TaxTMI 
TaxTMI 
2017 (4) TMI 362
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....t Sharma ORDER 1. Heard Sri Alok Mathur, for appellant and Sri Namit Sharma, Advocate, for respondents. 2. This appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as "Act, 1961") has been filed challenging the judgment and order dated 31.12.2007 passed by Income Tax Appellate Tribunal, Lucknow Bench 'A', Lucknow (hereinafter referred to as "Tribunal") in Income ....
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....s qualified as purely temporary structures eligible for depreciation @ 100% under the Income Tax Rules, 1962. (iii) Whether on the facts and in the circumstances of the Income Tax Appellate Tribunal was right in dismissing the departmental appeal in respect of disallowance of interest on borrowing amounting to Rs. 2,63,92,000.00 on account of disallowance of interest on borrowing even though the....
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....ned, we find that there is a finding of fact recorded by Tribunal after noticing that Assessing Officer computed foreign currency translation difference as income as per accounting principle and only on notional basis. In this regard, Tribunal has recorded its finding as under: "8. As could be seen from the computation reproduced by the AO in assessment order, this difference had arisen on the t....
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....ing the trial balance appearing in the Iraqi branch in the Head Officer books in Indian currency. Since no actual gain accrued to the assessee, there was no question of taxing this amount. We, accordingly, confirm the order of the ld. CIT(A) following the precedent and in view of aforementioned discussion." 5. The aforesaid finding has not been shown to be incorrect or contrary to record. Similar....