2020 (1) TMI 1618 - SCH - Income Tax

Maintainability of appeal on low effect - Disallowance of loss on foreign exchange forward contract loss - Whether the said loss was a notional loss and hence cannot be allowed? - HC Concluded issue against the Revenue and in favour of the Assessee - HELD THAT - The petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F. No.390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw this Special Leave Petition along with pending applications there in due to low tax effect. Permission granted, subject to just exceptions - The special leave petition and pending applications are dismissed as withdrawn, leaving question of law open.

Summary

The Supreme Court of India allowed the petitioner to withdraw the Special Leave Petition and pending applications due to low tax effect. The petition and applications were dismissed as withdrawn, leaving the question of law open.