https://www.taxtmi.com/caselaws?id=401757 The Tribunal upheld the CIT(A)'s decisions on all three issues, dismissing the revenue's appeal. It ruled that software purchases were not subject to disallowance under Section 40(a)(i), validated the provision for warranty expenses as scientifically made, and allowed the deduction for foreign exchange losses on revaluation. The Tribunal emphasized the timing of payments, consistent provision methods, and the revenue nature of the losses. The decision was pronounced on December 2, 2020. en-us Wed, 02 Dec 2020 00:00:00 +0530 Wed, 16 Dec 2020 08:53:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401757 The Tribunal upheld the CIT(A)'s decisions on all three issues, dismissing the revenue's appeal. It ruled that software purchases were not subject to disallowance under Section 40(a)(i), validated the provision for warranty expenses as scientifically made, and allowed the deduction for foreign exchange losses on revaluation. The Tribunal emphasized the timing of payments, consistent provision methods, and the revenue nature of the losses. The decision was pronounced on December 2, 2020. Case-Laws Income Tax Wed, 02 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401757