Atlas Cycle Industries Limited v. JCIT

270 ITR 108High Court2004#15509 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2017.

Judgments citing Atlas Cycle Industries Limited v. JCIT

ACIT, Chennai vs. M/S. Nichias Industrial Products Pvt. Ltd., Sriperambudur

In the result, the Revenue’s appeal is treated as allowed for statistical

ITA 2754/CHNY/2016[2012-13]Status: DisposedITAT Chennai28 Dec 2017AY 2012-13

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

For Appellant: Shri. S. Lakshminarasimhan, CA

…P&L account. 2.2 Having regard to the Hon’ble Madras High Court’s decision in the case of Tube Investments of India Ltd vs JCIT (2014) 45 taxmann.com 78, Hon’ble Punjab and Haryana High Court’s decision in the case of Atlas Cycle Industries Ltd. v CIT [2004] 270 ITR 108 (P & H) and ITAT Mumbai A Special Bench’s decision in the case of Poysha Industrial Co. Ltd., vs ITO (1983) 4 ITD 41(Bom) :-3-: (SB), wherein it is held assessee utilised foreign loan for purchase of capital equipment, and hence the loss incurred on said loan due to fluctuation in foreign exchange rate was to be regarded as capital in nature whi…

DCIT, Cir-11(1), Kolkata vs. M/S Eveready Industries India Ltd., Kolkata

In the result, appeal of revenue is dismissed

ITA 159/KOL/2016[2006-07]Status: DisposedITAT Kolkata18 Oct 2017AY 2006-07

Bench: "ी ऐ. ट". वक", "यायीक सद"य एवं/And "ी वसीम अहमद, लेखा सद"य) [Before Shri A. T. Varkey, Jm & Shri Waseem Ahmed, Am]

…s arising from restatement was claimed as expenditure and where the gain was made it was show as income. After noting these facts, the AO relying on the judgment of the Hon’ble Punjab & Haryana High Court in the case of Atlas Cycle Industries Limited Vs JCIT (270 ITR 108) and Hon’ble Gujarat High Court in the case of Mihir Textiles Limited Vs CIT (225 ITR 327) observed that the loss incurred was notional one or it was contingent in nature. Hence, the deduction was not permissible. On appeal, the Ld. CIT(A) has observed as under: “I have carefully considered the submissions of the A/Rs and have perused the appella…

ACIT, New Delhi vs. M/S. Timex Group India Ltd., New Delhi

ITA 259/DEL/2013[2006-07]Status: DisposedITAT Delhi21 Jun 2016AY 2006-07

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…provision and not a contingent liability. Therefore, it was an allowable expenditure. The reliance was placed on the following case laws: " Indag Rubber Ltd. Vs CIT 174 CTR 636 (Del) " Jain Tube Co. Ltd. Vs CIT 254 ITR 570 (Del) " Atlas Cycle Ind. Ltd. Vs CIT 270 ITR 108 (P & H) " CIT VS Paper Product Ltd. 271 ITR 472 (Del) " CIT Vs Oil India Co. Ltd. 137 ITR 156 (Cal) " CIT Vs International Combustion (I) Pvt. Ltd. 137 ITR (Cal) " CIT Vs ES Dempo & Co. Ltd. 206 ITR 293 (Bom) " State Bank of Travancore Vs CIT, Kerala 158 ITR 102 (SC) " Telemachanique & Control India Ltd. Vs CIT 60 ITD 483 (ITAT, Del) 6. The AO, h…

ACIT, New Delhi vs. M/S. Timex Group India Ltd., New Delhi

ITA 258/DEL/2013[2005-06]Status: DisposedITAT Delhi21 Jun 2016AY 2005-06

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…provision and not a contingent liability. Therefore, it was an allowable expenditure. The reliance was placed on the following case laws: " Indag Rubber Ltd. Vs CIT 174 CTR 636 (Del) " Jain Tube Co. Ltd. Vs CIT 254 ITR 570 (Del) " Atlas Cycle Ind. Ltd. Vs CIT 270 ITR 108 (P & H) " CIT VS Paper Product Ltd. 271 ITR 472 (Del) " CIT Vs Oil India Co. Ltd. 137 ITR 156 (Cal) " CIT Vs International Combustion (I) Pvt. Ltd. 137 ITR (Cal) " CIT Vs ES Dempo & Co. Ltd. 206 ITR 293 (Bom) " State Bank of Travancore Vs CIT, Kerala 158 ITR 102 (SC) " Telemachanique & Control India Ltd. Vs CIT 60 ITD 483 (ITAT, Del) 6. The AO, h…

ACIT, New Delhi vs. M/S. Timex Watches Ltd., New Delhi

ITA 2769/DEL/2012[2004-05]Status: DisposedITAT Delhi21 Jun 2016AY 2004-05

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…provision and not a contingent liability. Therefore, it was an allowable expenditure. The reliance was placed on the following case laws: " Indag Rubber Ltd. Vs CIT 174 CTR 636 (Del) " Jain Tube Co. Ltd. Vs CIT 254 ITR 570 (Del) " Atlas Cycle Ind. Ltd. Vs CIT 270 ITR 108 (P & H) " CIT VS Paper Product Ltd. 271 ITR 472 (Del) " CIT Vs Oil India Co. Ltd. 137 ITR 156 (Cal) " CIT Vs International Combustion (I) Pvt. Ltd. 137 ITR (Cal) " CIT Vs ES Dempo & Co. Ltd. 206 ITR 293 (Bom) " State Bank of Travancore Vs CIT, Kerala 158 ITR 102 (SC) " Telemachanique & Control India Ltd. Vs CIT 60 ITD 483 (ITAT, Del) 6. The AO, h…

DCIT, Circle - 11, Kolkata vs. M/S. Eveready Industries India Ltd., Kolkata

In the result appeal by the revenue is dismissed

ITA 94/KOL/2012[2005-06]Status: DisposedITAT Kolkata03 Feb 2016AY 2005-06

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] Assessment Year : 2005-06

For Appellant: MD.Ghayas Uddin, JCIT, Sr.DR
Section 41(1)Section 43B

…d in the circumstances of the case, the Ld. CIT(A) is correct in deleting the disallowance of Rs.256.32 lakh on account of loss in Foreign Exchange Fluctuation, a contingent liability without considering teh Judgement in case of Atlas Cycle Ind Vs. CIT (2004) 270 ITR 108 (P&H) and Mihir Textile Ltd., vs. CIT(1997) 225 ITR 327(Guj).” 12. The Assessee had taken working capital loans in foreign currency. These loans were repayable in foreign currency. Due to fluctuation in value of Indian currency vis-à-vis the foreign currency the amount repayable by the Assessee was more in terms of Indian currency. There was thu…

Atlas Cycle Industries Limited v. JCIT (270 ITR 108) — Cited in 6 Judgments | BharatTax