https://www.taxtmi.com/caselaws?id=327635 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the addition made on account of foreign exchange loss, considering it a revenue loss. The Tribunal dismissed the revenue's appeal, concluding that the fluctuation of foreign exchange was related to the revenue account and not allowable under section 37(1) of the Income Tax Act. The Tribunal found no reason to interfere with the CIT(A)'s order and dismissed the grounds of appeal raised by the revenue. en-us Wed, 06 Apr 2016 00:00:00 +0530 Mon, 16 May 2016 09:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327635 The Appellate Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to delete the addition made on account of foreign exchange loss, considering it a revenue loss. The Tribunal dismissed the revenue's appeal, concluding that the fluctuation of foreign exchange was related to the revenue account and not allowable under section 37(1) of the Income Tax Act. The Tribunal found no reason to interfere with the CIT(A)'s order and dismissed the grounds of appeal raised by the revenue. Case-Laws Income Tax Wed, 06 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327635