https://www.taxtmi.com/caselaws?id=442092 The Tribunal upheld the Principal Commissioner's decision under section 263 of the Income-tax Act, 1961 for the assessment year 2012-13. The appeal involved a dispute regarding the deduction claimed for foreign exchange loss on funds borrowed for capital purposes. The Tribunal found the Assessing Officer's allowance of the deduction without proper inquiry prejudicial to the Revenue's interest. Consequently, the Tribunal dismissed the appeal, affirming the directive to reexamine the eligibility of the deduction claim for foreign exchange loss. en-us Tue, 22 Aug 2023 00:00:00 +0530 Wed, 23 Aug 2023 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442092 The Tribunal upheld the Principal Commissioner's decision under section 263 of the Income-tax Act, 1961 for the assessment year 2012-13. The appeal involved a dispute regarding the deduction claimed for foreign exchange loss on funds borrowed for capital purposes. The Tribunal found the Assessing Officer's allowance of the deduction without proper inquiry prejudicial to the Revenue's interest. Consequently, the Tribunal dismissed the appeal, affirming the directive to reexamine the eligibility of the deduction claim for foreign exchange loss. Case-Laws Income Tax Tue, 22 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442092