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2021 (12) TMI 105 - HC - Income TaxDisallowance u/s 43B - provision for leave encashment written back - tribunal upholding the order of the Commissioner of Income Tax (Appeals) in deleting the disallowances - HELD THAT:- The tribunal had re-appreciated the factual position and examined the consistent practice followed by the assessee in obtaining valuation report for ascertaining the incremental leave encashment liability and after taking note of the entire facts, came to the conclusion that the final statements drawn by the assessee are in compliance with the statutory requirements, such as, the Companies Act and the computation of the total income has been done in accordance with the Act - tribunal rightly noted that the liability was contingent in nature and has not crystallised into actual liability and will not be allowed as deduction while computing the total income. Thus the tribunal after re-examining the facts upheld the finding of the CIT(A). Thus, we find that no substantial question of law arising therefrom. Disallowance on account of foreign exchange fluctuation - ITAT deleted the addition - HELD THAT:- Tribunal perused the facts, the profit and loss accounts of the assessee and upheld the finding rendered by the tribunal by taking note of the decision of the Hon'ble Supreme Court in Commissioner of Income Tax, Delhi vs. Woodward Governor India (P). Ltd. [2009 (4) TMI 4 - SUPREME COURT]. Thus, there is no error in the finding rendered by the tribunal. Characterization of income - sale of factory land at Guindy, Chennai - capital gain OR business profit - HELD THAT:- On this issue, the tribunal after noting the finding rendered by the assessing officer, as to how the CIT(A) reversed the same, on its part, re-examined the factual position and elaborately considered the matter, took note of the decision of the Hon'ble Supreme Court in CIT vs. G. Venkataswami Naidu [1958 (11) TMI 5 - SUPREME COURT] wherein held that the question whether gain made out of purchase and sale of the land, is an accretion or capital profit which may depend on particular facts and circumstances. After noting the said decision, the tribunal on facts, held that the view taken by the CIT(A) was fully justified. Thus, we find that there is no error in the manner in which the tribunal has approached the matter on all the aforementioned issues and we find that there is no question of law much less substantial questions of law arising for consideration in this appeal.
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