2021 (8) TMI 1450

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.... Appellant : Sri. Joseph Markose (Sr.) Sri. V. Abraham Markos Sri. Abraham Joseph Markos Sri. Abraham Varghese Tharakan Sri. Binu Mathew Sri. Tom Thomas Kakkuzhiyil, by Advs. For the Respondent : Sri. P.K.R. Menon, Senior Counsel, Goi(Taxes) Christopher Abraham, Income Tax Department, by Advs. JUDGMENT S.V. Bhatti, J. Heard learned Senior Counsel Mr Joseph Markos and learned Standing C....

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....ange in value of the loan in foreign exchange given to the Mauritius subsidiary on grounds of business expediency? 2) Whether on the facts and in the circumstances of the case the very basis adopted by the Tribunal for confirming the disallowance namely that the acquisition of the business Dunlop by the subsidiary of the appellant is in fact acquisition of capital asset by the appellant i....

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.... for the purposes of granting depreciation? 3. The substantial questions raised by the assessee are covered by the view already we have taken in disposed of I.T. Appeals. Substantial questions nos.1 and 2 relate to confirming the dis-allowance of foreign exchange fluctuation loss. In the appeal filed by the assessee for the Assessment Year 2006-07 a similar or identical question was canvassed i....

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....imed by the assessee towards the Gurgaon office building which was leased to a subsidiary of the assessee. The dis-allowance by the authority, but sustained by the tribunal, was the subject matter of ITA No. 26/2013 before this Court. We have confirmed the finding recorded by the Tribunal as well as the authorities under the Act on the disallowance claimed by the assessee towards depreciation for ....