https://www.taxtmi.com/caselaws?id=401657 The tribunal allowed the appeal of the assessee for statistical purposes, remanding the matter back to the Assessing Officer for a fresh examination. The tribunal emphasized the importance of providing detailed explanations and evidence to support the claim of foreign exchange loss, in line with legal precedents. The Assessing Officer was directed to make a reasoned determination on the allowability of the loss, ensuring compliance with the Income Tax Act provisions. en-us Tue, 06 Oct 2020 00:00:00 +0530 Sat, 12 Dec 2020 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401657 The tribunal allowed the appeal of the assessee for statistical purposes, remanding the matter back to the Assessing Officer for a fresh examination. The tribunal emphasized the importance of providing detailed explanations and evidence to support the claim of foreign exchange loss, in line with legal precedents. The Assessing Officer was directed to make a reasoned determination on the allowability of the loss, ensuring compliance with the Income Tax Act provisions. Case-Laws Income Tax Tue, 06 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401657