Supreme Court dismisses Special Leave Petition on foreign exchange loss, citing prior judgment's finality.

The Supreme Court dismissed the Special Leave Petition concerning the disallowance of notional loss on account of foreign exchange fluctuation, citing the finality of a previous High Court judgment. Additionally, the Court dismissed multiple Special Leave Petitions as the issues raised were already covered in the previously dismissed petition.

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Issues:
1. Disallowance of notional loss on account of foreign exchange fluctuation.
2. Dismissal of Special Leave Petitions based on previous judgments.

Analysis:
1. The Supreme Court addressed the issue of disallowance of notional loss on account of foreign exchange fluctuation. The Division Bench of the High Court of Gujarat had previously ruled on a similar matter in Tax Appeal No. 1000 of 2017. The specific question raised was whether the Appellate Tribunal erred in law and on facts in deleting the disallowance of notional loss amounting to a significant sum on account of Mark to Market basis. The High Court's judgment in Tax Appeal No. 1000 of 2017 had been finalized due to the dismissal of the Special Leave Petition by the Supreme Court on 17 January 2020. Consequently, the Supreme Court dismissed the Special Leave Petition in the present case based on the finality of the earlier judgment.

2. The Court also dealt with the dismissal of multiple Special Leave Petitions (SLPs) - SLP(C) No. 21317/2019, SLP(C) No. 17048/2019, SLP(C) No. 18517/2019, and SLP(C) No. 2250/2020. It was noted that the issues raised in these SLPs were already covered by the issues raised in the previously dismissed Special Leave Petition. Since the companion petition had been dismissed, the Court found no reason to entertain these additional Special Leave Petitions and accordingly dismissed them. The petitions were listed for a specific date in February 2020 for administrative purposes.

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