CIT v. Chowgule and Co. Ltd.

218 ITR 384Supreme Court of India1996#23670 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,418 Indian tax judgments — from 2016 to 2022.

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Judgments citing CIT v. Chowgule and Co. Ltd.

Wipro Finance Ltd vs. The Commissioner of Income Tax, Bangalore

The appeal is allowed in terms of the signed

C.A. No.-006677-006677 - 2008Supreme Court12 Apr 2022

Section 143(1)(a)Section 254Section 37Section 43A

…1 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 6677 OF 2008 WIPRO FINANCE LTD. …APPELLANT VERSUS COMMISSIONER OF INCOME TAX …RESPONDENTS O R D E R 1. This appeal takes exception to the judgment and order dated 2.4.2008 passed by the Division Bench of the High Court of Karnataka at Bengaluru in I.T.A. No. 633/2004. 2. Briefly stated, the appellant company submitted returns of income on 29.11.1997 for the assessment year 19971998, mentioning loss of income, amongst others, owing to exchange fluctuation of Rs.1,10,53,909/. A…

Goodricke Group Limited, Kolkata vs. DCIT, Cir-4(1), Kolkata

In the result, appeal of the assessee is allowed

ITA 309/KOL/2015[2002-2003]Status: DisposedITAT Kolkata14 Mar 2018AY 2002-2003

Bench: "ी पी.एम .जगताप, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri P. M. Jagtap, Am & Shri A. T. Varkey, Jm]

Section 10Section 33A

…es, 1962, thus has application for a specific purpose and has no bearing while judging whether the foreign exchange rate fluctuation gain can form part of the deduction under section 80HHC of the Act. In case of CIT v. Chowgule and Co. Ltd. reported in [1996] 218 ITR 384 (SC), the court held that rule 115 does not lay down that all foreign currencies received by the assessee will be converted into Indian rupees only on the last date of the accounting period. Rule only fixed the rate of conversion of foreign currency. If there is no foreign currency to convert on the last date of accounting period, then no questio…

DCIT 8(2), Mumbai vs. Perfect Enginering Products Ltd, Mumbai

ITA 3997/MUM/2014[2009-10]Status: DisposedITAT Mumbai09 Jun 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Rajendraassessment Year:-2009-10 Dcit-8(2), M/S Perfect Engineering Room No.209/216A, Products Ltd. बनाम/ 2Nd Floor, 31, Golden Beach, Vs. Aayakar Bhavan, Ruiya Park, Juhu, M.K. Road, Mumbai-400049 Mumbai-400020 Pan No. Aabcp6180E (राज"व /Revenue) ("नधा"रती /Assessee) 2 C.O. No.197/Mum/2015 M/S Perf Ect Engineering Products Ltd.

Section 115JSection 32Section 35(1)(i)Section 35(1)(iv)

…specific purpose and has no bearing while judging whether foreign exchange rate fluctuation gain can form part of the deduction under section 80HHC of the Act. In the case of Commissioner of Income-tax and others vs. Chowgule and Co. Ltd. reported in [1996]218 ITR 384, the Court held that rule 115 does not lay down that all foreign currencies received by the assessee will be converted into Indian rupees only on the last date of the accounting period. Rule only fixed the rate of conversion of foreign currency. If there is no foreign currency to convert on the last date of accounting period, then no question…