2009 (12) TMI 689

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..... with Ajit Shah, for the Respondent. P.C.: 1. Heard learned senior counsel for the revenue and learned senior counsel for the respondent. Perused appeal. 2. The substantial question of law sought to be raised which reads as under: Whether in the facts and circumstances of the case and in law, the Tribunal erred in holding that exemption is allowable on exchange fluctuation gain, intere .....

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..... t be within the teeth of the law laid down by the Apex Court in the case of M/s Liberty India Ltd. (cited supra). 6. Apart from the above, the appeal preferred by the Revenue for the assessment 200001 involving identical question has already been dismissed on account of delay. 7. On the above premise, having examined the issue, the submission made by Mr. Vyas deserves acceptance. We do not see .....

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