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2017 (4) TMI 1362 - HC - Income TaxRevision u/s 263 - Deductibility of expenses u/s 37(1) of the Act – Fluctuation in rate of exchange - Appeal filed by the Revenue before us has only questioned the impugned order to the extent it decided the issue on merits of deleting the disallowance of the loss on account of foreign exchange fluctuation - Held that:- The Revenue has not challenged the impugned order to the extent it held that the Commissioner of Income Tax had no jurisdiction to exercise powers under Section 263 of the Act in the facts of the present case. Thus, the issue of lack of jurisdiction in the Commissioner of Income Tax to pass order under Section 263 of the Act, is accepted by the Revenue. Question as formulated by the Revenue for our consideration, becomes academic, in view of lack of jurisdiction in the Commissioner of Income Tax to enter upon the enquiry on merits under Section 263 of the Act of the order of the Assessing Officer.
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