https://www.taxtmi.com/caselaws?id=431470 The High Court of Calcutta condoned a delay of 545 days in filing an appeal under Section 260A of the Income Tax Act, 1961, finding sufficient cause for the delay. The Court upheld the Income Tax Appellate Tribunal's decision to allow the deduction for foreign exchange fluctuation loss, emphasizing that the CBDT instruction could not override the Supreme Court's decision. The Court dismissed the revenue's appeal, answering substantial questions of law against the revenue and also dismissed the application for stay. en-us Mon, 05 Dec 2022 00:00:00 +0530 Wed, 14 Dec 2022 09:06:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431470 The High Court of Calcutta condoned a delay of 545 days in filing an appeal under Section 260A of the Income Tax Act, 1961, finding sufficient cause for the delay. The Court upheld the Income Tax Appellate Tribunal's decision to allow the deduction for foreign exchange fluctuation loss, emphasizing that the CBDT instruction could not override the Supreme Court's decision. The Court dismissed the revenue's appeal, answering substantial questions of law against the revenue and also dismissed the application for stay. Case-Laws Income Tax Mon, 05 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431470