https://www.taxtmi.com/caselaws?id=417176 The Tribunal allowed the assessee's appeal partly by deleting additions under Sections 68 and for notional gain from foreign exchange fluctuation. It upheld additions towards interest under Sections 234A, B, and C, dismissing the Revenue's appeal. The Tribunal found the assessee had established the identity, creditworthiness, and genuineness of transactions under Section 68, leading to the deletion of a significant addition. Additionally, it clarified that notional gains from foreign exchange fluctuation cannot be taxed unless realized, aligning with statutory provisions. en-us Thu, 06 Jan 2022 00:00:00 +0530 Mon, 17 Jan 2022 08:57:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417176 The Tribunal allowed the assessee's appeal partly by deleting additions under Sections 68 and for notional gain from foreign exchange fluctuation. It upheld additions towards interest under Sections 234A, B, and C, dismissing the Revenue's appeal. The Tribunal found the assessee had established the identity, creditworthiness, and genuineness of transactions under Section 68, leading to the deletion of a significant addition. Additionally, it clarified that notional gains from foreign exchange fluctuation cannot be taxed unless realized, aligning with statutory provisions. Case-Laws Income Tax Thu, 06 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417176