TaxTMI 
TaxTMI 
2019 (7) TMI 1560
X X X X Extracts X X X X
X X X X Extracts X X X X
....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(1)(1)/2016-17/341-C dated 23/11/2017 o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tored. 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 appeal is concerned, it is admitted position that the issue is....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 currency fluctuation and there being no cost for entering i....