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2021 (3) TMI 868
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....R. Kumar , Member ( A ) The present appeal has been filed by the assessee against the order of the ld. CIT(A)-2, New Delhi dated 24.10.2017. 2. Following grounds have been raised by the assessee: "That on the facts and circumstances of the case and in law, the Learned Commissioner of Income Tax (Appeals) - 2, New Delhi (hereinafter referred to as the 'Ld CIT (Appeal)) erred in u....
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.... Foreign Exchange Rates'." 3. At the outset, it was brought to our notice that the similar issue in the case of the assessee stands adjudicated for earlier assessment years 2010-11 and 2011-12. 4. The brief facts and the decision of the ld. CIT(A) are as under: The appellant company has categorically submitted that it supervised the two projects (Jalandhar and Orissa) directly u....
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....warded project by STPL to construct certain stretch of Highways. In order to finance the working capital requirement and investment in STPL, the appellant secured loan financing from M/s. Bank of Nova Scotia, India in 2002, The loan used for investment in STPL equity amounting to Rs. 20,67,83,000 was repaid by the appellant company in the FY 2002-03 itself. Therefore, the advances receive....
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.... ICAI. iii. The appellant company has rightfully transferred profit as well as loss accruing on revaluation of unsecured loan to its profit and loss account following mercantile system of accounting followed consistently and as per the AS-11 in the respective year. 5. The ld. CIT(A) held that the identical issue was involved in the case of the appellant for A.Y. 2011-12 and the CIT (Ap....