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TMI Blog2018 (2) TMI 2027X X X X Extracts X X X X X X X X Extracts X X X X ..... RR Maurya, Adv. ORDER PER PRASHANT MAHARISHI, A. M. 1. These are the appeals filed by the parties against the order of the ld CIT(A)-VI, New Delhi dated 08.08.2013 for the Assessment Year 2009- 10. The revenue has challenged the deletion of partial disallowance of foreign exchange fluctuation loss on loans and assessee has challenged the upholding of disallowance on account of interest of worki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax (Appeals)-VI, New Delhi (hereinafter referred to as the Ld CIT (Appeal)) erred in upholding disallowance made by the Assessing Officer towards interest on working capital loan of Rs. 2,21,07,527 and foreign exchange fluctuation loss of Rs. 6,64,26,626. 1. That the Ld CIT (Appeal) erred in law in upholding the 50% of disallowance made by the Assessing Officer towards interest on worki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Accounting Standard 11- Accounting for the Effects of Changes in Foreign Exchange Rates." 4. Coming to the appeal of the assessee in ITa No. 5575/Del/2013 which has not been signed by the person who is authorized to sign the appeal of the assessee. In view of this as this appeal is defective appeal same is dismissed without adjudicating the issue on the merits of the case. it is also to be note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions. The ld AO has disallowed the loss on account of foreign exchange fluctuation stating that these expenditure have not been incurred by the assessee for the purposes of the business. 9. The ld CIT(A) allowed the claim of the assessee @50% of such claim holding that assessee has incurred such foreign exchange loss on account of loan for the purposes of the business. He further held that reval ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ges to the extent of 50% vide para No. 5.3 of the order he has also mentioned that the reasons for the confirmation of disallowance is absence of complete details provided before the ld AO. The ld DR also could not show us any reason that why such fluctuation is capital in nature. In view of this we do not find any infirmity in the order of the ld CIT(A) in allowing 50% foreign exchange losses hol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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