Assessing Officer made addition to income of assessee on account of foreign exchange fluctuation gain. Commissioner (Appeals) deleted addition holding it was not related to business activity of assessee and Tribunal upheld this factual finding. High Court upheld order of Tribunal. SLP of revenue was dismissed as delay of 825 was not satisfactorily explained.
CIT v. Hazira LNG (P.) Ltd. (2025) 305 Taxman 560 (SC) Editorial : CIT v. Hazira LNG (P.) Ltd (2025) 175 taxmann.com 536 (Guj)(HC)
S. 28(i) : Business income-Foreign exchange fluctuation gain-Delay of 825 days-Delay was not satisfactorily explained-SLP of revenue dismissed. [Art. 136]
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