https://www.taxtmi.com/caselaws?id=415942 The Tribunal dismissed the Revenue's appeal against the deletion of the addition on account of loss on exchange rate difference for the assessment year 2009-10. The Tribunal upheld the Ld. CIT(A)'s order, finding that the Assessing Officer's addition lacked proper understanding of accounting principles. It was determined that the assessee's method of booking purchases and settling payments was valid, and the allegation of circulating black money was baseless. The Tribunal concluded that there was no infirmity in the Ld. CIT(A)'s decision and upheld the deletion of the addition. en-us Mon, 13 Dec 2021 00:00:00 +0530 Fri, 17 Dec 2021 08:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415942 The Tribunal dismissed the Revenue's appeal against the deletion of the addition on account of loss on exchange rate difference for the assessment year 2009-10. The Tribunal upheld the Ld. CIT(A)'s order, finding that the Assessing Officer's addition lacked proper understanding of accounting principles. It was determined that the assessee's method of booking purchases and settling payments was valid, and the allegation of circulating black money was baseless. The Tribunal concluded that there was no infirmity in the Ld. CIT(A)'s decision and upheld the deletion of the addition. Case-Laws Income Tax Mon, 13 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415942