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2023 (1) TMI 291 - HC - Income TaxUnrealized gains on revaluation of forward contracts as the bank accounts - whether Tribunal is right in law in setting aside claim of assessee relating to unrealized gains on revaluation of forward contracts as the bank accounts were admittedly prepared on accrual basis and revenue was recognized following mercantile method except for certain items which were accounted on cash basis? - depreciation in value of investment in HTM Securities - disallowances made u/s 36(1) (viia) - disallowance made u/s 14A - disallowances on account of AFS and HFT category of investments by relying upon the decisions which has not reached finality and even when the assessing authority rightly disallowed the depreciation on investment of Available for Sale (AFS) and held for trading (HFT) category investment and added to the taxable income - HELD THAT:- As submitted that in view of the disposal of [2023 (1) TMI 243 - KARNATAKA HIGH COURT] these two appeals do not survive for consideration. He further submitted that the Revenue has filed these two appeals challenging the findings recorded by the ITAT, Income Tax Appellate Tribunal in Revenue's appeals and those issues were not under consideration before the ITAT. Therefore, these appeals are superfluous and unnecessary. The said submission is not opposed by Shri K.V.Aravind, learned Senior Standing Counsel.
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