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TMI Blog2020 (10) TMI 1211X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Tribunal requires to be confirmed.- Decided in favour of assessee. Section 43A Applicability - Assessee is acquiring the assets in India and in consequence of loan taken in Indian currency for acquisition of such asset which was converted into foreign currency loan increasing the liability as expressed in Indian Currency - HELD THAT:- Tribunal decided the said position against the Revenue in the assessee s own case [ 2020 (10) TMI 1164 - MADRAS HIGH COURT ] - Decided in favour of assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee as well as the Revenue were on appeal and with regard to the plea that the premium paid by the assessee for converting an Indian Currency loan into a Foreign currency loan was argued to be a Revenue expenditure, which was rejected by the Tribunal and We have confirmed the order passed by the Tribunal by dismissing the assessee's appeal in T.C.A.No.171 of 2019. With regard to the relief of depreciation granted by the Tribunal in favour of the assessee under Section 43A of the Act, the Revenue filed appeal before us in T.C.A.No.345 of 2020 which was dismissed by judgment dated 16.10.2020. 4. The present appeal by the Revenue is with regard to whether the provisions of Section 14A read with Section 8D has no application to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... #8377; 25,19,380/- as expense attributable to that exempt income. In the background of those facts, the Court considered the applicability of Rule 8D and held that the Assessing Officer is bound to follow the methodology in Rule 8D, there can be no quarrel in that said opposition, more particularly, the Constitutional validity of the provision was upheld by the Hon'ble Supreme Court of India in the case of Godrej & Boyce Manufacturing Company Limited Vs. Deputy Commissioner of Income Tax, [2017 81 taxmann.com 111(SC)]. 7. In the instant case on facts, the Tribunal found that the investments were made in by their assessee and this cannot be construed that investment is made for earning exempt income. 8. In the light of the said factual ..... X X X X Extracts X X X X X X X X Extracts X X X X
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