https://www.taxtmi.com/caselaws?id=795078 Ad hoc disallowance of business expenses, including foreign-exchange loss, cannot be sustained without identifying specific defects, non-genuine claims, inadequate documentation, or expenditure unrelated to business purposes. Acceptance of most expenditure supports the genuineness of the claims, while faceless assessment requires notice and adequate opportunity where further document verification is necessary. Year-end restatement loss on foreign-currency liabilities remains allowable absent findings that it violates applicable accounting standards or is capital in nature. The expense disallowance was set aside in favour of the assessee. 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, cannot be sustained without identifying specific defects, non-genuine claims, inadequate documentation, or expenditure unrelated to business purposes. Acceptance of most expenditure supports the genuineness of the claims, while faceless assessment requires notice and adequate opportunity where further document verification is necessary. Year-end restatement loss on foreign-currency liabilities remains allowable absent findings that it violates applicable accounting standards or is capital in nature. The expense disallowance was set aside in favour of the assessee. Case-Laws Income Tax Mon, 13 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795078