{"id":12208,"date":"2020-09-11T12:58:33","date_gmt":"2020-09-11T12:58:33","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-shapoorji-pallonji-and-co-ltd-2020423-itr-220-bomhc-3\/"},"modified":"2022-12-31T17:19:42","modified_gmt":"2022-12-31T11:49:42","slug":"pcit-v-shapoorji-pallonji-and-co-ltd-2020423-itr-220-bomhc-3","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-shapoorji-pallonji-and-co-ltd-2020423-itr-220-bomhc-3\/","title":{"rendered":"PCIT v. Shapoorji Pallonji and Co. Ltd. (2020)423 ITR 220\/ 273 Taxman 167 (Bom)(HC)\/Editorial : SLP of Revenue dismissed , PCIT v. Shapoorji Pallonji and Co. Ltd. (2022)  288 Taxman 661 (SC)"},"content":{"rendered":"<p>Tribunal affirmed the deletion of \u00a0the additions made under section\u00a014A\u00a0it deleted the adjustments made in the book profits under section\u00a0115JB\u00a0following the disallowance made under section\u00a014A\u00a0on account of foreign exchange fluctuations. The Tribunal held that loss that arose on account of valuation of outstanding liabilities and receivables could not be considered as a notional loss.\u00a0 Dismissing the appeal of the revenue the Court held that Tribunal was justified in upholding the decision of the CIT (A) in deleting the disallowance made under section\u00a014A\u00a0and foreign exchange fluctuations to the book profits under S. \u00a0115JB\u00a0.\u00a0 ( AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S.115JB: Book profit &#8211;  Fluctuations In Foreign Exchange Rates-Exempt income- Deletion of addition is held to be justified .  [ S.14A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12208","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3aU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12208"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12208\/revisions"}],"predecessor-version":[{"id":31602,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12208\/revisions\/31602"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}