D.b.income Tax Appeal v. Commissioner Of Income Tax, Alwar

HIGH COURT OF JUDICATURE FOR RAJASTHAN BENCH ATJAIPUR D.B.INCOME TAX APPEAL No. 330 / 2005 Indian Shaving Product Ltd. Industrial Area, Bhiwadi, Alwar now known as Gillette India Limited through its authorized signatory Mr. Prashant Bhatnagar Taxation Manager, aged about 38 years, Global Business Park-Tower ‘A’ Mehrauli- Gurgoan Road, Gurgaon-122002 (Haryana). ----Appellant Versus Commissioner of Income Tax, Alwar. ----Respondent _____________________________________________________ For Appellant(s) :Mr. Sanjay Jhanwar. For Respondent(s) :Mrs. Parinitoo Jain. _____________________________________________________ HON'BLE MR. JUSTICE K.S. JHAVERI HON'BLE MR. JUSTICE VINIT KUMAR MATHUR Judgment Per Hon’ble Jhaveri J. 10/01/2017 1. By way of this appeal, the appellant has challenged thejudgment and order of the Tribunal whereby the Tribunal haspartly allowed the appeals preferred by both the sides. 2.This Court while admitting the appeal on 23.08.2007, has framed the following substantial question of law: “Whether on the facts and in thecircumstances of the case the Income TaxAppellant Tribunal was justified in reversingthe relief allowed by the Commissioner ofIncome Tax (Appeals) in respect of loss onaccount of Exchange Rate Variation byholding the loss to be notional not havingarisen during the year through it is allowablededuction under section 37(1) read withSections 28, 29 and 145 of the Income TaxAct,1961.” 3.Counsel for the appellant has contended that the issue issquarely covered by the decision of Supreme Court in the case ofCommissioner of Income Tax vs. Woodward Governor India(P) Ltd. (2009) 312 ITR 0254. 4.Counsel for the respondent has contended that the sameyear by revocation order they have taken advantage of the samedecision. 5.Taking into consideration the decision of the Supreme Court,we are of the opinion that the issue is required to be answered infavour of the assessee. Therefore, we remit the matter back tothe AO who will consider the aforesaid decision and pursuant tothe direction of the Supreme Court exact amount will becalculated in favour of the assessee. 6.The appeal stands disposed of. (VINIT KUMAR MATHUR)J. (K.S. JHAVERI)J. Asheesh kr.Yadav/81