CIT v. Badridas Gauridu (P) Ltd.

261 ITR 256High Court2003#932 most cited

What is CIT v. Badridas Gauridu (P) Ltd. authority for?

Losses incurred from foreign exchange forward contracts or derivatives, entered into to hedge currency fluctuations in the course of regular business like exports, are treated as business losses and not as speculative transactions under Section 43(5). Such contracts, when incidental to business and cover exchange rate risks, constitute a business activity.

114

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Badridas Gauridu (P) Ltd. · Section 43(5) · speculative transaction · foreign exchange loss · forex forward contract · hedging transactions · business loss · export business · currency fluctuation loss · non-speculative activity

Also reported as

134 Taxmann 376

Sections most often in play

Section 43(5)Section 143(3)Section 10ASection 234BSection 234CSection 250Section 37(1)Section 115JB

Issues it is cited on

stpi unittest of enduring benefitsection 203speculative transactionconvertible foreign exchangesoftware technology parksection 43(5)section 10(2)speculation losssection 39scheme of arrangementdemerger

Judgments citing CIT v. Badridas Gauridu (P) Ltd.

Hcl Technologies Ltd., New Delhi vs. ACIT, New Delhi

The appeal is allowed as indicated above

ITA 5465/DEL/2011[2007-08]Status: DisposedITAT Delhi15 Apr 2026AY 2007-08

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

Section 10ASection 143Section 144Section 144C(13)

…in 268 ITR 37 (which contains the reference of CBDT Circular No. 23D dated 12/09/1960 which was issued in the context of Section 24(1) of the Income Tax Act, 1922) and judgement of Bombay High Court Commissioner Of Income-Tax vs Badridas Gauridu (P) Ltd 2003 261 ITR 256 (Bom) in support of its contention that all the underlying transactions of entering into the forward contracts with the Bankers and the subsequent utilization/pre-mature cancellation/unwinding of the underlying forward covers were carried out by the assessee in the normal course of its business only and the same were purely in the nature of hedgi…

Hcl Technologies Ltd, New Delhi vs. ACIT, New Delhi

The appeal is allowed as indicated above

ITA 5624/DEL/2010[2006-07]Status: DisposedITAT Delhi15 Apr 2026AY 2006-07

Bench: Shri Vikas Awasthy & Shri Brajesh Kumar Singh

Section 10ASection 143Section 144Section 144C(13)

…in 268 ITR 37 (which contains the reference of CBDT Circular No. 23D dated 12/09/1960 which was issued in the context of Section 24(1) of the Income Tax Act, 1922) and judgement of Bombay High Court Commissioner Of Income-Tax vs Badridas Gauridu (P) Ltd 2003 261 ITR 256 (Bom) in support of its contention that all the underlying transactions of entering into the forward contracts with the Bankers and the subsequent utilization/pre-mature cancellation/unwinding of the underlying forward covers were carried out by the assessee in the normal course of its business only and the same were purely in the nature of hedgi…

Dy Commissioner of Income Tax- 2(1)(1) Mumbai, Mumbai vs. Foods and Inns Limited, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 5657/MUM/2025[2017-18]Status: DisposedITAT Mumbai17 Nov 2025AY 2017-18

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Ms. N.V.Kulkarni,ARFor Respondent: Ms. Kavitha Kaushik,(Sr. DR)
Section 115JSection 143(3)Section 43(5)

…etch of imagination can they be classified as 'speculative business'. 5.3.4 We find that the issue on hand is squarely covered in favour of the assessee by the decision of the Hon'ble Bombay High; Court in the case of CIT vs. Badridas Gauridu (P) Ltd. (2003) 261 ITR 256 (Bom): "The assessee had entered into forward contracts with the Banks in respect of foreign exchange. Some of these contracts could not be honoured by the assessee for which it had to pay some amount which Page | 6 ITA No. 5657/Mum/2025 A.Y. 2017-18 Foods and Inns Limited, Mumbai was debited to the P & L account. The assessee claimed the same…

DCIT, New Delhi vs. M/S Fiem Industries Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 3696/DEL/2015[2011-12]Status: DisposedITAT Delhi08 Oct 2025AY 2011-12

Bench: Shri Vikas Awasthy & Shri M. Balaganeshdcit, Vs. M/S. Fiem Industries Ltd, Circle-9(1), D-34, Dsidc Packaging New Delhi Complex, Kirti Nagr, New Delhi-110015 (Appellant) (Respondent) Pan: Aaacf1034E Assessee By : Shri Shailesh Gupta, Ca Revenue By: Ms. Namita Khurana, Cit-Dr (On Rotational Duty) Date Of Hearing 13/07/2025 Date Of Pronouncement 08/10/2025

For Appellant: Shri Shailesh Gupta, CAFor Respondent: Ms. Namita Khurana, CIT-DR
Section 143(3)Section 43(5)Section 80I

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER DCIT, Vs. M/s. Fiem Industries Ltd, Circle-9(1), D-34, DSIDC Packaging New Delhi Complex, Kirti Nagr, New Delhi-110015 (Appellant) (Respondent) PAN: AAACF1034E Assessee by : Shri Shailesh Gupta, CA Revenue by: Ms. Namita Khurana, CIT-DR (on rotational duty) Date of Hearing 13/07/2025 Date of pronouncement 08/10/2025 O R D E R PER M. BALAGANESH, A. M.: The appeal in ITA No.3696/Del/2015 for AY 2011-12, arises out of the ld. 1. Commissioner of Income Tax (Appeals)-3, New Del…

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

In the result the appeal filed by the revenue stands dismissed

ITA 1174/MUM/2023[2011-12]Status: DisposedITAT Mumbai17 Sept 2025AY 2011-12

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

Section 132Section 143(3)Section 153ASection 250Section 37(1)

…transaction." 13.5. I am inclined to agree with the appellant that the loss on foreign exchange derivatives contracts cannot be held as speculative in view of the decision of the Hon'ble Bombay High Court in the case of CIT vs Badridas Gauridu Pvt Ltd (2004) 134 Taxmann 376 and CIT vs D Chetan & Co (2016) 75 Taxmann.com 300 (Bom). 13.6. In view of above discussion and following the decision in the case of Perfect Circle India Ltd (supra), the A.O. is directed to allow the marked to market foreign exchange loss on derivatives, after verifying that the maturity of the hedge did not exceed the maturity of the under…

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

In the result the appeal filed by the revenue stands dismissed

ITA 1173/MUM/2023[2011-12]Status: DisposedITAT Mumbai17 Sept 2025AY 2011-12

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

Section 132Section 143(3)Section 153ASection 250Section 37(1)

…transaction." 13.5. I am inclined to agree with the appellant that the loss on foreign exchange derivatives contracts cannot be held as speculative in view of the decision of the Hon'ble Bombay High Court in the case of CIT vs Badridas Gauridu Pvt Ltd (2004) 134 Taxmann 376 and CIT vs D Chetan & Co (2016) 75 Taxmann.com 300 (Bom). 13.6. In view of above discussion and following the decision in the case of Perfect Circle India Ltd (supra), the A.O. is directed to allow the marked to market foreign exchange loss on derivatives, after verifying that the maturity of the hedge did not exceed the maturity of the under…

DCIT Central Circle 5 4, Mumbai vs. L and T Valdel Engineering Limited, Bangaluru

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4767/MUM/2023[2011-12]Status: DisposedITAT Mumbai30 Oct 2024AY 2011-12

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

DCIT Central Circle 5(4), Mumbai vs. L and T Valdel Engineering Limited, Bangaluru

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4715/MUM/2023[2013-14]Status: DisposedITAT Mumbai30 Oct 2024AY 2013-14

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

DCIT CC -5 (4), Mumbai vs. L and T Valdel Engineering Limited, Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4684/MUM/2023[2015-16]Status: DisposedITAT Mumbai30 Oct 2024AY 2015-16

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

DCIT Central Circle 5 4 Mumbai, Mumbai vs. L and T Valdel Engineering Limited, Bangaluru

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4683/MUM/2023[2014-15]Status: DisposedITAT Mumbai30 Oct 2024AY 2014-15

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

DCIT Central Circle 5 4, Mumbai vs. L and T Valdel Engineering Limited, Karnataka

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4682/MUM/2023[2012-13]Status: DisposedITAT Mumbai30 Oct 2024AY 2012-13

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

Larsen & Toubro Limited (Successor to M/S L & T Va;De; Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 5(4) Mumbai (Earlier AO Dcitm Circle 11(5) Bangalore, Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4555/MUM/2023[2015-16]Status: DisposedITAT Mumbai30 Oct 2024AY 2015-16

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

Larsen & Toubro Limited (Successor to M/S L & T Valdel Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 5(4), Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4554/MUM/2023[2014-15]Status: DisposedITAT Mumbai30 Oct 2024AY 2014-15

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

Larsen & Toubro Limited (Successor to M/S L & T Valdel Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax, Central Circle 5(4), Mumbai Earlier AO DCIT, Circle 11(5) Banglore, Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4553/MUM/2023[2013-14]Status: DisposedITAT Mumbai30 Oct 2024AY 2013-14

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

Larsen & Toubro Limited (Successor to M/S L & T Valdel Engineering Limited ), Mumbai vs. Assistant Commissioner of Income Tax. Central Circle 5(4) Mumbai(Earlier AO DCIT, Circle 11(5) Bangalore ), Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4552/MUM/2023[2012-13]Status: DisposedITAT Mumbai30 Oct 2024AY 2012-13

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

Larsen & Toubro Limited, Mumbai vs. Assistant Commissioner of Income Tax Central Circle 5(4), Mumbai (Earlier AO DCIT, Circle 11(5) Banglore ., Mumbai

In the result, all appeals filed by the assessee stands allowed and appeals filed by the revenue stands dismissed for all assessment years under consideration

ITA 4551/MUM/2023[2011-12]Status: DisposedITAT Mumbai30 Oct 2024AY 2011-12

Bench: Smt. Beena Pillai, Jm & Shri Omkareshwar Chidara, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI, JM & SHRI OMKARESHWAR CHIDARA, AM I.T.A. No.4551/Mum/2023 (Assessment Year: 2011-12) I.T.A. No.4552/Mum/2023 (Assessment Year: 2012-13) I.T.A. No.4553/Mum/2023 (Assessment Year: 2013-14) I.T.A. No.4554/Mum/2023 (Assessment Year: 2014-15) I.T.A. No.4555/Mum/2023 (Assessment Year: 2015-16) Larsen & Toubro Ltd. (successor to ACIT, CC-5(4) (earlier AO L&T Valdel Engineering Ltd.) DCIT, Circle-11(5), Bangalore), L&T House, N.M. Marg, Vs. Room No. 1927, 19th Floor, Mumbai-400001. Air India Building, PAN : AAACL0140P Nariman Point, Mumbai-…

Khanna Industrial Pipes Pvt Ltd, Mumbai vs. Deputy Commissioner of Income Tax Circle 12 3 1 Mumbai, Mumbai

In the result, the appeal by the assessee is allowed for statistical

ITA 4036/MUM/2023[2013-14]Status: DisposedITAT Mumbai10 Oct 2024AY 2013-14

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri Jitendra SinghFor Respondent: ShriManoj Kumar Sinha, Sr. AR
Section 143(3)Section 234BSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.4036/Mum./2023 (Assessment Year : 2013–14) Khanna Industrial Pipes Pvt. Ltd. 1101, The Summit Business Bay, Opp PVR, Near WEH Metro Station, Chakala, Andheri (East), ……………. Appellant Mumbai-400093 PAN- AAACK2240D v/s Deputy Commissioner of Income Tax, Circle-12(3)(1) Room No.147B, 1st Floor, Aayakar ……………. Respondent Bhavan, Maharishi Karve Road, Churchgate, Mumbai-400020. Assessee by :Shri Jitendra Singh Revenue by :ShriManoj Kumar Sinha, Sr. AR Date of…

The Dy.Commissioner of Income Tax, Circle-1(1)(2), Ahmedabad vs. M/S. Cadila Pharmaceuticals Ltd., Ahmedabad

In the result, Revenue’s appeal is allowed in part

ITA 74/AHD/2020[2010-11]Status: DisposedITAT Ahmedabad01 Jul 2024AY 2010-11

Bench: Shri TR Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

For Appellant: Parin Shah, A.RsFor Respondent: Dr. Darsi Suman Ratnam, CIT
Section 143(3)Section 35

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri TR Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member Assessment Year: 2010-11 Cadila Pharmaceuticals The ACIT, Ltd. 708, Corporate Circle-1(1)(2), Campus, Sarkhej Dholka Vs Ahmedabad Road, Bhat, Ahmedabad (Appellant) (Respondent) & Assessment: Year 2010-11 The DCIT, Cadila Pharmaceuticals Circle-1(1)(2), Ltd. Ahmedabad Vs. 708, Corporate Campus, Sarkhej Dholka Road, Bhat, Ahmedabad PAN No. : AHMC00381D (Appellant) (Respondent) Shri Bandish Soparkar & Shri Assessee by : Parin Shah, A.Rs. Revenue by : Dr. Darsi Suman…

Cadila Pharmaceuticals Ltd., Ahmedabad vs. The Asst. Commissioner of Income Tax, Circle-1(1)(2), Ahmedabad

In the result, Revenue’s appeal is allowed in part

ITA 53/AHD/2020[2010-11]Status: DisposedITAT Ahmedabad01 Jul 2024AY 2010-11

Bench: Shri TR Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)

For Appellant: Parin Shah, A.RsFor Respondent: Dr. Darsi Suman Ratnam, CIT
Section 143(3)Section 35

…THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri TR Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member Assessment Year: 2010-11 Cadila Pharmaceuticals The ACIT, Ltd. 708, Corporate Circle-1(1)(2), Campus, Sarkhej Dholka Vs Ahmedabad Road, Bhat, Ahmedabad (Appellant) (Respondent) & Assessment: Year 2010-11 The DCIT, Cadila Pharmaceuticals Circle-1(1)(2), Ltd. Ahmedabad Vs. 708, Corporate Campus, Sarkhej Dholka Road, Bhat, Ahmedabad PAN No. : AHMC00381D (Appellant) (Respondent) Shri Bandish Soparkar & Shri Assessee by : Parin Shah, A.Rs. Revenue by : Dr. Darsi Suman…

Concept Images Pvt. Ltd., Kolkata vs. DCIT, Cir-7(1), Kolata., Kolkata

In the result, the appeal of the assessee stands allowed

ITA 1201/KOL/2023[2012-13]Status: DisposedITAT Kolkata22 Mar 2024AY 2012-13

Bench: Shri Sanjay Garg & Rajesh Kumari.T.A No.1201/Kol/2023 Assessment Year: 2012-13 Concept Images Pvt. Ltd…………………………… ........................……Appellant 4Th Floor, Azimganj House, 7, Camac Street, Circus Avenue, S.O., Kolkata – 700017. [Pan: Aabcc1959L] Vs. Dcit, Circle-7(1), Kolkata...................…................…........……...…..…..Respondent Appearances By: Shri Anil Kochar, Advocate, Appeared On Behalf Of The Appellant. Shri Ankur Goyal, Jcit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 10, 2024 Date Of Pronouncing The Order : March 22, 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 19.10.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Sole Issue Raised In This Appeal Is As To Marked To Market Loss Incurred By The Assessee On Hedging Of The Transaction Is To Be Treated As Speculative Loss Or Normal Business Loss. 3. The Brief Facts Of The Case Are That The Assessee Is In Business Of Purchase & Sale Of Bullions & Also Manufacturers Of Gold Ornaments. Since The Price Of Gold Constantly Fluctuates, To Safeguard Itself From Loss, If Any, Due To Fluctuation The Appellant Had Entered Into Future Contracts With The Suppliers Of Gold To Safeguard Against Loss

Section 250Section 37Section 43(5)

…the decision of the jurisdictional High Court in the case of CIT vs. Soorajmull Nagarmull reported in (1981) 5 Taxman 289 (Kol) and further by Hon’ble Bombay High Court in the case of CIT v. Badridas Gauridu (P.) Ltd. reported in [2004] 134 Taxman 376/[2003] 261 ITR 256 (Bom.) wherein it has been held as under: "The assessee was not a dealer in foreign exchange. The assessee was a cotton exporter. The assessee was an export house. Therefore, foreign exchange contracts were booked only as incidental to the assessee's I.T.A No.1201/Kol/2023 Assessment year: 2012-13 Concept Images Pvt. Ltd regular course of busi…