TMI Blog2022 (10) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... of purchasing capital goods - disallowing market to Marked Loss (MTM Loss) on foreign currency swaps while computing income u/s. 115JB - deduction claimed u/s. 10B of Income Tax Act, while computing income from eligible unit under Chapter IV of Income Tax Act - HELD THAT:- It is not disputed by the revenue that as against the order passed under Section 263, the revenue was in appeal before this C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Adv. Ms. Ananya Rath, Adv. Mr. G. S. Gupta, Adv. ... for the respondent ORDER The Court: We have heard Mr. Prithu Dudheria, learned advocate for the appellant and Mr. J. P. Khaitan, learned senior counsel assisted by Mr. Saumya Kejriwal, Ms. Ananya Rath and Mr. G.S. Gupta, learned Advocates for the respondent. There is a delay of 815 days in filing the appeal. Substantial period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnal Commercial Borrowings (ECB) loans taken by assessee mainly for purpose of purchasing capital goods without considering the fact that the assessee himself had capitalised Foreign Exchange Fluctuation Loss with capital goods purchased ? b) Whether on the facts and in the circumstances of the case, the Learned Income Tax Appellate Tribunal has erred in law in upholding the order of CIT (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Principal Commissioner of Income Tax, Central-1, Kolkata vs. Himadri Chemicals and Industries Ltd. passed in ITA/124/2021 and the same was dismissed by judgment dated 20th July, 2022. If that be the position, the present appeal cannot be independently pursued by the revenue. Furthermore, we note that substantial question of law No.(c) as raised in the appeal was not raised by the revenue in thei ..... X X X X Extracts X X X X X X X X Extracts X X X X
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