2021 (8) TMI 1414

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....: Sh. Shiv Swaroop Singh, ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the assessee against the order dated 26/09/2016 passed by CIT(A)-12, New Delhi for assessment year 2012-13. 2. The grounds of appeal are as under:- "1. That on the facts and circumstances of the case and in law, the Commissioner of Income-tax (Appeals)-12, New Delhi [briefly "the CIT(A)"] has erred....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vised working of depreciation was filed because the same was required by the Assessing Officer." 3. The assessee is in the business of manufacturing of cables. The return of income in this case was filed by the assessee on 24/9/2012, declaring loss of Rs. 43,75,44,247/- and subsequently return of income was revised at a loss of Rs. 29,79,17,511/-. The Assessing Officer made addition/disallowanc....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....see's own case in Assessment Year 2009-10 & 2010-11 has held as under:- "24. Since, the assessee in the instant case has attributed the increased liability of Rs.12,65,54,992/- to the cost of the assets and the depreciation was allowed, therefore, although the assessee has a good case to argue that exchange fluctuation loss attributable to depreciable assets acquired in India is an allowa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d both before the Assessing Officer as well as the CIT(A). Accordingly, ground no.3 raised by the assessee is allowed and additional ground being infructuous is dismissed." The facts in the present Assessment Year i.e. 2012-13 are also identical and no distinguishing facts were pointed out by the Ld. DR. The assessee has attributed the liability in the present Assessment Year to the fixed asset....