2011 (3) TMI 553

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.... the Respondent. JUDGMENT 1. The revenue has preferred this appeal against the order passed by the Tribunal, which had set aside the orders passed by the lower authorities and granted the benefit of deductions of notional loss on account of fluctuation in the Foreign Exchange rate. The assessee is an Indian company engaged inter alia in the manufacture, sale and service of two-way land mobil....

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....rupees in the foreign currency. The reduction in the value of the rupee has taken place within the financial year, although the liability has not been discharged by the assessee within the relevant previous year. The reduction in the value of the rupee, therefore, is not contingent, but is an actual event. Therefore, it held that the assessee is entitled to allowance of the said loss sustained. Ag....

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.... direct the authorities to consider whether those tests are fulfilled by the assessee before he is entitled to deduction. 3. Per contra, learned counsel for the assessee submitted from the material on record, it is clear that the assessee satisfies all the tests prescribed by the Apex Court. It is only on being satisfied that the Tribunal has granted the relief. In fact, relying on the Full Ben....