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TMI Blog2017 (10) TMI 1416X X X X Extracts X X X X X X X X Extracts X X X X ..... Panda and Ms. Gargi Sethee, Advocates ORDER 1. The Revenue appeals against the order of the Income Tax Appellate Tribunal ("ITAT") in these two appeals under Section 260A of the Income Tax Act, 1961. 2. It urges two questions of law - first relating to the exclusion of three comparables, i.e., Aptico Ltd., Rights Ltd. and Kitco Ltd. (in ITA 419/2016), and Apitco Ltd., Kitco Ltd., Tee Consulti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te from the date of transaction to that of conversion of Foreign exchange into Indian currency. An exporter/importer of goods/services enters into forward contract for sale/purchase of Forex to hedge itself from the fluctuation in exchange rates." 44. He observed that the amount of forex loss/gain and hedging cost/premium in each case would depend upon the risk management policy of each comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bsp; XXX 50. We have considered the rival submissions and have perused the record of the case. We find considerable force in the submission of ld. counsel for the assessee that ld. DRP wrongly invoked Safe Harbour Rule for coming to the conclusion that forex gain/loss was not to be treated as operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mparable and the PLI should be determined accordingly." 4. This Court also notices that in the judgment in Principal Commissioner of Income-Tax-02 vs. M/s Cashedge India Pvt. Ltd.(ITA 279/2016, decided on 04.05.2016), similar question was urged that the safe harbour rules which was pressed into service by the Revenue came into force later. The judgment in that case too concerns AY 2010-11 like i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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