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TMI Blog2013 (2) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeal by the revenue under Section 260A of the Income Tax Act, 1961 [for short, the Act], had been admitted to examine the following substantial question of law: Whether the Appellate Authorities were correct in holding that a sum of Rs. 80,04,000/- claimed as a foreign exchange loss on account of restatement of CDC loan should be treated as a revenue loss despite the same not having actually ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Supreme Court in the case of CIT v. Woodward Governor India (P.) Ltd. [2009] 312 ITR 254. 4. The view taken by the Supreme Court in this judgment is to the effect that while even a notional loss can be claimed by way of a business loss and as a deductible item in computing the income of the assessee for the year, as it is a computation on notional basis, it is made dependent on the manner of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was a change in the system, whether the change was bona fide; (iii) whether the assessee has given the same treatment to losses claimed to have accrued and to the gains that may accrue to it; (iv) whether the assessee has been consistent and definite in making entries in the account books in respect of losses and gains; (v) whether the method adopted by the assessee for making ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... being in a position to satisfy the fulfilment of the conditions. 6. In view of the joint submission made by both counsel, the question is apparently answered in favour of the revenue, in the sense, that though the view of the tribunal is to be affirmed on the principle that being further made subject to the fulfilment of the conditions, the matter has to go back to the assessing officer for exami ..... X X X X Extracts X X X X X X X X Extracts X X X X
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