https://www.taxtmi.com/caselaws?id=294610 The Tribunal held that the Assessing Officer (AO) had conducted a proper inquiry and made a justified decision regarding the treatment of foreign currency fluctuation loss. The Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was deemed unsustainable as the AO's order was found not to be erroneous or prejudicial to revenue interests. Consequently, the Tribunal allowed the appeal filed by the assessee, canceling the impugned order of the Principal Commissioner of Income Tax. en-us Fri, 19 Jul 2019 00:00:00 +0530 Fri, 23 Apr 2021 21:02:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294610 The Tribunal held that the Assessing Officer (AO) had conducted a proper inquiry and made a justified decision regarding the treatment of foreign currency fluctuation loss. The Principal Commissioner of Income Tax's assumption of jurisdiction under Section 263 was deemed unsustainable as the AO's order was found not to be erroneous or prejudicial to revenue interests. Consequently, the Tribunal allowed the appeal filed by the assessee, canceling the impugned order of the Principal Commissioner of Income Tax. Case-Laws Income Tax Fri, 19 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294610