https://www.taxtmi.com/caselaws?id=402986 The Tribunal overturned the disallowance of the loss on FC revaluation, emphasizing consistency in accounting methods and the inapplicability of the CBDT instruction contrary to established judicial decisions. The appeal was allowed in favor of the assessee, highlighting the importance of aligning tax assessments with accounting standards and legal precedents. en-us Wed, 07 Oct 2020 00:00:00 +0530 Sat, 16 Jan 2021 22:30:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402986 The Tribunal overturned the disallowance of the loss on FC revaluation, emphasizing consistency in accounting methods and the inapplicability of the CBDT instruction contrary to established judicial decisions. The appeal was allowed in favor of the assessee, highlighting the importance of aligning tax assessments with accounting standards and legal precedents. Case-Laws Income Tax Wed, 07 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402986