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TMI Blog2023 (7) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... nue account. There is no discussion in the Assessing Officer s corresponding findings in his assessment order 27.12.2011 that the assessee s transactions in fact, had been taken in capital than in revenue account so as to be treated as capital expenditure as per CBDT s instruction no.3/2010 dated 23.03.2010. It rather emerges that the assessee had worked-out it s various losses relating to inventory only in current account followed by it s supportive evidence issued by the Bank of Baroda s [cash credit] sanction letter . Decided against revenue. Penalty u/s 271(1)(c) - assessee s survey declaration - HELD THAT:- DR could not produce any material found or seized during the course of survey which can substantiate the Revenue s clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A), Panaji-1 was justified in deleting the addition made on account of foreign exchange fluctuation loss when the loss was arrived at by the assessee was notional in nature. 3. Whether on facts of the case, the CIT(A), Panaji-1 was correct in coming to a conclusion that the difference in loan taken and loan repaid by applying the rate of exchange at the yearend represented foreign exchange fluctuation loss and not notional loss. 4. Whether on facts of the case, the CIT(A), Panaji-1 was correct in allowing deduction u/s 37(1) of the act on so called foreign exchange fluctuation loss when in reality the notional loss arrived at does not represent any expenditure as per section 37(1) of the Act. 5. Whether on facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diture, as the case may be, in revenue account. We also take note of the fact that there is no discussion in the Assessing Officer s corresponding findings in his assessment order 27.12.2011 that the assessee s transactions in fact, had been taken in capital than in revenue account so as to be treated as capital expenditure as per CBDT s instruction no.3/2010 dated 23.03.2010. It rather emerges that the assessee had worked-out it s various losses relating to inventory only in current account followed by it s supportive evidence issued by the Bank of Baroda s [cash credit] sanction letter . Faced with the situation, we hardly see any merit in the Revenue s stand seeking to revive the Assessing Officer s impugned action disallowing the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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