TaxTMI 
TaxTMI 
2022 (9) TMI 659
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....n, Advocate. Respondent Through: None. J U D G M E N T MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the Order dated 14th October, 2019 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.4603/Del/2019 for the Assessment Year 2012-13. 2. Learned Counsel for the Appellant states that the ITAT has erred in deleting the Notional Forex Loss of Rs.8,95,40,1....
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....relevant portion of the latter judgment, wherein the earlier judgment has been followed, is reproduced hereinbelow:- "Having carefully perused the decision of this Court in Woodward case, we are of the opinion that both the issues stand concluded by the said decision. Dealing with the said issues extensively, speaking for the Bench, S.H. Kapadia, J, summarised the following factors which should ....
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....ue to it; (iv) whether the assessee has been consistent and definite in making entries in the account books in respect of losses and gains; (v) whether the method adopted by the assessee for making entries in the books both in respect of losses and gains is as per nationally accepted accounting standards; (vi) whether the system adopted by the assessee is fair and reasonable or is adopted on....
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....As far as the finding of the ITAT that the CBDT Circular No.3/2010 dated 23rd March, 2010 is contrary to the judgment of the Supreme Court in Oil and Natural Gas Corporation Ltd., Dehradun though Managing Director Vs. The Commissioner of Income Tax, Dehradun (supra) and CIT Vs. Woodward Governor India Ltd (supra), this Court is of the view that the same was not called for, as the said CBDT Instruc....