Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (7) TMI 665 - HC - Income TaxLoss of hedging of foreign currency receivable from exports - Loss on account of futures and options set off against the business profit - HELD THAT:- The operative part of the Order of the learned Tribunal clearly shows that the matter has only been remanded to the Assessing Authority with similar directions given by the Tribunal in its earlier decision in the case of Aishwarya & Company Private Limited [2015 (9) TMI 8 - ITAT CHENNAI] Assessee submitted that while remanding the case to the Assessing Authority, the Tribunal has given certain directions and its views about the Exchange Fluctuations to be treated as speculative loss or business loss and therefore, it is not an open remand which is likely to prejudice the case of the Assessee while the Assessing Authority passes a fresh order upon such remand. Senior Standing Counsel Mr.T.Ravikumar appearing for the Respondent/Revenue has not seriously objected to the Assessing Authority passing fresh orders in accordance with law. No substantial question of law to be arising in the present case at this stage, requiring our consideration or pronouncement on the merits of the case, since the matter has only been remanded to the Assessing Authority.
|