https://www.taxtmi.com/caselaws?id=361023 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case challenging the Commissioner of Income Tax's order under section 263 of the Income-tax Act. The Tribunal found that the treatment of Foreign Exchange (FE) loss in income computation was not contingent and ruled in favor of the assessee based on precedents. Additionally, the disallowance under section 80 IC due to a voluntary transfer pricing adjustment was also decided in favor of the assessee, as it did not impact the tax calculation. en-us Wed, 23 May 2018 00:00:00 +0530 Mon, 28 May 2018 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361023 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case challenging the Commissioner of Income Tax's order under section 263 of the Income-tax Act. The Tribunal found that the treatment of Foreign Exchange (FE) loss in income computation was not contingent and ruled in favor of the assessee based on precedents. Additionally, the disallowance under section 80 IC due to a voluntary transfer pricing adjustment was also decided in favor of the assessee, as it did not impact the tax calculation. Case-Laws Income Tax Wed, 23 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361023