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.

How many judgments cite CIT v. Badridas Gauridu (P) Ltd.?

114 judgments on BharatTax cite CIT v. Badridas Gauridu (P) Ltd. (261 ITR 256), spanning 2015 to 2026.

Which sections of the Income Tax Act does CIT v. Badridas Gauridu (P) Ltd. come up under?

It is most often cited in judgments turning on Section 43(5), Section 143(3), Section 10A, Section 234B, Section 234C, Section 250.

CIT v. Badridas Gauridu (P) Ltd. (261 ITR 256)

Thiagarajar Mills (P) Limited, Madurai vs. Jct, Madurai

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes

ITA 1204/CHNY/2015[2011-12]Status: DisposedITAT Chennai29 Nov 2019AY 2011-12

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.Nos.1202, 1203 & 1204/Chny/2015 िनधा"रण वष"/Assessment Years: 2009-10, 2010-11 & 2011-12 M/S. Thiagarajar Mills (P) Ltd., Joint Commissioner Of Gst Road, Kappalur Vs. Income Tax, Madurai – 625 008. Range – I, Madurai [Pan: Aaact 4304R] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Srinivasan, Advocate ""थ" की ओर से/Respondent By : Shri M. Srinivasa Rao, Cit सुनवाई की तारीख/ Date Of Hearing : 24.10.2019 घोषणा की तारीख /Date Of Pronouncement : 29.11.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Three Appeals Filed By The Same Assessee Are Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals)-I, Chennai All Dated 20.03.2015 Relevant To The Assessment Years 2009-10, 2010-11 & 2011-12. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Srinivasan, AdvocateFor Respondent: Shri M. Srinivasa Rao, CIT

Section 129Section 143(1)Section 143(2)Section 143(3)

…, it was the submission before the Assessing Officer that it was primarily undertaken to hedge loss in export sale realization and therefore has a first degree nexus with our business and relied on the decisions in the case of CIT v. Badridas Gauridu (P) Ltd. 261 ITR 256 (Bom) and CIT v. Soorajmull Nagarmull 129 ITR 169 (Cal). When the Assessing Officer proposed to treat the loss as loss from speculation, the AR of the assessee has submitted that the transaction does not fall within the scope of section 43(5) of the Act. Forward contracts are utilized by delivery/settlement. Actual transaction is being recorded i…

Thiagarajar Mills (P) Limited, Madurai vs. Jct, Madurai

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes

ITA 1203/CHNY/2015[2010-11]Status: DisposedITAT Chennai29 Nov 2019AY 2010-11

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.Nos.1202, 1203 & 1204/Chny/2015 िनधा"रण वष"/Assessment Years: 2009-10, 2010-11 & 2011-12 M/S. Thiagarajar Mills (P) Ltd., Joint Commissioner Of Gst Road, Kappalur Vs. Income Tax, Madurai – 625 008. Range – I, Madurai [Pan: Aaact 4304R] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Srinivasan, Advocate ""थ" की ओर से/Respondent By : Shri M. Srinivasa Rao, Cit सुनवाई की तारीख/ Date Of Hearing : 24.10.2019 घोषणा की तारीख /Date Of Pronouncement : 29.11.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Three Appeals Filed By The Same Assessee Are Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals)-I, Chennai All Dated 20.03.2015 Relevant To The Assessment Years 2009-10, 2010-11 & 2011-12. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Srinivasan, AdvocateFor Respondent: Shri M. Srinivasa Rao, CIT

Section 129Section 143(1)Section 143(2)Section 143(3)

…, it was the submission before the Assessing Officer that it was primarily undertaken to hedge loss in export sale realization and therefore has a first degree nexus with our business and relied on the decisions in the case of CIT v. Badridas Gauridu (P) Ltd. 261 ITR 256 (Bom) and CIT v. Soorajmull Nagarmull 129 ITR 169 (Cal). When the Assessing Officer proposed to treat the loss as loss from speculation, the AR of the assessee has submitted that the transaction does not fall within the scope of section 43(5) of the Act. Forward contracts are utilized by delivery/settlement. Actual transaction is being recorded i…

Thiagarajar Mills (P) Limited, Madurai vs. Jct, Madurai

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes

ITA 1202/CHNY/2015[2009-10]Status: DisposedITAT Chennai29 Nov 2019AY 2009-10

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.Nos.1202, 1203 & 1204/Chny/2015 िनधा"रण वष"/Assessment Years: 2009-10, 2010-11 & 2011-12 M/S. Thiagarajar Mills (P) Ltd., Joint Commissioner Of Gst Road, Kappalur Vs. Income Tax, Madurai – 625 008. Range – I, Madurai [Pan: Aaact 4304R] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Srinivasan, Advocate ""थ" की ओर से/Respondent By : Shri M. Srinivasa Rao, Cit सुनवाई की तारीख/ Date Of Hearing : 24.10.2019 घोषणा की तारीख /Date Of Pronouncement : 29.11.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Three Appeals Filed By The Same Assessee Are Directed Against Separate Orders Of The Ld. Commissioner Of Income Tax (Appeals)-I, Chennai All Dated 20.03.2015 Relevant To The Assessment Years 2009-10, 2010-11 & 2011-12. Since Common Issues Have Been Raised In These Appeals, Heard Together & Are Being Disposed Of By This Common Order For The Sake Of Brevity.

For Appellant: Shri R. Srinivasan, AdvocateFor Respondent: Shri M. Srinivasa Rao, CIT

Section 129Section 143(1)Section 143(2)Section 143(3)

…, it was the submission before the Assessing Officer that it was primarily undertaken to hedge loss in export sale realization and therefore has a first degree nexus with our business and relied on the decisions in the case of CIT v. Badridas Gauridu (P) Ltd. 261 ITR 256 (Bom) and CIT v. Soorajmull Nagarmull 129 ITR 169 (Cal). When the Assessing Officer proposed to treat the loss as loss from speculation, the AR of the assessee has submitted that the transaction does not fall within the scope of section 43(5) of the Act. Forward contracts are utilized by delivery/settlement. Actual transaction is being recorded i…

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

In the result, the Cross Objections filed by the assessee (in C

ITA 1049/KOL/2017[2011-12]Status: DisposedITAT Kolkata31 Oct 2019AY 2011-12

Bench: Shri A.T. Varkey, Jm & Dr. A. L.Saini, Am

For Appellant: DR. P. K. Srihari, CIT-DRFor Respondent: Shri Chidambaram, Advocate

Section 14ASection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE SHRI A.T. VARKEY, JM & DR. A. L.SAINI, AM ITA Nos.1047,1048 & 1049/Kol/2017 (Assessment Year: 2009-10, 2010-11 & 2011-12) DCIT, Circle-12(2), Kolkata Vs. M/s. Tega Industries Ltd. 147, Block-G, New Alipore Kolkata – 700053. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCT2074M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & C.O Nos.31, 32 & 33/Kol/2019 (A/o ITA No.1047,1048 & 1049/Kol/2017) (Assessment Year: 2009-10, 2010-11 & 2011-12) M/s. Tega Industries Ltd. Vs. DCIT, Circle-12(2), Kolkata 147, Block-G, New Alipore Kolkata – 700053. "थायी लेखा सं./जीआइ…

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

In the result, the Cross Objections filed by the assessee (in C

ITA 1048/KOL/2017[2010-11]Status: DisposedITAT Kolkata31 Oct 2019AY 2010-11

Bench: Shri A.T. Varkey, Jm & Dr. A. L.Saini, Am

For Appellant: DR. P. K. Srihari, CIT-DRFor Respondent: Shri Chidambaram, Advocate

Section 14ASection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE SHRI A.T. VARKEY, JM & DR. A. L.SAINI, AM ITA Nos.1047,1048 & 1049/Kol/2017 (Assessment Year: 2009-10, 2010-11 & 2011-12) DCIT, Circle-12(2), Kolkata Vs. M/s. Tega Industries Ltd. 147, Block-G, New Alipore Kolkata – 700053. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCT2074M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & C.O Nos.31, 32 & 33/Kol/2019 (A/o ITA No.1047,1048 & 1049/Kol/2017) (Assessment Year: 2009-10, 2010-11 & 2011-12) M/s. Tega Industries Ltd. Vs. DCIT, Circle-12(2), Kolkata 147, Block-G, New Alipore Kolkata – 700053. "थायी लेखा सं./जीआइ…

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

In the result, the Cross Objections filed by the assessee (in C

ITA 1047/KOL/2017[2009-10]Status: DisposedITAT Kolkata31 Oct 2019AY 2009-10

Bench: Shri A.T. Varkey, Jm & Dr. A. L.Saini, Am

For Appellant: DR. P. K. Srihari, CIT-DRFor Respondent: Shri Chidambaram, Advocate

Section 14ASection 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH KOLKATA BEFORE SHRI A.T. VARKEY, JM & DR. A. L.SAINI, AM ITA Nos.1047,1048 & 1049/Kol/2017 (Assessment Year: 2009-10, 2010-11 & 2011-12) DCIT, Circle-12(2), Kolkata Vs. M/s. Tega Industries Ltd. 147, Block-G, New Alipore Kolkata – 700053. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABCT2074M (अपीलाथ" /Appellant) (""यथ" / Respondent) .. & C.O Nos.31, 32 & 33/Kol/2019 (A/o ITA No.1047,1048 & 1049/Kol/2017) (Assessment Year: 2009-10, 2010-11 & 2011-12) M/s. Tega Industries Ltd. Vs. DCIT, Circle-12(2), Kolkata 147, Block-G, New Alipore Kolkata – 700053. "थायी लेखा सं./जीआइ…

Joint Commissioner of Income Tax (OSD) 14(1)(2), Mumbai vs. Foods & Inns Limited, Mumbai

In the result, appeal filed by the revenue for assessment year 2012-2013

ITA 983/MUM/2018[2012-13]Status: DisposedITAT Mumbai30 Sept 2019AY 2012-13

Bench: Shri Rajesh Kumar (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2012-2013 The Dy. Commissioner Of Income M/S Foods & Inns Limited, Tax – 14(1)(2), Dulwich Mansion, 3Rd Floor, Room No. 475, 4Th Floor, 224, Tardeo Road, Aayakar Bhavan, Vs. Mumbai - 400007 Maharashi Karve Road, Pan: Aaacf0521C Mumbai - 400020 (Appellant) (Respondent) Revenue By : Shri Rajeev Gubgotra (Dr) Assessee By : Shri Nitin V. Kulkarni (Ar) Date Of Hearing: 07/08/2019 Date Of Pronouncement: 30/09/2019

For Appellant: Shri Nitin V. Kulkarni (AR)For Respondent: Shri Rajeev Gubgotra (DR)

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

…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): Assessment Year: 2012-13 "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 cance…

Uni Design Jewellery P.Ltd, Mumbai vs. DCIT Cen Cir 9, Mumbai

In the result, this appeal of assessee is allowed

ITA 2576/MUM/2018[2006-07]Status: DisposedITAT Mumbai19 Aug 2019AY 2006-07

Bench: Shri Mahavir Singh & Shri Rajesh Kumar

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri Sushilkumar Poddar, CIT-DR

Section 10ASection 132Section 143(3)Section 153A

…ribunal in the said decision, following the decision of the Hon'ble High Court of Kolkata in the case of CIT Vs. Soorajmull Nagarmuli reported in 129 ITR 169 (Bom) and the decision of Hon'ble Bombay High Court in the case of CIT Vs. Badridas Gauridu (I) Ltd., 261 ITR 256 (Bom) had dismissed the appeals filed by the Revenue, where it was held by the CIT(A) that exchange loss on account of cancellation of forward contract amounts to business loss. She accordingly submitted that the issue stands covered in favour of the assessee by the decision of the co-ordinate Bench of the Tribunal. 30. The learned D.R., on the o…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Mundra International Container Terminal Pvt. Ltd., Kutch

In the result, the appeal of the revenue is dismissed

ITA 2171/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2013-14

For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Shri Alok Singh, CIT-D.R

Section 143(2)Section 14ASection 32

…n any speculative transactions but it has made the hedging of the foreign exchange receivables from its clients towards the receipts of operating container handling terminal services. The Honourable Bombay High Court in the case of Badridas Gauridu (P.) Ltd. [261 ITR 256] and the Calcutta High Court in the case of Soorajmull Nagarmull [129 ITR 169] has held that such type of forward contracts with the banks in respect of foreign exchange cannot be covered under the provisions of section \ 43(5) (d) of the Act as speculative transactions. Since the appellant was not the dealer in foreign exchange but providing the…

The ACIT, Circle-2(1)(2), Ahmedabad vs. M/S. Mundra International Container Terminal Pvt. Ltd., Kutch

In the result, the appeal of the revenue is dismissed

ITA 1117/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2012-13

For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Shri Alok Singh, CIT-D.R

Section 143(2)Section 14ASection 32

…n any speculative transactions but it has made the hedging of the foreign exchange receivables from its clients towards the receipts of operating container handling terminal services. The Honourable Bombay High Court in the case of Badridas Gauridu (P.) Ltd. [261 ITR 256] and the Calcutta High Court in the case of Soorajmull Nagarmull [129 ITR 169] has held that such type of forward contracts with the banks in respect of foreign exchange cannot be covered under the provisions of section \ 43(5) (d) of the Act as speculative transactions. Since the appellant was not the dealer in foreign exchange but providing the…

DCIT CC-1(2), Mumbai vs. Mahendra Brothers Exports P. Ltd, Mumbai

ITA 2093/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 May 2019AY 2013-14

Bench: Hon’Ble Sh. Sandeep Gosain, Jm. & Hon’Ble Sh. G. Manjunatha, Am आयकरअपीलसं./ I.T.A. No. 2093 & 2092/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2013-14 & 2014-15) In The Matter Of:

For Appellant: Shri D. G. Pansari, DRFor Respondent: Shri Rakesh Mohan, AR

Section 260A

…se of CIT Vrs. Mahendra Brothers for AY 2004- 05, wherein also, the Hon’ble High Court had dismissed the appeal of the revenue by holding that the issue is covered by the decision of Hon’ble High Court in the case of CIT vrs. Badridas Gauridu Pvt. Ltd. (2003) 261 ITR 256. Therefore, respectfully following the decision of the Coordinate Bench of ITAT in assessee’s own case and in order to maintain judicial consistency and judicial discipline, we apply the same findings which are applicable mutatis mutandis in the present case. Therefore, we order accordingly. 9. Consequently, the appeal filed by the revenue stand…

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

In the result appeal of the revenue is dismissed

ITA 5720/DEL/2015[2012-13]Status: DisposedITAT Delhi13 May 2019AY 2012-13

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2012-13

For Appellant: Shri Salil AgarwalFor Respondent: Shri J.K. Mishra, CIT(DR) and Shri

Section 143(3)

…in the nature of speculative transaction within the scope of ambit of section 43(5). This issue stands covered by series of decisions as relied upon by the Ld. Counsel including that of Hon’ble Bombay High Court in the case of CIT vs Badridas Gauridu (P) Ltd. 261 ITR 256 and Hon’ble Gujarat High Court in the case of Decom Marketing Pvt. Ltd. Vs CIT 398 ITR 36. Accordingly, we affirm the order of the Ld. CIT(A) which is based on correct appreciation and facts and law and consequently grounds raised by the revenue is dismissed. 7. In the result appeal of the revenue is dismissed. 8. This decision was pronounced in…

DCIT, Cir-4(1), Kolkata vs. M/S Mcleod Russel India Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 115/KOL/2016[2009-2010]Status: DisposedITAT Kolkata03 May 2019AY 2009-2010

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 143(3)Section 43B

…S. 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 CITv. BadridasGauridu (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…

DCIT, Cir-4(1), Kolkata vs. M/S Mcleod Russel India Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 114/KOL/2016[2008-09]Status: DisposedITAT Kolkata03 May 2019AY 2008-09

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 143(3)Section 43B

…S. 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 CITv. BadridasGauridu (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…

M/S K Mohan & Co.(Exports)P Ltd, Bangalore vs. Commissioner of Income Tax, Bangalore

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

ITA 1197/BANG/2014[2009-10]Status: DisposedITAT Bangalore31 Jan 2019AY 2009-10

Bench: Shri Chandra Poojari & Shri Pavan Kumar Gadalem/S. K.Mohan & Co. (Exports) Pvt. Ltd. B-162/5, Begur Road, Bommanahalli, Bengaluru. … Appellant Pan: Aaacl9811H

For Appellant: Shri Suresh Muthukrishnan, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)

Section 10BSection 143(1)Section 143(2)Section 143(3)Section 14ASection 263

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, BENGALURU BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER and SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER M/s. K.Mohan & Co. (Exports) Pvt. Ltd. B-162/5, Begur Road, Bommanahalli, Bengaluru. … Appellant PAN: AAACL9811H Vs. Commissioner of Income-tax, Bengaluru-1, Bengaluru. … Respondent Appellant by : Shri Suresh Muthukrishnan, CA. Respondent by : Shri C.H.Sundar Rao, CIT(DR) Date of hearing : 28/01/2019 Date of pronouncement: 31/01/2019 O R D E R Per PAVAN KUMAR GADALE, JM : The assessee has filed the appeal against the order of the Commissioner of Income-tax…

Gold Star Diamond P. Ltd, Mumbai vs. Asst CIT 5(1), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 4212/MUM/2014[2009-10]Status: DisposedITAT Mumbai12 Oct 2018AY 2009-10

Bench: Shri Mahavir Singh & Shri Rajesh Kumard C I T - 5(1) M/S. Gold Star Diamond P. Ltd. Room No. 568, 5Th Floor 7/714, Prasad Chambers Vs. Aayakar Bhavan, M.K. Road Opera House, Mumbai 400004 Mumbai 400020 Pan – Aaacr4157Q Appellant Respondent M/S. Gold Star Diamond P. Ltd. D C I T - 5(1) 7/714, Prasad Chambers Room No. 568, 5Th Floor Vs. Opera House, Mumbai 400004 Aayakar Bhavan, M.K. Road Mumbai 400020 Pan – Aaacr4157Q Appellant Respondent

For Appellant: Shri M. SubramanianFor Respondent: Shri Akhilendra Yadav

Section 143(3)Section 234A

…unal in a subsequent case namely Mahendra Brothers Exports Pvt. Ltd., which was passed after taking into account various case laws on the subject including one rendered by the Hon'ble Jurisdictional High Court in the case of CIT vs. Badridas Gauridu (P.) Ltd. 261 ITR 256, has held that the loss incurred on account of foreign currency forward/hedging contract is a business loss since all receipts, payments, receivables and payables were in foreign currency which was inseparable and inextricably linked with the diamond business and the loss was nothing but business loss and part of the loss could not be considered…

DCIT 5(1), Mumbai vs. Gold Star Diamond P.Ltd, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 3901/MUM/2014[2009-10]Status: DisposedITAT Mumbai12 Oct 2018AY 2009-10

Bench: Shri Mahavir Singh & Shri Rajesh Kumard C I T - 5(1) M/S. Gold Star Diamond P. Ltd. Room No. 568, 5Th Floor 7/714, Prasad Chambers Vs. Aayakar Bhavan, M.K. Road Opera House, Mumbai 400004 Mumbai 400020 Pan – Aaacr4157Q Appellant Respondent M/S. Gold Star Diamond P. Ltd. D C I T - 5(1) 7/714, Prasad Chambers Room No. 568, 5Th Floor Vs. Opera House, Mumbai 400004 Aayakar Bhavan, M.K. Road Mumbai 400020 Pan – Aaacr4157Q Appellant Respondent

For Appellant: Shri M. SubramanianFor Respondent: Shri Akhilendra Yadav

Section 143(3)Section 234A

…unal in a subsequent case namely Mahendra Brothers Exports Pvt. Ltd., which was passed after taking into account various case laws on the subject including one rendered by the Hon'ble Jurisdictional High Court in the case of CIT vs. Badridas Gauridu (P.) Ltd. 261 ITR 256, has held that the loss incurred on account of foreign currency forward/hedging contract is a business loss since all receipts, payments, receivables and payables were in foreign currency which was inseparable and inextricably linked with the diamond business and the loss was nothing but business loss and part of the loss could not be considered…

Asst CIT 19(1), Mumbai vs. Dharamchand Paraschand Exports, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 6743/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 Aug 2018AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Assistant Commissioner Of Vs. M/S. Dharamchand Paraschand Income Tax- 19(1) Exports, Room No.203, 2Nd Floor Ce/3011-3012, Bharat Matru Mandir, Tardeo Road Diamond Bourse, Bkc Mumbai – 400 007 Bandra (E), Mumbai – 400 051 Pan/Gir No. Aaafd1078M Appellant) .. Respondent)

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN, JM Assistant Commissioner of Vs. M/s. Dharamchand Paraschand Income Tax- 19(1) Exports, Room No.203, 2nd Floor CE/3011-3012, Bharat Matru Mandir, Tardeo Road Diamond Bourse, BKC Mumbai – 400 007 Bandra (E), Mumbai – 400 051 PAN/GIR No. AAAFD1078M Appellant) .. Respondent) Assessee by Shri Chaitanya Anjaria Revenue by Ms. Aarti Vissanji Date of Hearing 08/08/2018 Date of Pronouncement 27/08/2018 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the Revenue against the order of CIT(A)- 30,…

DCIT Cen Cir 1(2), Mumbai vs. Uni Design Jewellery P. Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 4341/MUM/2016[2008-09]Status: DisposedITAT Mumbai02 Jul 2018AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm Dcit, Central Circle – 1(2) Vs. M/S. Uni Design Jewellery Pvt. Mumbai Ltd., Plot No.4,5,6, Uni Design Seepz, Andheri (E) Mumbai – 400 096 Pan/Gir No. Aaacu0572G Appellant) .. Respondent) Assessee By Shri V. Jenardhanan Revenue By Shri Rakesh Mohan Date Of Hearing 20/06/2018 Date Of Pronouncement 02/07/2018 आदेश / O R D E R Per R.C.Sharma (A.M):

Section 10ASection 143(3)Section 144Section 43(5)Section 70

…ribunal in the said decision, following the decision of the Hon'ble High Court of Kolkata in the case of CIT Vs. Soorajmull Nagarmuli reported in 129 ITR 169 (Bom) and the decision of Hon'ble Bombay High Court in the case of CIT Vs. Badridas Gauridu (I) Ltd., 261 ITR 256 (Bom) had dismissed the appeals filed by the Revenue, where it was held by the CIT(A) that exchange loss on account of cancellation of forward contract amounts to business loss. She accordingly submitted that the issue stands covered in favour of the assessee by the decision of the co-ordinate Bench of the Tribunal. 30. The learned D.R., on the o…

Divgi Warner Pvt. Ltd., Pune vs. Deputy Commissioner of Income-Tax

In the result, appeal of the assessee is allowed

ITA 47/PUN/2016[2010-11]Status: DisposedITAT Pune25 Apr 2018AY 2010-11

Bench: Shri Anil Chaturvedi, Am & Shri Vikas Awasthy, Jm आयकर अपील सं. / Ita No. 47/Pun/2016 "नधा"रण वष" / Assessment Year : 2010-11

For Appellant: Shri Nikhil Pathak & Shri P.D. KudvaFor Respondent: Shri Mukesh Jha

Section 143(2)Section 143(3)

…as per agreement is wholly and exclusively in connection with the business of assessee. The Assessing Officer has not disputed this fact. The ld. AR submitted that the Hon'ble Bombay High Court in the case of CIT Vs. Badridas Gauridu (P.) Ltd. reported as 261 ITR 256 has allowed the loss arising on account of shortfall in exports against which the assessee had taken hedge from the bank, as allowable business expenditure. The ld. AR to further buttress his submissions, placed reliance of the following decisions: 1. CIT Vs. D. Chetan & Co., 75 taxmann.com 300 (Bombay) 2. DCIT Vs. Mahendra Brothers Exports (P…

CIT v. Badridas Gauridu (P) Ltd.

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

Thiagarajar Mills (P) Limited, Madurai vs. Jct, Madurai

Thiagarajar Mills (P) Limited, Madurai vs. Jct, Madurai

Thiagarajar Mills (P) Limited, Madurai vs. Jct, Madurai

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

DCIT, Cir-12(2), Kolkata vs. M/S. Tega Industries Ltd., Kolkata

Joint Commissioner of Income Tax (OSD) 14(1)(2), Mumbai vs. Foods & Inns Limited, Mumbai

Uni Design Jewellery P.Ltd, Mumbai vs. DCIT Cen Cir 9, Mumbai

The ACIT, Circle-2(1)(2), Ahmedabad vs. Mundra International Container Terminal Pvt. Ltd., Kutch

The ACIT, Circle-2(1)(2), Ahmedabad vs. M/S. Mundra International Container Terminal Pvt. Ltd., Kutch

DCIT CC-1(2), Mumbai vs. Mahendra Brothers Exports P. Ltd, Mumbai

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

DCIT, Cir-4(1), Kolkata vs. M/S Mcleod Russel India Ltd., Kolkata

DCIT, Cir-4(1), Kolkata vs. M/S Mcleod Russel India Ltd., Kolkata

M/S K Mohan & Co.(Exports)P Ltd, Bangalore vs. Commissioner of Income Tax, Bangalore

Gold Star Diamond P. Ltd, Mumbai vs. Asst CIT 5(1), Mumbai

DCIT 5(1), Mumbai vs. Gold Star Diamond P.Ltd, Mumbai

Asst CIT 19(1), Mumbai vs. Dharamchand Paraschand Exports, Mumbai

DCIT Cen Cir 1(2), Mumbai vs. Uni Design Jewellery P. Ltd, Mumbai

Divgi Warner Pvt. Ltd., Pune vs. Deputy Commissioner of Income-Tax