https://www.taxtmi.com/caselaws?id=261899 The Revenue's appeal challenging the deletion of an addition without proper verification was allowed by the Tribunal. The issue was remanded to the Assessing Officer for detailed examination. Regarding the loss claimed under "other income" due to foreign exchange rate fluctuations, the Tribunal upheld the claim, emphasizing adherence to accounting standards. The Revenue's appeal was allowed for statistical purposes, stressing the necessity of thorough verification in such matters. The judgment underscored the significance of verifying claims related to vendor balances, bank advances, and foreign exchange fluctuations in line with established legal precedents and accounting principles. en-us Tue, 16 Jun 2015 00:00:00 +0530 Mon, 27 Jul 2015 08:02:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261899 The Revenue's appeal challenging the deletion of an addition without proper verification was allowed by the Tribunal. The issue was remanded to the Assessing Officer for detailed examination. Regarding the loss claimed under "other income" due to foreign exchange rate fluctuations, the Tribunal upheld the claim, emphasizing adherence to accounting standards. The Revenue's appeal was allowed for statistical purposes, stressing the necessity of thorough verification in such matters. The judgment underscored the significance of verifying claims related to vendor balances, bank advances, and foreign exchange fluctuations in line with established legal precedents and accounting principles. Case-Laws Income Tax Tue, 16 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261899