https://www.taxtmi.com/caselaws?id=331070 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) (CIT(A))'s decision, dismissing the Revenue's appeal. The ITAT affirmed that the loss due to foreign exchange rate fluctuation on advance received against export was justifiable under the Income Tax Act and consistent with accounting standards. The tribunal clarified that the loss was not a derivative or mark to market loss but a result of exchange rate fluctuation. The Assessee's treatment of the loss was deemed appropriate, leading to the rejection of the Revenue's contentions. en-us Mon, 20 Jun 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:20:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331070 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) (CIT(A))'s decision, dismissing the Revenue's appeal. The ITAT affirmed that the loss due to foreign exchange rate fluctuation on advance received against export was justifiable under the Income Tax Act and consistent with accounting standards. The tribunal clarified that the loss was not a derivative or mark to market loss but a result of exchange rate fluctuation. The Assessee's treatment of the loss was deemed appropriate, leading to the rejection of the Revenue's contentions. Case-Laws Income Tax Mon, 20 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331070