M/s. NIF Ispat Ltd., Howrah V. ITO, Ward - 3(4), Kolkata, Kolkata

ITA 1358/KOL/2010

• Counselvise Citation: 135823514 RSA 2010
• Duration Of Justice: 1 year(s) 5 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-12-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 02-06-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 01-07-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K SINGH
• Assessee Lawyers: M SATNALIWALA

Judgement Text

, , , , , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH : KOLKATA [ . . . . , ,, , . .. .!' !'!' !'. .. . , , , , #$ #$ #$ #$ ] [BEFORE SHRI N. VIJAYA KUM ARAN, JM & SHRI C. D. RAO, AM] % % % % / I.T.A NO.1358/KOL/2010 &' () &' () &' () &' ()/ // / ASSESSMENT YEAR : 2007-08 M/S. NIF ISPAT LIMITED -V S.- INCOME TAX OFFICER/WARD-3(4) HOWRAH [PAN : AABCB 6050 F] KOLKATA [ +, +, +, +, /APPELLANT ] ]] ] [ ./+, ./+, ./+, ./+,/ // / RESPONDENT ] ]] ] % % % % / I.T.A NO.1564/KOL/ 2010 &' () &' () &' () &' ()/ // / ASSESSMENT YEAR : 2007-08 INCOME TAX OFFICER/WARD-3(4) -VS.- M/S. NIF ISPAT LIMITED KOLKATA [PAN : AAACN 9224 A] HOWRAH [PAN : AABCB 6050 F] +, +, +, +, / FOR THE APPELLANT : SHRI M. SATNALIWALA ./+, ./+, ./+, ./+, / FOR THE RESPONDENT : SHRI A. K. SINGH 0 1 '$ 0 1 '$ 0 1 '$ 0 1 '$ /DATE OF HEARING : 26.12.2011 2( 1 '$ 2( 1 '$ 2( 1 '$ 2( 1 '$ /DATE OF PRONOUNCEMENT : 29.12.2011 #3 /ORDER . . . . , PER N. VIJAYA KUMARAN, J. M. BOTH ARE CROSS APPEALS FOR ASSESSMENT YEAR 2007-08 AND DIRECTED AGAINST THE ORDER OF LD. CIT(A)-I, KOLKATA DATED 31.05.2010. THE ASSESSEES APPEAL IN ITA NO.1358/KOL/2010, THE ONLY ISSUE IS WITH REGARD TO THE EXCHANGE DIFFERENCE GAI N ON LOANS GIVEN. 2. WE HAVE HEARD THE LD. COUNSEL FOR THE ASSESSEE A ND THE LD. CIT D.R. AT LENGTH AND CONSIDERED CAREFULLY. THE FACTS RELEVANT ARE THAT A SSESSEE-COMPANY HAS SHOWN INCOME OF RS.14,75,701/- AS EXCHANGE FLUCTUATION GAIN UNDER T HE HEAD OTHER INCOME. ASSESSING OFFICER WAS OF THE VIEW THAT ASSESSEE COULD NOT EXPLAIN TO THE SATISFACTION THAT SUCH GAIN IS CAPITAL IN NATURE. THEREFORE, ASSESSING OFFICER TREATED THIS A S REVENUE INCOME WHICH AROSE ON ACCOUNT OF