https://www.taxtmi.com/caselaws?id=285196 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision in favor of the assessee. The Tribunal allowed the claim of business loss on foreign exchange currency forward contracts, citing precedents establishing such losses as business losses. It rejected the Revenue's argument of deciding on fresh facts without TPO opportunity, stating that no new facts were presented. The Tribunal upheld the rejection of a comparable entity due to product dissimilarity and supported the CIT(A)'s decision to allow deduction u/s. 10A before considering set off provisions, in line with legal principles and precedents. en-us Mon, 02 Jul 2018 00:00:00 +0530 Wed, 01 Jan 2020 16:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285196 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision in favor of the assessee. The Tribunal allowed the claim of business loss on foreign exchange currency forward contracts, citing precedents establishing such losses as business losses. It rejected the Revenue's argument of deciding on fresh facts without TPO opportunity, stating that no new facts were presented. The Tribunal upheld the rejection of a comparable entity due to product dissimilarity and supported the CIT(A)'s decision to allow deduction u/s. 10A before considering set off provisions, in line with legal principles and precedents. Case-Laws Income Tax Mon, 02 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285196