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2019 (5) TMI 349 - HC - Income TaxCapital expenditure under 35D(1) and (2) - Applicability of Section 43A - increase of cost on fluctuation of foreign currency - HELD THAT:- Applicability of Section 43A stands already settled in favour of the assessee, by virtue of the law declared by the Supreme Court in Oil & Natural Gas Corporation Ltd., Dehradun through Managing Director Vs. The Commissioner of Income Tax, Dehradun [2010 (3) TMI 81 - SUPREME COURT] . This being the position, there cannot be any further dispute in this regard and the surviving issue is only with regard to the one with reference to Section 35D of the Income Tax Act. This Court finds that no finding on merit has been arrived at by the Tribunal and it is only an 'open remand'. It is quite possible for the Revenue to raise all the relevant contentions including the 'question of law', if any, before the AO, even with reference to Section 35D. No prejudice is caused in any manner. That apart, in so far as no finding has been rendered by the Tribunal as to the applicability of Section 35D it cannot be said that the appeal involves any 'substantial question of law' so as to call for interference of this Court in exercise of the power under Section 260A of the Income Tax Act.
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