https://www.taxtmi.com/caselaws?id=348586 The Tribunal partially allowed the revenue's appeal regarding the disallowance of loss on foreign exchange forward contracts, upholding the Commissioner (Appeals)'s decision. The Tribunal emphasized the necessity of genuine inquiries and taxing only actual income under the Income Tax Act. It restricted additions on purchases from alleged hawala dealers, considering the nature of transactions and tax recommendations. en-us Tue, 05 Sep 2017 00:00:00 +0530 Mon, 25 Sep 2017 07:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348586 The Tribunal partially allowed the revenue's appeal regarding the disallowance of loss on foreign exchange forward contracts, upholding the Commissioner (Appeals)'s decision. The Tribunal emphasized the necessity of genuine inquiries and taxing only actual income under the Income Tax Act. It restricted additions on purchases from alleged hawala dealers, considering the nature of transactions and tax recommendations. Case-Laws Income Tax Tue, 05 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348586