Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 1778 - GUJARAT HIGH COURTDisallowance of notional loss on account of foreign exchange fluctuation loss - claim on account of Mark to Market basis - HELD THAT:- As in the case of very assessee in SUZLON ENERGY LIMITED [2018 (2) TMI 1789 - GUJARAT HIGH COURT] the Division Bench of this Court has held in favour of the assessee and against the Revenue. Following the decision of the Division Bench of this Court in the case of very assessee in present appeal qua proposed question no. 2(A) is hereby dismissed. Fresh claim of the assessee in respect of Revenue expenditures for issue of debenture of LIC of India when such claim was never made by Assessee in its return of income in contradiction to in the case of Goetze (India) Ltd [2006 (3) TMI 75 - SUPREME COURT] - Tribunal has erred in law and on facts in remanding the issue of relief under Section 90 to the file of AO - HELD THAT:- Tribunal has remitted the matter back to the AO to consider the said claim. The only grievance on behalf of the Revenue is that without filing revised return, the same ought not to have been permitted. However, the said issue is concluded against the Revenue in view of the decision of this Court in the case of Commissioner of Income Tax vs. Woodward Government India P. Ltd [2009 (4) TMI 4 - SUPREME COURT]. Under the circumstances, present appeal qua proposed question nos. 2(C) and 2 (E) is hereby dismissed. Present Tax Appeal is admitted for consideration of following substantial question of law: B. Whether the Appellate Tribunal has erred in law and on facts in deleting upward adjustment made on account interest charged on the loans granted to the Associated Enterprises, at discounted rate to the prevailing Market rate ? D. Whether the Appellate Tribunal has erred in law and on facts in holding that disallowance under Section 14 A cannot be added to book profit while working out tax liability under the provisions of MAT as the said section has no applicability beyond chapter IV, while computing the book profit under Section 115JB of the Act ?
|