https://www.taxtmi.com/caselaws?id=281689 The Tribunal dismissed the Miscellaneous Application seeking to recall the order dated 14.12.16, finding no apparent mistake on record. It upheld the CIT (A)'s decision regarding realized and unrealized exchange losses, emphasizing that unrealized losses are contingent liabilities and should only be allowed upon actual realization. The Tribunal clarified that under section 254(2) of the Income-tax Act, it can rectify obvious mistakes but not review or reconsider its orders. The appeal was dismissed, affirming the CIT (A)'s findings as well-founded and reasoned. en-us Wed, 15 Nov 2017 00:00:00 +0530 Mon, 01 Jul 2019 20:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281689 The Tribunal dismissed the Miscellaneous Application seeking to recall the order dated 14.12.16, finding no apparent mistake on record. It upheld the CIT (A)'s decision regarding realized and unrealized exchange losses, emphasizing that unrealized losses are contingent liabilities and should only be allowed upon actual realization. The Tribunal clarified that under section 254(2) of the Income-tax Act, it can rectify obvious mistakes but not review or reconsider its orders. The appeal was dismissed, affirming the CIT (A)'s findings as well-founded and reasoned. Case-Laws Income Tax Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281689