https://www.taxtmi.com/caselaws?id=431315 An assessment accepting a foreign exchange fluctuation loss claim without inquiry or verification was treated as erroneous and prejudicial to the interests of revenue because the Assessing Officer had not examined its allowability under section 43AA, despite the revised return and explanation being on record. The ITAT Ahmedabad upheld revision under section 263, finding that failure to scrutinise a material claim justified revisional interference. en-us Wed, 16 Nov 2022 00:00:00 +0530 Fri, 20 Dec 2024 21:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431315 An assessment accepting a foreign exchange fluctuation loss claim without inquiry or verification was treated as erroneous and prejudicial to the interests of revenue because the Assessing Officer had not examined its allowability under section 43AA, despite the revised return and explanation being on record. The ITAT Ahmedabad upheld revision under section 263, finding that failure to scrutinise a material claim justified revisional interference. Case-Laws Income Tax Wed, 16 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431315