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
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 of a trading asset or as part of circulating capital in the business. But, if on the other hand
