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2016 (7) TMI 1225 - AT - Income TaxClaim of relief u/s 90 - restricting the claim to the extent of tax payable in India on net income i.e difference between interest earned from M/s AHPL and interest paid on borrowings made for advancing the loans to M/s AHPL - Held that:- The interpretation of the order of the Tribunal by the ld. AR is misconceived. The Tribunal was of the opinion that if the income from foreign country is offered to tax by the assessee by whatever means, the assessee has to get tax credit to the extent the tax was paid in foreign country. In other words, once the income is included either in the Profit & Loss Account or in the return of income, the corresponding tax credit on the same income has to be given. Accordingly, we are of the opinion that there is no need of apprehension for the assessee that the Assessing Officer will misinterpret the order of the Tribunal. Therefore, we do not find any merit in the argument of the ld. AR. Accordingly, the miscellaneous petition is dismissed. Addition towards loss on foreign exchange derivatives transaction - Held that:- Tribunal while holding that the loss arising out of hedging contracts entered into by the assessee in the course of business has to be allowed as business loss and not to be considered as speculation loss. While holding so, the Tribunal has placed reliance on various decisions of Co-ordinate Bench including the decision in the case of M/s Majestic Exports vs JCIT [2015 (7) TMI 936 - ITAT CHENNAI ]. Before us also, the Ld. AR placed his reliance on the decision in the case of Majestic Exports (supra) and requested for direction as given in the above case. In our opinion, the Tribunal has remitted the issue observing that the issue is covered by various judgments including Majestic Exports (supra). Being so, at this stage, the assessee cannot have any grievance. Disallowance of preference share expenses u/s 35D - Held that:- There is a mistake in the order of the Tribunal for assessment year 2008-09 on the basis of ITAT order for assessment year 2007-08. As such, the assessee is entitled for deduction u/s 35D for assessment year 2008-09
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