2016 (7) TMI 1679

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... f the Income Tax Act, 1961 (the Act) by the Income Tax Appellate Tribunal (Tribunal) seeks our opinion on the following question of law :­ (i) Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the additional liability on account of exchange rate fluctuation amounting to Rs.15,45,930/­ (Rs.1,00,294/­ for assessment year 1988­89) .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ion a Reference was made to this Court by Reference No. 271 of 1997. 3. On 21st August 2014, this Court answered the identical question referred to it in Reference No. 271 of 1997 in favour of the applicant assessee and against the Revenue. This by following the decision of the Apex Court in Commissioner of Income Tax Vs. Woodward Governor India Pvt. Ltd. 312 ITR 254. 4. In the above view, the q .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X