Dismissing the appeal the Court held that power of Hon’ble High Court under section 260A of the Act is limited to the substantial question of law. Thus, the finding rendered by the Appellate Tribunal cannot be disturbed in appeal under section 260A of the Act. Provision of certain amount towards restatement of liability in foreign currency, reassessment is valid.
Costal Energy (P.) Ltd. v. Dy. CIT (2024) 301 Taxman 51 (Mad.) (HC)
S. 147: Reassessment-Provision of certain amount towards restatement of liability in foreign currency-Reassessment is valid Finding of fact given by Tribunal cannot be disturbed in appeal before the High Court.[S.37(1), 148, 254(1), 260A]