Disallowance of foreign exchange loss on restatement of Export ...

Case Laws Income Tax

January 12, 2022

Disallowance of foreign exchange loss on restatement of Export Earners Foreign Currency (EEFC) account - Since the transaction in EEFC account undertaken during the year are trading in nature in order to facilitate the regular business operation of the assessee-company, we hold that the AO has erred in making an addition to the income returned and the CIT(A) was not justified in sustaining the same. Therefore, we delete the addition. - AT

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Disallowance of foreign exchange loss on restatement of Export ...

Case Laws Income Tax

January 12, 2022

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