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2018 (3) TMI 383 - HC - Income TaxTreatment in the books of accounts of the assessee with respect to losses on account of foreign exchange fluctuation - Held that:- The CIT(A) followed the judgment of the Kerala High Court in CIT Vs. International Creative Foods (P) Ltd., (2010 (10) TMI 862 - Kerala High Court) and noticed that the accounting standard AS11 was followed in this case. ITAT also upheld the deletion of disallowance. The Court has considered the submissions of the parties. ITAT accurately observed that in the past years, in the prior and subsequent years, the assessee had accorded similar treatment for foreign exchange gains and paid the required tax. Having regard to the consistent approach adopted by the assessee, the conclusion arrived at by it, which is also a concurrent finding, cannot be said to involve any substantial question of law. Disallowance u/s 40A(3) - The Court notices that hitherto findings are concurrent;, the amount is small and furthermore, the genuineness of the transaction cannot be doubted.
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