ITAT directs Fresh Adjudication on Disallowance of Foreign Exchange Loss in respect of Buyer’s Credit payable by Assessee [Read Order]

By Taxscan Team - On June 18, 2022 12:06 pm - 2 mins read
ITAT - adjudication - foreign exchange loss - buyer’s credit - assessee - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai directed fresh adjudication on the disallowance of foreign exchange loss in respect of the buyer’s credit payable by the assessee. The assessee, K. Uttamlal, and Company is a firm and is engaged in the business of purchasing and sale of chemicals. For the assessment year 2012 – 13,…

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