Gujarat High Court
Principal Commissioner Incometax, vs M/S Bayer Vapi Private Liited on 20 August, 2018
Author: Akil Kureshi
Bench: Akil Kureshi, B.N. Karia
C/TAXAP/683/2018 ORDER
IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/TAX APPEAL NO. 683 of 2018
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PRINCIPAL COMMISSIONER INCOMETAX,
Versus
M/S BAYER VAPI PRIVATE LIITED
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Appearance:
MRS KALPANAK RAVAL(1046) for the PETITIONER(s) No. 1
for the RESPONDENT(s) No. 1
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CORAM: HONOURABLE MR.JUSTICE AKIL KURESHI
and
HONOURABLE MR.JUSTICE B.N. KARIA
Date : 20/08/2018
ORAL ORDER
(PER : HONOURABLE MR.JUSTICE AKIL KURESHI)
1. Appeal is admitted for consideration of the following substantial questions of law.
"(B) Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT erred in holding that the forward foreign currency contracts of Rs.7,03,02,642/ & Exchange Gain of Rs.37,37,339/ of the assessee pertains to its business income and thereby allowing deduction u/s.80HHC of the Act on these amounts ignoring the fact that the gain due to currency fluctuation is not derived from the business activity of the assessee to allow deduction on the same and the decision of the Hon'ble Supreme Court in the case of CIT Vs Sterling Goods, 237 ITR 579, on the same issue ?Page 1 of 2
C/TAXAP/683/2018 ORDER (D) Whether on the facts and the) circumstances of the case and in law, the Hon'ble ITAT erred in deleting the addition of Rs.1,36,72,735/ made on account of excise duty refund and sales tax receivable written off by the asessee ignoring the fact that the said amount had never been shown as income by the assessee before writing off the same which is in violation of the provisions of the Sec. 36(2)(i) of the I.T.Act, 1961?"
2. We notice that Revenue has suggested few more questions. However the amounts involved either are too small or questions are facts based.
(AKIL KURESHI, J) (B.N. KARIA, J) K.K. SAIYED Page 2 of 2