https://www.taxtmi.com/caselaws?id=387277 The Tribunal partially allowed the appeal by directing the deletion of the addition related to mark-to-market (MTM) losses on forward contracts, citing compliance with accounting standards and the Apex Court's precedent. However, it upheld the disallowance of foreign travel expenses for family members and non-employees due to lack of commercial justification. The addition on account of cessation of liability was deleted by the CIT(A) and not contested further. The decision was pronounced on 14th October 2019. en-us Mon, 14 Oct 2019 00:00:00 +0530 Sun, 20 Oct 2019 15:06:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387277 The Tribunal partially allowed the appeal by directing the deletion of the addition related to mark-to-market (MTM) losses on forward contracts, citing compliance with accounting standards and the Apex Court's precedent. However, it upheld the disallowance of foreign travel expenses for family members and non-employees due to lack of commercial justification. The addition on account of cessation of liability was deleted by the CIT(A) and not contested further. The decision was pronounced on 14th October 2019. Case-Laws Income Tax Mon, 14 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387277