The Commissioner Of Income Tax v. M/S. Shreeji Gems Limited

1 hvn IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1218 OF 2007 INCOME TAX APPEAL NO. 1218 OF 2007 ssioner of Income Tax ... Appellant The Commissioner of Income Tax ... Appellant Versus M/s. Shreeji Gems Limited ... Respondent Mr. R. Ashokan for the Appellant. None for Respondent. CORAM: F.I. REBELLO, & R.S. MOHITE, JJ. DATED: FEBRUARY 25, 2009 DATED: FEBRUARY 25, 2009 DATED: FEBRUARY 25, 2009 P.C. P.C. . The Revenue has come in appeal on the following question : "The Substantial question of law arises in the present appeal is regarding the true scope and correct interpretation of Sec. 80 HHC and other provisions of the Income Tax Act, 1961 and whether on the facts and circumstances of the case and in law the Hon’ble Tribunal erred in upholding the order of the C.I.T.(A) and directing the Assessing Officer to consider the Foreign Exchange gain of Rs.17,20,760/- arising as a result of exchange gain for earlier years arising as a result of exchange rate fluctuation, as export turnover as against the income from other sources and to calculate the deductions u/s. 80 HHC?" 2 . Similar question has come up for consideration in Income Tax Appeal No. 1249 of 2007 in the case of C.I.T.-20 Vs. M/s. Amber Exports (India) decided on 18.2.2009. For the reasons set out therein, there is no merit in this appeal which is accordingly dismissed. (F.I. REBELLO,J.) (R.S. MOHITE, J.)(F.I. REBELLO,J.) (R.S. MOHITE, J.) (F.I. REBELLO,J.) (R.S. MOHITE, J.)