https://www.taxtmi.com/caselaws?id=421190 The Appellate Tribunal dismissed the Revenue's appeal, upholding the Commissioner of Income Tax (Appeals)' decision to delete the additions made by the Assessing Officer regarding the disallowance of forex loss. The Tribunal agreed that the loss claimed by the assessee was revenue in nature, supported by the purpose of external commercial borrowings and lack of evidence to the contrary. Relying on legal principles and precedents, the Tribunal emphasized the treatment of revenue losses and the utilization of borrowings for working capital needs. en-us Tue, 12 Apr 2022 00:00:00 +0530 Fri, 09 Sep 2022 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421190 The Appellate Tribunal dismissed the Revenue's appeal, upholding the Commissioner of Income Tax (Appeals)' decision to delete the additions made by the Assessing Officer regarding the disallowance of forex loss. The Tribunal agreed that the loss claimed by the assessee was revenue in nature, supported by the purpose of external commercial borrowings and lack of evidence to the contrary. Relying on legal principles and precedents, the Tribunal emphasized the treatment of revenue losses and the utilization of borrowings for working capital needs. Case-Laws Income Tax Tue, 12 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421190