Commissioner Of Income Tax vs Fidelity Technology India Pvt. ...
2010 Latest Caselaw 4416 Del

                                                                                    #12
*       IN THE HIGH COURT OF DELHI AT NEW DELHI

+       ITA 277/2010

COMMISSIONER OF
INCOME TAX                                      ..... Appellant
                                 Through        Mr. Sanjeev Sabharwal, Senior
                                                Standing Counsel.
                        versus

FIDELITY TECHNOLOGY INDIA
PVT. LTD.                 ..... Respondent
                 Through  None

%                                     Date of Decision : 20th September, 2010


CORAM:
HON'BLE THE CHIEF JUSTICE
HON'BLE MR. JUSTICE MANMOHAN

1. Whether the Reporters of local papers may be allowed to see the judgment? No.
2. To be referred to the Reporter or not? No.
3. Whether the judgment should be reported in the Digest? No.



                                 JUDGMENT

MANMOHAN, J

CM APPL. 3236/2010

This is an application for condonation of delay in refiling the

appeal.

For the reasons stated in the application, delay in refiling the

appeal is condoned.

Accordingly, the application stands disposed of.

ITA 277/2010

1. The present appeal has been filed under Section 260A of Income

Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated

22nd August, 2008 passed by the Income Tax Appellate Tribunal (in

short "Tribunal") in ITA No. 1943/Del/2007 for the Assessment Year

2003-2004.

2. Mr. Sanjeev Sabharwal, learned senior standing counsel for

Revenue submitted that the Tribunal had erred in law in deleting the

addition of Rs. 51,78,289/- made by the Assessing Officer by

disallowing the liability on account of foreign exchange fluctuation.

3. However, upon a perusal of the file, we find that the Tribunal has

decided the matter against the Revenue relying upon the Division

Bench judgment of this Court in CIT Vs. M/s. Woodward Governor

India (Pvt.) Ltd., (2007) 294 ITR 451 (Del.). It is pertinent to mention

that the aforesaid judgment has also been affirmed by the Supreme

Court in CIT Vs. Woodward Governor India (Pvt. ) Ltd., (2009) 312

ITR 254 (SC).

4. Consequently, as the issue involved in the present proceedings is

no longer res integra, the present appeal is dismissed in limine.

MANMOHAN, J

CHIEF JUSTICE SEPTEMBER 20, 2010 rn