M/S.loksons Pvt.ltd., 2Nd Floor, Ramchandra Bldg v. Assistant Commissioner Of Income Tax, Circle 5(4), Bombay

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE 10 OF 1995 M/s.Loksons Pvt.Ltd.,2nd Floor, Ramchandra Bldg,200, L.T.Marg, Bombay-2.Vs.Assistant Commissioner of Income Tax,Circle 5(4), Bombay. ..Applicant ..Respondent Mr.P.J.Pardiwala i/b. Kanga & Co.for the Applicant.Mr.Vimal Gupta with Mr.P.S.Sahadevan for theRespondent. CORAM :- DR.S.RADHAKRISHNAN &A.V.NIRGUDE, JJ.DATE : 15TH JULY, 2008 JUDGMENT (PER : DR.S.RADHAKRISHNAN,J.) 1.By this Reference, the Income Tax Appellate Tribunal, Bombay has referred the following substantial question of law: 2.The above question of law pertains to remitting back the advance received for supply of goods by the Assessee. sending the aforesaid 32,09,895 UAE Dirhams, the said three permission Numbers are: the rate which was prevailing in July/August,1979 when the amount was received by the Assessee. 5.The Assessee had claimed the aforesaid excess foreign exchange and the Appellant had no control over the same. 7. Mr.Pardiwala contended that with regard to the deduction on account of exchange loss of Rs.65,54,930/- ought to be set aside. 8.Mr.Vimal Gupta, the learned Counsel appearing Revenue. The Reference stands disposed of accordingly. (A.V.NIRGUDE,J.) (DR.S.RADHAKRISHNAN,J.)