2008 (1) TMI 390

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....ment of the court was delivered by K. L. MANJUNATH J. - Heard. 2. This appeal is by the assessee challenging the order passed by the Income-tax Appellate Tribunal, Bangalore Bench, in case No. I. T. A. Nos. 1137 to 1140/Bang/1993 dated January 31, 2003, arising on the following substantial question of law: "Whether, on the facts and circumstances of the case, the appellant having become a....

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....imed by the assessee was rejected by the Assessing Officer, against which the assessee filed an appeal before the Commissioner of Income-tax (Appeals), which appeal came to be allowed on May 21, 1993. Aggrieved by the order passed by the Commissioner of Income-tax (Appeals), the Revenue filed an appeal before the Income-tax Appellate Tribunal, Bangalore Bench, which appeal came to be allowed on th....

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....missioner of Income-tax Appeals. 6. Having heard learned counsel for the appellant and the Revenue and after examining the provisions of section 115H, we have noticed that the assessee who brought the foreign exchange and had invested the same in a bank in fixed deposit, has converted the same into Indian rupee and is earning interest on such investment made in the bank. Therefore, in view of t....