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TMI Blog2019 (5) TMI 633X X X X Extracts X X X X X X X X Extracts X X X X ..... im was made before the AO - HELD THAT:- Matter deserves to be restored back to the learned Tribunal for considering the entire appeal filed by the Revenue de novo, in view of the subsequent development of law by the aforesaid judgment of the Hon'ble Supreme Court in the case of Oil Natural Gas Corporation Limited, [ 2010 (3) TMI 81 - SUPREME COURT] , and also other case laws, which the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Appeal was admitted by a Co-ordinate Bench of this Court on 26.10.2009 only on the following two Substantial Questions of Law, though five Questions were suggested by the Assessee : ''1.Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the CIT (Appeals) was justified in not allowing the claim of the appellant when no such cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowing the 'Foreign Exchange Fluctuation Losses', suffered by the Assessee. She further submitted that the said judgment of the Uttarakhand High Court stood set aside and reversed by the Hon'ble Supreme Court later on in the appeal filed by Oil Natural Gas Corporation Ltd. in Oil Natural Gas Corporation Ltd. v . Commissioner of Income Tax , (2010) 322 ITR 180 (SC). She, therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case, the Tribunal was right in holding that the depreciation on software used in domestic sales should be set off against the export profits for the purpose of computing deduction u/s.10B ? 3. Whether the Tribunal failed to appreciate that Section 10B provides for deduction of such profits and gains derived by an undertaking from the export of computer s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of ' Deduction ' under Section 10B of the Act. 6. Accordingly, this Appeal filed by the Assessee is allowed and the impugned order passed by the learned Tribunal, dated 14.08.2008, is set aside and the Appeal filed by the Revenue is restored back to the file of the learned Tribunal for deciding the same afresh in accordance with law. Both the parties will be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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