2022 (10) TMI 1202

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....RYYA Mr. Prithu Dudheria, Adv. ...for the appellant Mr. J. P. Khaitan, Sr. Adv. Mr. Saumya Kejriwal, Adv. Ms. Ananya Rath, Adv. Mr. G. S. Gupta, Adv. ... for the respondent ORDER The Court: We have heard Mr. Prithu Dudheria, learned advocate for the appellant and Mr. J. P. Khaitan, learned senior counsel assisted by Mr. Saumya Kejriwal, Ms. Ananya Rath and Mr. G.S. Gupta, learned Advoc....

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....e, the Learned Income Tax Appellate Tribunal has erred in law in Foreign Exchange Fluctuation Loss on External Commercial Borrowings (ECB) loans taken by assessee mainly for purpose of purchasing capital goods without considering the fact that the assessee himself had capitalised Foreign Exchange Fluctuation Loss with capital goods purchased ? b) Whether on the facts and in the circumstan....

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.... that as against the order passed under Section 263, the revenue was in appeal before this Court in the case of Principal Commissioner of Income Tax, Central-1, Kolkata vs. Himadri Chemicals and Industries Ltd. passed in ITA/124/2021 and the same was dismissed by judgment dated 20th July, 2022. If that be the position, the present appeal cannot be independently pursued by the revenue. Furthermore,....