https://www.taxtmi.com/highlights?id=73504 Disallowance on account of exchange rate fluctuation - speculative loss or not - AO has not given concrete findings on the explanation of assessee that Instruction No. 3 of 2010 issued by CBDT is applicable only where there is trading in forex derivatives, which situation does not exist in the instant case, as the AO herself has mentioned the nature of appellant's business as that of Information Technology line, i.e., IT related purchase/sales or services. - Additions deleted - AT en-us Sat, 09 Dec 2023 13:36:32 +0530 Sat, 09 Dec 2023 13:36:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73504 Disallowance on account of exchange rate fluctuation - speculative loss or not - AO has not given concrete findings on the explanation of assessee that Instruction No. 3 of 2010 issued by CBDT is applicable only where there is trading in forex derivatives, which situation does not exist in the instant case, as the AO herself has mentioned the nature of appellant's business as that of Information Technology line, i.e., IT related purchase/sales or services. - Additions deleted - AT Highlights Income Tax Sat, 09 Dec 2023 13:36:32 +0530 https://www.taxtmi.com/highlights?id=73504