itxa1870-11 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1870 OF 2011 The Commissioner of Income Tax – II, Pune ..Appellant. Versus Shellac Investments Private Limited ..Respondent. Mr.Vimal Gupta, Senior Advocate i/by Ms.Padma Divakar for the appellant. Mr.Mihir Naniwadekar for the respondent. CORAM : J.P. Devadhar & M.S. Sanklecha, JJ. DATE : 23rd January 2013 P.C. : 1. Heard. Admit on the following substantial question of law. “Whether on the facts and circumstances of the case and in law, the Tribunal was justified in holding that the gain received by the assessee as a result of fluctuation in the exchange rate is a capital receipt ?” (Section 28 of the I.T. Act, 1961) 2. To be heard along with Income Tax Appeal Nos.4810 of 2010, 5316 of 2010 and 1096 of 2011. (M.S. Sanklecha, J.) (J.P. Devadhar, J.) 1 of 1