Itta/552/2013 Of Commissioner Of Income Tax Ii v. M/S. Interlligroup Asia Pvt Ltd

HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTAANDHON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.552 of 2013 Date: 01.11.2013 Between:Commissioner of Income Tax-II,Hyderabad. AND M/s Intelligroup Asia Pvt. Ltd.,Madhapur, Hyderabad. .....Appellant ...Respondent HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND HON’BLE SRI JUSTICE SANJAY KUMAR I.T.T.A.No.552 of 2013 JUDGMENT:(per Hon’ble the Chief Justice Sri Kalyan Jyoti Sengupta ) This appeal is preferred against the judgment and order dated22.06.2012 passed by the learned Tribunal in relation to theassessment year 2003-04 and sought to be admitted on the followingsuggested question of law: “Whether, on the facts and in the circumstancesof the case, the Appellate Tribunal is justified in holdingthat foreign exchange loss should be reduced from thetotal turnover, in the context of computation of deductionunder Section 10A of Income Tax Act, in spite of therebeing no sanction for such reduction in the Income TaxAct? We have heard learned Counsel for the appellant, and gonethrough the impugned judgment and order of the learned Tribunal. It appears, the learned Tribunal has followed the decision ofKarnataka High Court on identical issue. We do not find any reasonto record difference of opinion by admitting this appeal. Accordingly, the appeal is dismissed. No order as to costs. ___________________ K.J. SENGUPTA, CJ _________________KUMAR, J SANJAY 01.11.2013 Gsn