IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 984 OF 2009 WITH INCOME TAX APPEAL NO. 985 OF 2009 The Commissioner of Income-tax-, ... Appellant. V/s. Apar Industries Ltd. ... Respondent. B.M.Chatterjee i/b. Ms.Padma Vibhakar for the appellant. S.J.Mehta for the respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 3rd August 2009. P.C. : Heard learned counsel for the appellant and learned counsel for the respondent. 2. The following two questions are raised in the present appeal as substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that amount of deduction u/s.80 HHC of the Income Tax Act, 1961 to be reduced from book profit u/s. 115JA of the Income Tax Act is to be computed without taking into consideration the brought forward business losses and unabsorbed depreciation? 2. Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that loss incurred on account of fluctuation in foreign exchange on purchase of raw material should not be taken into account for valuation of stock of unconsumed raw material on the last day of the accounting year? 3. Both parties agree that so far as first question is concerned, the same is covered by the judgment of this court in the case of C.I.T. v. Ajanta Pharma Ltd., (2009) 223 CTR 441 in favour of the revenue. In this view of the matter, first question is answered in favour of the revenue and against the assessee. 4. So far as second question is concerned, the said question is covered by the judgment of the Supreme Court in the case of C.I.T. v. Woodwards Governor India P.Ltd., (2009) 312 ITR 254 (SC). In the result, second question is answered in favour of the assessee and against the revenue. 5. Appeal is, accordingly, disposed of with no order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA J.)