2018 (7) TMI 555

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..... Act. However, this ground was ultimately not pressed and the ITAT did not allow the appeal on this ground but on merits. Therefore, there was no finding of ITAT that the exercise of power under Section 263 of the Act by Commissioner of Income Tax was erroneous and, thus, there was no question for challenging that aspect of the matter. In the aforesaid circumstances, we permit the Revenue to fil .....

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..... Supreme Court Advocates-on-Record Welfare Fund. Leave granted. In the assessment order passed by the Assessing Officer in respect of respondent herein for the Assessment Year 2008-09, the Assessing Officer added back notional losses on account of foreign exchange fluctuations. This order was passed after the Commissioner of Income Tax exercised his jurisdiction under Section 263 of the Income T .....

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..... appeal had been rendered infructuous. It is submitted by the learned ASG that the assessee had taken up the ground of jurisdiction of Commissioner of Income Tax under Section 263 of the Act. However, this ground was ultimately not pressed and the ITAT did not allow the appeal on this ground but on merits. Therefore, there was no finding of ITAT that the exercise of power under Section 263 of th .....

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