https://www.taxtmi.com/caselaws?id=435598 Foreign exchange fluctuation loss on year-end restatement of outstanding foreign currency liabilities was discussed as a deductible business item where it is accounted for under the mercantile system and consistent accounting standards. The Tribunal noted that the assessee had filed invoices, debit notes, working sheets and exchange fluctuation details, but these materials were not properly examined by the tax authorities. The matter was therefore remanded for fresh consideration of the supporting documents and submissions, with the disallowance not finally sustained. The assessment was set aside only to the extent necessary for re-examination of the foreign exchange loss claim. en-us Tue, 21 Mar 2023 00:00:00 +0530 Wed, 22 Mar 2023 17:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435598 Foreign exchange fluctuation loss on year-end restatement of outstanding foreign currency liabilities was discussed as a deductible business item where it is accounted for under the mercantile system and consistent accounting standards. The Tribunal noted that the assessee had filed invoices, debit notes, working sheets and exchange fluctuation details, but these materials were not properly examined by the tax authorities. The matter was therefore remanded for fresh consideration of the supporting documents and submissions, with the disallowance not finally sustained. The assessment was set aside only to the extent necessary for re-examination of the foreign exchange loss claim. Case-Laws Income Tax Tue, 21 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435598