Madhu Jayanti International Limited, Kolkata vs. DCIT, Circle - 4(1), 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
…ccounts 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 decisions in the case of Khandelwal Brothers Pvt. Ltd. vs. CIT 117 ITR 452 (Cal); CIT vs. Oil India Ltd. 143 ITR 848 (Cal); and CIT vs. Martin and Harris P. Ltd. 154 ITR 460 (Cal)] • The Delhi ITA T in the case of Oil and Natural Gas Corporation Ltd vs. DCIT [2003] 261 ITR 1 (Delhi ITAT - SB) held as follows: " ... the assessee's claim for loss arising as a result of fluctuation in foreign exchange rates on the closing…
