2013 (7) TMI 1109

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....stant Appeal is filed by the department against the order of the CIT(A)-10 Mumbai dated 11.07.2011, wherein the Department has raised the following grounds. 1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in granting the relief of Article-13 of India-Singapore DTAA to the assessee for the Gains on cancellation of Forward Foreign Exchange Contracts as 'Capital Gains'....

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....ndia & Singapore. 4. In the year under consideration, the assessee earned capital gains on shares which, it claimed were not taxable in India, as the assessee claimed exemption under section 10(38) in the computation of income on the said income. Further in the computation, the assessee declared a loss of ₹ 80,83,12,800/- towards foreign exchange contracts, which the assessee claimed to be ....

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....in his orders for AY 2005-06 and AY 2006-07 in the case of the appellant itself, had held that income from FFCs could be either capital gains or business income, but certainly not income from other sources. The only difference in the facts of the assessment year under consideration is that there is a loss reported this year, in lieu of the income reported in the earlier two assessment years. This ....

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....ns' and not 'income from other sources' ". 6. Against this decision, the Department is in appeal before the ITAT, in the current year. 7. At the time of hearing the Senior Counsel appearing on behalf of the assessee pointed out that the issue is covered in its own order in ITA No. 2954/Mum/2010 & 4583/Mum/2009 for assessment years 2006-07 & 2005-06, (wherein one of us, is the party of the order)....