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2019 (7) TMI 1783 - AT - Income TaxRevision u/s 263 - loss on revaluation foreign currency loan claimed by the assessee - HELD THAT:- AO has examined this complete profile filed by the assessee before him and taken a view for allowing the claim after verifying all the details. Now, the Assessing Officer has taken a positive view in favour of the assessee which does not mean that view is a erroneous and prejudicial to the interest of the Revenue and also does not mean that the Assessing Officer has not done any enquiry before allowing the claim of the assessee. The loss exclusively being revenue in nature, since it is to safeguard the potential loss is allowable as expenditure. Therefore, the view taken by the Assessing Officer is not erroneous. Thus we are of the considered view that the Assessing Officer has examined all the details filed by the assessee and fully satisfied on the proposition of loss of the assessee and allowed the same and taken the one possible view. Therefore, the ld.Pr.CIT, Surat-1 has taken a different view in the in the matter by passing the impugned order dated 26.03.2018 u/s.263 of the Income Tax Act, 1961 which is not sustainable in the eye of law. Therefore, we cancel the impugned order passed by the ld.Pr.CIT, Surat-1 by accepting the appeal filed by the assessee. - Decided in favour of assessee.
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