https://www.taxtmi.com/caselaws?id=175477 The Tribunal upheld the CIT(A)'s decisions on all issues, dismissing the Department's appeal. The relief of Rs. 31,60,273 out of disallowance made by the Assessing Officer on account of proportionate interest on advances was allowed as the advances were for business purposes. Additionally, the deletion of additions related to bad and doubtful debts and balance written off was upheld as these were legitimate business expenses. The disallowance of foreign exchange fluctuation was also rejected as the transaction was for business purposes with no speculative element. The Department's appeal was found to lack merit. en-us Mon, 04 Jul 2011 00:00:00 +0530 Mon, 23 Nov 2015 17:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175477 The Tribunal upheld the CIT(A)'s decisions on all issues, dismissing the Department's appeal. The relief of Rs. 31,60,273 out of disallowance made by the Assessing Officer on account of proportionate interest on advances was allowed as the advances were for business purposes. Additionally, the deletion of additions related to bad and doubtful debts and balance written off was upheld as these were legitimate business expenses. The disallowance of foreign exchange fluctuation was also rejected as the transaction was for business purposes with no speculative element. The Department's appeal was found to lack merit. Case-Laws Income Tax Mon, 04 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175477