M/S. APPOLLO TYRES LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

58,280/- as deduction from the total income. The said claim represents gain on cancellation of forward contracts relating to capital assets lying in CWIP. The Assessing Officer rejected the claim by recording that, firstly the reply of the assessee was not acceptable, secondly the case law mentioned by the assessee, though in its favour, since the Department