https://www.taxtmi.com/caselaws?id=376116 The Tribunal upheld the Assessing Officer's decision to disallow the foreign exchange loss claimed as revenue expenditure, treating it as capital in nature. However, the Tribunal allowed the assessee's claim regarding disallowance under Section 40A(2) due to lack of evidence supporting excessive payment. The disallowance under Section 14A was upheld, and expenditure for developing a capital asset was treated as deferred revenue expenditure. The computation of capital gains on slump sale was revised, disallowances of consultancy fees were varied, and the set off of brought forward losses was directed to be reconsidered based on the Tribunal's findings. en-us Wed, 27 Jun 2018 00:00:00 +0530 Tue, 01 Nov 2022 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376116 The Tribunal upheld the Assessing Officer's decision to disallow the foreign exchange loss claimed as revenue expenditure, treating it as capital in nature. However, the Tribunal allowed the assessee's claim regarding disallowance under Section 40A(2) due to lack of evidence supporting excessive payment. The disallowance under Section 14A was upheld, and expenditure for developing a capital asset was treated as deferred revenue expenditure. The computation of capital gains on slump sale was revised, disallowances of consultancy fees were varied, and the set off of brought forward losses was directed to be reconsidered based on the Tribunal's findings. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376116