2021 (2) TMI 465

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...., C.A. For the Respondents : Muzaffar Hussain, CIT (D.R.) ORDER Per Chandra Poojari , AM The appeal by Revenue and Cross Objection by the assessee filed against the order of Commissioner of Income Tax (Appeals)-1, Bangalore-6 dt. 14.08.2019 for the Assessment Year 2010-11. 2. The Revenue has raised the following grounds : "1. The order of the learned CIT (Appeals), in so fa....

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....raves leave to add, to alter, to amend or delete any of the grounds that may be urged at the time of hearing of appeal." 3. At the time of hearing, the learned Authorised Representative has not pressed the grounds taken in C.O. filed by the assessee which is in support of CIT (Appeals) order, the same is dismissed as withdrawn. 4. The issue in revenue's appeal is with regard to the forex....

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.... part of operating profit is concerned, this issue is no longer res integra and has been settled by the decision of the Bangalore Bench of ITAT in the case of e4e Business Solutions P. Ltd. v. DCIT [2016] 67 taxmann.com 68 [Bang. Trib.]. It has been held therein that the gains arising from fluctuation of foreign exchange having nexus with international transaction should be treated as operating in....