ACIT PONDICHERRY CIRCLE, PONDICHERRY vs. INTEGRA SOFTWARE SERVICES P LTD, PONDICHERRY

ITA 258/CHNY/2020Status: DisposedITAT Chennai21 October 2022AY 2013-145 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

For AY 2010-11, the Tribunal upheld the deletion of disallowance under Section 40(a)(i) based on a prior order for AY 2011-12. For AY 2013-14 and 2014-15, the disallowance under Section 40(a)(i) was restored to the AO for fresh consideration, and the mark-to-market loss issue was also restored for substantiation.

What were the facts?

The appeals by the revenue concerned disallowance under Section 40(a)(i) and mark-to-market losses on forex derivatives for assessment years 2010-11, 2013-14, and 2014-15. The issue of disallowance under Section 40(a)(i) was a second round of appeal after being remitted back for fresh consideration.

What were the issues?

Whether disallowance under Section 40(a)(i) is warranted for non-deduction of TDS on foreign payments, and whether mark-to-market losses on forex derivatives are speculative or notional.

Which sections of the Income-tax Act were involved?

Section 40(a)(i),Section 37(1),Section 195(6),Section 43(5)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, CHENNAI

Before: HON’BLE SHRI MAHAVIR SINGH & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri R Bhoopathi (JCIT) – Ld. DR, Shri N. Arjunraj (CA) for Shri. S. Sridhar (Advocate) – Ld. AR
For Respondent: Shri N. Arjunraj (CA) for Shri. S. Sridhar (Advocate) – Ld. AR

Heard together (3 matters)

ITA No. 257/Chny/2020
ITA No. 258/Chny/2020
ITA No. 259/Chny/2020

Read from the judgment's own cause title. This page is filed under one of them.

Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeals by revenue for Assessment Years (AYs) 2010- 11, 2013-14 & 2014-15 arises out of com

The order continues below.

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