2014 (1) TMI 245

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..... g Counsel with Ms. Anusha Singh, Advocate. ORDER We have heard learned Senior Advocate for the appellant and are inclined to frame the following questions of law : 1. Whether the Income Tax Appellate Tribunal was right in holding that Rs.3,52,90,374/-, on account of foreign exchange fluctuation due to the exchange rate prevailing on 31.3.2004 and shown in the profit and loss account but reduc .....

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..... f the Delhi High Court in the case of CIT Vs. Shri Ram Honda Power Equipments [2007] 289 ITR 475 (Del). are clear on the said aspect/question. The contention that exchange rate fluctuation is not "the source" but the "cause" for the earning has no merit. The "earning" in question is not derived from exports of articles, things or computer software. The expression "derived from" is of significance .....

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..... xchange rate fluctuation is income derived from profits from export of articles or things or computers. The answer is emphatic "no", in view of the decisions mentioned above. Filing of printed paper book is dispensed with. Liberty is, however, granted to the parties to file documents/material, which were filed before the tribunal/authorities, within a period of twelve weeks. To be listed in the .....

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