9911796707
TMI Blog2020 (11) TMI 855X X X X Extracts X X X X X X X X Extracts X X X X ..... findings of the CIT(A) with any evidence to the contrary. In view of the same, we see no reason to interfere with the order of the CIT(A) and the appeal of the Revenue is accordingly dismissed. - I.T.A. No. 1609/HYD/2017 - - - Dated:- 12-10-2020 - Smt. P. Madhavi Devi, Judicial Member And Shri A. Mohan Alankamony, Accountant Member For the Assessee : Shri Laxminiwas Sharma, AR For the Revenue : Smt. Divya, K.J. DR ORDER PER Smt. P. MADHAVI DEVI, J.M. : This is Revenue s appeal for the AY.2009-10, directed against the order of the Commissioner of Income Tax (Appeals) 5, Hyderabad, dated 30-06-2017. 2. Brief facts of the case are that the assessee-company, engaged in the business of textiles manufacturing, tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue date of 04-06-2008, the bank had debited the assessee s account with US$ 61 Lakhs @43.015 resulting in the total loss of ₹ 2,22,04,000/- and after reducing the loss already considered in the FY.2007-08, he arrived that the total loss of ₹ 1,77,81,500/-. The AO, however, did not accept this contention of assessee and he disallowed the loss of ₹ 1,77,81,500/- and brought the profit of ₹ 14,03,000/- i.e., the total of ₹ 1,91,84,500/- to tax. 4. Aggrieved, the assessee filed an appeal before the CIT(A), who granted relief to the assessee and against such relief, now the Revenue is in appeal before us, raising the following Grounds: 1. The learned CIT(A) has erred both in law and on facts of the case. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Loss for the year 44,22,500 1,77,81,500 -16,99,460 Loss claimed by the Assessee 44,22,500 1,77,81,500 -16,99,460 From the details delineated above, it is apparent that the first loan of US $ 61,00,000 was availed on 4th December, 2007 for a period of six months and at that time the exchange rate was ₹ 39.3750/US$ and the maturity date is 4th June, 2008. The said loan was settled at the rate of ₹ 43.015/US$. This has resulted in the foreign exchange loss of ₹ 2,22,04,000/- [= 61,00,000*(39.37 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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