https://www.taxtmi.com/caselaws?id=366792 The Tribunal held that the Principal Commissioner of Income Tax was unjustified in invoking revisionary jurisdiction under Section 263 of the Income Tax Act. The CIT's decision to set aside the Assessing Officer's order was deemed erroneous and prejudicial to revenue interests. The Tribunal ruled in favor of the assessee on all issues, including the deduction claim under Section 10AA, allowability of Foreign Exchange Fluctuation Loss, and Mark to Market Loss on foreign currency swaps under Section 115JB. The CIT's order was overturned, and the assessee's appeal was allowed. en-us Wed, 05 Sep 2018 00:00:00 +0530 Tue, 11 Sep 2018 08:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366792 The Tribunal held that the Principal Commissioner of Income Tax was unjustified in invoking revisionary jurisdiction under Section 263 of the Income Tax Act. The CIT's decision to set aside the Assessing Officer's order was deemed erroneous and prejudicial to revenue interests. The Tribunal ruled in favor of the assessee on all issues, including the deduction claim under Section 10AA, allowability of Foreign Exchange Fluctuation Loss, and Mark to Market Loss on foreign currency swaps under Section 115JB. The CIT's order was overturned, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366792