https://www.taxtmi.com/caselaws?id=262208 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s decisions to allow exchange losses on export of goods and remittance of outstanding advances. The losses were deemed actual due to currency devaluation and RBI permissions, not notional, aligning with accounting principles and prior judgments. The ITAT directed the AO to verify conversion rates and allow the losses, emphasizing their genuine nature and compliance with the mercantile accounting system. en-us Fri, 17 Jul 2015 00:00:00 +0530 Wed, 05 Aug 2015 06:30:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262208 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s decisions to allow exchange losses on export of goods and remittance of outstanding advances. The losses were deemed actual due to currency devaluation and RBI permissions, not notional, aligning with accounting principles and prior judgments. The ITAT directed the AO to verify conversion rates and allow the losses, emphasizing their genuine nature and compliance with the mercantile accounting system. Case-Laws Income Tax Fri, 17 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262208