Bangalore in ACIT v. K. Mohan & Co.(Exports) P Ltd.

126 ITD 59Income Tax Appellate Tribunal#10118 most cited

What is Bangalore in ACIT v. K. Mohan & Co.(Exports) P Ltd. authority for?

Profits derived from forward contracts entered into to avoid the risk of loss due to foreign exchange fluctuation are to be assessed as speculative profit and are not considered part of export turnover eligible for deduction under Section 10B, especially when the contracts are not isolated transactions.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

ACIT v. K. Mohan & Co.(Exports) P Ltd. · 126 ITD 59 · Section 10B · Section 28 · speculative gains · forward contracts · foreign exchange fluctuation · export turnover

Sections most often in play

Section 10ASection 254(2)Section 28

Judgments citing Bangalore in ACIT v. K. Mohan & Co.(Exports) P Ltd.

Hsbc Electronic Data Processing India Private Limited, Hyderabad vs. Addl. Commissioner of Income Tax, Range-2, Hyderabad

In the result, Ground No.6(b) is allowed and Ground

ITA 1613/HYD/2017[2010-11]Status: DisposedITAT Hyderabad27 Mar 2025AY 2010-11

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.1613/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2010-11) Hsbc Electronic Data Vs. Addl. C.I.T Processing India (P) Ltd Range-8 Hyderabad Hyderabad Pan:Aaach8235M (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Cas Nusrath Farheen & Shyam Agarwal राज" व "ारा/Revenue By:: Smt. M. Narmada, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 26/03/2025 घोषणा की तारीख/Pronouncement: 27/03/2025 आदेश/Order

For Appellant: CAs Nusrath Farheen &For Respondent: : Smt. M. Narmada, CIT(DR)
Section 10ASection 254(2)

…C Electronic Data Processing India P Ltd part of export turnover. They are basically sort of speculation gains/notional gains which are not part and parcel of export activity. The Hon'ble Bangalore tribunal in the case of K. .Mohan & Co. (Exports) (P.) Ltd. [126 ITD 59], held as under: "In order to avoid risk of loss due to foreign exchange fluctuation it entered into forward contracts in respect of foreign exchange to be received as a result of export. During relevant assessment year, assessee claimed deduction under section 10B in respect of its entire income including profits derived from forward contracts –…

Dy. Commissioner of Income Tax, Circle-2(2), Hyderabad vs. Hsbc Electronic Data Processing India Private Limited, Hyderabad

In the result, the appeal filed by the Revenue is dismissed

ITA 1632/HYD/2017[2010-11]Status: DisposedITAT Hyderabad05 Aug 2024AY 2010-11

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

For Appellant: Shri Rajan Vora, C.AFor Respondent: : Shri Kumar Pranav, CIT-DR
Section 10ASection 115Section 115JSection 251(1)(a)Section 37(1)Section 41(1)

…आआआआ आआआआआआ आआआआआआ, आआआआआआआआ आआआ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B’ Bench, Hyderabad BEFORE SHRI LALIET KUMAR, JUDICIAL MEMBER AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA No.1613/Hyd/2017 (निर्धारण वर्ा/Assessment Year:2010-11) M/s. HSBC Electronic Data Vs. Addl. Commissioner of Income Tax, Processing India Pvt. Ltd., Range-2, Hyderabad. Hyderabad-500 081 PAN: AAACH8235M (Appellant) (Respondent) आ.अपी.सं /ITA No.1632/Hyd/2017 (निर्धारण वर्ा/Assessment Year:2010-11) Dy. Commissioner of Income Tax, M/s. HSBC Electronic Data Vs. Circle 2(2), Hyderabad. Processing India Pvt. Ltd.,…

DCIT, Chennai vs. Avalon Technologies P. Ltd., Chennai

In the result, the appeals filed by the assessee for assessment year 2009-10 in ITA No

ITA 214/CHNY/2017[2009-10]Status: DisposedITAT Chennai31 Mar 2022AY 2009-10

Bench: Shri Mahavir Singhand Dr. M.L. Meena

For Respondent: Shri Guru Bashyam, CIT
Section 10ASection 143(3)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं डॉ एम एल मीना, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND Dr. M.L. MEENA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 1775 & 445/CHNY/2016 िनधा"रण वष" /Assessment Years: 2009-10 & 2010-11 M/s. Avalon Technologies Pvt. The DCIT, Ltd., v. Company Circle I(1) TPI Block, B-7 & B-8, I Main Road, Chennai -34. MEP-SEZ, Tambaram, Chennai – 600 045. PAN: AACCA 4147K (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./ITA No.: 214/CHNY/2017 िनधा"रण वष" /Assessment Year: 2009-10…

Avalon Technoloiges (P) Limited, Chennai vs. DCIT, Chennai

In the result, the appeals filed by the assessee for assessment year 2009-10 in ITA No

ITA 445/CHNY/2016[2010-11]Status: DisposedITAT Chennai31 Mar 2022AY 2010-11

Bench: Shri Mahavir Singhand Dr. M.L. Meena

For Respondent: Shri Guru Bashyam, CIT
Section 10ASection 143(3)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं डॉ एम एल मीना, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND Dr. M.L. MEENA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 1775 & 445/CHNY/2016 िनधा"रण वष" /Assessment Years: 2009-10 & 2010-11 M/s. Avalon Technologies Pvt. The DCIT, Ltd., v. Company Circle I(1) TPI Block, B-7 & B-8, I Main Road, Chennai -34. MEP-SEZ, Tambaram, Chennai – 600 045. PAN: AACCA 4147K (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./ITA No.: 214/CHNY/2017 िनधा"रण वष" /Assessment Year: 2009-10…

Avalon Technologies (P) Limited, Chennai vs. DCIT, Chennai

In the result, the appeals filed by the assessee for assessment year 2009-10 in ITA No

ITA 1775/CHNY/2016[2009-10]Status: DisposedITAT Chennai31 Mar 2022AY 2009-10

Bench: Shri Mahavir Singhand Dr. M.L. Meena

For Respondent: Shri Guru Bashyam, CIT
Section 10ASection 143(3)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "संह, उपा"य" एवं डॉ एम एल मीना, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND Dr. M.L. MEENA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 1775 & 445/CHNY/2016 िनधा"रण वष" /Assessment Years: 2009-10 & 2010-11 M/s. Avalon Technologies Pvt. The DCIT, Ltd., v. Company Circle I(1) TPI Block, B-7 & B-8, I Main Road, Chennai -34. MEP-SEZ, Tambaram, Chennai – 600 045. PAN: AACCA 4147K (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./ITA No.: 214/CHNY/2017 िनधा"रण वष" /Assessment Year: 2009-10…

Stenly Securities Ltd, Kolkata vs. DCIT, Cir.-5, Kolkata

In the result, the appeal of assessee is allowed

ITA 2301/KOL/2019[2009-10]Status: DisposedITAT Kolkata18 Mar 2020AY 2009-10

Bench: Shri A. T. Varkey, Jm] Assessment Year: 2009-10

…ve transaction which settles otherwise than by the actual delivery within the meaning of sub-section 5 of Section 43 of the Income Tax Act, 1961. The Ld. DR also relied on the following judgments. 1). ACIT-vs- K. Mohan & Company Private Ltd., Bangalore ITAT 126 ITD 59 2) D. Kishore Commercial & Company, Mumbai ITAT, 2 SOT 769 3) S. Vinod Kumar –vs- ACIT, Mumbai ITAT in ITA No.506/Mum/13 All the Judgments cited above speak about the speculative transactions which do not have any underlying assets and liabilities to hedge and these transactions settle in future without actual delivery of goods. 7. Having he…

Arjav Diamonds (India) P.Ltd, Mumbai vs. Addl CIT 5(1), Mumbai

In the result, appeal of the assessee is allowed in part

ITA 7467/MUM/2012[2008-09]Status: DisposedITAT Mumbai17 May 2017AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Arjav Diamonds (India) Pvt. Vs. Acit – 5(1), Mumbai Ltd., 314, Prasad Chambers, Opera House, Mumbai – 400 004 Pan/Gir No. Aagca2472D Appellant) .. Respondent)

Section 143(3)Section 14ASection 43Section 43(5)

…hence the loss suffered by the assessee is a speculative loss. In this regard, the AO 9 Arjav Diamonds (India) Pvt. Ltd., took support from the decision rendered by Bangalore bench of Tribunal in the case of ACIT Vs. K.Mohan & Co. (Exports) P Ltd reported in 126 ITD 59. The Ld CIT(A) confirmed the order of the AO by following the decision rendered in the case of M/s S.Vinodkumar Diamonds P Ltd (ITA No.506/M/2013). 4. We heard the parties and perused the record. The decision rendered by the Bangalore bench of Tribunal in the case of K. Mohan & Co. (Exports) P Ltd (supra) was considered by another bench of Bangalo…

M/S Nagreeka Exports Limited, Kolkata vs. A.D.I.T RG - 6, Kolkata

In the result, both the appeals filed by the assessee and revenue on this issue are dismissed

ITA 455/KOL/2013[2008-2009]Status: DisposedITAT Kolkata03 Aug 2016AY 2008-2009

Bench: Shri N.V.Vasudevan, J.M. &Dr.A.L.Saini, A.M.)

For Appellant: Shri S.D. Verma, AdvocateFor Respondent: Shri G. Mallikarjuna, CIT,DR
Section 143(1)Section 143(3)Section 14ASection 37(1)

…ITA Nos.455 & 578/Kol/2013 M/s. Nagreeka Exports Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH ‘C’, KOLKATA (Before Shri N.V.Vasudevan, J.M. &Dr.A.L.Saini, A.M.) ITA No. 455/Kol/2013: Asstt. Year : 2008-2009 M/s. Nagreeka Exports Limited Vs Additional C.I.T, Range-6, 18, R.N. Mukherjee Road, Aaykar Bhawan, Kolkata- Kolkata- 700 001 700069 PAN: AAACN 9999A (APPELLANT) (RESPONDENT) : Asstt. Year : 2008-09 D.C.I.T., Circle-6, Kolkata Vs M/s. Nagreeka Exports Ltd. 18, R.N. Mukherjee Road, Kolkata- 700 001 PAN: AAACN 9999A (APPELLANT) (RESPONDENT) Assessee by: Shri S.D. Verma, Advocate Department by: S…

Hiraco India P.Ltd, Mumbai vs. DCIT 5(1), Mumbai

In the result, the appeal filed by the assessee is allowed

ITA 2300/MUM/2015[2009-10]Status: DisposedITAT Mumbai20 Jan 2016AY 2009-10

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. N.2300/Mum/2015 (ननधधायण वषा / Assessment Year:2009-10) बनाम/ M/S Hiraco India Pvt.Ltd, Dy.Commissioner Of Income Gw 2050, Tax-5(1), Vs. Bharat Diamond Bourse, Aayakar Bhavan, Bandra Kurla Complex, M K Road, Babdra (E), Mumbai-400020. Mumbai-400051 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…ncy is a speculative transaction and hence the loss suffered by the assessee is a speculative loss. In this regard, the AO took support from the decision rendered by Bangalore bench of Tribunal in the case of ACIT Vs. K.Mohan & Co. (Exports) P Ltd reported in 126 ITD 59. The Ld CIT(A) 3 confirmed the order of the AO by following the decision rendered in the case of M/s S.Vinodkumar Diamonds P Ltd (ITA No.506/M/2013). 4. We heard the parties and perused the record. The decision rendered by the Bangalore bench of Tribunal in the case of K. Mohan & Co. (Exports) P Ltd (supra) was considered by another bench of Ban…

Star Exports & Imports, Bangalore vs. Add.C.I.T., Bangalore

Appeal of the assessee is allowed

ITA 997/BANG/2012[2009-10]Status: DisposedITAT Bangalore06 Feb 2015AY 2009-10

Bench: Shri N.V.Vasudevan & Shri Abraham P George

For Appellant: Shri H.N.Khincha, CAFor Respondent: Shri P.Dhivahar, JCIT
Section 43(5)

…earned AO, could not be saved by proviso to Sec.43(5) of the Act, for the reason that contract was not in respect of raw materials or merchandise. Further, as per the learned AR Co- ordinate Bench in the case of CIT Vs M/s K. Mohan & Co.(Exports) Pvt. Ltd. 126 ITD 59(Bang) had held that foreign exchange forward contract transactions giving rise to loss or gains would be speculative in nature. Again as per the AO, the decision of the Hon’ble Calcutta High Court in the case of CIT Vs Soorajmull Nagar Mull 129 ITR 169, relied on by the assessee was distinguishable on facts. He thus, held that the speculative t…