Income Tax Appeal v. M/S. Munjani Brothers

Sharayu Khot. IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1012 OF 2015 The Pr. Commissioner of Income Tax-19…Appellant Versus M/s. Munjani Brothers …Respondent ---------- Mr. A.R. Malhotra, a/w Mr. N.A. Kazi, for the Appellant. ---------- CORAM :M.S. SANKLECHA &RIYAZ I. CHAGLA, JJ. DATE : 20 February 2018 ORDER : 1.This Appeal under Section 260A of the Income TaxAct, 1961 (“The Act” for short), challenges the order dated 2December 2014 passed by the Income Tax Appellate Tribunal(“The Tribunal” for short). The impugned order dated 2 1/3 2.The Revenue urges the following question of law forour consideration:- Whether on the facts and in the circumstances of the case and in law, the Tribunal is right indeleting the addition of Rs. 5,40,82,510/- made by the Assessing Officer on account ofdisallowance of loss on foreign exchange forwardcontracts loss and not appreciating the fact thatthe said loss was a notional loss and hence cannotbe allowed? 3.Mr. Malhotra, the learned Counsel for the Revenue,very fairly states that the issue raised herein stands concludedagainst the Appellant-Revenue and in favour of the Respondent-Assessee by the order dated 1 October 2016 of this Court inCommissioner of Income Tax Vs. M/s. D. Chetan & Co.[1]. 1 Income Tax Appeal No. 278 of 2014 2/3 32-ITXA-1012-15.doc 4.In view of the above, as the issue stands concludedby the decision of this Court, the question as proposed does notgive rise to any substantial question of law. Thus, notentertained. 5.Accordingly, Appeal dismissed. No order as to costs. [RIYAZ I. CHAGLA J.] [M.S. SANKLECHA, J.] 3/3