https://www.taxtmi.com/caselaws?id=795078 Ad hoc disallowance of business expenses, including foreign-exchange loss, requires identified defects, non-genuine claims, inadequate evidence, or a demonstrated non-business purpose. The notes state that acceptance of most expenditure indicated that genuineness was not disputed, while no specific expense head or transaction was identified for verification. Where faceless assessment requires further document verification, the taxpayer must receive notice and adequate opportunity. Year-end restatement loss on foreign-currency liabilities was not shown to breach accounting standards or to be capital in nature. On the stated analysis, the disallowance was set aside in favour of the taxpayer. en-us Mon, 13 Jul 2026 00:00:00 +0530 Thu, 16 Jul 2026 09:07:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795078 Ad hoc disallowance of business expenses, including foreign-exchange loss, requires identified defects, non-genuine claims, inadequate evidence, or a demonstrated non-business purpose. The notes state that acceptance of most expenditure indicated that genuineness was not disputed, while no specific expense head or transaction was identified for verification. Where faceless assessment requires further document verification, the taxpayer must receive notice and adequate opportunity. Year-end restatement loss on foreign-currency liabilities was not shown to breach accounting standards or to be capital in nature. On the stated analysis, the disallowance was set aside in favour of the taxpayer. Case-Laws Income Tax Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795078