https://www.taxtmi.com/caselaws?id=188108 The court partly allowed the appeal, upholding the provision for sale expenditure and warranty as consistent with accounting standards. It ruled in favor of the assessee regarding the exclusion of exchange gain fluctuation and sale proceeds not realized within the prescribed time. The court remanded the allocation of royalty payment and trading expenses back to the Assessing Officer for further review. It also favored the assessee on the exclusion of foreign currency expenditure from export turnover and the deduction for STPs. The adjustment of prior period expenses was upheld in favor of the assessee, emphasizing the need for substantiated entries. en-us Tue, 19 Jan 2016 00:00:00 +0530 Fri, 18 Nov 2016 13:07:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188108 The court partly allowed the appeal, upholding the provision for sale expenditure and warranty as consistent with accounting standards. It ruled in favor of the assessee regarding the exclusion of exchange gain fluctuation and sale proceeds not realized within the prescribed time. The court remanded the allocation of royalty payment and trading expenses back to the Assessing Officer for further review. It also favored the assessee on the exclusion of foreign currency expenditure from export turnover and the deduction for STPs. The adjustment of prior period expenses was upheld in favor of the assessee, emphasizing the need for substantiated entries. Case-Laws Income Tax Tue, 19 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188108