Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Foreign Exchange Loss On Outstanding Import Liabilities Allowed Considering Mercantile Accounting Method; ITAT Deletes Addition
Appeal Against OrderIncome Tax
ITAT allowed the foreign exchange loss claimed by the assessee on outstanding import liabilities, observing that the loss was in line with the mercantile accounting method adopted by the company. The addition made by AO was deleted, emphasizing adherence to accepted accounting principles.
