HC deletes addition for Foreign Exchange Fluctuation Earning not related to Business Activity

CIT Vs Hazira LNG Pvt Ltd (Gujarat High Court) CIT(A) recorded a finding that earning of the assessee from foreign exchange fluctuations was not in connection with its business activity. The finding was in the realm of appreciation of facts and material, therefore, is factual in nature. Such a finding came to be affirmed by the Tribunal, which is a finding of fact of the authority. The issue involved in the present Appeal which relates to deleting the addition of Rs. 6,09,97,186/- made by the Assessing Officer, on account of gain on foreign exchange fluctuation, is similar and identical to the...