TMI Blog2012 (10) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... ri Niraj Sheth O R D E R Per Bench These two appeals by the Revenue relate to A.Ys. 2005-07 2006-07. Since common issues are raised in both the appeals, we are therefore proceeding to dispose of them by this consolidated order for the sake of convenience. 2. Grounds No. 1 to 3 for the A.Y. 2005-06 are against the direction of the learned CIT(A) that gain arising from forward ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporation vs. ADIT (IT) 2011-TII-40ITAT-MUM-INTL and Citicorp Investment Bank (Singapore) Ltd. vs. DCIT (IT) [2012] 24 taxmann.com 211 (Mum) in which it has been consistently held that income on account of cancellation of forward exchange contract in case of a FII is chargeable under the head capital gains because there it has a direct nexus with the investment of the assessee. It was, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s assessable as capital gain and resultantly there can be no charge to tax under the DTAA. 7. Ground No. 4, against the charging of interest under section 234B, has in our considered opinion, become consequential in the present facts and circumstances of the case. 8. Facts and circumstances for the A.Y. 2006-07 are mutatis mutandis similar to those for the A.Y. 2005-06. In fact, no separate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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