Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 797 - HC - Income TaxAllowing deduction u/s 80HHC on the basis of book profits u/s 115JA even though the eligible profits u/s 80HHC was NIL as per normal computation ? - Held that:- Substantial question of law is decided against the Revenue and in favour of the assessee by relying upon the decision in the case of Ajantha Pharma Limited Vs. Commissioner of Income Tax [2010 (9) TMI 8 - SUPREME COURT] and Commissioner of Income Tax Vs. Bhari Information Tech System Private Limited [2011 (10) TMI 19 - SUPREME COURT OF INDIA] Expenditure incurred on issue of shares as eligible to be amortised u/s 35D - Held that:- Substantial question of law is decided against the Revenue in the light of the decision of the assessee's own case in Shasun Chemicals and Drugs Limited Vs. Commissioner of Income Tax [2016 (9) TMI 1199 - SUPREME COURT OF INDIA] Loss on account of exchange fluctuation - where the accounting was on mercantile basis, the loss on account of exchange fluctuation could be claimed and deducted even in a year prior to the payment in foreign exchange? - Held that:- Substantial question of law is decided against the Revenue by relying upon the decision of the Hon'ble Supreme Court in the case of Commissioner of Income Tax Vs. Woodward Governor India Private Limited [2009 (4) TMI 4 - SUPREME COURT]
|