2007 (10) TMI 282

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....is aggrieved by an order dated December 15, 2006, passed by the Income-tax Appellate Tribunal ("the Tribunal"), Delhi Bench "A", New Delhi, in ITA No. 3100/Delhi/2004 relevant for the assessment year 2001-02. 2. The assessee is a manufacturer of bleaching earth (also known as fuller's earth) which is used for purification of coconut oil. The assessee also exports fuller's earth to Singapore and....

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.... somewhat larger quantities of fuller's earth than what had been agreed to on the basis of the prevalent rate of the US dollars at the time of placing of the order. The assessee treated this as a trading loss. This was, however, not accepted by the Assessing Officer or by the Commissioner of Income-tax (Appeals) ("the CIT(A)"). 4. The Tribunal, on examination of the facts of the case came to th....