https://www.taxtmi.com/caselaws?id=418033 The Tribunal partly allowed the assessee's appeal by supporting the claim for foreign exchange loss and remanding the issue of excise duty deduction for further examination. However, the disallowance of the inventory write-off claim was upheld. The Tribunal emphasized the timing and authenticity of the write-off and noted that the decision was made after the financial year-end, lacking contemporaneous evidence of obsolescence. Penalty proceedings under section 271(1)(c) were upheld without detailed analysis. en-us Fri, 04 Feb 2022 00:00:00 +0530 Mon, 09 Jan 2023 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418033 The Tribunal partly allowed the assessee's appeal by supporting the claim for foreign exchange loss and remanding the issue of excise duty deduction for further examination. However, the disallowance of the inventory write-off claim was upheld. The Tribunal emphasized the timing and authenticity of the write-off and noted that the decision was made after the financial year-end, lacking contemporaneous evidence of obsolescence. Penalty proceedings under section 271(1)(c) were upheld without detailed analysis. Case-Laws Income Tax Fri, 04 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418033