2023 (9) TMI 990 - SCH - Income Tax

Foreign Exchange Fluctuation Loss on External Commercial Borrowings (ECB) loans taken by assessee mainly for purpose 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 - HC held as not disputed by the revenue that as against the order passed u/s 263, the revenue was in appeal before this Court in the case Himadri Chemicals and Industries Ltd 2022 (7) TMI 1463 - CALCUTTA HIGH COURT and the same was dismissed by judgment present appeal cannot be independently pursued by the revenue -HELD THAT - There is delay of 185 days in filing the special leave petition. Nevertheless, we have heard learned counsel for the petitioner on merits. Delay condoned. We do not find any infirmity in the impugned order. The special leave petition is dismissed.

Summary

The Supreme Court dismissed the special leave petition due to a delay of 185 days in filing, but heard the petitioner's counsel on merits. The impugned order was found to be without any infirmity. Delay was condoned, and pending applications were disposed of.