Pr. Commissioner Of Income Tax Central-3, Mumbai v. M.s.sanklecha, Jj

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1807 OF 2016 Pr. Commissioner of Income TaxCentral-3, MumbaiversusKSS Limited (Formerly known asSera Sera Productions Ltd.: Respondent. : Appellant. ................... Mr.N C Mohanty for the Appellant.Mr. Satish Mody a/w Ms. Aasifa Khan for the Respondent. ................... CORAM : AKIL KURESHI & M.S.SANKLECHA, JJ. DATE : FEBRUARY 27, 2019. P.C.: 1The Revenue has filed this Appeal against the judgment and order of theIncome Tax Appellate. 2The following questions were presented before us for ourconsideration :=- "(i)Whether on the facts and in the circumstances of thecase and in Law, the Hon'nble ITAT was correct inholding that there was no international transactionbetween the assessee company and its AE on account ofback to back agreements between the Assessee companyand its AE and in turn between its AE and a 3rd partyM/s. Citi Gate Trade FZE, even though the agreementscase and in Law, the Hon'nble ITAT was correct inholding that there was no international transactionbetween the assessee company and its AE on account ofback to back agreements between the Assessee companyand its AE and in turn between its AE and a 3rd partyM/s. Citi Gate Trade FZE, even though the agreements were made for procurement of film rights and paymentof advance for the same, which falls within thedefinition of International Taxation in the Explanationgiven in SEction 92B of the I T Act, 1961? (ii) Whether on the facts and in the circumstances of thecase and in Law, the Hon'nble ITAT was correct inholding that the provisions of Chapter - X were notattracted even though the assessee has interest bearingborrowed funds in its books and had given advance tgoAE, and further that foreign exchange gain or loss waslikely to arise in the transaction to the assesseecompany, since advance was given in foreign currency,which would have a bearing on the profits, income,losses and assets of the assessee company?"case and in Law, the Hon'nble ITAT was correct inholding that the provisions of Chapter - X were notattracted even though the assessee has interest bearingborrowed funds in its books and had given advance tgoAE, and further that foreign exchange gain or loss waslikely to arise in the transaction to the assesseecompany, since advance was given in foreign currency,which would have a bearing on the profits, income,losses and assets of the assessee company?" 3It is an undisputed fact that the Tribunal in its impugned judgment hasreferred to and relied upon its earlier judgment in case of this very assesseeinvolving identical issue. We notice that such a judgment of the Tribunal wascarried in Appeal being Income Tax Appeal No.476 of 2016 filed by the Revenue.The said Appeal was dismissed by this Court the order dated 26th November2018. 4Under the circumstances, without separately recording the reasons, thisAppeal is also dismissed. [ M.S.SANKLECHA,J.] [ AKIL KURESHI, J ]