https://www.taxtmi.com/caselaws?id=181824 The Tribunal directed a fresh examination of the foreign exchange loss issue, emphasizing the distinction between losses on current assets/liabilities and capital items. The appeal was allowed for statistical purposes. Regarding the disallowance of club fees, the Tribunal found no basis for disallowance, referencing precedent allowing club fees as expenditure. Consequently, the disallowance was deleted, and the appeal was allowed for the assessment year 2006-07. en-us Fri, 18 Mar 2011 00:00:00 +0530 Mon, 25 Apr 2016 18:18:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181824 The Tribunal directed a fresh examination of the foreign exchange loss issue, emphasizing the distinction between losses on current assets/liabilities and capital items. The appeal was allowed for statistical purposes. Regarding the disallowance of club fees, the Tribunal found no basis for disallowance, referencing precedent allowing club fees as expenditure. Consequently, the disallowance was deleted, and the appeal was allowed for the assessment year 2006-07. Case-Laws Income Tax Fri, 18 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181824