TMI Blog2018 (5) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect thereof - Held that:- The appellate Tribunal held in this case that since the construction of the relevant house was not a part of the business of the assessee, Section 43A of the Act would not apply to the apparent gain made by the assessee as a consequence of the foreign exchange fluctuation. On a plain reading of Section 43A of the Act and the fact that the assessee had not claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e other question pertains to disallowance of interest under Section 14A of the Income Act, 1961. It appears to be a factual issue which was dealt with in great detail in the order impugned and no question of law arises therefrom. The assessee constructs houses for the purpose of letting them out and the income is from the rental or lease income. In the context of how the assessee runs its busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In course of the assessee s appeal before the Tribunal, the assessee asserted that since the elevator was not used for the purpose of its business and no deduction or depreciation or the like had been claimed in respect thereof, the perceived additional income on account of foreign exchange fluctuation could not be added back as an income in the hands of the assessee. Section 43A of the Act de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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