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2022 (10) TMI 1202 - CALCUTTA HIGH COURTForeign Exchange Fluctuation Loss on External Commercial Borrowings (ECB) loans taken by assessee mainly for purpose of purchasing capital goods - disallowing market to Marked Loss (MTM Loss) on foreign currency swaps while computing income u/s. 115JB - deduction claimed u/s. 10B of Income Tax Act, while computing income from eligible unit under Chapter IV of Income Tax Act - HELD THAT:- It is not disputed by the revenue that as against the order passed under Section 263, the revenue was in appeal before this Court in the case of Principal Commissioner of Income Tax, Central-1, Kolkata vs. Himadri Chemicals and Industries Ltd. [2022 (7) TMI 1463 - CALCUTTA HIGH COURT] and the same was dismissed by judgment dated 20th July, 2022. If that be the position, the present appeal cannot be independently pursued by the revenue. Furthermore, we note that substantial question of law No.(c) as raised in the appeal was not raised by the revenue in their appeal [Supra] The revenue cannot pursue this appeal and no interference is called for against the order passed by the learned Tribunal. Appeal dismissed.
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