Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 2018 (7) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 555 - SC - Income TaxRevision u/s 263 - Deductibility of expenses u/s 37(1) of the Act – Fluctuation in rate of exchange - Held that:- As submitted by the learned ASG that the assessee had taken up the ground of jurisdiction of Commissioner of Income Tax under Section 263 of the Act. However, this ground was ultimately not pressed and the ITAT did not allow the appeal on this ground but on merits. Therefore, there was no finding of ITAT that the exercise of power under Section 263 of the Act by Commissioner of Income Tax was erroneous and, thus, there was no question for challenging that aspect of the matter. In the aforesaid circumstances, we permit the Revenue to file an application for review before the High Court and when such a review application is filed within one month from today the same shall be decided on merits. In case the High Court decides the review application against the appellant, the appellant while challenging that order would be at liberty to challenge the impugned order as well.
|