https://www.taxtmi.com/caselaws?id=336294 The Tribunal allowed the Revenue's appeal on the taxability of foreign exchange gain, directing the AO to grant deduction of exchange loss in subsequent years. The Tribunal also upheld the assessee's appeal on the disallowance of interest on borrowings, treating it as revenue expenditure. However, the Tribunal dismissed the assessee's appeal on the non-taxability of income from service fees, agreeing with the CIT(A) that it constituted a trading receipt. en-us Wed, 21 Sep 2016 00:00:00 +0530 Mon, 19 Dec 2016 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336294 The Tribunal allowed the Revenue's appeal on the taxability of foreign exchange gain, directing the AO to grant deduction of exchange loss in subsequent years. The Tribunal also upheld the assessee's appeal on the disallowance of interest on borrowings, treating it as revenue expenditure. However, the Tribunal dismissed the assessee's appeal on the non-taxability of income from service fees, agreeing with the CIT(A) that it constituted a trading receipt. Case-Laws Income Tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336294