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2020 (2) TMI 595 - HC - Income TaxDepreciation claimed on infrastructure facility - HELD THAT:- Appellant submitted that such question has already been admitted in the case of the same assessee for the previous year. Accordingly, this tax appeal is admitted so far as the Question No.2(A) is concerned. Disallowance made on account of forex loss - HELD THAT:- Foreign exchange loss on account of the forward contracts incurred by the assessee from year to year was correctly allowed by the CIT (A) as the assessee Company had entered into foreign currency forward contract with the Bank in terms of the prevalent guidelines which mandates entering of foreign currency contract only with the Banks. Disallowance of the realized foreign exchange loss made by the assessing officer by treating the same as speculation loss u/s. 43(5)(d) of the Act is concerned, the Tribunal has given a finding that as the assessee was not the dealer in the foreign exchange but providing the operating container handling terminal services and there was no purchase or sale of commodity otherwise than the actual delivery, such loss cannot be termed as speculation transaction. Disallowance u/s 14A read with Rule 8D - HELD THAT:- Tribunal, applying the principles as laid down by this Court in the case of CIT vs. Corrtech Energy Pvt. Ltd., [2014 (3) TMI 856 - GUJARAT HIGH COURT] wherein it has been held that where the assessee has not claimed any exempt income, no disallowance under Section 14A of the Act can be made, dismissed the appeal of the Revenue on the ground that the assessee did not claim any exempt income.
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