https://www.taxtmi.com/caselaws?id=265719 The ITAT Chennai allowed the appeal of the assessee regarding the treatment of application computer software expenses as revenue expenditure for upgradation, overturning the decision of the Commissioner of Income-tax (Appeals). The issue of disallowance of loss on a foreign currency loan transaction was remitted back to the Assessing Officer for further examination. Additionally, the exclusion of exchange fluctuation on sales from export turnover for deduction under section 10AA was upheld, following a decision of the Special Bench. The ITAT Chennai partly allowed the assessee's appeal and dismissed the Revenue's appeal in the judgment delivered on June 27, 2014. en-us Fri, 27 Jun 2014 00:00:00 +0530 Mon, 08 Aug 2022 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265719 The ITAT Chennai allowed the appeal of the assessee regarding the treatment of application computer software expenses as revenue expenditure for upgradation, overturning the decision of the Commissioner of Income-tax (Appeals). The issue of disallowance of loss on a foreign currency loan transaction was remitted back to the Assessing Officer for further examination. Additionally, the exclusion of exchange fluctuation on sales from export turnover for deduction under section 10AA was upheld, following a decision of the Special Bench. The ITAT Chennai partly allowed the assessee's appeal and dismissed the Revenue's appeal in the judgment delivered on June 27, 2014. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265719