https://www.taxtmi.com/caselaws?id=457038 ITAT Chennai upheld the validity of assessment reopening under section 148, finding the assessee failed to disclose material facts fully and truly during original assessment under section 143(3). The tribunal confirmed disallowance of foreign exchange loss provisions as the assessee used ad-hoc rates without scientific basis or supporting documentation. Additionally, ITAT dismissed the assessee's claim for forward contract losses, noting absence of forward contracts or evidence of underlying transactions, cancellation circumstances, or settlement rates. Both CIT(A)'s order sustaining disallowances and Revenue's appeal were dismissed. en-us Wed, 06 Sep 2023 00:00:00 +0530 Mon, 02 Sep 2024 19:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457038 ITAT Chennai upheld the validity of assessment reopening under section 148, finding the assessee failed to disclose material facts fully and truly during original assessment under section 143(3). The tribunal confirmed disallowance of foreign exchange loss provisions as the assessee used ad-hoc rates without scientific basis or supporting documentation. Additionally, ITAT dismissed the assessee's claim for forward contract losses, noting absence of forward contracts or evidence of underlying transactions, cancellation circumstances, or settlement rates. Both CIT(A)'s order sustaining disallowances and Revenue's appeal were dismissed. Case-Laws Income Tax Wed, 06 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457038