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2014 (1) TMI 1741 - AT - Income TaxAddition towards loss on account of fluctuation in foreign exchange - Held that:- It is a fit case for setting aside to the files of the CIT (A) for adjudicating the issue again on if the losses arising out of depreciation of foreign currency is utilized or intended to be utilized for the business which form part of capital. CIT (A) shall analyse afresh if the loss on account of foreign exchange fluctuations which is relatable to the revenue account or capital account. If the loss is relatable to the "revenue account", assessee should be entitled to the relief in view of the judgment of the Hon‟ble Supreme Court in the case of CIT vs. Woodword India Pvt. Ltd (2009 (4) TMI 4 - SUPREME COURT ). Accordingly, we set aside the issue to the files of the CIT (A) to adjudicate the issue afresh - Decided in favour of assessee for statistical purposes.
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