TMI Blog2016 (3) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... ding. The above finding of fact has been further upheld by the Tribunal as noticed hereinbefore. - Decided against revenue - D.B. INCOME TAX APPEAL NO.106/2014 - - - Dated:- 19-1-2016 - ACTING CHIEF MR.AJIT SINGH AND MR. ARUN BHANSALI, JJ. For The Appellant : Mr. K.K. Bissa, BY THE COURT: This appeal under Section 260-A of the Income Tax Act, 1961 ('the Act') is directed against the order dated 26.11.2013 passed by the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur ('the Tribunal'), whereby the appeal filed by the appellant against the order dated 19.3.2013 passed by the Commissioner of Income Tax (Appeals), Jodhpur ('the CIT(A)') has been dismissed. The Assessing Officer ('A.O.') ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness and profit. In view of the above, the ground of appeal is allowed. The CIT(A) also came to the conclusion that the assessee was not engaged in the transaction of F O and commodities and shares which is done electronically; assessee is not a dealer in foreign exchange; the foreign exchange contract booked by the assessee was incidental to the regular business and was done in normal course of business, which is a hedging contract. Feeling aggrieved, the Revenue filed appeal before the Tribunal. The Tribunal, after hearing the parties, came to the following conclusion and dismissed the appeal : 4. We have heard the rival submissions and have carefully perused the entire material on record. We find that the assessee has de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l involves substantial questions of law as proposed. Having considered the submissions made by learned counsel for the appellant and have perused the material available on record, we are of the opinion that the CIT(A) has recorded a finding of fact that the assessee had made contract with the Bank to cover up the risk of fluctuation in the dollar rate and there was actual delivery in the appellant's case and based on the material and submissions, it did not agree with the assessing officer's finding. The above finding of fact has been further upheld by the Tribunal as noticed hereinbefore. Learned counsel for the appellant has failed to point out any perversity in the findings of fact recorded by the CIT(A) and the Tribunal. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
