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Income Tax Appellate Tribunal, KOLKATA ‘D’ BENCH, KOLKATA
Before: Sri J. Sudhakar Reddy & Sri S. S. Viswanethra Ravi]
Assessment Year: 2003-04 M/s. Hobb International (P) Ltd...…...………..……………………………………….…….……...Appellant 1, A.J.C. Bose Road Kolkata – 700 020 [PAN : AAACH 6347 Q] D.C.I.T., Circle-12, Kolkata………….....……………………………………..………………..…. Respondent Aayakar Bhawan P-7, Chowringhee Square 7th Floor Kolkata – 700 069 Appearances by: None, appeared on behalf of the assessee. Shri Arindam Bhattacharjee, Addl. CIT, DR appearing on behalf of the Revenue. Date of concluding the hearing : December 19th, 2017 Date of pronouncing the order : January 05th , 2018
O R D E R Per J. Sudhakar Reddy :-
This appeal filed by the assessee is directed against the order of the ld. Commissioner of Income Tax (Appeals)-4, Kolkata, (hereinafter the ‘ld. CIT (A)’), passed u/s 250 of the Income Tax Act, 1961 (the ‘Act’), dt. 13/11/2015, for the Assessment Year 2003-04.
None appeared on behalf of the assessee despite issual of notice by RPAD. The earlier notices issued have returned unserved. Under these circumstances, we dispose off the case ex-parte, qua the assessee on merits, after hearing the ld. D/R.
Heard the ld. D/R. The sole issue is the computation of deduction u/s 80HHC. The question is whether foreign exchange fluctuations, miscellaneous receipts and liabilities written back should be considered as income from business for the purpose of computing the relief u/s 80HHC. The ld. CIT(A) has relied on the judgement of the Hon’ble Supreme Court in the case of CIT vs. Shah Originals in ITA
Assessment Year: 2003-04 M/s. Hobb International (P) Ltd No. 431 of 2008, vide order dt. 22nd April, 2010, and adjudicated the issue against the assessee. We find no infirmity in the same. Hence, we uphold the order of the ld. First Appellate Authority and dismiss this appeal of the assessee.
In the result, appeal of the assessee is dismissed.
Kolkata, the 5th day of January, 2018. Sd/- Sd/- [S.S. Viswanethra Ravi] [J. Sudhakar Reddy] Judicial Member Accountant Member Dated :05.01.2018 {SC SPS} Copy of the order forwarded to: 1. M/s. Hobb International (P) Ltd 1, A.J.C. Bose Road Kolkata – 700 020 2. D.C.I.T., Circle-12, Kolkata Aayakar Bhawan P-7, Chowringhee Square 7th Floor Kolkata – 700 069 3. CIT(A)- 4. CIT- , 5. CIT(DR), Kolkata Benches, Kolkata.