https://www.taxtmi.com/caselaws?id=190868 The Tribunal quashed the CIT's order under Section 263, affirming the AO's decision to treat the foreign exchange fluctuation loss as a revenue expenditure. The Tribunal held that the AO's acceptance of the Assessee's claim was a valid and legally sustainable view, supported by judicial precedents. The appeal of the Assessee was allowed, emphasizing that the CIT cannot substitute his view for that of the AO merely based on disagreement. en-us Fri, 15 Jul 2016 00:00:00 +0530 Mon, 06 Mar 2017 21:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190868 The Tribunal quashed the CIT's order under Section 263, affirming the AO's decision to treat the foreign exchange fluctuation loss as a revenue expenditure. The Tribunal held that the AO's acceptance of the Assessee's claim was a valid and legally sustainable view, supported by judicial precedents. The appeal of the Assessee was allowed, emphasizing that the CIT cannot substitute his view for that of the AO merely based on disagreement. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190868