2022 (4) TMI 1468

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he assessee relates to appeal No. IT(TP)A No.130/Bang/2014, being the appeal of the assessee. However, since a common order has been passed against the appeals filed by the assessee as well as revenue, it appears that the assessee has also filed miscellaneous application in respect of appeal of the revenue numbered as IT(TP)A No.121/Bng/2014 also on identical points, out of abandoned caution. Accordingly, the miscellaneous application filed in MP No.23/Bang/2022 does not require specific adjudication and hence we reject the same. 3. The mistake pointed out by the assessee in the order passed by the Tribunal in appeal of the assessee numbered as IT(TP)A No.130/Bang/2014 is that the Tribunal has not adjudicated the ground Nos.5.1 to 5.7 rela....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y, it is submitted that disposal of alternative ground of the assessee would not benefit other four STP units. Accordingly, it is submitted that the ground Nos.5.1 to 5.7 urged by the assessee are required to be adjudicated. 6. We heard Ld D.R and he also accepted that the Ground No.5.1 to 5.7 have not been adjudicated. 7. We find merit in the submissions made by the assessee in this miscellaneous petition. Accordingly, we are of the view that the main grounds 5.1 to 5.7 needs to be adjudicated and accordingly proceed to adjudicate the same below. Accordingly, the paragraph 7.7 and 7.8 of our order dated 22.12.2021 are substituted by the following paragraphs:- "7.7 The Ld. A.R. submitted that the mark to market losses claimed by the as....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hat all the assets/liabilities, which have been revalued as at the year end, are revenue assets/liabilities only. The Ld. A.R. submitted that the said loss is allowable as deduction and in this regard, he took support of the decision rendered by coordinate bench in the case of Quality Engineering & Software Technologies Pvt. Ltd. (2014) 52 Taxmann.com 515. 7.8 We heard Ld D.R and perused the record. The Ld. A.R. submitted that the assessee is following mercantile system of accounting and it is required to follow accounting standards while preparing its financial statements. As per the accounting standards, the assessee is required to revalue the outstanding forward contracts also and account for the gain/loss arising on such revaluation a....