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2019 (11) TMI 591 - HC - Income TaxComputation of Book Profit for the purpose of 115JB - claim of the assessee that the amortized amount of exchange difference arising out of foreign currency borrowings are not contingent liability - HELD THAT:- Tribunal and the Commissioner (Appeals) held that the forward foreign exchange contract entered into by the assessee to buy or sell foreign currency at an agreed price at a a future date cannot be considered as a contingent in nature as it creates a continuing binding obligation on the date of the contract against the assessee. We find no error in the view taken by the Tribunal that in the present case where an obligation was undertaken to meet a liability and only consequential effect was to be determined, it could not be said that the amount in question was in a nature of contingent liability. Nothing is shown to us how the view taken is erroneous in law or on facts. Additional question of law to the effect that the Tribunal erred in not treating as capital expenditure for computation of book profit under Section 115JB when this amount was treated by the Assessing Officer and accepted by Assessee as a capital expenditure. Not only this point was not urged before the Tribunal but it does not even find reference in the present appeal memo. It is not permissible for the Appellant to urge said question for the first time in this Court, that too during the course of the oral argument. No substantial question of law
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