Notional Liability On Account Of Change In Exchange Rates Could Not Be Allowed On Notional Basis

High Court of Uttaranchal CIT vs Oil and Natural Gas Corpn. Ltd. Citation –  301 ITR 415 Income-taxAppeals Nos. 89, 91, 92, 123 of 2003, 2 of 2004, 50 of 2005, 59, 60 and 63 of 2006 P.C. Verma and B.C. Kandpal, JJ 29 March 2007 JUDGMENT 1. These are the appeals under Section 260A of the Income-tax Act, 1961, arising out of the orders passed by the Income-tax Appellate Tribunal, New Delhi. 2. I.T.A. No. 91/2003 arises out of the order dated August 28, 2002, passed by the Income-tax Appellate Tribunal Bench “C”, Delhi, in I.T.A. No. 2591 /Del./97 relating to a...