https://www.taxtmi.com/caselaws?id=353662 The Tribunal upheld the assessee's appeal and dismissed the Revenue's appeal regarding disallowance under sections 14A, foreign exchange loss on forward contracts, and interest under section 36(1)(iii) for the assessment year 2009-10. The disallowance under section 14A was deleted as no exempt income was earned, following precedents from the Delhi and Bombay High Courts. The disallowance of foreign exchange loss was overturned, emphasizing that it was not speculative but part of regular business activities. The disallowance of interest was rejected due to consistent deletions by the CIT(A) in previous years and lack of merit in the AO's disallowance. en-us Mon, 08 Jan 2018 00:00:00 +0530 Tue, 09 Jan 2018 08:20:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353662 The Tribunal upheld the assessee's appeal and dismissed the Revenue's appeal regarding disallowance under sections 14A, foreign exchange loss on forward contracts, and interest under section 36(1)(iii) for the assessment year 2009-10. The disallowance under section 14A was deleted as no exempt income was earned, following precedents from the Delhi and Bombay High Courts. The disallowance of foreign exchange loss was overturned, emphasizing that it was not speculative but part of regular business activities. The disallowance of interest was rejected due to consistent deletions by the CIT(A) in previous years and lack of merit in the AO's disallowance. Case-Laws Income Tax Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353662