https://www.taxtmi.com/caselaws?id=440529 Foreign exchange fluctuation loss on current account transactions was treated as revenue expenditure because the exchange difference arose on revenue account and Accounting Standard 11 required recognition of such differences as income or expenditure; the addition was deleted. Penalty under section 271(1)(c) was held unsustainable because the survey record contained no corroborative material showing concealment or furnishing of inaccurate particulars, and a mere disallowance did not by itself justify penalty; the penalty deletion was upheld. The Revenue's appeals failed on both the quantum and penalty issues. en-us Tue, 18 Jul 2023 00:00:00 +0530 Thu, 20 Jul 2023 08:30:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440529 Foreign exchange fluctuation loss on current account transactions was treated as revenue expenditure because the exchange difference arose on revenue account and Accounting Standard 11 required recognition of such differences as income or expenditure; the addition was deleted. Penalty under section 271(1)(c) was held unsustainable because the survey record contained no corroborative material showing concealment or furnishing of inaccurate particulars, and a mere disallowance did not by itself justify penalty; the penalty deletion was upheld. The Revenue's appeals failed on both the quantum and penalty issues. Case-Laws Income Tax Tue, 18 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440529