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2021 (12) TMI 209 - HC - Income TaxFluctuation loss disallowance - whether ITAT erred in law in upholding the order of CIT(A) in allowing fluctuation loss without having ascertained the purpose for loan ? - whether ITAT erred allowing spared over of upfront fees in absence of any enabling legal sanction under Income Tax Act, 1961? - HELD THAT:- The substantial questions of law (a) and (c) have been answered against the appellant revenue in the respondent assessee’s own case [2021 (12) TMI 105 - CALCUTTA HIGH COURT]. Capital asset u/s 50 - HELD THAT:- As decided in favour of the respondent/assessee by following the decision of the Hon’ble High Court of Bombay in Commissioner of Income Tax versus ACE Builders (P) Ltd. [2005 (3) TMI 36 - BOMBAY HIGH COURT]. The said decision was noted with approval in the case of Commissioner of Income Tax, Panji versus V.S. Dempo Company Limited [2016 (10) TMI 62 - SUPREME COURT] - Substantial question no.(b) is also answered against the revenue.
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