TaxTMI 
TaxTMI 
2018 (4) TMI 1071
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....upport of the appeal at the very outset states that although the tax effect involved in the present appeal is Rs. 11.30 lakhs as mentioned in paragraph 12 of the Memo of Appeal, the present proceedings emanate from an audit objection. Therefore, this appeal is excluded from the purview of the directions given in CBDT Circular No.21/2015 dated 10th December, 2015. Thus, he has been instructed to pr....
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....r Section 143(3) of the Act for the Assessment Year 2003-04. Thereafter, the Assessing Officer reopened the assessment for the subject assessment year on the ground that gain on foreign exchange conversion of loan liabilities, would require corresponding change in the value of the fixed assets. This not having been done, has resulted in the respondent claiming excess depreciation to the extent of....
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....e on account of variation in the exchange rate. This can not be done on notional basis. 7. The Revenue being aggrieved, filed an appeal before the Tribunal. The Tribunal by the impugned order dismissed the Revenue's appeal by inter alia holding on merits that in view of amended Section 43A of the Act, the gain / loss in the foreign exchange fluctuation on loan liability being notional as no a....
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....anced liability is a condition precedent for making adjustment in the carrying amount of the fixed asset." The aforesaid observation of the Apex Court apply to the facts of the present case. In view of the decision taken by following the Apex Court decision in Woodward Governor India P. India, (supra), the impugned order of the Tribunal did not deal with the issue of the reopening notice being wit....