https://www.taxtmi.com/caselaws?id=449238 ITAT Mumbai partially allowed assessee's appeal against PCIT's revision order u/s 263. The tribunal upheld PCIT's jurisdiction regarding irregular long-term capital loss allowance where assessee incorrectly applied cost inflation index on foreign currency investments, resulting in dual benefits of foreign exchange fluctuation and cost inflation index contrary to Income Tax Act provisions. PCIT's action was sustained on excess deductions u/s 36(1)(viia) and 36(1)(vii) where AO allowed claims higher than return amounts without revised returns, violating SC precedent in Goetz India Ltd. However, tribunal allowed assessee's appeal on bad debts issue, finding no error in AO's order after proper verification and explanation. en-us Thu, 25 Jan 2024 00:00:00 +0530 Wed, 07 Feb 2024 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449238 ITAT Mumbai partially allowed assessee's appeal against PCIT's revision order u/s 263. The tribunal upheld PCIT's jurisdiction regarding irregular long-term capital loss allowance where assessee incorrectly applied cost inflation index on foreign currency investments, resulting in dual benefits of foreign exchange fluctuation and cost inflation index contrary to Income Tax Act provisions. PCIT's action was sustained on excess deductions u/s 36(1)(viia) and 36(1)(vii) where AO allowed claims higher than return amounts without revised returns, violating SC precedent in Goetz India Ltd. However, tribunal allowed assessee's appeal on bad debts issue, finding no error in AO's order after proper verification and explanation. Case-Laws Income Tax Thu, 25 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449238