https://www.taxtmi.com/caselaws?id=396368 The Tribunal partially allowed the appeal, directing the Assessing Officer (AO) to re-examine two issues independently. Firstly, the AO must determine the applicability of Explanation-1(f) to Section 115JB of the IT Act without considering disallowance under Section 14A. Secondly, the nature of the foreign exchange fluctuation loss amounting to Rs. 22.93 crore needs to be assessed to ascertain if it qualifies as revenue expenditure, following guidance from relevant legal precedents and accounting standards. The AO was instructed to conduct these examinations without being influenced by the Principal Commissioner of Income Tax's previous views. en-us Mon, 29 Jun 2020 00:00:00 +0530 Thu, 02 Jul 2020 08:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396368 The Tribunal partially allowed the appeal, directing the Assessing Officer (AO) to re-examine two issues independently. Firstly, the AO must determine the applicability of Explanation-1(f) to Section 115JB of the IT Act without considering disallowance under Section 14A. Secondly, the nature of the foreign exchange fluctuation loss amounting to Rs. 22.93 crore needs to be assessed to ascertain if it qualifies as revenue expenditure, following guidance from relevant legal precedents and accounting standards. The AO was instructed to conduct these examinations without being influenced by the Principal Commissioner of Income Tax's previous views. Case-Laws Income Tax Mon, 29 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396368