2012 (12) TMI 582

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....or the Respondent. P.C.:   1. Though five questions of law have been raised by the Revenue in this Appeal under Section 260A of the Income Tax Act 1961, the following three questions will be sufficient for the disposal of the appeal: "(A) Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in directing the Assessing Officer to allow the cla....

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.... accordance with the judgment of the Special Bench in the case of M/s. Topman Exports Pvt. Ltd.;" 2. The Appeal arises from a decision of the Income Tax Appellate Tribunal dated 22 April 2010. The Assessment Year to which the Appeal relates is Assessment Year 200304. As regards question (a), the grievance of the Revenue is that the Tribunal has not considered the judgment of the Supreme Cour....

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..... The exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertaking. The exchange rate fluctuation between the rupee equivalent of the value of the goods exported and the actual receipts which are realized arises on account of the sale transaction. The difference arises purely as a result of a fluctuation in t....

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....f the assessee state that question (b) may be restored to the Assessing Officer to be decided in the light of the judgment of the Supreme Court in ACG Associated Capsules Private Ltd. v. Commissioner of Income Tax (2012) 67 DTR 205. In view of the statement made by the counsel, ordered accordingly. We also leave it open to the Assessing Officer to determine the issue as to whether the deduction fa....