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The Commissioner of Income Tax-5 Versus M/s. Vinergy International Pvt. Ltd.

2016 (8) TMI 1041 - BOMBAY HIGH COURT

Foreign exchange fluctuation loss - whether the Tribunal is justified by allowing foreign exchange fluctuation loss to set off against the taxable income without considering the CBDT's instruction No.3 of 2010 dated 23.03.2010? - Held that:- In the p .....

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nstruction no.3 of 2010 issued by CBDT would have no application to the facts of the present case. In fact, the issue arising herein would be covered by the principles laid down by the Apex Court in Woodward Governor India (P) Ltd. (2009 (4) TMI 4 - .....

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ion of law. Thus, not entertained. - Income Tax Appeal No. 376 of 2014 - Dated:- 11-8-2016 - M. S. Sanklecha And A. K. Menon, JJ. Mr. Abhay Ahuja for the appellant Mr. Satish Mody a/w Ms. Aasifa Khan for the respondent ORDER P. C. 1. This Appeal unde .....

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ng question of law for our consideration : Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified by allowing foreign exchange fluctuation loss of ₹ 62.62 lakhs to set off against the taxable income with .....

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nd sales transactions outstanding as on 31st March, 2009 in its Return filed for A.Y. 200910. The Assessing Officer did not allow the expenditure / loss of ₹ 62.62 lakhs holding it to be a contingent liability while not disturbing the gain of & .....

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claim of expenditure of ₹ 62.62 lakhs is permissible under Section 37 of the Act. The impugned order of the Tribunal placed reliance upon the decision of the Apex Court in Commissioner of Income Tax Vs. Woodward Governor India (P) Ltd. 312 ITR .....

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(1) of the Act. 5. The grievance of the Revenue before us is that Instruction no. 3 of 2010 dated 31st March, 2010 issued by the CBDT in respect of loss on account of foreign exchange derivatives is subsequent to the Apex Court's decision in Wood .....

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