COMMISSIONER OF INCOME TAX Vs. WIPRO FINANCE LTD

JUDGEMENT

(1.) Appeal by the revenue under Section 260A of the Income Tax Act, 1961 [for short, the Act], had been admitted to examine the following substantial question of law:

(2.) Assessee is a financial company and the assessment year in question is 2000-01. Assessee had claimed certain deductions by way of loss in its business income, due to fluctuations in the rate of exchange on the outstanding dues payable in foreign exchange, which the assessee had raised for the purpose of buying its stock-in-trade. While the assessing officer rejected the same, on the premise that it is notional loss and therefore not allowable, the appellate commissioner and the tribunal opined otherwise. It is in this background, the revenue is in appeal.

(3.) Sri K V Aravind, learned standing counsel for the appellants-revenue and Sri R B Krishna, learned counsel for respondent-assessee submit before us that the question is now concluded by the judgment of the Supreme Court in the case of COMMISSIONER OF INCOME TAX vs. WOODWARD GOVERNOR INDIA PVT LTD, 2009 312 ITR 254.