2019 (10) TMI 1537

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.... : Sh. Raghunathan. S., Advocate. For the Respondent : Dr. M. Srinivasa Rao, CIT. ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) -8, Chennai, dated 28.06.2018 and pertains to assessment year 2014-15. 2. The first issue arises for consideration in this appeal is exclusion of lo....

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....e of Infac India Pvt. Ltd. (supra) found that the profit or loss due to foreign exchange fluctuation has to be excluded from operating income for the purpose of PLI. In view of the decision of co-ordinate Bench of this Tribunal, the loss on account of foreign exchange fluctuation in this case to the extent of Rs.1,62,06,505/- has to be excluded from operating expenditure. Accordingly, the orders o....

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.... No.581/Mds/2016 dated 14.12.2016, the Ld.counsel submitted that the working capital adjustment is mandated under the scheme of the Income-tax Act, therefore, such adjustment is necessary while computing the Profit Level Indicator. The Ld.counsel further submitted that necessary working was filed before the Assessing Officer as well as the CIT(Appeals). However, both the authorities below have not....

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....erefore, the matter needs to be remitted back for re-examination. Accordingly, orders of both the authorities below are set aside and the issue of working capital adjustment is remitted back to the file of the CIT(Appeals). The CIT(Appeals) shall examine the material filed by the assessee and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the as....