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2018 (5) TMI 961
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....espondent : Mr. J. P. Khaitan,Sr. Advocate ORDER The Court :- Though two questions have been raised by the department in this appeal, the emphasis is really on the first question as to whether the benefit of the foreign exchange fluctuation on account of the purchase of an imported lift ought to have been added to the income of the respondent assessee in the relevant year. The other question....
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....effectively lowered by a sum in excess of Rs. 6 lakh. The assessing officer added this to the income. In course of the appeal from the order of assessment, such aspect of the matter was not stressed upon by the assessee and a belated ground was sought to be incorporated. The Commissioner (Appeals) disregarded the ground by holding that the assessee had accepted the addition. In course of the as....
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....ssee's business or profession. The appellate Tribunal held in this case that since the construction of the relevant house was not a part of the business of the assessee, Section 43A of the Act would not apply to the apparent gain made by the assessee as a consequence of the foreign exchange fluctuation. On a plain reading of Section 43A of the Act and the fact that the assessee had not claimed ....