PRINCIPAL COMMISSIONER OF INCOME TAX -3, KOLKATA vs. M/S. ITC LIMITED

Appeal is allowed to the extent indicated

Bench: HON'BLE JUSTICE SURYA PRAKASH KESARWANI,HON'BLE JUSTICE RAJARSHI BHARADWAJ

55 of 77 section 45, the amount chargeable to income-tax as income of such specified entity under that sub-section which is attributable to the capital asset being transferred by the specified entity, calculated in the prescribed manner:] Provided ………: Provided ……… Provided ………. Provided ………. Provided ………. Provided ………. Provided ………. [Explanation. - For the purposes of this section,- (i)"foreign currency……….; (ii)the conversion

M/S C AND E LIMITED vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX KOLKATA 4 KOLKATA

In the result, the appeal filed by the assessee is allowed and the order

Bench: THE HON'BLE THE CHIEF JUSTICE T.S SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA