TMI Blog2018 (9) TMI 797X X X X Extracts X X X X X X X X Extracts X X X X ..... of law is decided against the Revenue in the light of the decision of the assessee's own case in Shasun Chemicals and Drugs Limited Vs. Commissioner of Income Tax [2016 (9) TMI 1199 - SUPREME COURT OF INDIA] Loss on account of exchange fluctuation - where the accounting was on mercantile basis, the loss on account of exchange fluctuation could be claimed and deducted even in a year prior to the payment in foreign exchange? - Held that:- Substantial question of law is decided against the Revenue by relying upon the decision of the Hon'ble Supreme Court in the case of Commissioner of Income Tax Vs. Woodward Governor India Private Limited [2009 (4) TMI 4 - SUPREME COURT] - T.C.(A). Nos. 989 to 994 of 2008 - - - Dated:- 31-8-2018 - Mr. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the questions of law raised in these appeals have already been decided against the Revenue. For better reference, tax case appeal numbers, corresponding appeal numbers before the Tribunal, Assessment Year and the question of law arising for the said case, are furnished in a tabulated column and the same are stated below:- TCA Nos. ITA No Ass Apl AA Dept Apl DA Asst. Year Question No Question of Law 989 of 2008 1395/M/06 AA 1998-99 1 Whether on the facts and circumstances of the case the Tribunal was right in allowing deduction u/s 80HHC on the basis of book profits u/s 115JA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ange? 990 of 2008 1632/M/06 DA 1998-99 991 of 2008 1633/M/06 DA 1998-99 In the tabular column statement, the assessee's appeals have been indicated as 'AA' and the department's appeals have been indicated as 'DA'. 5. The above questions of law are answered against the Revenue on the following terms: (i) the first substantial question of law is decided against the Revenue and in favour of the assessee by relying upon the decision in the case of Ajantha Pharma Limited Vs. Commissioner of Income Tax [327 ITR 305 SC] and Commissioner of Income Tax Vs. Bhari Information Tech System Private ..... X X X X Extracts X X X X X X X X Extracts X X X X
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