https://www.taxtmi.com/caselaws?id=764798 Documentary evidence supporting fixed-asset purchases and other business expenses, when verified in remand proceedings, defeats additions for alleged bogus purchases and blanket ad hoc expense disallowances. The discussion treats foreign exchange fluctuation loss arising from import and export transactions as a business loss where its computation is not disputed and the transactions are connected with business activities. Absence of hedging alone does not justify denial of such loss. The central principle is that verified records and an undisputed computation cannot be rejected merely on suspicion. 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 supporting fixed-asset purchases and other business expenses, when verified in remand proceedings, defeats additions for alleged bogus purchases and blanket ad hoc expense disallowances. The discussion treats foreign exchange fluctuation loss arising from import and export transactions as a business loss where its computation is not disputed and the transactions are connected with business activities. Absence of hedging alone does not justify denial of such loss. The central principle is that verified records and an undisputed computation cannot be rejected merely on suspicion. Case-Laws Income Tax Sun, 15 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764798