Madras High Court
M/S.Rajkumar Impex Pvt. Ltd vs The Income Tax Officer on 16 February, 2021
TCA.No.145 of 2019
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 16.2.2021
CORAM
THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAM
and
THE HONOURABLE MS.JUSTICE R.N.MANJULA
Tax Case Appeal No.145 of 2019
M/s.Rajkumar Impex Pvt. Ltd.,
Chennai-18. ...Appellant
Vs
The Income Tax Officer, Business
Ward III(3), Chennai-34. ...Respondent
APPEAL under Section 260A of the Income Tax Act, 1961 against
the order dated 26.8.2015 passed by the Income Tax Appellate
Tribunal, Madras 'D' Bench, Chennai made in I.T.A.No.518/Mds/2014
for the assessment year 2009-10.
For Appellant: Mr.R.Sivaraman
For Respondent: Mr.R.Hemalatha, SSC
Judgment was delivered by T.S.SIVAGNANAM,J
This appeal has been filed by the assessee under Section 260A of
the Income Tax Act, 1961 ('the Act' for brevity) challenging the order
dated 26.8.2015 made in I.T.A.No.518/Mds/2014 on the file of the
https://www.mhc.tn.gov.in/judis/
TCA.No.145 of 2019
Income Tax Appellate Tribunal, Chennai, 'D' Bench ('the Tribunal' for
brevity) for the assessment year 2009-10.
2. The assessee has filed this appeal by raising the following
substantial questions of law :
“1. Whether, on the facts and
circumstances of the case, the Tribunal was
right in directing the Assessing Officer to hold
the force contracts, exceeding the total export
turnover to be speculative in nature, where
‘The Sale of Goods Act’ specifically excludes
cash from the definition of goods, thus making
foreign currency or any other currency, neither
a commodity nor a share?
2. Whether, on the facts and
circumstances of the case, the Tribunal was
right in just restricting the benefit to export
turnover, when the assessee has forex
exposure on both export and import
transactions? And
3. Whether, on the facts and
circumstances of the case, the Tribunal was
right in law in holding that forward contract in
respect of forex transaction entered into by the
appellant with banks will fall under the
definition of speculative transaction and thus
https://www.mhc.tn.gov.in/judis/
TCA.No.145 of 2019
the appellant is not entitled to claim such loss
as business loss?”
3. We have heard Mr.R.Sivaraman, learned counsel appearing for
the appellant/assessee and Mrs.R.Hemalatha, learned Senior Standing
Counsel appearing for the respondent/Revenue.
4. The learned counsel for the assessee submits that the
assessee already filed the declaration/undertaking under the Vivad Se
Vishwas Scheme and orders were passed on 08.12.2020 in Form No.3.
5. In the light of the subsequent event, the assessee is given
liberty to restore this appeal in the event the ultimate decision taken
on the declaration filed by the assessee under Section 4 of the said Act
is not in favour of the assessee. If such a prayer is made, the Registry
shall entertain the prayer without insisting upon any petition to be filed
for condonation of delay in restoration of the appeal and on such
request made by the assessee by filing a miscellaneous petition for
restoration, the Registry shall place such petition before the
appropriate Division Bench for orders.
https://www.mhc.tn.gov.in/judis/
TCA.No.145 of 2019
T.S.SIVAGNANAM,J
AND
R.N.MANJULA,J
RS
6. The tax case appeal stands disposed of with the
aforementioned liberty. Consequently, the substantial questions of law
raised are left open. No costs.
16.2.2021
To
1.The Income Tax Appellate Tribunal, 'D' Bench, Chennai.
2.The Income Tax Officer, Business Ward III(3), Chennai-34.
TCA.No.145 of 2019
https://www.mhc.tn.gov.in/judis/
