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2022 (7) TMI 1463 - CALCUTTA HIGH COURTRevision u/s 263 - validity of assessment order u/s 143(3) - deduction of amount in assessment order u/s 143(3) which was claimed by the assessee-company on account of foreign exchange fluctuation loss on O/S ECB loan in the computation of income made as per provision of Income Tax Act - Whether ITAT has erred in terming the Marked to Market Loss on foreign currency swaps is a “ascertained liability” which is contrary to facts and law in view of clause 17(k) of the Tax Audit Report? - HELD THAT:- It is not disputed before the revenue that the substantial questions of law which have been suggested by the revenue were considered by this Court in the case of Principal Commissioner of Income Tax-I, Kolkata vs. Price Waterhouse Coopers Pvt. Ltd. 2021 (12) TMI 1400 - CALCUTTA HIGH COURT] allowing the assessee’s claim of foreign exchange fluctuation loss on mark to market basis. Decided against revenue.
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