https://www.taxtmi.com/caselaws?id=469698 Cash payments said to fall under section 40A(3) were remitted for verification because the Tribunal accepted that employee-linked business expenditure, if proved, may escape disallowance; the matter was sent back to the AO for fresh decision. The claimed loss on sale of fixed assets was also remitted because the assessee's case that the amount had been adjusted against the block of assets and reflected through a reduced written down value had not been examined. Foreign exchange fluctuation loss on FCCB liability was allowed as a revenue deduction, the Tribunal holding that balance-sheet date exchange differences on a real business liability are not merely notional and that FCCB funds retain loan character until conversion into equity. en-us Tue, 22 May 2018 00:00:00 +0530 Mon, 29 Jun 2026 20:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469698 Cash payments said to fall under section 40A(3) were remitted for verification because the Tribunal accepted that employee-linked business expenditure, if proved, may escape disallowance; the matter was sent back to the AO for fresh decision. The claimed loss on sale of fixed assets was also remitted because the assessee's case that the amount had been adjusted against the block of assets and reflected through a reduced written down value had not been examined. Foreign exchange fluctuation loss on FCCB liability was allowed as a revenue deduction, the Tribunal holding that balance-sheet date exchange differences on a real business liability are not merely notional and that FCCB funds retain loan character until conversion into equity. Case-Laws Income Tax Tue, 22 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469698