https://www.taxtmi.com/caselaws?id=309341 The appeal was against the assessment order passed by the Principal Commissioner of Income-tax under section 263 of the Income-tax Act, 1961 for the assessment year 2012-13. The assessee's claim of notional foreign exchange fluctuation loss as a deduction was found to be erroneous and prejudicial to the revenue's interest due to lack of examination by the Assessing Officer. The Finance Act, 2002 amendment restricted such deductions to the time of payment, leading to the revision of the assessment order. The Tribunal ultimately dismissed the appeal, emphasizing the importance of thorough assessment scrutiny and adherence to legal provisions. en-us Fri, 11 Sep 2020 00:00:00 +0530 Sat, 26 Aug 2023 08:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309341 The appeal was against the assessment order passed by the Principal Commissioner of Income-tax under section 263 of the Income-tax Act, 1961 for the assessment year 2012-13. The assessee's claim of notional foreign exchange fluctuation loss as a deduction was found to be erroneous and prejudicial to the revenue's interest due to lack of examination by the Assessing Officer. The Finance Act, 2002 amendment restricted such deductions to the time of payment, leading to the revision of the assessment order. The Tribunal ultimately dismissed the appeal, emphasizing the importance of thorough assessment scrutiny and adherence to legal provisions. Case-Laws Income Tax Fri, 11 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309341