In The Commissioner Of Income Tax Versusm/S Teracom Ltd v. Bakre, Jj.-Date:3Rd October, 2012, the High Court (2012) dismissed the appeal. The decision went in favour of the assessee.
Decision: The appeal is therefore dismissed. ap/- S.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
IN THE HIGH COURT OF BOMBAY AT GOA
TAX APPEAL NO. 61 OF 2012
THE COMMISSIONER OF INCOME TAX VersusM/S TERACOM LTD, THROUGH ITS GM (FINANCE & CO. SEC)
... Appellant
... Respondent
Mrs. Asha A. Desai, Advocate for the Appellant.
P.C:
-Coram:S. J. VAZIFDAR &U. V. BAKRE, JJ.-Date:3rd October, 2012
This is an appeal against the order of the Income Tax Appellate
Tribunal dated 25/1/2012 in ITA No.176/PNJ/2011 pertaining to theassessment year 2005-2006.
2. The appellant seeks admission of the appeal on the following
substantial question of law:
(a) Whether on the facts and in the circumstances of the case the
ITAT was justified in coming to the conclusion that the foreignexchange gain due to fluctuation cannot be regarded to be profit ofthe industrial undertaking eligible for deduction u/s 80IB of theIncome Tax Act?
3. The matter is covered against the appellant by the judgment ofthis Court reported in (2010) 330 ITR 175 (Bombay)in the case of"CIT Vs. Gem Plus Jewellery India Ltd." passed in IT AppealNo.2426 of 2009.
4. The appeal is therefore dismissed.
ap/-
S. J. VAZIFDAR, J.U. V. BAKRE, J.
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