2010 (9) TMI 851

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..... 1959 (5) TMI 3 - SUPREME Court] & BHARAT EARTH MOVERS LTD., vs CIT 2000 (8) TMI 4 - SUPREME Court. In favour of assessee. - ITA No. 888/2006 - - - Dated:- 23-9-2010 - Manjula Chellur, K. Govindarajulu, JJ. M.V. Seshachala, Adv., for the Appellant S.R. Anuradha, Adv., for the Respondent JUDGEMENT The substantial question of law that arises for our consideration in this app .....

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..... t case, the contention of the revenue is that the assessee cannot seek the benefit of increase in the rate of foreign exchange and the said question was held against the revenue before the Tribunal. The Assessing Officer rejected the loss and the Commissioner of appeals confirmed the order of the Assessing Officer. However, before the Tribunal, the assessee was successful. Aggrieved by the same, t .....

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..... ent by virtue of fluctuation in the rate of foreign exchange. The Apex Court has held that an assessee can claim the loss accrued by it on account of fluctuation in the rate of foreign exchange as on the date of balance sheet filed by the assessee and therefore, the claim of the Revenue has to be rejected in this case and by virtue of this opinion, recalculation has to be done by following the pri .....

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