2013 (12) TMI 1530

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..... anmohan, V.P. This appeal by the Revenue is directed against the order dated 09.07.2012 passed by CIT(A)-18, Mumbai and it pertains to A.Y. 2009-10. 2. The only issue urged before us reads as under: - "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance of Rs. 20,88,885/- on account of unrealized foreign exchange loss ignoring the fa .....

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..... this regard he observed as under: - ITA No. 6129/Mum/2012 M/s. Laguna Clothing Pvt. Ltd.   "From this it is clear that not only the exchange loss on outstanding forward contracts is considered but also exchange gain on outstanding forward contracts is also considered. Hence it is clear that assessee company follows the accounting policies as per AS-11 prescribed by the Institute of Chartere .....

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..... material, whatsoever, was placed before us to contradict the findings and conclusions raised by the CIT(A). 5. Having regard to the circumstances of the case we do not find any infirmity in the order passed by the CIT(A). Therefore, we dismiss the appeal filed by the Revenue by affirming the order passed by the learned CIT(A). Order pronounced in the open court on 4th December, 2013.
Case l .....

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