2022 (11) TMI 913

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....Mr. Ajit Sharma, Senior Standing Counsel for Revenue with Mr. A. Renganath, Advocate. J U D G M E N T MANMOHAN, J (Oral): CM APPL. 5201/2019 (for delay) Keeping in view the averments in the application, the delay of 13 days in filing the present appeal is condoned. Accordingly, the present application stands disposed of. ITA 114/2019 1. The present income tax appeal is admitted on the follo....

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....aw in setting aside deduction of loss on exchange rate fluctuations allowed by the CIT(A) after due verification in exercise of powers under section 250(4) of Act? 2. Admittedly, the issue of grant of deduction under Section 80JJAA of the Income Tax Act, 1961 (the 'Act') has been decided in assessee's favour in the preceding Assessment Year ('AY') 2007-08 by a Coordinate Bench of this Court in th....

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....ecause an opportunity was not given to the Assessing Officer to examine the material, therefore, the matter needed to be remanded to the Assessing Officer for a fresh verification. 15. In our view, unless the Tribunal would have reached to a conclusion and expressed its clear view, in that respect, as to what was wrong or missing in the examination made by the Commissioner of Income-tax (Appeals....

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....alt with this and concluded, that a fresh claim could be entertained. Therefore, the Tribunal, as noticed above, has accepted this view of the Commissioner of Income-tax (Appeals) and the revenue has not come up in appeal before us assailing this conclusion of the Tribunal. xxx xxx xxx 17. Therefore, in our view, the judgment of the Tribunal deservesto be set aside. The fresh claims made by th....