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TMI Blog2021 (1) TMI 1071X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2009-10 and such a view was followed in the subsequent assessment years. The view taken by the Tribunal is followed in assessee s case for the assessment year 2012-13. It is, therefore, clear that the consistent view taken by the Tribunal in assessee s own case for the assessment years 2009-10 and 2012-13 goes in favour of the assessee and in the absence of any change is in the facts are in law, we find it difficult to deviate from the same or to take a different view, more particularly in view of the decision of Radhasoami Satsang [ 1991 (11) TMI 2 - SUPREME COURT] and Excel industries Ltd [ 2013 (10) TMI 324 - SUPREME COURT] in respect of taking consistent view on the same set of facts in the case of the same assessee. We hold gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... EI industries (P) Ltd (the assessee), for the assessment year 2013-14, assessee preferred this appeal. 2. Brief facts of the case are that the assessee is a company engaged in the business of manufacturing of cables, wires, stainless steel wires and turnkey projects. For the assessment year 2013-14, they havehas filed the return of income on 25/9/2013 which was revised on 25/3/2014 and again on 18/7/2014 declaring nil income after setting of brought forward unabsorbed loss and unabsorbed depreciation and income as per section 115 JB of the Income Tax Act, 1961 (for short the Act ) at ₹ 43, 25, 68, 392/-. 3. During the course of assessment proceedings, from the assessment order for the assessment year 2012-13, learned Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition, i.e., the reasoning given by the learned Assessing Officer for the assessment year 2012-13 was not accepted by the Tribunal in assessee s appeal against the orders of the Ld. CIT(A) for such assessment years and therefore, the additions have no legs to stand.Copy of the order dated 3/12/2020 in ITA No. 1433/del/2014 and batch of appeals in assessee s own case for the assessment year 2009-10, 2011-12 and 2012-13 is filed and forms part of the record. 6. Ld. DR referred to the relevant paragraphs in the orders of the authorities below in justification of the additions and sustaining the same, but there is no dispute as to the proceedings in ITA No. 1433/del/2014 and batch of appeals or that the subject matter involved in such app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2009-10 reads thus,- 10. We have considered the rival submissions. The assessee explained before the authorities below that in assessment year under appeal, the assessee had capitalized a sum of ₹ 27,37,25,941/- on account of exchange rate fluctuation in respect of machineries bought in India from the foreign funds raised through FCCBs. No repayment of loan by way of FCCBs was made during the year under appeal. However, increase in any liability on account of prevailing exchange rate was shown in the balance-sheet under the Head Unsecured Loans the fluctuations to the extent of acquisition of fixed assets in India by utilising FCCBs was added to the actual cost and depreciation charged thereon. Thus, the assessee purchased the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of RadhasoamiSatsung 193 ITR 321 (SC) and Excel Industries Ltd., 358 ITR 295 (SC). The assessee has also followed Companies Rules, 2009 because it has given option to the assessee to do so. The decision of Mumbai Bench in the case of DDIT v. Staubil A.G. India Branch Office (supra), relied upon by the Ld. CIT(A) is on identical facts. Therefore, there is no infirmity in the Order of the Ld. CIT(A) in following the same. It may also be noted here that wherever there was an exchange gain to the assessee, the same was reduced from the WDV and claim was made accordingly, therefore, assessee is following the AS-11 consistently and as such the same should not have been disputed by the authorities below. 9. The view taken by the Tribunal is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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