https://www.taxtmi.com/caselaws?id=360397 The High Court upheld the Tribunal's decision in a case concerning the addition of foreign exchange fluctuation benefits to the assessee's income and the disallowance of interest under Section 14A of the Income Tax Act. The Court ruled that since the elevator was not used for business purposes and no deductions were claimed for it, the foreign exchange gain need not be added to the income. Additionally, as the assessee did not claim any deduction for the imported lift, the disallowance of interest under Section 14A was deemed appropriate. The appeals were dismissed, affirming the Tribunal's decisions. en-us Thu, 10 May 2018 00:00:00 +0530 Wed, 16 May 2018 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360397 The High Court upheld the Tribunal's decision in a case concerning the addition of foreign exchange fluctuation benefits to the assessee's income and the disallowance of interest under Section 14A of the Income Tax Act. The Court ruled that since the elevator was not used for business purposes and no deductions were claimed for it, the foreign exchange gain need not be added to the income. Additionally, as the assessee did not claim any deduction for the imported lift, the disallowance of interest under Section 14A was deemed appropriate. The appeals were dismissed, affirming the Tribunal's decisions. Case-Laws Income Tax Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360397