https://www.taxtmi.com/caselaws?id=388608 The Tribunal upheld the CIT(A)'s decision to allow the deduction for foreign exchange loss under section 37(1) for Assessment Year 2013-14. It determined that the loss, stemming from the restatement of trade receivables and payables, met the criteria of an ascertained liability and was in line with accounting standards. Despite no actual payment, the liability was required to be reflected in financial statements, making it an allowable expenditure under section 37(1) according to legal interpretations and precedents. The Revenue's appeal was dismissed, affirming the deduction for foreign exchange loss. en-us Wed, 16 Oct 2019 00:00:00 +0530 Wed, 04 Dec 2019 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388608 The Tribunal upheld the CIT(A)'s decision to allow the deduction for foreign exchange loss under section 37(1) for Assessment Year 2013-14. It determined that the loss, stemming from the restatement of trade receivables and payables, met the criteria of an ascertained liability and was in line with accounting standards. Despite no actual payment, the liability was required to be reflected in financial statements, making it an allowable expenditure under section 37(1) according to legal interpretations and precedents. The Revenue's appeal was dismissed, affirming the deduction for foreign exchange loss. Case-Laws Income Tax Wed, 16 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388608