DCIT, CIRCLE-8, , PUNE vs. POSCO INDIA PUNE PROCESSING CENTER PVT. LTD., PUNE

ITA 1002/PUN/2024Status: DisposedITAT Pune06 March 2025AY 2011-12Bench: DR.MANISH BORAD (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)16 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) correctly allowed the assessee's claim for adjustment of foreign exchange gain/loss, as the assessee consistently followed accounting standards. The Tribunal also upheld the CIT(A)'s decision regarding the adjustment of excess provision for slow-moving inventory, preventing double taxation.

What were the facts?

The Revenue appealed against the deletion of an addition of Rs. 5,23,00,000/- related to foreign exchange gain by the CIT(A). The assessee also filed cross objections challenging reassessment proceedings, which were not pressed.

What were the issues?

Whether reassessment proceedings were validly initiated and whether the assessee's claim for foreign exchange gain/loss and adjustment of slow-moving inventory provision was correctly allowed.

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 43A,Section 115JB

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Income Tax Appellate Tribunal, PUNE BENCHES “B”, PUNE

Before: DR.MANISH BORAD & SHRI VINAY BHAMORE

For Appellant: Shri V. Krishna V. Gujarathi
For Respondent: Shri Arvind Desai
Hearing: 07.01.2025Pronounced: 06.03.2025

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

The captioned two appeals filed by the Revenue and Cross Objections filed by the assessee relate to Assessment Years 2010- 11 and 2011-12 and are directed agai

The order continues below.

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