2010 (9) TMI 142 - HC - Income Tax

Addition - on account of foreign exchange fluctuation - Condonation of delay - Tribunal upholding the Commissioner of Income Tax (Appeals) order and in deleting the addition made by the Assessing Officer on account of foreign exchange fluctuation - issue is covered against the Revenue by the judgment of the Supreme Court in Commissioner of Income-Tax vs. Woodward Governor India P. Ltd. (2009 -TMI - 32906 - SUPREME COURT ) - held that loss suffered as on the date of balance sheet is an item of expenditure u/s 37(1) - increase in liability on capital account - appeal is dismissed

Summary

The Delhi High Court condoned the delay in refiling an appeal challenging an Income Tax Appellate Tribunal order regarding foreign exchange fluctuation. The appeal was dismissed in limine as the issue was covered by a Supreme Court judgment.