TMI Blog2014 (4) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... ain of forward currency contract – Speculative Transaction - Held that:- The decision in Commissioner of Income-tax-I vs. Friends and Friends Shipping Pvt.Ltd. [2013 (5) TMI 458 - GUJARAT HIGH COURT] followed -the assessee was entitled to claim deduction as a business loss – Decided against Revenue. Deduction u/s 80HHC of the Act – Receipts arising out of fluctuation of rate of foreign exchange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Whether the Appellate Tribunal is right in law and on facts in directing the Assessing Officer to exclude the excise duty and sales tax for computing the deduction u/s. 80HHC of the Act, despite insertion of section 145A of the Act? 2. Thereafter pursuant to the order of the Supreme Court dated 17.4.2013 in the appeal filed by the Revenue following two additional questions were also frame ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... three questions of law are covered by different decisions of this Court. Insofar as the first question is concerned, the same is covered in favour of the assessee by virtue of the judgment of this Court in Tax Appeal No.884 of 2006 and connected appeals dated 3.12.2013 in the case of Commissioner of Income-tax vs. Pogagen AMP Nagarsheth Powertronics Ltd. Such question is, therefore, answered in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the deduction under section 80HHC of the Act relating to foreign exchange fluctuation gain, which came up for consideration before this Court in the case of Commissioner of Income Tax-III vs. M/s. Priyanka Gems in judgment dated 12.3.2014 passed in Tax Appeal No.1468 of 2006 and connected appeals, issue was decided in favour of the assessees. 6. All questions are, therefore, decided against ..... X X X X Extracts X X X X X X X X Extracts X X X X
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