Calcutta High Court
M/S. Usha Martin Telematics Ltd vs Dcit on 6 July, 2018
Author: Aniruddha Bose
Bench: Aniruddha Bose, Amitabha Chatterjee
ORDER SHEET GA No.296 of 2017
With
ITAT No.28 of 2017
IN THE HIGH COURT AT CALCUTTA
SPECIAL JURISDICTION(INCOME-TAX)
ORIGINAL SIDE
M/S. USHA MARTIN TELEMATICS LTD.
Versus
DCIT, CIRCLE-12, KOLKATA
BEFORE:
The Hon'ble JUSTICE ANIRUDDHA BOSE
The Hon'ble JUSTICE AMITABHA CHATTERJEE Date : 6th July, 2018.
Mr. Parcy Padriwala, Sr. Adv.
Mr.Avra Mazumder,Advocate Mr.A. Banerjee, Advocate Ms. Sudeshna Mazumder,Advocate ... for Appellant.
Mr Debasish Chowdhury, Advocate.
..for Revenue.
The Court:-We have heard Mr. Padriwala, learned Senior Advocate for the appellant. We admit the appeal on the following points, which in our opinion, involve substantial questions of law:-
i) Whether gain made by the assessee in the subject assessment year on account of foreign exchange fluctuation in relation to loan obtained by it in foreign exchange would constitute income chargeable to Income Tax or not, when the assessee claims such gain to be notional ?2
ii) In the event such gain is otherwise treated to be trading profit and is found to be chargeable to Income Tax, in a situation in which the loan obtained in foreign exchange is applied for acquisition of capital assets, whether the amount gained would constitute income on capital head or revenue ?
There is an application being GA No.296 of 2017, in which prayer has been made for stay of operation of the decision of the Tribunal. That decision went against the assessee. We, however, propose to hear out the appeal itself. We do not find it necessary to address independently the questions raised in the stay petition. Hence, stay petition shall stand disposed of.
Let informal paper books be filed and the same be served on the Advocate-on-record of the Revenue by 31st July, 2018. All other formalities for making the appeal ready shall stand dispensed with.
Mr. Chowdhury, learned Advocate appearing for the Revenue waives service of notice of appeal.
We shall take up the appeal for hearing on 10th August, 2018 at 10:30 A.M. (ANIRUDDHA BOSE, J.) (AMITABHA CHATTERJEE, J.) nm