9911796707
TMI Blog2018 (3) TMI 383X X X X Extracts X X X X X X X X Extracts X X X X ..... owed the judgment of the Kerala High Court in CIT Vs. International Creative Foods (P) Ltd., (2010 (10) TMI 862 - Kerala High Court) and noticed that the accounting standard AS11 was followed in this case. ITAT also upheld the deletion of disallowance. The Court has considered the submissions of the parties. ITAT accurately observed that in the past years, in the prior and subsequent years, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with respect to losses on account of foreign exchange fluctuation and (2) disallowance under Section 40A(3) of the Act in respect of ₹ 1,53,540/-. The assessee's return for Assessment Year 2009-10 was selected for scrutiny; it was observed that a foreign exchange loss of ₹ 2,09,98,897/- was reported as falling in the revenue stream. The Assessing Officer (AO) disallowed the loss, sin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at by it, which is also a concurrent finding, cannot be said to involve any substantial question of law. So far as the sum of ₹ 1,53,540/- alleged to be in violation of Section 40A(3) of the Act is concerned, the Court notices that hitherto findings are concurrent;, the amount is small and furthermore, the genuineness of the transaction cannot be doubted. For the above reasons, no subst ..... X X X X Extracts X X X X X X X X Extracts X X X X
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