https://www.taxtmi.com/caselaws?id=391533 The Tribunal upheld the CIT(Appeals) order, dismissing the Revenue's appeal regarding the provision for foreign exchange difference and unascertained liabilities. It ruled in favor of the assessee, a private limited company, stating that the provision for currency fluctuation was allowable under Section 37(1) of the Income Tax Act as a trading liability. The decision was based on consistent accounting practices and legal precedents, with no substantial legal issues identified. en-us Mon, 20 Jan 2020 00:00:00 +0530 Fri, 31 Jan 2020 11:37:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391533 The Tribunal upheld the CIT(Appeals) order, dismissing the Revenue's appeal regarding the provision for foreign exchange difference and unascertained liabilities. It ruled in favor of the assessee, a private limited company, stating that the provision for currency fluctuation was allowable under Section 37(1) of the Income Tax Act as a trading liability. The decision was based on consistent accounting practices and legal precedents, with no substantial legal issues identified. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391533