2008 (10) TMI 241

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.....   JUDGMENT The judgment of 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 foreig....

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....e outstanding bills and not entitled to deduction 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....

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.... in fact the bills were raised by the asses and before 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 R....