1 acd IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1974 OF 2009 AND INCOME TAX APPEAL NO. 1976 OF 2009 AND INCOME TAX APPEAL NO. 1978 OF 2009 The CIT- 8 ... Appellant V/s. M/s Syntel Limited ... Respondent. ---- Mr. J.S. Saluja, Sr. counsel for the Appellant. Mr. Dinesh Vyas, Sr. vounsel with Ajit Shah, for the Respondent. ---- CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 15TH DECEMBER, 2009 P.C. : 1. Heard learned senior counsel for the revenue and learned senior counsel for the respondent. Perused appeal. 2. The substantial question of law sought to be raised which reads as under: “ Whether in the facts and circumstances of the case and in law, the 2 Tribunal erred in holding that exemption is allowable on exchange fluctuation gain, interest income and reversal of provision. 3. The learned senior counsel for the Revenue submits that the issue is squarely covered in favour of the Revenue by virtue of the judgment of the Apex Court in the case of M/s Liberty India Ltd. V/s The Commissioner of Income Tax [183 (SC)]. 4. Mr. Dinesh Vyas, learned senior counsel for the Respondent strongly opposed the above submission and tried to support the impugned order. 5. Having heard both sides, factual matrix reveal that the respondent has received sale consideration in Dollars, which it were to receive on the date of sale. In terms of Dollars, the receipt is same. But on account of fluctuation in conversion rate it has received more in terms of rupee. In the submission of the assessee the exchange fluctuation giving benefits cannot be within the teeth of the law laid down by the Apex Court in the case of M/s Liberty India Ltd. (cited supra). 6. Apart from the above, the appeal preferred by the Revenue for the assessment 2000-01 involving identical question has already been dismissed on account of delay. 7. On the above premise, having examined the issue, the submission 3 made by Mr. Vyas deserves acceptance. We do not see any substantial question of law arising in these appeals. Hence, appeals are liable to be dismissed with no order as to costs. Order accordingly (J.P.DEVADHAR, J.) (V.C.DAGA, J.)