https://www.taxtmi.com/caselaws?id=418444 The ITAT Chennai partly allowed the appeal by a Hindu Undivided Family (HUF) engaged in retail trading of gold jewellery. The tribunal directed the Assessing Officer to allow deductions for foreign exchange losses on working capital and gold loans, considering them as revenue expenditures. Regarding travelling expenses, the disallowance was restricted to 50% as the appellant failed to fully justify them. For the ad-hoc disallowance of general expenses, the tribunal limited the disallowance to 10% due to insufficient evidence from both parties. en-us Mon, 07 Feb 2022 00:00:00 +0530 Thu, 17 Feb 2022 07:44:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418444 The ITAT Chennai partly allowed the appeal by a Hindu Undivided Family (HUF) engaged in retail trading of gold jewellery. The tribunal directed the Assessing Officer to allow deductions for foreign exchange losses on working capital and gold loans, considering them as revenue expenditures. Regarding travelling expenses, the disallowance was restricted to 50% as the appellant failed to fully justify them. For the ad-hoc disallowance of general expenses, the tribunal limited the disallowance to 10% due to insufficient evidence from both parties. Case-Laws Income Tax Mon, 07 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418444