Case Law Details
DCIT Vs M/s. National Textile Corporation. Ltd. (ITAT Delhi)
We have carefully gone through the orders of the authorities below and the material placed before us. We have also deliberated on the judicial pronouncements referred to by the lower authorities in their respective orders as well as cited by the learned DR and AR during the course of hearing. The learned CIT(A) while deleting the penalty has passed a well reasoned order which does not require any interference. The findings of the learned CIT(A) are as under:
“ Ground No. 1, 3 &5 related to imposition of penalty u/s 271(1 )(c) which are dealt with as under
On the factual front, there is loss in foreign exchange fluctuation. Whether it is capital in nature or revenue in nature is the issue of contention.
During the year under consideration the assessee suffered loss due to foreign exchange rate fluctuations. This was in relation to import of machinery from other countries.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
