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Commissioner Of Income Tax 14 vs The Paper Products Ltd. on 11 July, 2018

Bench: A.K. Sikri, Ashok Bhushan

                                                    1

       ITEM NO.8                           COURT NO.5                SECTION IX

                                  S U P R E M E C O U R T O F     I N D I A
                                          RECORD OF PROCEEDINGS

       SPECIAL LEAVE PETITION (CIVIL) Diary No(s). 21095/2018

       (Arising out of impugned final judgment and order dated 24-07-2017
       in ITA No. 30/2015 passed by the High Court of Judicature At
       Bombay)

       COMMISSIONER OF INCOME TAX 14                                   Petitioner(s)

                                                   VERSUS

       THE PAPER PRODUCTS LTD.                                         Respondent(s)

       (FOR ADMISSION and I.R. and IA No.85291/2018-CONDONATION OF DELAY
       IN FILING)

       Date : 11-07-2018 This petition was called on for hearing today.

       CORAM :
                            HON'BLE MR. JUSTICE A.K. SIKRI
                            HON'BLE MR. JUSTICE ASHOK BHUSHAN

       For Petitioner(s)               Mr. A.N.S. Nadkarni, ASG
                                       Mr. Devashish Bharuka, Adv.
                                       Mr. D.L. Chidanand, Adv.
                                       Mrs. Anil Katiyar, AOR

       For Respondent(s)

                             UPON hearing the counsel the Court made the following
                                                O R D E R

Delay condoned subject to payment of cost of Rs. 20,000/- to be deposited with the Supreme Court Legal Services Committee within four week.

It is argued by learned Additional Solicitor General that no actual loss was incurred by the assessee in the forward contract Signature Not Verified and it was only a notional loss and, therefore, could not have been Digitally signed by SUSHIL KUMAR RAKHEJA Date: 2018.07.11 17:22:56 IST Reason: treated as actual expenditure deductible under Section 37(1) of the Income Tax Act.

He further submits that in the aforesaid fact scenario, the judgment of this Court in "Commissioner of Income Tax, Delhi vs. Woodward Governor India Private Limited" reported in (2009) 13 SCC 1 would not be applicable.

Issue notice.

(SUSHIL KUMAR RAKHEJA)                          (RAJINDER KAUR)
COURT MASTER (SH)                                BRANCH OFFICER