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TMI Blog2013 (12) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... eld that:- The Assessing Officer was directed to examine the issue of allowability or otherwise of the expenses incurred by the assessee in connection with the issue of FCCBs - Partly allowed in favour of assessee. - I.T.T.A.No.280 of 2013 - - - Dated:- 23-7-2013 - Kalyan Jyoti Sengupta And K C Bhanu, JJ. JUDGEMENT:- PER : Kalyan Jyoti Sengupta This appeal is preferred against the judgment and order passed by the learned Tribunal in I.T.A.No.749/H/2012, dated 12-01-2013, in relation to the assessment year 2007-08 and is sought to be admitted on the following substantial questions of law: i) Whether on the facts and in the circumstances of the case, the Commissioner of Income Tax is justified in exercising the jurisdicti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubts and presumptions. v) Whether on the facts and in the circumstances of the case, the Income tax Appellate Tribunal is justified in remitting the above two issues viz., disallowance of gratuity aggregating to Rs.1,32,95,577 and disallowance of issue expenses aggregating to Rs.2,64,26,757/- for issuing foreign currency convertible bonds to the Assessing Officer for enquiry afresh as directed by the Income tax Appellate Tribunal in its impugned order. 2. We have heard the learned counsel for the appellant and perused the impugned judgment and order of the learned Tribunal. 3. It appears that the assessee challenged the order of the Commissioner of Income Tax, who made the order for re-assessment, in exercise of the revisional powe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to the merits of the case, it appears that three issues are involved in this matter. The first issue relates to the assessment of difference in foreign exchange of Rs.15,46,428/- as income from other sources. It appears that, while deciding the above issue, the learned Tribunal has followed the decision of the Visakhapatnam Bench in case of Dredging Corporation of India Ltd. in I.T.A.Nos.6 to 8/Vizag/2011, dated 25-07-2011, as the issue was squarely covered by the above judgment. Learned Tribunal thereafter held that the amount of Rs.15,46,428/-, being the gain on account of foreign exchange fluctuation, is related to the activity of operating qualifying ships and therefore, it has to be taxed under the Tonnage Tax Scheme as provided und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n question within the period specified in S. 43B, and accordingly determine the issue of allowability of the claim of the assessee." 7. The learned Tribunal, therefore, modified the order of the Commissioner of Income Tax to the above extent, and directed the Assessing Officer to decide the issue. We do not find any infirmity or illegality in remanding the matter in the manner as above. 8. So far as the third issue is concerned, the same relates to disallowance of expenses of Rs.2,64,26,757/- for issuing Foreign Currency Convertible Bonds (FCCB). It appears that the learned Tribunal has also remanded the matter on this issue. We just quote the relevant portion of the judgment and order of the learned Tribunal as follows: "In this v ..... X X X X Extracts X X X X X X X X Extracts X X X X
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