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TMI Blog2022 (11) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... ls), will have to be sustained. Deduction of loss on exchange rate fluctuations - Deduction of loss on account of exchange rate fluctuation has not been dealt with in the aforesaid judgment, yet the logic/reasoning given in the said judgment applies as the Tribunal has not given any cogent reason for remanding the matter. Consequently, as the impugned order is non-reasoned, the same is set aside and the detailed order passed by CIT(A) on all issues including the issue of loss arising on account of exchange rate fluctuation is sustained. - ITA 114/2019 & CM APPL. 5201/2019 - - - Dated:- 9-11-2022 - HON'BLE MR. JUSTICE MANMOHAN AND HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA Appellant Through: Mr. Satyen Sethi, Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 80JJAA of the Income Tax Act, 1961 (the Act ) has been decided in assessee s favour in the preceding Assessment Year ( AY ) 2007-08 by a Coordinate Bench of this Court in the case of Assessee itself being International Tractors Ltd. v. Deputy Commisioner of Income-tax (LTU) and Another, [2021] 435 ITR 85 (Delhi). The relevant portion of the said judgment is reproduced hereinbelow: 14. Therefore, to our minds, once the Tribunal accepted the view taken by the Commissioner of Income-tax(Appeals) that it could entertain fresh claims; a view which the Commissioner of Income-tax (Appeals) has expressed in paragraph 6.6.2 of its order, all that the Tribunal was required to examine was: as to whether the Commissioner of Income-tax (App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtained. Therefore, the Tribunal, as noticed above, has accepted this view of the Commissioner of Income-tax (Appeals) and the revenue has not come up in appeal before us assailing this conclusion of the Tribunal. xxx xxx xxx 17. Therefore, in our view, the judgment of the Tribunal deservesto be set aside. The fresh claims made by the assessee, as allowed by the Commissioner of Income-tax (Appeals), will have to be sustained. It is ordered accordingly. 18. The questions of law are answered in the favour of the assessee and against the revenue. 3. Consequently, the first three questions of law are decided in favour of the assessee and against the revenue. 4. Though the last question of law namely, deduction of loss on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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