https://www.taxtmi.com/highlights?id=61395 Disallowance of foreign exchange loss on restatement of Export Earners Foreign Currency (EEFC) account - Since the transaction in EEFC account undertaken during the year are trading in nature in order to facilitate the regular business operation of the assessee-company, we hold that the AO has erred in making an addition to the income returned and the CIT(A) was not justified in sustaining the same. Therefore, we delete the addition. - AT en-us Wed, 12 Jan 2022 12:48:09 +0530 Wed, 12 Jan 2022 12:48:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61395 Disallowance of foreign exchange loss on restatement of Export Earners Foreign Currency (EEFC) account - Since the transaction in EEFC account undertaken during the year are trading in nature in order to facilitate the regular business operation of the assessee-company, we hold that the AO has erred in making an addition to the income returned and the CIT(A) was not justified in sustaining the same. Therefore, we delete the addition. - AT Highlights Income Tax Wed, 12 Jan 2022 12:48:09 +0530 https://www.taxtmi.com/highlights?id=61395