https://www.taxtmi.com/caselaws?id=60213 The Tribunal remanded the disallowed deductions for municipal taxes to the Income Tax Officer (ITO) to verify if they were levied in the relevant assessment years before allowing them. The Tribunal directed the ITO to permit the provision for loss on a Foreign Exchange Contract as damages for breach of contract, not speculative loss. Additionally, the Tribunal instructed the ITO to allow the collection charges at 6% of the annual value for building maintenance, as per statutory provisions. Consequently, the appeals were allowed on these grounds. en-us Mon, 24 Feb 1986 00:00:00 +0530 Tue, 04 Jan 2011 12:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60213 The Tribunal remanded the disallowed deductions for municipal taxes to the Income Tax Officer (ITO) to verify if they were levied in the relevant assessment years before allowing them. The Tribunal directed the ITO to permit the provision for loss on a Foreign Exchange Contract as damages for breach of contract, not speculative loss. Additionally, the Tribunal instructed the ITO to allow the collection charges at 6% of the annual value for building maintenance, as per statutory provisions. Consequently, the appeals were allowed on these grounds. Case-Laws Income Tax Mon, 24 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60213