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Notional loss can be claimed in case of computation of income on notional basis
Case Law Details
- Case Name
- Commissioner of Income-tax Vs Wipro Finance Ltd. (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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HIGH COURT OF KARNATAKA
Commissioner of Income-tax, Central Circle
Versus
Wipro Finance Ltd.
IT APPEAL NO. 106 OF 2007
JANUARY 7, 2013
JUDGMENT
D.V. Shylendra Kumar, J.
Appeal by the revenue under Section 260A of the Income Tax Act, 1961 [for short, the Act], had been admitted to examine the following substantial question of law:
Whether the Appellate Authorities were correct in holding that a sum of Rs. 80,04,000/- claimed as a foreign exchange loss on account of restatement of CDC loan should be treated as a revenue loss despite the same not having actually arisen and was o...
