https://www.taxtmi.com/caselaws?id=456028 The HC upheld the Tribunal's decision favoring the assessee on both issues. For the first issue, it affirmed that the delay in employee contributions to ESIC and labor welfare was justified based on precedent, equating these with tax deductions. For the second issue, it ruled that the foreign exchange loss was legitimate, as hedging transactions were not speculative, aligning with prior case law. The IT Appeal was dismissed, supporting the Tribunal's conclusions against the revenue. en-us Tue, 02 Apr 2019 00:00:00 +0530 Sat, 22 Jun 2024 07:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456028 The HC upheld the Tribunal's decision favoring the assessee on both issues. For the first issue, it affirmed that the delay in employee contributions to ESIC and labor welfare was justified based on precedent, equating these with tax deductions. For the second issue, it ruled that the foreign exchange loss was legitimate, as hedging transactions were not speculative, aligning with prior case law. The IT Appeal was dismissed, supporting the Tribunal's conclusions against the revenue. Case-Laws Income Tax Tue, 02 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456028