2017 (4) TMI 1362

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..... f foreign exchange fluctuation - Held that:- The Revenue has not challenged the impugned order to the extent it held that the Commissioner of Income Tax had no jurisdiction to exercise powers under Section 263 of the Act in the facts of the present case. Thus, the issue of lack of jurisdiction in the Commissioner of Income Tax to pass order under Section 263 of the Act, is accepted by the Revenue. .....

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..... our consideration: Whether on the facts and in the circumstance of the case and in law, the Tribunal was justified in law in deleting the disallowance of notional loss on account of foreign exchange fluctuation on derivatives as on the last date of the accounting year? 3 We find that the impugned order of the Tribunal was passed on an appeal filed by the RespondentAssessee, challengin .....

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..... eign exchange fluctuation. The Revenue has not challenged the impugned order to the extent it held that the Commissioner of Income Tax had no jurisdiction to exercise powers under Section 263 of the Act in the facts of the present case. Thus, the issue of lack of jurisdiction in the Commissioner of Income Tax to pass order under Section 263 of the Act, is accepted by the Revenue. 5 In the ab .....

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