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2018 (6) TMI 1279 - AT - Income TaxDisallowance of foreign exchange fluctuation loss - mark to market loss - Held that:- Scope of the Assessing Officer’s verification in the instant consequential round of proceedings was very much a limited one. He had only to verify the impugned mark to market loss as not to have arisen from derivatives or in capital field. There is hardly any quarrel on such DRP’s directions are binding on an Assessing Officer u/s 144C(10) - DR to pin point any specific material on record indicating the assessee either to have claimed the loss in question from derivatives or in capital field. There is no such cogent material in the case file. Emerges that the assessee’s above extracted heads of foreign financial instruments are in revenue field. It appears to have already followed netting method in computing the impugned losses. Conclude that the CIT(A) has rightly held the assessee’s impugned mark to market loss incurred on foreign exchange fluctuation to be allowable. TDS u/s 194H - non deduction of tds - Held that:- The fact remains that the DRP had issued a clear cut direction that TDS in question had to be deducted @ ₹ 17 per card coming to ₹ 33,71,771/- only which has already been upheld. The said findings have attained finality. No reason to interfere with the CIT(A) action deleting the impugned disallowance in tune thereof. The Revenue’s latter substantive ground is also rejected accordingly.
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