DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-8, PUNE, PUNE vs. ADVIK HI-TECH PVT. LTD., PUNE

In the result, the cross appeal filed by the Revenue in ITA\nNo

43A, any gain\nor loss arising on account of any change in foreign exchange\nrates shall be treated as income or loss, as the case may be,\nand such gain or loss shall be computed in accordance with\nthe income computation and disclosure standards notified\nunder sub-section (2) of section 145.\n\n(2) For the purposes

HUECO ELECTRONICS (I) PVT.LTD,(NOW KNOWN AS HITACHI AUTOMOTIVE SYSTEMS PUNE (I) PVT.LTD),,PUNE vs. DEPUTY COMMISSIONER OF INCOME TAX,,

In the result, the appeal of assessee is allowed

Bench: Shri Anil Chaturvedi & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.02/Pun/2017 नििाारण वषा / Assessment Year : 2012-13

43A of the I.T. Act, 1961 and therefore, the same cannot be applied in the present case. In Sutlej Cotton Mills Ltd (1979) 116 ITR 1 (SC), Hon. Supreme Court decided the issue in clear terms holding that “the law may, therefore, now be taken to be well settled that where the profit or loss arises to an assessee