TaxTMI 
TaxTMI 
2008 (10) TMI 241
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the court was delivered by K. SREEDHAR RAO J.—The respondent (assessee) filed return for the assessment year 1996-97. The assessee had imported the materials from abroad. There was one transaction towards import of materials for which the assessee had shown the loss of Rs. 1,37,57,730 in respect of unpaid bills on account of fluctuation in the foreign exchange rate (FER). In respect of another....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion towards loss on account of fluctuation in FER. The Appellate Tribunal on appeal set aside the order of the Commissioner of Income-tax confirming the order of the Assessing Officer. The State is in appeal. 3. The following substantial questions of law are formulated for consideration: "(i) Whether the Tribunal was correct in holding that a sum of Rs. 69,25,345 has to be allowed as a loss sinc....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the payments were made hypothetical fluctuation was considered as on the last date of the accounting year without there being any actual loss ? (iv) Whether the Tribunal was correct in holding that a sum of Rs. 8,87,675 incurred by the assessee for maintenance of house on account of payment of rent of Rs. 4,56,000 claim of depreciation of Rs. 37,465 and maintenance of Rs. 3,94,210 cannot be disa....