https://www.taxtmi.com/caselaws?id=310564 ITAT Ahmedabad dismissed Revenue's appeal on three grounds. First, foreign exchange fluctuation loss on unsettled forward contracts was held to be actual loss, not notional, following Delhi HC precedent in Woodward Governor case. Revenue had accepted similar gains in previous year, requiring consistent treatment. Second, interest disallowance on advances for raw materials was deleted as assessee had sufficient interest-free funds exceeding advances given. Third, delayed employees' PF/ESIC contributions were allowed as payments were made before return filing deadline despite some delay, following legislative amendments and judicial precedents. en-us Wed, 18 Jan 2017 00:00:00 +0530 Tue, 31 Oct 2023 21:08:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310564 ITAT Ahmedabad dismissed Revenue's appeal on three grounds. First, foreign exchange fluctuation loss on unsettled forward contracts was held to be actual loss, not notional, following Delhi HC precedent in Woodward Governor case. Revenue had accepted similar gains in previous year, requiring consistent treatment. Second, interest disallowance on advances for raw materials was deleted as assessee had sufficient interest-free funds exceeding advances given. Third, delayed employees' PF/ESIC contributions were allowed as payments were made before return filing deadline despite some delay, following legislative amendments and judicial precedents. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310564