https://www.taxtmi.com/caselaws?id=397070 The Tribunal dismissed the Department's appeals (ITA No. 27/Rjt/2016 and ITA No. 360/Rjt/2015) and allowed the Assessee's appeal (ITA No. 315/Rjt/2016). It upheld the CIT(A)'s deletions of disallowances related to contract cancellation, export commission, foreign exchange fluctuation, and Section 14A. The Tribunal also reversed the disallowance of bad debt/forfeiture, recognizing it as a business loss. The delay in pronouncement due to COVID-19 was justified, excluding the lockdown period from the 90-day rule under Rule 34(5) of the Appellate Tribunal Rules, 1963. en-us Tue, 28 Jul 2020 00:00:00 +0530 Tue, 05 Nov 2024 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397070 The Tribunal dismissed the Department's appeals (ITA No. 27/Rjt/2016 and ITA No. 360/Rjt/2015) and allowed the Assessee's appeal (ITA No. 315/Rjt/2016). It upheld the CIT(A)'s deletions of disallowances related to contract cancellation, export commission, foreign exchange fluctuation, and Section 14A. The Tribunal also reversed the disallowance of bad debt/forfeiture, recognizing it as a business loss. The delay in pronouncement due to COVID-19 was justified, excluding the lockdown period from the 90-day rule under Rule 34(5) of the Appellate Tribunal Rules, 1963. Case-Laws Income Tax Tue, 28 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397070