https://www.taxtmi.com/caselaws?id=271109 The Tribunal upheld the CIT(A)'s decision to allow the deduction for foreign exchange fluctuation loss and depreciation on the opening WDV of Plant & Machinery. The Tribunal found that the foreign exchange loss was notional and contingent, thus allowable as a deduction. Additionally, the Tribunal agreed with the CIT(A) that the depreciation on the opening WDV of Plant & Machinery was justified due to changes in Customs Rules and the long wait for Customs Department assessment. The Revenue's appeal was dismissed on both issues, affirming the CIT(A)'s order. en-us Fri, 06 Nov 2015 00:00:00 +0530 Wed, 27 Jan 2016 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271109 The Tribunal upheld the CIT(A)'s decision to allow the deduction for foreign exchange fluctuation loss and depreciation on the opening WDV of Plant & Machinery. The Tribunal found that the foreign exchange loss was notional and contingent, thus allowable as a deduction. Additionally, the Tribunal agreed with the CIT(A) that the depreciation on the opening WDV of Plant & Machinery was justified due to changes in Customs Rules and the long wait for Customs Department assessment. The Revenue's appeal was dismissed on both issues, affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 06 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271109