2017 (3) TMI 1549

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.... Respondent : Namit Sharma ORDER 1. Heard Sri Alok Mathur, for appellant and Sri Namit Sharma, Advocate, for respondents. 2. This appeal under Section 260A 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....

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....ls and designed to last 10 to 15 years 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. 3,09,16,000.00 on account of disallowa....

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....ed in 225 ITR 972." 4. So far as question(i) is concerned, we find that there is a finding of fact recorded by Tribunal after noticing that Assessing Officer computed the foreign currency translation difference as income as per accounting principle and only on notional basis. In this regard, Tribunal has recorded its finding which reads as under: "8. As could be seen from the computati....

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....ng the books. Therefore, this exercise was merely done on account of incorporating 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 af....