2010 (12) TMI 189

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....r the Respondent. JUDGMENT The judgment of the court was delivered by Adarsh Kumar Goel J.-This appeal has been preferred by the Revenue under section 260A of the Income-tax Act, 1961 against the order of the Income-tax Appellate Tribunal, Delhi Bench "F" passed in I. T. A. No. 1496/Delhi/2003 dated October 27, 2004, for the assessment year 1998-99, claiming the following substantial ques....

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....t is clear that change in the value of asset because of fluctuation in foreign currency is not a contingent liability. The appellant-company is following the mercantile system of accounting and following the accounting standard issued by ICAI. The Chamera project has already started the operation and the assets of the project are in use. Therefore, keeping the aforesaid facts and the legal positio....