https://www.taxtmi.com/caselaws?id=333904 The tribunal upheld the CIT(A)'s decisions on all issues, dismissing the revenue's appeal. The disallowance of 5% paddy purchases was deleted as no inflation or suppression was found. Part of the disallowed expenditures were sustained due to lack of proper documentation, but the rest were allowed as genuine deductions. The disallowance of expenditure under "exchange loss" was rejected, as it was deemed a legitimate business expense for hedging against currency fluctuation risks in the export business. The order was pronounced on 7th October 2016. en-us Fri, 07 Oct 2016 00:00:00 +0530 Thu, 27 Oct 2016 10:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333904 The tribunal upheld the CIT(A)'s decisions on all issues, dismissing the revenue's appeal. The disallowance of 5% paddy purchases was deleted as no inflation or suppression was found. Part of the disallowed expenditures were sustained due to lack of proper documentation, but the rest were allowed as genuine deductions. The disallowance of expenditure under "exchange loss" was rejected, as it was deemed a legitimate business expense for hedging against currency fluctuation risks in the export business. The order was pronounced on 7th October 2016. Case-Laws Income Tax Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333904