https://www.taxtmi.com/caselaws?id=284996 The appeal filed by the Revenue against the order of the CIT(A)-IV, Kolkata for A.Yr. 2007-08 was dismissed. The AO's disallowance of interest, bank charges, foreign exchange fluctuation loss, and profit on conversion of foreign currency was overturned by the CIT(A) and upheld by the Tribunal. The expenses were found to be related to the business activities, with bank charges linked to export business and interest payments justified by income earned. Foreign exchange losses were considered allowable deductions under section 37(1) based on the Hon'ble Apex Court's ruling. en-us Tue, 29 Mar 2011 00:00:00 +0530 Fri, 20 Dec 2019 15:32:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284996 The appeal filed by the Revenue against the order of the CIT(A)-IV, Kolkata for A.Yr. 2007-08 was dismissed. The AO's disallowance of interest, bank charges, foreign exchange fluctuation loss, and profit on conversion of foreign currency was overturned by the CIT(A) and upheld by the Tribunal. The expenses were found to be related to the business activities, with bank charges linked to export business and interest payments justified by income earned. Foreign exchange losses were considered allowable deductions under section 37(1) based on the Hon'ble Apex Court's ruling. Case-Laws Income Tax Tue, 29 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284996