The Tax Publishers2021 TaxPub(DT) 0385 (SC) : (2020) 275 TAXMAN 0388

INCOME TAX ACT, 1961

Section 261

Where the department preferred SLP to appeal against the judgment of Bombay High Court in CIT v. C.J. Exporters [ITA No. 468 of 2015, dt. 8-1-2018] : 2021 TaxPub(DT) 391 (Bom-HC), whereby the High Court held that it was an agreed position between the parties that the issue raised stands concluded in favour of assessee by the decisions of this court in CIT v. D. Chetan & Co. (2016) 75 Taxmann.com 300 (Bom) : (2016) 43 Taxman 356 (Bom) : 2016 TaxPub(DT0 4887 (Bom-HC) and CIT v. Chaitya [ITA No. 128 of 2015, dated 7-7-2017]. Thus, disallowance of loss on foreign exchange forward contract could not be made and accordingly, question as proposed did not give rise to any substantial question of law, the Supreme Court dismissed the SLP as withdrawn, leaving question of law open.

Appeal (Supreme Court) - Special leave petition - Loss on foreign exchange forward contract - High Court upheld the order of Tribunal allowing loss as business loss

Department preferred SLP to appeal against the judgment of Bombay High Court in CIT v. C.J. Exporters [ITA No. 468 of 2015, dt. 8-1-2018] : 2021 TaxPub(DT) 391 (Bom-HC), whereby the High Court held that it was an agreed position between the parties that the issue raised stands concluded in favour of assessee by the decisions of this court in CIT v. D. Chetan & Co. (2016) 75 Taxmann.com 300 (Bom) : (2016) 43 Taxman 356 (Bom) : 2016 TaxPub(DT0 4887 (Bom-HC) and CIT v. Chaitya [ITA No. 128 of 2015, dated 7-7-2017]. Thus, disallowance of loss on foreign exchange forward contract could not be made and accordingly, question as proposed did not give rise to any substantial question of law. Held: Counsel for the petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F.No. 390/Misc./116/2017-JC, dated 22-8-2019, sought permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect. Permission was granted, subject to just exceptions. The special leave petition and pending applications were dismissed as withdrawn, leaving question of law open.

REFERRED :

FAVOUR : SLP dismissed as withdrawn.

A.Y. :



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