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TMI Blog2021 (1) TMI 1282X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals before the High Court - HELD THAT:- In view of the circular No.17/2019 F.No.279/Misc.142/2007-ITJ(Pt.) dated August 8, 2019 issued by Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes Judicial Section, whereby the monetary limit for filing appeals before the High Court has been increased to ₹1 crore and the tax effect in the present being ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 97 days in filing thereof. The following substantial questions of law were sought to be raised :- (i) Whether on the facts and circumstances of the case the Learned Income Tax Appellate Tribunal is justified in law in not considering the CBDT Instruction No. 3/2010 dated 23rd March, 2010 which stipulates that notional loss of Foreign Exchange derivative is not to be allowed to be deducted from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 32(1)(ii) which came into effect on 1st April, 2016 by virtue of the Finance Act, 2016 without retrospective effect ? (iv) Whether on the facts and circumstances of the case the Learned Income Tax Appellate Tribunal is justified in law in properly not applying the test of application of Third proviso of the section 32(1)(ii) of the Income Tax Act, 1961 ? 3. At the very outset learned C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h had attained finality, keeping in view of the judgments of the Hon ble Supreme Court in the case of CIT vs. Woodward Governor India (P) Ltd. (312 ITR 254) and ONGC vs. CIT (322 ITR 180) 5. If aforesaid questions of law are not entertained, the learned Counsel for Revenue fairly submits that tax effect relating to question Nos. 3 and 4 would be less than Rs.1 crore. In view of the circular No. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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