ASSTT. CIT, CIR- 7, NAGPUR vs. M/S. NEWQUEST CORPORATION LTD., CHANDRAPUR
ITA 328/NAG/2014[2008-09]Status: DisposedITAT Nagpur28 Jun 2022AY 2008-09
Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2008-2009 The Acit Vs. M/S.Newquest Corporation Ltd. Circle-7, (Now Known As M/S. Avantha Nagpur Holding Ltd. Ballalrpur Paper Mills P.O. Ballarpur, Distt. Chandrapur Pan No.:Aabcb 6134 E Appellant Respondent
For Appellant: Shri K.P. Dewani (Adv.)For Respondent: ShriPiyushKolhe (CIT-DR)
Section 40
155: (1979) 116 ITR 1 (SC) that where profit or less arises to an assessee on account of appreciation or depreciation in the value of foreign exchange currency held by it, on conversion into another currency, such pro/it or less would ordinarily be trading profit or loss if the foreign exchange currency is held by the assessee on revenue account
