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2022 (12) TMI 587 - HC - Income TaxDisallowance on account of foreign exchange fluctuation loss (mark to market) wherein the loss being provisions for future is notional in nature - Whether Tribunal in deleting the disallowance/addition made by the AO was perverse having regard to the evidence and materials on record ? - HELD THAT:- It is not disputed by the revenue that questions involved in this case were considered by this Court in the case of Principal Commissioner of Income Tax-1, Kolkata –vs.- M/s. Pricewaterhouse Coopers Pvt. Ltd [2021 (12) TMI 1400 - CALCUTTA HIGH COURT] as held that identical issue was considered in the case of Principal Commissioner of Income Tax vs. Suzlon Energy Ltd.[2018 (2) TMI 1789 - GUJARAT HIGH COURT] and the Court held that the decision of the Tribunal in so far as deleting the disallowance being notional loss on outstanding foreign derivative contracts was approved by holding that the decision is in-conformity with the decision of the Hon’ble Supreme Court in Woodward Governor India [P] Ltd. & Ors[2009 (4) TMI 4 - SUPREME COURT]. The revenue had filed a Special Leave Petition In the case of the same assessee, namely Suzlon Energy Limited, the Hon’ble Supreme Court in Principal Commissioner of Income Tax vs. Suzlon Energy Ltd.[2020 (1) TMI 1505 - SC ORDER] approved the decision of the High Court upholding the order of the Tribunal allowing the assessee’s claim of foreign exchange fluctuation loss on mark to market basis. In the light of the above, we find no grounds to interfere with the order passed by the Tribunal. Also see HINDUSTAN GUM AND CHEMICALS LTD. [2021 (1) TMI 1282 - CALCUTTA HIGH COURT] - Thus the appeal filed by the revenue is dismissed
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