9911796707
TMI Blog2003 (11) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee (as expressed in Indian currency) for repayment of the whole or part of the monies borrowed by him from any person, directly or indirectly in any foreign currency specifically for the purposes of acquiring the asset, adjustments in terms of section 43A(1) can be made. - Thus, no fault can be found with the view taken by the Tribunal. - - - - - Dated:- 21-11-2003 - Judge(s) : D. K. JAIN., MADAN B. LOKUR JUDGMENT The judgment of the court was delivered by D.K. Jain J. - This appeal, by the Revenue, under section 260A of the Income-tax Act, 1961 (for short "the Act"), is directed against the order dated January 2, 2003, passed by the Income-tax Appellate Tribunal, Delhi Bench "F", New Delhi (for short, "the Tribunal"), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decisions of the Bombay and Gujarat High Courts, as also of the Supreme Court in CIT v. Arvind Mills Ltd. [1992] 193 ITR 255. It is pertinent to note that the departmental representative had in fact conceded before the Tribunal that the issue stands concluded by the aforementioned decisions, referred to in para. 7 of the Tribunal's order. In support of his proposition that the order does involve a substantial question of law, Mr. Sabharwal, learned counsel for the Revenue, has vehemently contended that the Tribunal has gone wrong in coming to the conclusion that the issue stands concluded by the decision of the Supreme Court in Arvind Mills Ltd.'s case [1992] 193 ITR 255. According to learned counsel the issue raised in appeal has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has completely paid for the plant and machinery in foreign currency prior to the date of devaluation but the variation in exchange rate affects the liability of the assessee (as expressed in Indian currency) for repayment of the whole or part of the monies borrowed by him from any person, directly or indirectly in any foreign currency specifically for the purposes of acquiring the asset, adjustments in terms of section 43A(1) can be made. In view of the said authoritative pronouncement, no fault can be found with the view taken by the Tribunal. The impugned order does not involve any question of law, much less a substantial question of law. Accordingly, we decline to entertain the appeal. Dismissed. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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