https://www.taxtmi.com/caselaws?id=764798 Documentary evidence accepted in remand proceedings can defeat an allegation of bogus fixed-asset purchases, and an addition based on section 69C will not survive once the purchases are verified. The note also states that an ad hoc 10% disallowance of expenses under section 37(1) is unsustainable where invoices and supporting records are produced and test-check verification confirms them. It further explains that foreign exchange fluctuation loss arising from import and export transactions is allowable as a business loss when the computation is not disputed, and cannot be denied merely because no hedging was undertaken. en-us Sun, 15 Dec 2024 00:00:00 +0530 Fri, 17 Jan 2025 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764798 Documentary evidence accepted in remand proceedings can defeat an allegation of bogus fixed-asset purchases, and an addition based on section 69C will not survive once the purchases are verified. The note also states that an ad hoc 10% disallowance of expenses under section 37(1) is unsustainable where invoices and supporting records are produced and test-check verification confirms them. It further explains that foreign exchange fluctuation loss arising from import and export transactions is allowable as a business loss when the computation is not disputed, and cannot be denied merely because no hedging was undertaken. Case-Laws Income Tax Sun, 15 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764798