https://www.taxtmi.com/caselaws?id=370523 The Tribunal concluded that the revision order under Section 263 of the Income Tax Act was not sustainable as the Assessing Officer's order was neither erroneous nor prejudicial to the revenue's interest. The appeals filed by the assessee were allowed for the Assessment Years 2011-12 and 2012-13. The Tribunal held that the business loss on account of currency swap was a revenue loss and allowable as a deduction, emphasizing that the conditions for invoking Section 263 were not met, as per the Supreme Court's decision in Malabar Industrial Co. Ltd. en-us Fri, 16 Nov 2018 00:00:00 +0530 Mon, 19 Nov 2018 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370523 The Tribunal concluded that the revision order under Section 263 of the Income Tax Act was not sustainable as the Assessing Officer's order was neither erroneous nor prejudicial to the revenue's interest. The appeals filed by the assessee were allowed for the Assessment Years 2011-12 and 2012-13. The Tribunal held that the business loss on account of currency swap was a revenue loss and allowable as a deduction, emphasizing that the conditions for invoking Section 263 were not met, as per the Supreme Court's decision in Malabar Industrial Co. Ltd. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370523