https://www.taxtmi.com/caselaws?id=779851 ITAT SURAT - AT dismissed the revenue appeal. The Tribunal upheld the CIT(A)'s deletion of a notional foreign-exchange gain on a foreign-currency loan, holding that such valuation gains are not real income and cannot be taxed, consistent with HC precedent. It also sustained allowance of expenses incurred for USFDA approval as wholly and exclusively for business under s.37(1). The Tribunal found no infirmity in the reassessment proceedings on the facts (the appellant's reply under s.148A(b) was filed and not ignored) and declined to remit the matter to the AO. en-us Mon, 15 Sep 2025 00:00:00 +0530 Tue, 14 Oct 2025 09:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779851 ITAT SURAT - AT dismissed the revenue appeal. The Tribunal upheld the CIT(A)'s deletion of a notional foreign-exchange gain on a foreign-currency loan, holding that such valuation gains are not real income and cannot be taxed, consistent with HC precedent. It also sustained allowance of expenses incurred for USFDA approval as wholly and exclusively for business under s.37(1). The Tribunal found no infirmity in the reassessment proceedings on the facts (the appellant's reply under s.148A(b) was filed and not ignored) and declined to remit the matter to the AO. Case-Laws Income Tax Mon, 15 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779851