https://www.taxtmi.com/caselaws?id=340463 The ITAT allowed the appellant's appeal, recognizing foreign exchange losses in accordance with Accounting Standard-11 and Supreme Court principles. The disallowance of the loss was overturned, emphasizing adherence to accounting standards over CBDT instructions. The court upheld the mercantile system for recognizing losses and stressed the significance of judicial interpretation in financial statements, ultimately granting the appellant's deduction claim for foreign exchange fluctuations. en-us Fri, 17 Mar 2017 00:00:00 +0530 Wed, 22 Mar 2017 08:12:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340463 The ITAT allowed the appellant's appeal, recognizing foreign exchange losses in accordance with Accounting Standard-11 and Supreme Court principles. The disallowance of the loss was overturned, emphasizing adherence to accounting standards over CBDT instructions. The court upheld the mercantile system for recognizing losses and stressed the significance of judicial interpretation in financial statements, ultimately granting the appellant's deduction claim for foreign exchange fluctuations. Case-Laws Income Tax Fri, 17 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340463