2019 (7) TMI 1560

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.... Revenue by : Dr. Rajeev Harit- Ld. CIT-DR Assessee by : S/Shri P.J. Pardiwala & Madhur Agarwal-Ld. ARs ORDER Manoj Kumar Aggarwal (Accountant Member): - 1. Aforesaid appeal by revenue for Assessment Year [in short referred to as 'AY'] 2013-14 contest the order of Ld. Commissioner of Income-Tax (Appeals)-56, Mumbai, [in short referred to as 'CIT(A)'], Appeal No. CIT(A)-56 DCIT(IT)-2(....

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....ounds be set aside and that of the Assessing Officer restored. The assessee, upon receipt of notice of hearing, has filed cross-objections against the same. However, Ld. Sr. Counsel, Shri P.J. Pardiwala, submitted that upon instructions, the assessee is not interested in pursuing the same for this year. Therefore, the cross-objection stand dismissed in limine. 2. So far as the revenue's appe....

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....Citibank N.A. USA. It makes investment in Indian companies through Foreign Direct Investment route. 4. During the year, it earned gains of Rs. 85.68 Crores on cancellation and rollover of forward foreign exchange contracts which were claimed to be in the nature of capital receipts not chargeable to tax on the logic that contracts were entered into to protect the investment in India from foreign....