.com/caselaws?id=258294 The Tribunal held that a deduction for foreign exchange gain cannot be allowed without a revised return, referencing the Supreme Court's decision in Goetze India Ltd. v. CIT. However, following the Bombay High Court's decision in CIT v. Pruthvi Brokers & Shareholders, the issue was remitted back to the Assessing Officer for consideration in the interest of justice. In the Transfer Pricing adjustment matter, the Tribunal directed the Assessing Officer to consider idle capacity adjustments and relevant documents in comparable units for analysis, emphasizing the importance of proper procedures and relevant factors in assessments. The appeal was allowed for statistical purposes. en-us Mon, 07 Apr 2014 00:00:00 +0530 Sun, 03 May 2015 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258294 The Tribunal held that a deduction for foreign exchange gain cannot be allowed without a revised return, referencing the Supreme Court's decision in Goetze India Ltd. v. CIT. However, following the Bombay High Court's decision in CIT v. Pruthvi Brokers & Shareholders, the issue was remitted back to the Assessing Officer for consideration in the interest of justice. In the Transfer Pricing adjustment matter, the Tribunal directed the Assessing Officer to consider idle capacity adjustments and relevant documents in comparable units for analysis, emphasizing the importance of proper procedures and relevant factors in assessments. The appeal was allowed for statistical purposes. Case-Laws Income Tax Mon, 07 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258294