2023 (8) TMI 1345

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....titioner(S) No. 1 : Mr Dhinal A Shah(12077)   For The Respondent(S) No. 1 : Mr. Varun K. Patel, Ld. Senior Standing Counsel (3802) With Mr Dev D Patel   ORAL JUDGMENT (PER : HONOURABLE MR. JUSTICE BIREN VAISHNAV) 1. Heard Mr. Dhinal A. Shah learned Counsel for the petitioner and Mr. Varun K. Patel learned Senior Standing Counsel with learned advocate Mr. Dev D. Patel for the respon....

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....hat such account was in compliance with the applicable accounting standards. The foreign exchange fluctuation gain of Indian National Rupees 10,37,66,656/- was treated in capital account and therefore not offered for taxation. According to the petitioner, the loan was utilized for Undertaking situated within the Special Economic Zone and therefore, entitled to a exemption under Section 10 AA of th....

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....nomic Zone. The Revenue therefore was of the opinion that the assessee has wrongly claimed the exemption under Section 10 AA of the Act which has resulted in escapement of income. 6. Mr. Shah learned Counsel for the petitioner would submit that if the author of the notice is seen, he is the very same individual who accepted the claim of the petitioner and passed an assessment order recording and ....

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.... 9. Having considered the submissions made by the learned Counsel for the respective parties what is noticeable is that in coming to the conclusion that the petitioner was not entitled or not eligible for exemption under Section 10 AA of the Act and that the assessee had wrongly claimed the exemption, what is evident from reading the reasons and the order disposing the objections is that the auth....