https://www.taxtmi.com/caselaws?id=768131 The ITAT Mumbai held that foreign exchange fluctuation gains/losses should be treated as operating items, not non-operating, rejecting TPO's reliance on Rule 10TA which applies only to Safe Harbour Rules when opted by assessee. The tribunal cited HC precedents establishing foreign exchange fluctuations as revenue items directly resulting from trading activities. Similarly, reversal of leave encashment and gratuity provisions were deemed operating items, consistent with prior year treatment. Regarding interest on overdue receivables from AEs, the tribunal deleted TPO's adjustment since assessee consistently charged no interest from either AEs or non-AEs, following industry practice and business customs. en-us Fri, 28 Mar 2025 00:00:00 +0530 Tue, 01 Apr 2025 08:31:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768131 The ITAT Mumbai held that foreign exchange fluctuation gains/losses should be treated as operating items, not non-operating, rejecting TPO's reliance on Rule 10TA which applies only to Safe Harbour Rules when opted by assessee. The tribunal cited HC precedents establishing foreign exchange fluctuations as revenue items directly resulting from trading activities. Similarly, reversal of leave encashment and gratuity provisions were deemed operating items, consistent with prior year treatment. Regarding interest on overdue receivables from AEs, the tribunal deleted TPO's adjustment since assessee consistently charged no interest from either AEs or non-AEs, following industry practice and business customs. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768131