CESC Ltd. v. CIT

233 ITR 50Supreme Court of India1998#23823 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 348,615 Indian tax judgments — from 2020 to 2025.

Sections most often in play

Section 142(1)Section 143(3)Section 263Section 37(1)Section 43(5)Section 43ASection 48Section 73

Judgments citing CESC Ltd. v. CIT

Graphite India Ltd., Kolkata vs. Pr.CIT-4, Kolkata

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

ITA 1014/KOL/2019[2013-14]Status: DisposedITAT Kolkata25 Mar 2025AY 2013-14

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

Section 115JSection 142(1)Section 143(3)Section 263Section 37(1)Section 48

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी "द"प कुमार चौबे, "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member &Shri Pradip Kumar Choubey, Judicial Member] I.T.A. No. 1014/Kol/2019 Assessment Year: 2013-14 Graphite India Ltd. Vs. PCIT-4, Kolkata (PAN: AAACC 0457 C) ( अपीलाथ" ) Respondent / ""यथ" Appellant / Date of Hearing / सुनवाई 13.02.2025 क" "त"थ Date of Pronouncement/ 25.03.2025 आदेश उ"घोषणा क" "त"थ For the assessee / Shri Soumen Adak, CA "नधा"रती क" ओर से For the revenue / राज"व Shri Subhendu Datta,…

Deputy Commissioner of Income Tax Central Circle-1(3), Bangalore vs. M/S Coffeeday Global Limited, Bangalore

In the result, the appeals of the Revenue are partly allowed

ITA 3041/BANG/2018[2014-15]Status: DisposedITAT Bangalore24 Feb 2020AY 2014-15

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

Section 14ASection 32(1)(iia)Section 43A

…td (2009) 312 ITR 254 The Supreme Court has given a finding that the exchange fluctuation loss as on the last day of the accounting year has to be recognized on accrual notionally and considered for expenditure U/s. 37 of the Act. ii) CESC Ltd V. CIT (1998) 233 ITR 50 (SC). The Supreme Court held that the value of an asset which is acquired out of foreign currency is the value as at the time of acquisition of the asset. The subsequent fluctuations in foreign exchange value would not affect the cost of the asset and hence such fluctuation has to be allowed as revenue. 41 I.T.A. Nos.3040 & 3041/Bang/2018 Even a…

Deputy Commissioner of Income Tax Central Circle-1(3), Bangalore vs. M/S Coffeeday Global Limited, Bangalore

In the result, the appeals of the Revenue are partly allowed

ITA 3040/BANG/2018[2013-14]Status: DisposedITAT Bangalore24 Feb 2020AY 2013-14

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

Section 14ASection 32(1)(iia)Section 43A

…td (2009) 312 ITR 254 The Supreme Court has given a finding that the exchange fluctuation loss as on the last day of the accounting year has to be recognized on accrual notionally and considered for expenditure U/s. 37 of the Act. ii) CESC Ltd V. CIT (1998) 233 ITR 50 (SC). The Supreme Court held that the value of an asset which is acquired out of foreign currency is the value as at the time of acquisition of the asset. The subsequent fluctuations in foreign exchange value would not affect the cost of the asset and hence such fluctuation has to be allowed as revenue. 41 I.T.A. Nos.3040 & 3041/Bang/2018 Even a…

CESC Ltd. v. CIT (233 ITR 50) — Cited in 3 Judgments | BharatTax