TaxTMI 
TaxTMI 
1999 (11) TMI 34
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....ee had credited its profit and loss account with a sum of Rs. 5,37,909 representing the estimated amount of exchange difference, the Tribunal is right in law and fact in holding that no income accrued to the assessee or arose to the assessee as a result of fluctuations in the foreign exchange rate and in deleting the addition of Rs. 5,37,909 ?" I. T. R. No. 153 of 1995 : "Whether, on the facts and in the circumstances of the case, the assessee is entitled to weighted deduction on the commission paid by it abroad in respect of its exports ?" For the same assessment year, two reference applications were filed as there were two appeals before the Tribunal, one by the assessee and the other by the Revenue in respect of two different points.....
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....nbsp; 1,45,49,132.03 Less : Value as on 11 th June, 1981 @ 8.35 18,06,746.08 1,50,86,329.77 applicable on 11th June, 1981 ------------ --------------  ....
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....tes. The further issue before the Tribunal was whether the assessee was entitled to deduction on the commission paid by it abroad in respect of its exports. Applying the ratio of a decision of this court in CIT v. Kerala Nut Food Co. [1991] 192 ITR 585, it was held that the matter was to be decided in favour of the assessee. So far as the question relating to fluctuation in foreign exchange rate is concerned, learned counsel for the Revenue submitted that the assessee itself had included the income in the profit and loss account. Having done so, it was precluded from taking the hypothetical stand that it was not to be treated as income. Learned counsel for the assessee submitted that what is to be assessed is real income and merely because ....