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2016 (7) TMI 1679 - HC - Income TaxAdditional liability on account of exchange rate fluctuation allowable as a deduction in the computation of the applicant's business profits - HELD THAT:- Tribunal while allowing the Revenue's appeal followed its order in the case of the applicant assessee for AY 1985-86 on an identical issue. The applicant assessee being aggrieved filed an application for Reference to the Tribunal and it on an identical question a Reference was made to this Court. On 21st August 2014 [2014 (9) TMI 283 - BOMBAY HIGH COURT] this Court answered the identical question referred to it in Reference No. 271 of 1997 in favour of the applicant assessee and against the Revenue. This by following the decision of the Apex Court in Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd. [2009 (4) TMI 4 - SUPREME COURT] Decided in favour of the applicant assessee and against the Revenue.
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