https://www.taxtmi.com/caselaws?id=400976 The Tribunal allowed the appeal, holding that exchange fluctuation loss on business advances is deductible under section 37(1) of the Income-tax Act, 1961, contrary to the Assessing Officer's disallowance. Citing judicial precedents, the Tribunal deemed the loss as a revenue expenditure, aligning with decisions of the Supreme Court and Delhi High Court. The disallowed amount of Rs. 2.59 crores was deleted, and the appeal by the assessee was upheld, emphasizing the allowance of such losses as business expenditure. en-us Thu, 14 May 2020 00:00:00 +0530 Tue, 09 Aug 2022 16:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400976 The Tribunal allowed the appeal, holding that exchange fluctuation loss on business advances is deductible under section 37(1) of the Income-tax Act, 1961, contrary to the Assessing Officer's disallowance. Citing judicial precedents, the Tribunal deemed the loss as a revenue expenditure, aligning with decisions of the Supreme Court and Delhi High Court. The disallowed amount of Rs. 2.59 crores was deleted, and the appeal by the assessee was upheld, emphasizing the allowance of such losses as business expenditure. Case-Laws Income Tax Thu, 14 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400976