2018 (9) TMI 797

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....ther Dorothy COMMON JUDGMENT T. S. SIVAGNANAM, J. These appeals filed by the Revenue are directed against the order passed by the Income Tax Appellate Tribunal in ITA Nos.1395, 1632, 1633, 1634, 1396 & 1635/Mds/2016, dated 19.11.2007. 2. Heard Mr.T.R.Senthilkumar, learned counsel for the Revenue and Mr.J.Bala Chander, learned counsel for the assessee. 3. These appeals have been admitted on t....

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.... of the relevant assessment year? " 4. Learned counsel for the Revenue and assessee would fairly submit that the questions of law raised in these appeals have already been decided against the Revenue. For better reference, tax case appeal numbers, corresponding appeal numbers before the Tribunal, Assessment Year and the question of law arising for the said case, are furnished in a tabulated colu....

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....0 of 2008 1632/M/06 DA 1998-99 991 of 2008 1633/M/06 DA 1998-99 993 of 2008 1396/M/06 AA 2000-01 994 of 2008 1635/M/06 DA 2000-01 989 of 2008 1395/M/06 AA 1998-99 3 Whether the Tribunal was right in holding that where the accounting was on mercantile basis, the loss on account of exchange fluctuation could be claimed and deducted even in a year prior to the payment in foreign excha....