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.

Dy CIT Circle-2 (1)(2), Mumbai vs. M/S Foods and Inns Ltd., Mumbai

In the result, appeals filed by the Revenue are dismissed and cross objections filed by the assessee is allowed for statistical purpose

ITA 6860/MUM/2019[2014-15]Status: DisposedITAT Mumbai21 Feb 2022AY 2014-15

Bench: Shri Laliet Kumar, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Nitin KulkarniFor Respondent: Shri Achal Sharma
Section 14ASection 40Section 43(5)

…tretch 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. BadridasGauridu (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 was debited to the P & L account. The assessee claimed the same as business loss being payment on account of cancellation of forward booking…

Dy CIT Circle-2 (1)(2), Mumbai vs. M/S Foods and Inns Ltd., Mumbai

In the result, appeals filed by the Revenue are dismissed and cross objections filed by the assessee is allowed for statistical purpose

ITA 6859/MUM/2019[2013-14]Status: DisposedITAT Mumbai21 Feb 2022AY 2013-14

Bench: Shri Laliet Kumar, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Nitin KulkarniFor Respondent: Shri Achal Sharma
Section 14ASection 40Section 43(5)

…tretch 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. BadridasGauridu (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 was debited to the P & L account. The assessee claimed the same as business loss being payment on account of cancellation of forward booking…

Dy CIT, CC--1(2), Mumbai vs. M/S Mahendra Brothers Exports P. Ltd., Mumbai

In the result, appeals of the Revenue is dismissed and appeal of the assessee is partly allowed

ITA 127/MUM/2021[2010-11]Status: DisposedITAT Mumbai29 Nov 2021AY 2010-11
Section 143(3)

…, to 2004-05, wherein Tribunal has decided this issue in favour, which now has been affirmed by the Hon'ble Bombay High Court also vide order dated 17.01.2011, following the decision of Bombay High Court in the case of CIT v. BadridasGauridu (P.) Ltd. [2003] 261 ITR 256/[2004] 134 Taxman 376. He further submitted that, transactions are carried out as per the Foreign Management Act, 1999 as well as circular issued by the RBI. So far as allegation of the AO that, break-up of option and contracts and position on date of contract and cancellation has not been provided, he submitted that it is not correct observation…

DCIT Central Circle -II, Gurgaon vs. Orient Craft Ltd., New Delhi

ITA 5037/DEL/2019[2013-14]Status: DisposedITAT Delhi24 Sept 2021AY 2013-14

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Ms. Pramita M. Biswas, CIT-D.R
Section 14ASection 14A(1)Section 43(5)

…regard. Turnover the assessee is to the tune of Rs. 1157.57 crores which comprises mainly the exports turnover. We have seen the case laws relied upon by Learned counsel for the assessee- CIT vs. Soorajmull Nagarmull 129 ITR 169(Cal), CIT vs. Badridas Gauridu 261 ITR 256 (Bom), Friends and Friends Shipping P Ltd 217 Taxman 267 (Guj) in which it has been held that foreign exchange loss which is incidental to business of export/import is not speculative loss to which we too respectfully rely upon. Therefore, it is held that the impugned loss which is the subject matter of the present appeal is integral to the main…

Orient Craft Ltd., New Delhi vs. DCIT Central Circle -II, Gurgaon

ITA 3313/DEL/2019[2016-17]Status: DisposedITAT Delhi24 Sept 2021AY 2016-17

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Ms. Pramita M. Biswas, CIT-D.R
Section 14ASection 14A(1)Section 43(5)

…regard. Turnover the assessee is to the tune of Rs. 1157.57 crores which comprises mainly the exports turnover. We have seen the case laws relied upon by Learned counsel for the assessee- CIT vs. Soorajmull Nagarmull 129 ITR 169(Cal), CIT vs. Badridas Gauridu 261 ITR 256 (Bom), Friends and Friends Shipping P Ltd 217 Taxman 267 (Guj) in which it has been held that foreign exchange loss which is incidental to business of export/import is not speculative loss to which we too respectfully rely upon. Therefore, it is held that the impugned loss which is the subject matter of the present appeal is integral to the main…

Orient Craft Ltd., New Delhi vs. DCIT Central Circle -II, Gurgaon

ITA 3310/DEL/2019[2013-14]Status: DisposedITAT Delhi24 Sept 2021AY 2013-14

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar

For Appellant: Dr. Rakesh Gupta, AdvFor Respondent: Ms. Pramita M. Biswas, CIT-D.R
Section 14ASection 14A(1)Section 43(5)

…regard. Turnover the assessee is to the tune of Rs. 1157.57 crores which comprises mainly the exports turnover. We have seen the case laws relied upon by Learned counsel for the assessee- CIT vs. Soorajmull Nagarmull 129 ITR 169(Cal), CIT vs. Badridas Gauridu 261 ITR 256 (Bom), Friends and Friends Shipping P Ltd 217 Taxman 267 (Guj) in which it has been held that foreign exchange loss which is incidental to business of export/import is not speculative loss to which we too respectfully rely upon. Therefore, it is held that the impugned loss which is the subject matter of the present appeal is integral to the main…

Vvf (India) Ltd., Mumbai vs. Ass CIT Circle- 8 (3)(2), Mumbai

In the result, appeal is allowed

ITA 7834/MUM/2019[2016-17]Status: DisposedITAT Mumbai26 Jul 2021AY 2016-17

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwalassessment Year: 2016-17 Vvf (India) Ltd., Acit- Circle (3)(2), Plot 109, Sion Fort Garden, Aayakar Bhavan, M.K. Road, Sion (East), Churchgate, Mumbai - 400022 Vs. Mumbai - 400020 Pan: Aadcv4970G (Appellant) (Respondent) Assessee By : Madhur Aggarwal (Ar) Revenue By : Usha Gaikwad (Dr) Date Of Hearing: 20/05/2021 Date Of Pronouncement: 26/07/2021

For Appellant: Madhur Aggarwal (AR)For Respondent: Usha Gaikwad (DR)

…at loss arising out of unsettled forward contract is allowable. In this regard, he relied upon the following decisions:- Assessment Year: 2016-17 1. “CIT Vs. Woodward Governor India (P) Ltd. (312 ITR 254)-Supreme Court. 2. CIT Vs. Badridas Gauridas (P) Ltd. (261 ITR 256)-Bombay HC 3. CIT Vs. D. Chetan & Co. (ITA No. 278/2014)-Bombay HC 4. Pr. CIT Vs. International Gold Company Ltd. (ITA No. 1827/2016)- Bombay HC 5. Pr. CIT Vs. Vishinda Diamonds (ITA No. 1841/2016)-Bombay HC 6. Pr. CIT Vs. Osia Gems (ITA No. 1221/2016) Bombay HC 7. Essel Propack Ltd. Vs. DCIT (ITA No. 5312/Mum/2015)-Mumbai ITAT 8. ACIT Vs. Shree…

Owens-Corning (India) Pvt. Ltd.(Formerly Known As Owens Corning (India)Ltd.), Mumbai vs. The Income Tax Officer Ward 7(1)(1)

In the result, the appeal of the assessee is partly allowed

ITA 402/MUM/2014[2003-04]Status: DisposedITAT Mumbai25 Jun 2021AY 2003-04

Bench: Shri Mahavir Singh, Vp & Shri M. Balaganesh, Am आमकय अऩीर सिं./ Ita No. 402/Mum/2014 (ननधाायण वषा / Assessment Year 2003-04) Owens-Corning (India) Pvt. The Income-Tax Officer Ltd. Ward 7(1)(1) 7 Th फनाभ/ Alpha Building, Floor, Mumbai-400 076 Hiranandani Gardens Powai, Vs. Mumbai-400 076 (अऩीराथी / Appellant) (प्रत्मथी/ Respondent) स्थामी रेखा सिं./Pan No. Aaaco1739M अऩीराथी की ओय से/ Appellant By : Shri Jehangir Mistry प्रत्मथी की ओय से/ Respondent By : Shri Alok Singh, Cit Dr सुनवाई की तायीख / Date Of Hearing: 23.06.2021 घोषणा की तायीख / Date Of Pronouncement: 25.06.2021

For Appellant: Shri Jehangir MistryFor Respondent: Shri Alok Singh, CIT DR
Section 143(3)Section 41(1)

…. Vinodkumar Diamonds (P.) Ltd. (supra), the Tribunal held the forward contract on facts before it to be speculative in nature in view of Section 43(5) of the Act. However, it appears that the decision of this court in CIT v. Badridas Gauridu (P.) Ltd. [2003] 261 ITR 256/[2004] 134 Taxman 376 (Mum.) was not brought to the notice of the Tribunal when it rendered its decision in S. Vinodkumar Diamonds (P.) Ltd. (supra). In the above case, this court has held that forward contract in foreign exchange when incidental to carrying on business of cotton exporter and done to cover up losses on account of differences in f…

Greatship (India) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

In the result, appeal is partly allowed

ITA 901/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Apr 2021AY 2010-11

Bench: Shri Saktijit Dey () & Shri Manoj Kumar Aggarwal ()

Section 143(3)

…d Counsel submitted, the foreign currency forward contracts are in the nature of hedging transaction against receivables; hence, loss claimed should be allowed. In support of such contention, he relied upon the following decisions:- 1. CIT vs Badridas Gauridu 261 ITR 256 (Bom) 2. CIT vs D Chetan & Co 390 ITR 56 (Del) 3. CIT vs Celebrity Fashion Ltd 428 ITR 470 (Mad) 4. CIT vs Friends and Friends Shipping Pvt Ltd 35 taxmann.com 553 (Guj) 5. DCIT vs Mahindra Bros Export P Ltd 161 ITD 772 (Mum) 6. Uni Design Jewellery P Ltd vs DCIT ITA 2578/Mum/2018 dt 30-09-2019 19. The learned Departmental Representative strongly…

The Commissioner of Income Tax vs. M/S Quest Global Engineering Services Pvt. Ltd

In the result, we don to find any

ITA/133/2015HC Karnataka15 Feb 2021

Bench: ALOK ARADHE,R. NATARAJ

Section 143(1)Section 14ASection 260Section 73

…ISSIONER OF INCOME TAX, BANGALORE Vs. JSW STEEL LTD.' (2020) 15 121 TAXMANN.COM 39 (KAR), 'COMMISSIONER OF INCOME TAX-16, MUMBAI Vs. D.CHETAN & CO.' (2016) 75 TAXMANN.COM 300 (BOMBAY), 'COMMISSIONER OF INCOME TAX Vs. BADRIDAS GAURIDU (P) LTD.' (2003) 261 ITR 256 (BOM), 'COMMISSIONER OF INCOME TAX, CHENNAI Vs. M/s. CELEBRITY FASHION LTD., CHENNAI-45' IN TAX CASE APPEAL NO.26/2018 DECIDED ON 21.09.2020, 'COMMISSIONER OF CENTRAL EXCISE, BOLPUR Vs. RATAN MELTING & WIRE INDUSTRIES' (2008) 17 STT 103 (SC), 'MUNJAL SHOWA LTD. Vs. DEPUTY COMMISSIONER OF INCOME- TAX' (2016) 382 ITR 555 (D…

Asst CIT 19(1), Mumbai vs. Dilipkkumar V. Lakhi, Mumbai

In the result, Revenue's appeal for assessment year 2009-10 is dismissed

ITA 4825/MUM/2015[2009-10]Status: DisposedITAT Mumbai08 Jan 2021AY 2009-10

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2009-10 Acit 19(1), Shri Dilip Kumar V 2Nd Floor, Lakhi, Matru Mandi, 102, 115, 116, Prasad Vs. Tardeo Rd., Chambers, Mumbai - 400007 Opera House, Mumbai – 400 004 Pan: Aagfd 1262M (Appellant) (Respondent) Present For: Assessee By : Shri Subhash Shetty, A.R. Revenue By : Shri Sunil Deshpande, D.R. Date Of Hearing : 10.12.2020 Date Of Pronouncement : 08.01.2020 O R D E R

For Appellant: Shri Subhash Shetty, A.RFor Respondent: Shri Sunil Deshpande, D.R
Section 143(1)Section 92C

…eign exchange. The grounds of appeal raised by the Revenue are thus dismissed. 11. The learned D.R. for the Revenue had placed reliance on M/s. Vinod Kumar Diamonds Pvt. Ltd. (supra). The said decision is contrary to the view taken in Badridas Gauridu P. Ltd. 261 ITR 256 (Bom). We find no merit in the said reliance. Allowing the claim of the assessee, we dismiss the grounds of appeal raised by the Revenue. 12. The issue in ITA No. 7329/Mum/2013 is identical to the issue in and our decision in ITA No. 7328/Mum/2013 applies mutatis mutants to the issue in ITA No. 7329/Mum/2013." 7.2 Following the aforesaid decision…

Deputy Commissioner of Income Tax, Circle-1(1)(1), Bangalore vs. M/S. Abb Global Industries and Services Pvt Ltd, Bangalore

In the result, the appeal by the assessee is partly allowed, while the appeal by the revenue is dismissed

ITA 1660/BANG/2017[2010-11]Status: DisposedITAT Bangalore31 Dec 2020AY 2010-11

Bench: Shri N V Vasudevan & Shri Chandra Poojariassessment Year: 2010-11

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri Gopalan Guruswamy, CIT(DR)(ITAT), Bengaluru

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI N V VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment year: 2010-11 ABB Global Industries and Vs. The Deputy Commissioner Services Pvt. Ltd. of Income Tax, (formerly ABB Global Industries Circle 11(1), and Services Ltd.), Bangalore. 21st Floor, WTC, Dr. Rajkumar Road, Malleshwaram West, Bangalore – 560 055. PAN: AADCA 3217B APPELLANT RESPONDENT Assessment year: 2010-11 The Deputy Commissioner Vs. ABB Global Industries and of Income Tax, Services Pvt. Ltd. Circle 11(1), (formerly ABB Global Industries Bangalore.…

Abb Global Industries and Services Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Circle-11(1), Bangalore

In the result, the appeal by the assessee is partly allowed, while the appeal by the revenue is dismissed

ITA 1488/BANG/2017[2010-11]Status: DisposedITAT Bangalore31 Dec 2020AY 2010-11

Bench: Shri N V Vasudevan & Shri Chandra Poojariassessment Year: 2010-11

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri Gopalan Guruswamy, CIT(DR)(ITAT), Bengaluru

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI N V VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment year: 2010-11 ABB Global Industries and Vs. The Deputy Commissioner Services Pvt. Ltd. of Income Tax, (formerly ABB Global Industries Circle 11(1), and Services Ltd.), Bangalore. 21st Floor, WTC, Dr. Rajkumar Road, Malleshwaram West, Bangalore – 560 055. PAN: AADCA 3217B APPELLANT RESPONDENT Assessment year: 2010-11 The Deputy Commissioner Vs. ABB Global Industries and of Income Tax, Services Pvt. Ltd. Circle 11(1), (formerly ABB Global Industries Bangalore.…

DCIT, Circle - 5(1), Kolkata vs. M/S. Kesoram Industries Ltd., Kolkata

In the result, the appeal of Revenue as well that of assessee both are dismissed

ITA 1776/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Oct 2020AY 2011-12

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 10(34)Section 115JSection 143(3)Section 14A

…in S Vinod Kumar Diamonds (P) Ltd. (supra), the Tribunal held the forward contract on facts before it to be speculative in nature In view of Section 43(5) of the Act However. it appears that the decision of this court m CIT v Badridas Gauridu (P) Ltd. [2003] 261 ITR 256/ [2004] 134 Taxman 376 (Mum) was not brought to the notice of the Tribunal when it rendered its decision in S Vinod Kumar Diamonds (P) Ltd (supra). In the above case, this court has held that forward contract in foreign exchange when incidental to carrying on business of cotton exporter and done to cover up losses on account of differences in foo…

Kesoram Industries Limited, Kolkata vs. DCIT, Circle-5(1), Kolkata

In the result, the appeal of Revenue as well that of assessee both are dismissed

ITA 1195/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Oct 2020AY 2011-12

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 10(34)Section 115JSection 143(3)Section 14A

…in S Vinod Kumar Diamonds (P) Ltd. (supra), the Tribunal held the forward contract on facts before it to be speculative in nature In view of Section 43(5) of the Act However. it appears that the decision of this court m CIT v Badridas Gauridu (P) Ltd. [2003] 261 ITR 256/ [2004] 134 Taxman 376 (Mum) was not brought to the notice of the Tribunal when it rendered its decision in S Vinod Kumar Diamonds (P) Ltd (supra). In the above case, this court has held that forward contract in foreign exchange when incidental to carrying on business of cotton exporter and done to cover up losses on account of differences in foo…

M/S Fiserv India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the assessee in ITA No

ITA 333/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Sept 2020AY 2012-13

Bench: Shri N.K. Billaiya & Shri Kuldip Singh[Assessment Year: 2012-13]

For Appellant: Shri Sachit Jolly. AdvFor Respondent: Shri Sukesh Kumar Jain, CIT-DR
Section 143(3)

…ow that forex loss of Rs.2.98 crores arose on settlement of foreign exchange forward contracts which were taken by the assessee company to cover the trade receivables of the assessee. The Hon’ble High Court of Bombay in the case of Badridas Gauridu Pvt. Ltd 261 ITR 256 has held that loss from forward exchange contracts is not speculative business. Relevant findings of the Hon’ble High Court read as under.: “3. 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 asses…

S. Vinodkumar Diamonds P.Tld, Mumbai vs. DCIT 5(3), Mumbai

In the result this ground of appeal is also partly allowed

ITA 79/MUM/2015[2009-10]Status: DisposedITAT Mumbai03 Aug 2020AY 2009-10

Bench: Shri Pawan Singh & Shri Rajesh Kumars. Vinodkumar Diamonds, Dcit – 5(3), बनाम/ Pvt Ltd., Mumbai. Vs. Off No. Bw 3010, Bharat Diamond Bourse, Bandra (E), Mumbai – 400051 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaics514N .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri P.J. Pardiwala, SeniorFor Respondent: Shri Uodol Raj Singh, Sr-DR
Section 14A

…lation loss u/s 43(5), which was not subject matter of the appeal before the Tribunal. 18. The Ld. AR for the assessee submits that the Tribunal in doing so took a contrary view to the decision of jurisdictional High Court in CIT Vs. Badridas Gauridu P Ltd., (261 ITR 256) (Bom). The Ld. AR further submits that the issue of allowability on loss of revaluation of un- matured foreign exchange forward contract is covered by the decision of Hon’ble Supreme Court in CIT Vs Woodward Governor India (P) Ltd., 312 ITR 254 (SC), ITA No. 79/Mum/2015. V. Vinodkumar Diamonds P. Ltd.. wherein, the Hon’ble Court had held that s…

The ACIT, Circle-9, Surat vs. M/S. Anjana Exports, Surat

In the result, the appeal of Revenue for AY

ITA 2833/AHD/2014[2009-10]Status: DisposedITAT Surat04 May 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं././././I.T.A Nos.1879,1872/Ahd/2013 & 2833/Ahd/2014 िनधा"रणवष"/Assessment Year: 2009-10 1. Assistant Commissioner Of Income V. M/S. Anjana Exports, Tax, Circle-9, Surat. 1, Kohinoor Society, Opp. G K Chambers, Varachha Road, Surat- 395 006. [Pan: Aadfa 0943 R] V. 2. M/S. Anjana Exports, Assistant Commissioner 1, Kohinoor Society, Opp. G K Of Income Tax, Circle-9, Chambers, Varachha Road, Surat. Surat- 395 006. [Pan: Aadfa 0943 R] V. 3. Assistant Commissioner Of Income M/S. Anjana Exports, Tax, Circle-9, Surat. 1, Kohinoor Society, Opp. G K Chambers, Varachha Road, Surat- 395 006. [Pan: Aadfa 0943 R] अपीलाथ" / Appellant ""थ"/Respondent िनधा"रतीकीओरसे /Assessee By Shri Mehul Shah, Ca राज"कीओरसे /Revenue By Shri Srinivas T. Bidari, Cit(D.R.) सुनवाईकीतारीख/ Date Of Hearing: 11-02-2020 उद्घोषणाकीतारीख/Pronouncement On: 04-05-2020 आदेश /O R D E R Per O.P.Meena, Am: 1. The Above Two Appeals Filed By The Revenue Are Directed Against The Separate Orders Of Commissioner Of Income-Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 18-04-2013 & 01-08-2014 For The Ay. 2009-10 Respectively & One Appeal Filed By The Assessee Is Directed Against The Order Of Commissioner Of Income-Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 18-04-2013 For The Ay. 2009-10. Anjana Exports V. Acit, Circle-9, Surat/Ita. 1879 & 1872/Ahd/2013/Ay.2009-10 & 2833/Ahd/2014/Srt/2017/A.Y.2009-10 Page 2 Of 19 In Ita No.1879/Ahd/2013/Ay.2009-10 By The Revenue:- 2. Ground No. 1& 2 Relates To Deleting The Addition Of Rs.5,58,41,797/-

Section 145(3)

…ion 45(3) of the Act are not applicable. The CIT(A) has also supported his view by placing reliance on the decision of ITAT, Mumbai Bench in the case of Voltas International Ltd. (2009) 126 TTJ 702 (Mum), Badridas Gauridu (P) Ltd. (2004) 187 CTR 453/ (2003) 261 ITR 256 (Bom.). Hence, considering the foreign exchange contract entered by the assessee in the nature of hedging transaction, the Anjana Exports v. ACIT, Circle-9, Surat/ITA. 1879 & 1872/AHD/2013/AY.2009-10 & 2833/AHD/2014/SRT/2017/A.Y.2009-10 Page 12 of 19 CIT(A) deleted the addition of disallowance of Rs.7,55,57,457/- made by the AO. 12. Being aggri…

The ACIT, Circle-9, Surat vs. M/S. Anjana Exports, Surat

In the result, the appeal of Revenue for AY

ITA 1879/AHD/2013[2009-10]Status: DisposedITAT Surat04 May 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं././././I.T.A Nos.1879,1872/Ahd/2013 & 2833/Ahd/2014 िनधा"रणवष"/Assessment Year: 2009-10 1. Assistant Commissioner Of Income V. M/S. Anjana Exports, Tax, Circle-9, Surat. 1, Kohinoor Society, Opp. G K Chambers, Varachha Road, Surat- 395 006. [Pan: Aadfa 0943 R] V. 2. M/S. Anjana Exports, Assistant Commissioner 1, Kohinoor Society, Opp. G K Of Income Tax, Circle-9, Chambers, Varachha Road, Surat. Surat- 395 006. [Pan: Aadfa 0943 R] V. 3. Assistant Commissioner Of Income M/S. Anjana Exports, Tax, Circle-9, Surat. 1, Kohinoor Society, Opp. G K Chambers, Varachha Road, Surat- 395 006. [Pan: Aadfa 0943 R] अपीलाथ" / Appellant ""थ"/Respondent िनधा"रतीकीओरसे /Assessee By Shri Mehul Shah, Ca राज"कीओरसे /Revenue By Shri Srinivas T. Bidari, Cit(D.R.) सुनवाईकीतारीख/ Date Of Hearing: 11-02-2020 उद्घोषणाकीतारीख/Pronouncement On: 04-05-2020 आदेश /O R D E R Per O.P.Meena, Am: 1. The Above Two Appeals Filed By The Revenue Are Directed Against The Separate Orders Of Commissioner Of Income-Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 18-04-2013 & 01-08-2014 For The Ay. 2009-10 Respectively & One Appeal Filed By The Assessee Is Directed Against The Order Of Commissioner Of Income-Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 18-04-2013 For The Ay. 2009-10. Anjana Exports V. Acit, Circle-9, Surat/Ita. 1879 & 1872/Ahd/2013/Ay.2009-10 & 2833/Ahd/2014/Srt/2017/A.Y.2009-10 Page 2 Of 19 In Ita No.1879/Ahd/2013/Ay.2009-10 By The Revenue:- 2. Ground No. 1& 2 Relates To Deleting The Addition Of Rs.5,58,41,797/-

Section 145(3)

…ion 45(3) of the Act are not applicable. The CIT(A) has also supported his view by placing reliance on the decision of ITAT, Mumbai Bench in the case of Voltas International Ltd. (2009) 126 TTJ 702 (Mum), Badridas Gauridu (P) Ltd. (2004) 187 CTR 453/ (2003) 261 ITR 256 (Bom.). Hence, considering the foreign exchange contract entered by the assessee in the nature of hedging transaction, the Anjana Exports v. ACIT, Circle-9, Surat/ITA. 1879 & 1872/AHD/2013/AY.2009-10 & 2833/AHD/2014/SRT/2017/A.Y.2009-10 Page 12 of 19 CIT(A) deleted the addition of disallowance of Rs.7,55,57,457/- made by the AO. 12. Being aggri…

M/S. Anjana Exports, Surat vs. The DCIT, Cent. Circle, 9, Surat

In the result, the appeal of Revenue for AY

ITA 1872/AHD/2013[2009-10]Status: DisposedITAT Surat04 May 2020AY 2009-10

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं././././I.T.A Nos.1879,1872/Ahd/2013 & 2833/Ahd/2014 िनधा"रणवष"/Assessment Year: 2009-10 1. Assistant Commissioner Of Income V. M/S. Anjana Exports, Tax, Circle-9, Surat. 1, Kohinoor Society, Opp. G K Chambers, Varachha Road, Surat- 395 006. [Pan: Aadfa 0943 R] V. 2. M/S. Anjana Exports, Assistant Commissioner 1, Kohinoor Society, Opp. G K Of Income Tax, Circle-9, Chambers, Varachha Road, Surat. Surat- 395 006. [Pan: Aadfa 0943 R] V. 3. Assistant Commissioner Of Income M/S. Anjana Exports, Tax, Circle-9, Surat. 1, Kohinoor Society, Opp. G K Chambers, Varachha Road, Surat- 395 006. [Pan: Aadfa 0943 R] अपीलाथ" / Appellant ""थ"/Respondent िनधा"रतीकीओरसे /Assessee By Shri Mehul Shah, Ca राज"कीओरसे /Revenue By Shri Srinivas T. Bidari, Cit(D.R.) सुनवाईकीतारीख/ Date Of Hearing: 11-02-2020 उद्घोषणाकीतारीख/Pronouncement On: 04-05-2020 आदेश /O R D E R Per O.P.Meena, Am: 1. The Above Two Appeals Filed By The Revenue Are Directed Against The Separate Orders Of Commissioner Of Income-Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 18-04-2013 & 01-08-2014 For The Ay. 2009-10 Respectively & One Appeal Filed By The Assessee Is Directed Against The Order Of Commissioner Of Income-Tax (Appeals)-V, Surat [In Short “The Cit(A)”] Dated 18-04-2013 For The Ay. 2009-10. Anjana Exports V. Acit, Circle-9, Surat/Ita. 1879 & 1872/Ahd/2013/Ay.2009-10 & 2833/Ahd/2014/Srt/2017/A.Y.2009-10 Page 2 Of 19 In Ita No.1879/Ahd/2013/Ay.2009-10 By The Revenue:- 2. Ground No. 1& 2 Relates To Deleting The Addition Of Rs.5,58,41,797/-

Section 145(3)

…ion 45(3) of the Act are not applicable. The CIT(A) has also supported his view by placing reliance on the decision of ITAT, Mumbai Bench in the case of Voltas International Ltd. (2009) 126 TTJ 702 (Mum), Badridas Gauridu (P) Ltd. (2004) 187 CTR 453/ (2003) 261 ITR 256 (Bom.). Hence, considering the foreign exchange contract entered by the assessee in the nature of hedging transaction, the Anjana Exports v. ACIT, Circle-9, Surat/ITA. 1879 & 1872/AHD/2013/AY.2009-10 & 2833/AHD/2014/SRT/2017/A.Y.2009-10 Page 12 of 19 CIT(A) deleted the addition of disallowance of Rs.7,55,57,457/- made by the AO. 12. Being aggri…