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2017 (10) TMI 936 - ITAT KOLKATALoss due to exchange fluctuation on foreign currency working capital loan - Held that:- The issue is squarely covered in favour of the assessee by the decision of Hon’ble Supreme Court in the case of Woodward Governor India Pvt. Ltd.(2009 (4) TMI 4 - SUPREME COURT) and also by the decision of ITAT in assessee’s own case for AY 2005-06 - Decided against revenue Assessee’s tax liability in respect of capital gain on sale of property by applying tax rate prescribed u/s. 112 - Held that:- We find that the property in question was admittedly a depreciable asset and therefore came within the ambit of Section 50 of the Income Tax Act, 1961 when the sale proceeds exceeded the opening WDV of the building block. At the same we also note that the property in question was acquired by the assessee in March 1956 and therefore its character was long term in nature. Sec. 50 is the special provision for computation of capital gain in case of depreciable assets and the deeming provision of sec. 50 is only for the purpose of section 48 & 49 relatable to computation of taxable gain and not for other purposes. Since the capital asset in question was held for a period exceeding three years, it was in the nature of long term capital asset and, therefore, gain realized on transfer of long term capital asset is qualified for concessional tax rate provided in Section 112 of the Act - Decided against revenue Deduction on account of amortization of upfront fees - Held that:- CIT(A) has deleted the disallowance by observing that in the past assessments also the assessee’s claim for pro-rata deduction was consistently allowed and assessee's such claim was in conformity with the decision of Hon’ble Supreme Court in the case of Madras Industrial Investment Corporation Limited Vs CIT (1997 (4) TMI 5 - SUPREME Court ). Since the issue is identical with the issue raised in AY 2005-06, which is squarely covered in favour of the assessee and the Ld. DR could not controvert the aforesaid finding of the Tribunal by producing any material before us and there is no change in law or facts, we respectfully following the aforesaid order of the Tribunal, cited supra, dismiss this ground of appeal of the revenue
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