The Commissioner Of Income-Tax -16, Mumbai v. M/S. Vishandas Holaram

Ladda IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL No.6691 of 2010. The Commissioner of Income-tax -16, Mumbai ... Appellant. Versus M/s. Vishandas Holaram ... Respondent. Mr Suresh Kumar for the appellant.Mr Aarti Sathe with Mr Kalpesh Turalkar for the respondent. CORAM : J.P. Devadhar & A.R. Joshi, JJ. DATE : 9th December, 2011. P.C. :- 1.The question of law raised by the Revenue in this appeal reads as under :- Whether, on the facts and circumstances of the case and in law, the Tribunal was justified in directing the Assessing Officer to include the exchange rate gain difference of Rs.2,43,41,256/- pertaining to the exports of earlier years in the export turnover for the year under consideration for arriving at the allowable deduction under section 80HHC without appreciating that the said amount was not the part of export turnover for the appreciating year under consideration and without considering that the Assessee is following mercantile system of accounting? 2.The ITAT following the decision in the case of the Assessee for AY 2000-01 has allowed the claim of the Assessee. Counsel for the Revenue fairly states that the decision of the ITAT in the case of the Assessee for AY 2000-01 has been accepted by the Revenue. No arguments are advanced to find fault Ladda with the reasoning given by the ITAT for the assessment year 2000-01. In these circumstances, we find no fault with the order of the ITAT. Accordingly, the appeal is dismissed. (A.R.Joshi,J) (J.P.Devadhar,J.)