https://www.taxtmi.com/caselaws?id=389550 The Tribunal ruled in favor of the assessee in a tax dispute involving the disallowance of expenditure under Section 14A of the Income Tax Act and the treatment of foreign exchange fluctuation loss. The Tribunal held that the foreign exchange fluctuation loss was a business loss, not an expenditure to earn exempt income, and should be treated as a revenue loss, not a capital loss. As a result, the disallowance under Section 14A was deemed unjustified, and the appeal by the Revenue was dismissed while the appeal by the assessee was allowed. en-us Mon, 29 Jul 2019 00:00:00 +0530 Wed, 11 Dec 2019 12:00:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389550 The Tribunal ruled in favor of the assessee in a tax dispute involving the disallowance of expenditure under Section 14A of the Income Tax Act and the treatment of foreign exchange fluctuation loss. The Tribunal held that the foreign exchange fluctuation loss was a business loss, not an expenditure to earn exempt income, and should be treated as a revenue loss, not a capital loss. As a result, the disallowance under Section 14A was deemed unjustified, and the appeal by the Revenue was dismissed while the appeal by the assessee was allowed. Case-Laws Income Tax Mon, 29 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389550