https://www.taxtmi.com/caselaws?id=405540 The Tribunal allowed the appellant's appeal against the disallowance of foreign exchange fluctuation loss. The decision focused on verifying the utilization of loans for business purposes, considering accounting standards and commercial expediency. The Assessing Officer was directed to assess the loan utilization for business activities and make a decision on the disallowance of interest on loan and bank charges in accordance with the Income Tax Act. The appeal was allowed for statistical purposes. en-us Fri, 05 Mar 2021 00:00:00 +0530 Mon, 22 Mar 2021 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405540 The Tribunal allowed the appellant's appeal against the disallowance of foreign exchange fluctuation loss. The decision focused on verifying the utilization of loans for business purposes, considering accounting standards and commercial expediency. The Assessing Officer was directed to assess the loan utilization for business activities and make a decision on the disallowance of interest on loan and bank charges in accordance with the Income Tax Act. The appeal was allowed for statistical purposes. Case-Laws Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405540