https://www.taxtmi.com/caselaws?id=308026 The Revenue's appeal challenging the Income Tax Appellate Tribunal's order for the Assessment Year 2009-10 regarding the treatment of forex gain/loss in the taxpayer's operating income was dismissed by the High Court. The court held that the foreign exchange gain/loss should be included in operating revenues for calculating the operating margin. It emphasized appeals should involve substantial legal questions, not just factual disputes. As no substantial question of law was found, the appeal was dismissed with no costs awarded, setting a precedent for maintaining high standards in appeals, whether filed by Revenue or Assessees. en-us Wed, 04 Jul 2018 00:00:00 +0530 Thu, 25 May 2023 09:10:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308026 The Revenue's appeal challenging the Income Tax Appellate Tribunal's order for the Assessment Year 2009-10 regarding the treatment of forex gain/loss in the taxpayer's operating income was dismissed by the High Court. The court held that the foreign exchange gain/loss should be included in operating revenues for calculating the operating margin. It emphasized appeals should involve substantial legal questions, not just factual disputes. As no substantial question of law was found, the appeal was dismissed with no costs awarded, setting a precedent for maintaining high standards in appeals, whether filed by Revenue or Assessees. Case-Laws Income Tax Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308026