2017 (10) TMI 641

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..... by the revenue impugning the order passed by the Income Tax Appellate Tribunal in ITA No.3 of 2013 concerning the assessment year 2008-2009. The assessee is a subsidiary company of M/s Olam Investments Ltd., Mauritius. During the course of the assessment, the Assessing Officer passed a draft order under section 144C making an addition of Rs. 63,73,179 by disallowing loss under derivatives contrac .....

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..... d that the Assessing Officer was not justified in making the impugned disallowance of Rs. 63,73,179 and accordingly, set aside to that extent. It is the order of the Tribunal to the above extent which is impugned by the revenue and the questions of law framed read as under: a) Was the assessee entitled to change the system of accounting for the assessment year 2008-09? b) Is the order of the .....

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..... AS-31 for the assessment year 2008-2009, which, according to the Assessing Officer, resulted in loss of revenue. It is on that basis the Assessing Officer made the impugned disallowance and consequent addition to the total income of the assessee. Despite our specific query as to whether there was any statutory prohibition preventing the assessee from adopting AS-31 for the assessment year 2008-20 .....

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