https://www.taxtmi.com/caselaws?id=394984 The High Court remanded the matter for fresh adjudication regarding the disallowance of notional loss due to foreign exchange fluctuation, ultimately allowing the loss as expenditure under Section 37(1) of the Act. The Tribunal upheld the CIT(A)'s direction to deduct export sale proceeds not received on time from turnover. The Tribunal remanded the issue of excluding depreciation on imported software for further examination by the AO. The Revenue's appeal was partly allowed for statistical purposes by the Tribunal. en-us Wed, 26 Feb 2020 00:00:00 +0530 Fri, 01 May 2020 12:39:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394984 The High Court remanded the matter for fresh adjudication regarding the disallowance of notional loss due to foreign exchange fluctuation, ultimately allowing the loss as expenditure under Section 37(1) of the Act. The Tribunal upheld the CIT(A)'s direction to deduct export sale proceeds not received on time from turnover. The Tribunal remanded the issue of excluding depreciation on imported software for further examination by the AO. The Revenue's appeal was partly allowed for statistical purposes by the Tribunal. Case-Laws Income Tax Wed, 26 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394984