2023 (10) TMI 1281

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....e: For the Petitioner(s) No. 1 : Mr Dhinal A Shah(12077)   For the Respondent(s) No. 1 : Mr. Varun K. Patel, Ld. Senior Standing Counsel With Mr Dev D Patel, Advocate (3802)   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....

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....gulations. It is further his case that such account was in compliance with the applicable accounting standards. The foreign exchange fluctuation gain of Indian National Rupees 54,69,089/- 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 exemp....

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....rt from its unit of Special Economic 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 a....

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.... disposing of the objections itself. 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 dis....