https://www.taxtmi.com/caselaws?id=383462 The High Court dismissed the Revenue's appeal against the ITAT order confirming the Assessee's foreign exchange fluctuation loss claim under Section 37 of the Income Tax Act. The Court emphasized the necessity of conducting a proper inquiry before disallowing such claims, especially when exchange rate fluctuations significantly affect financial outcomes. The Assessee's claim of a loss of Rs. 35,42,20,000 due to exchange rate variations was upheld by both the CIT and ITAT, leading to the dismissal of the Revenue's appeal as no substantial question of law arose from the ITAT's decision. en-us Fri, 19 Jul 2019 00:00:00 +0530 Tue, 23 Jul 2019 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383462 The High Court dismissed the Revenue's appeal against the ITAT order confirming the Assessee's foreign exchange fluctuation loss claim under Section 37 of the Income Tax Act. The Court emphasized the necessity of conducting a proper inquiry before disallowing such claims, especially when exchange rate fluctuations significantly affect financial outcomes. The Assessee's claim of a loss of Rs. 35,42,20,000 due to exchange rate variations was upheld by both the CIT and ITAT, leading to the dismissal of the Revenue's appeal as no substantial question of law arose from the ITAT's decision. Case-Laws Income Tax Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383462