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2016 (8) TMI 1041 - BOMBAY HIGH COURT

2016 (8) TMI 1041 - BOMBAY HIGH COURT - TMI - 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 present facts, we find that the loss was not on account of derivatives but are in fact losses and gains in foreign exchange relating to the purchase and sales transactions i.e. creditors and debtors outsta .....

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ed does not give rise to any substantial question 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 under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 28th August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment .....

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ign exchange fluctuation related to purchase and 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 ₹ 34.37 lakhs offered for tax by the respondent assessee. In appeal, the CIT(A) upheld the order of the Assessing Officer. 4. On further appeal, the impugned order of the Tribunal has allowed the res .....

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