TMI Blog2019 (7) TMI 1560X X X X Extracts X X X X X X X X Extracts X X X X ..... be considered on capital account and hence constitute a capital gain when such a contract is not a capital Asset? - HELD THAT:- The assessee is stated to be incorporated in and a tax resident of USA. It is a 100% subsidiary of Citibank N.A. USA. It makes investment in Indian companies through Foreign Direct Investment route. During the year, it earned gains of ₹ 85.68 Crores on cancellat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he impugned decision only follows the orders of Tribunal for other years, no fault could be found in the same. - Decided against revenue - I.T.A. No.831/Mum/2018, C.O. No.53/Mum/2019 Arising out of I.T.A. No.831/Mum/2018 - - - Dated:- 16-7-2019 - Hon ble Shri Sandeep Gosain, JM And Hon ble Shri Manoj Kumar Aggarwal, AM Revenue by : Dr. Rajeev Harit- Ld. CIT-DR Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) was right in holding that foreign exchange gain on underlying Forward Foreign Exchange Contracts is not taxable under the head Income from Other sources, when Forward Foreign Exchange Contract is neither a Capital Asset nor it is the business of the assessee to enter into such contracts? 3. The Appellant prays that the order of the Ld. CIT(A) on the above grounds be set aside and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng upon its own decision in assessee s own case for AY 2012-13 order dated 18/10/2017 wherein the aforesaid decisions of the Tribunal have been followed. 3. Facts in brief are that the assessee being foreign company was assessed for impugned AY u/s 143(3) r.w.s. 144C (3) on 09/02/2017. The assessee is stated to be incorporated in and a tax resident of USA. It is a 100% subsidiary of Citi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the first appellate authority concurred with assessee s stand, relying upon its own decision in AY 2012-13, which, in turn, relied upon Tribunal s order for other years. 5. Since the impugned decision only follows the orders of Tribunal for other years, no fault could be found in the same. Nothing on record establishes that there is any change in the factual matrix. 6. In resu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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