https://www.taxtmi.com/caselaws?id=4618 The High Court quashed the Tribunal's orders, disallowing claims for foreign exchange losses not meeting statutory criteria. It held that deductions under section 37 of the Income-tax Act must pertain to enforceable and paid liabilities in the relevant assessment year. The Court rejected claims for losses on revalued foreign exchange borrowings, emphasizing the absence of due liabilities and supporting documentation. Emphasizing the significance of written agreements per section 43A, the Court found the Tribunal's decisions erroneous for allowing deductions without legal basis. The appeals were allowed, stressing the importance of legal compliance and substantiation for claims. en-us Thu, 29 Mar 2007 00:00:00 +0530 Sat, 26 Jul 2008 09:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4618 The High Court quashed the Tribunal's orders, disallowing claims for foreign exchange losses not meeting statutory criteria. It held that deductions under section 37 of the Income-tax Act must pertain to enforceable and paid liabilities in the relevant assessment year. The Court rejected claims for losses on revalued foreign exchange borrowings, emphasizing the absence of due liabilities and supporting documentation. Emphasizing the significance of written agreements per section 43A, the Court found the Tribunal's decisions erroneous for allowing deductions without legal basis. The appeals were allowed, stressing the importance of legal compliance and substantiation for claims. Case-Laws Income Tax Thu, 29 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4618