Allowance of exchange fluctuation loss on ECB loan availed by the assessee for the acquisition of indigenous assets by CIT(A)

Last updated: 06 January 2021

Court :
ITAT Chennai

Brief :
These two appeals filed by the Revenue are directed against common order of the learned CIT(Appeals)-5, Chennai dated31.10.2019 and pertain to assessment years 2012-13 and 2013-14.Since, the facts are identical and issues are common, for the sake of convenience, they were heard together and disposed of by way of this consolidated order.

Citation :
ITA 35/CHNY/2020

IN THE INCOME TAX APPELLATE TRIBUNAL ,
‘B’ BENCH, CHENNAI

BEFORE SHRI V.DURGA RAO, JUDICIAL MEMBER
AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER
I .T.A.Nos.34 & 35 /Chny/2020
Assessment Years: 2012-13 & 2013-14)

The Deputy Commissioner of
Income Tax,
Corporate Circle-2(1),
Room No.511, Wanaparthy Block
Chennai-600 034.
PAN: AADCG 9451D
Appellant

M/s. Green Star Fertilizers Ltd,
No.8, SPIC House,
Mount Road, Guindy,
Chennai-600 032.
Respondent

Appellant by : Mr. Suresh Periasamy, JCIT
Respondent by : Mr. B.Ramakrishnan,FCA &
Ms.K.Hemalatha, CA

Date of hear ing : 08.12.2020
Date of Pronouncement : 31.12.2020

O R D E R

PER G.MANJUNATHA, AM:

These two appeals filed by the Revenue are directed against common order of the learned CIT(Appeals)-5, Chennai dated31.10.2019 and pertain to assessment years 2012-13 and 2013-14.Since, the facts are identical and issues are common, for the sake of convenience, they were heard together and disposed of by way of this consolidated order.

2. The Revenue has more or less raised common grounds of appeal for the said assessment years, therefore, for the sake of brevity, grounds of appeal filed for the assessment year 2012-13 in

ITA No.34/Chny/2020 are reproduced as under:-

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