https://www.taxtmi.com/caselaws?id=285869 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s order regarding the addition of Rs. 11,61,18,652 on account of provision of exchange difference. It held that the provision for current liabilities in foreign currency was not unascertained liabilities and eligible for deduction under relevant provisions of the Income Tax Act. The Tribunal emphasized the consistency in the assessee's treatment of currency fluctuation provisions and upheld the CIT(A)'s decision, ultimately rejecting the Revenue's appeal. en-us Wed, 26 Jun 2019 00:00:00 +0530 Fri, 31 Jan 2020 07:47:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285869 The Tribunal dismissed the Revenue's appeal and affirmed the CIT(A)'s order regarding the addition of Rs. 11,61,18,652 on account of provision of exchange difference. It held that the provision for current liabilities in foreign currency was not unascertained liabilities and eligible for deduction under relevant provisions of the Income Tax Act. The Tribunal emphasized the consistency in the assessee's treatment of currency fluctuation provisions and upheld the CIT(A)'s decision, ultimately rejecting the Revenue's appeal. Case-Laws Income Tax Wed, 26 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285869