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2019 (1) TMI 1346 - HC - Income TaxAddition on account of unmatured forwarded foreign exchange transaction being an unascertained liability - Held that:- The issue arising herein stands concluded against the Revenue and in favour of the respondent - assessee by the decision of this Court in the case of Director of Income Tax (IT)-1, Vs. Deutsche Bank [2016 (11) TMI 1600 - BOMBAY HIGH COURT] rendered wherein an identical question raised by the Revenue was dismissed by following the earlier decision of this Court in the case of CIT Vs. Bank of India [1995 (11) TMI 78 - BOMBAY HIGH COURT]. Thus, this question as proposed does not give rise to any substantial question of law, hence, not entertained. Non-resident assessee exercise an option to be assessed under provisions of the Income Tax Act (or) as the came may be the provisions contained in the applicable DTAA - whether the non-resident assessee can exercise this option for each issue / item of income separately or he has to exercise the option for all the contents of income together? - Held that:- This question does not arise from the impugned order of the Tribunal. Mr. Tejveer Sing, the learned counsel for the Revenue is unable to point out consideration of this question by the Tribunal. It appears that this question was not even urged before the Tribunal. Thus, no occasion to consider the aforesaid question, hence, not entertained. Appeal is admitted only on Question No. 1 which is a substantial question of law - Whether on the facts and circumstances of the case and in law, the Tribunal was correct in holding that Section 44C is not applicable in respect of Head Office Expenses and such expenses are to be dealt with as per Article 7?
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