https://www.taxtmi.com/caselaws?id=57759 The tribunal upheld the reopening of assessment under Section 148, allowing the appeal on merits. It ruled in favor of the assessee, permitting the exchange fluctuation loss of Rs. 2,66,30,857 as a revenue expenditure under Section 37(1) of the Income Tax Act. The tribunal emphasized the independence of the fluctuation loss from the revaluation of closing stock, directing the AO to revalue the stock per Accounting Standards and allow the fluctuation loss deduction. The appeal was partly allowed, instructing the AO to adjust the closing stock value and permit the fluctuation loss. en-us Thu, 05 Jul 2001 00:00:00 +0530 Mon, 13 Dec 2010 12:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57759 The tribunal upheld the reopening of assessment under Section 148, allowing the appeal on merits. It ruled in favor of the assessee, permitting the exchange fluctuation loss of Rs. 2,66,30,857 as a revenue expenditure under Section 37(1) of the Income Tax Act. The tribunal emphasized the independence of the fluctuation loss from the revaluation of closing stock, directing the AO to revalue the stock per Accounting Standards and allow the fluctuation loss deduction. The appeal was partly allowed, instructing the AO to adjust the closing stock value and permit the fluctuation loss. Case-Laws Income Tax Thu, 05 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57759