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TMI Blog2015 (6) TMI 1020X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of CIT vs. Woodward Governor India Pvt. Ltd. [2009 (4) TMI 4 - SUPREME COURT ] to hold that the liabilities for foreign exchange was incurred during the normal course of assessee’s business and in fact the gain earned on such revaluation having been accepted and brought to tax in the respective years, there is no reason to arrive at a different conclusion in this year merely because ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counting year is not a notional loss and, therefore, allowable. 3. Facts necessary for disposal of the appeal are stated in brief. Assessee is engaged in the business of importing rough diamonds, cutting and polishing the same and exporting such diamonds. In the course of business it enjoys working capital facility from banks, some of which are also denominated in foreign currency. It also car ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and Kuwait (ITA Nos. 4404 1883/Mum/2004) and also the decision of the Apex Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. 312 ITR 254 to hold that the liabilities for foreign exchange was incurred during the normal course of assessee s business and in fact the gain earned on such revaluation having been accepted and brought to tax in the respective years, there is no reason to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view taken in the aforecited decision and hence the appeal filed by the Revenue deserves to dismissed. 5. The learned D.R. fairly admitted that the issue stands covered against the Revenue. 6. Having regard to the circumstances of the case and in the light of the decision cited (supra), we uphold the order passed by CIT(A) and dismiss the appeal filed by Revenue. Order pronounced in the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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