Bank A.G v. DCIT

117 ITR 789High Court1979#6341 most cited
18

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2022.

Issues it is cited on

free trade zonestpi unitsection 80ia(8)section 28(i)foreign tax creditsection 10aacomputer softwaresection 40(a)(i)section 10asection 80iasection 30amalgamation

Judgments citing Bank A.G v. DCIT

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LTD , BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 1849/BANG/2017[2008-09]Status: DisposedITAT Bangalore30 Nov 2022AY 2008-09

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LTD , BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 1848/BANG/2017[2009-10]Status: DisposedITAT Bangalore30 Nov 2022AY 2009-10

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LTD , BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 1557/BANG/2017[2007-08]Status: DisposedITAT Bangalore30 Nov 2022AY 2007-08

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

M/S INFOSYS LTD ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 1532/BANG/2017[2009-10]Status: DisposedITAT Bangalore30 Nov 2022AY 2009-10

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

M/S INFOSYS LTD ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 1531/BANG/2017[2008-09]Status: DisposedITAT Bangalore30 Nov 2022AY 2008-09

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

INFOSYS LTD ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 1530/BANG/2017[2007-08]Status: DisposedITAT Bangalore30 Nov 2022AY 2007-08

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

ASST.C.I.T., BANGALORE vs. M/S INFOSYS LTD.,, BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 613/BANG/2016[2011-12]Status: DisposedITAT Bangalore30 Nov 2022AY 2011-12

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

INFOSYS LTD,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 532/BANG/2016[2011-12]Status: DisposedITAT Bangalore30 Nov 2022AY 2011-12

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

DY.C.I.T., BANGALORE vs. M/S INFOSYS LIMITED, BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 509/BANG/2015[2010-11]Status: DisposedITAT Bangalore30 Nov 2022AY 2010-11

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

INFOSYS LTD.,,BANGALORE vs. DCIT, BANGALORE

In the result, the appeals filed by the assessee and revenue stands partly allowed as indicated hereinabove

ITA 449/BANG/2015[2010-11]Status: DisposedITAT Bangalore30 Nov 2022AY 2010-11

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

Section 10ASection 40

…pra), wherein, it has been observed as under:- Page 21 IT(TP)A Nos. 449, 509/Bang/2015, 613 & 532/Bang/2016 & ITA Nos. 1530 to 1532, 1557, 1848 & 1849/Bang/2017 "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

M/S. MODEL INFRA CORPORATION PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), BANGALORE

In the result, the appeal filed by assessee stands partly allowed

ITA 11/BANG/2020[2009-10]Status: DisposedITAT Bangalore01 Jun 2022AY 2009-10

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2009-10 M/S. Model Infra Corporation Pvt. Ltd., The Assistant No. 6, Second Floor, Smk Commissioner Of Chambers, Income Tax, First A Main Road, Circle – 1(1), Yelahanka New Town, Vs. Bangalore. Bangalore – 560 064. Pan: Aadcm7125J Appellant Respondent Assessee By : Shri Nitish Ranjan, Ca : Shri Priyadarshi Mishra, Revenue By Addl. Cit (Dr) Date Of Hearing : 29-03-2022 Date Of Pronouncement : 01-06-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Order Dated 25.10.2019 Passed By Ld.Cit(A)-4, Bangalore For A.Y. 2009-10 On Following Grounds Of Appeal: Tax Effect Relating Grounds Of Appeal To Each Ground Of Appeal The Order Of The Ld. Commissioner Of Income- 1. Tax (Appeals) Is Opposed To Law, Facts & Na - Circumstances Of The Case.

For Appellant: Shri Nitish Ranjan, CA
Section 36Section 36(2)

…ion has been considered in detail by the Hon'ble Delhi High Court in the case of Woodward Governor India (P)Ltd (supra), wherein, it has been observed as under:- "The revenue relied upon the decision of the Calcutta High Court in Bestobell (India) Ltd.,(1979) 117 ITR 789 in support of the submission that the increased liability on repayment of a loan borrowed in foreign exchange for business purposes as a result of exchange rate fluctuation would be a capital loss and not a trading loss. What weighed with the Calcutta High Court there appears to be that there was no outflow of funds during the year, as has been u…

MADHU JAYANTI INTERNATIONAL LIMITED,KOLKATA vs. DCIT, CIRCLE - 4(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 214/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Dec 2017AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -Vs- Dcit, Cc-4(1), Kolkata [Pan: Aabcm 7502 R] (Appellant) (Respondent)

For Appellant: Shri Akash Mansinka, ARFor Respondent: Shri G. Mallikarjune, CIT DR
Section 139(5)Section 143(3)Section 144C(5)Section 92CSection 92D

…Foreign Exchange • In the case of Deutsche Bank A. G. vs Deputy CIT 86 ITD 431 it was held that both unrealised loss and profit have to be taken into account for determining the correct profits of the business. • In the case of Bestobell (India) Ltd. v. CIT 117 ITR 789 (Cal), it was held that the liability of the assessee would increase on devaluation of the Indian currency where the assessee has maintained its accounts on mercantile basis. The liability would accrue during the relevant period and cannot be said to be a contingent liability or an anticipated future loss. [Reference can also be made to the decis…

ITO 16(2)(4), MUMBAI vs. SURYA GEMS, MUMBAI

The appeal of the Revenue is dismissed

ITA 292/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Mar 2017AY 2009-10

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…is to compute the correct profits and if the correct profits cannot be deduced from the accounts then he has to compute the profits on his own. Ld CIT D.R.further referred to the decision of the Hon‘ble Calcutta High Court in the case of Bestobell India Ltd, 117 ITR 789(Cal), wherein, the facts were that the loan of £ 37,500, being about Rs.5 lakhs was taken by the assessee from its subsidiary company to be repaid at the expiry of one year or earlier. However, the loan could not be repaid within the stipulated period and on account of devaluation of Rupee, there was increase in loan liability on account of sterl…

ITO 10(2)(2), MUMBAI vs. LIONBRIDGE TECHNOLOGIES P.LTD, NAVI MUMBAI

In the result, the appeals of the assessee in ITA No

ITA 290/MUM/2015[2010-11]Status: DisposedITAT Mumbai18 Nov 2015AY 2010-11

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446 [ affirmed up to the Hon’ble Supreme Cou…

LIONBRIDGE TECHNOLOGIES P.LTD,NAVI MUMBAI vs. ITO 8(2)(2), MUMBAI

In the result, the appeals of the assessee in ITA No

ITA 7415/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Nov 2015AY 2010-11

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446 [ affirmed up to the Hon’ble Supreme Cou…

LIONBRIDGE TECHNOLOGIES P. LTD,NAVI MUMBAI vs. ITO RG 8(2)(2), MUMBAI

In the result, the appeals of the assessee in ITA No

ITA 668/MUM/2014[2009-10]Status: DisposedITAT Mumbai18 Nov 2015AY 2009-10

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446 [ affirmed up to the Hon’ble Supreme Cou…

ITO 8(2)(2), MUMBAI vs. LIONBRIDGE TECHNOLOGIES P.LTD, NAVI MUMBAI

In the result, the appeals of the assessee in ITA No

ITA 1375/MUM/2014[2009-10]Status: DisposedITAT Mumbai18 Nov 2015AY 2009-10

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446 [ affirmed up to the Hon’ble Supreme Cou…

INVENTURUS KNOWLEDGE SERVICES P.LTD,NAVI MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result appeal of the assessee company is partly allowed

ITA 5922/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…is to compute the correct profits and if the correct profits cannot be deduced from the accounts then he has to compute the profits on his own. Ld CIT D.R. further referred to the decision of the Hon'ble Calcutta High Court in the case of Bestobell India Ltd, 117 ITR 789 (Cal),wherein, the facts were that the loan of 37,500, being about Rs.5 lakhs was taken by the assessee from its subsidiary company to be repaid at the expiry of one year or earlier. However, the loan could not be repaid within the stipulated period and on account of devaluation of Rupee, there was increase in loan liability on account of sterlin…