ACIT, CENTRAL CIRCLE, PANAJI vs. M/S SOCIADADE DE FOMENTO INDUSTRIAL P. LTD, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

2. Whether on facts and in circumstances of the case, the Ld. CIT(A) erred in allowing the said loss claimed in respect of sale proceeds which were already received by the assessee and the assessee was not under obligation to keep sale proceeds under EEFC account? Once income is received, it is capital and any loss on account

SOCIEADADE DE FOMENTO INDL. PVT. LTD.,MARGAO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO