Treatment of losses due to exchange rate fluctuation needs effective adjudication hence matter remanded

PCIT Vs Galaxy Surfactants Ltd. (Bombay High Court) Bombay High Court remanded the matter of correct treatment of losses arising due to exchange rate fluctuation since order doesn’t deal with import of Section 43A of the Income Tax Act and its interplay with section 37(1). Facts- The captioned Appeal is a challenge to an order dated April 3, 2017 passed by the Income Tax Appellate Tribunal, Mumbai, allowing an appeal filed by Galaxy Surfactants Ltd., the Respondent-Assessee, setting aside the concurrent view of the Assessing Officer and the Commissioner of Income Tax Appeal in relation to t...