What is CIT v. D. Chetan & Co. authority for?

Losses on foreign exchange forward contracts are not speculative if they are entered into to cover variations in foreign exchange rates impacting import/export business. Such losses are considered business losses and not notional.

How many judgments cite CIT v. D. Chetan & Co.?

26 judgments on BharatTax cite CIT v. D. Chetan & Co. (390 ITR 36), spanning 2017 to 2026.

CIT v. D. Chetan & Co. (390 ITR 36)

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)

…(P) Ltd: 261 ITR 256 (Bom) 157 ITA Nos.- 5624/del/2010 & 5465/Del/2011 HCL Technologies Ltd.  CIT vs Friends and Friends Shipping (P) Ltd: [2013] 217 Taxman 267 (Guj)  CIT vs Panchmahal Steel Ltd: (2013] 215 Taxman 140 (Guj)  CIT vs D Chetan & Co: [2017] 390 ITR 36 (Bom)  DCIT vs Bank of Bahrain and Kuwait: 132 TTJ 505 (Mum) (SB)  DCIT vs Intergold India Ltd: 27 SOT 239 (Mum Trib.)  VST Industries Ltd vs ADIT (ITA No.647/Hyd/2012) (Hyd Trib.)  Samsung India Electronics P Ltd vs ACIT: ITA No.5316/Del/2011 (Del Trib.)  DCIT vs Bombay Diamond Co. Ltd: ITA No. 7488/Mum/07 (Mum Trib.)  ACIT vs Sesa Goa Ltd:…

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)

…(P) Ltd: 261 ITR 256 (Bom) 157 ITA Nos.- 5624/del/2010 & 5465/Del/2011 HCL Technologies Ltd.  CIT vs Friends and Friends Shipping (P) Ltd: [2013] 217 Taxman 267 (Guj)  CIT vs Panchmahal Steel Ltd: (2013] 215 Taxman 140 (Guj)  CIT vs D Chetan & Co: [2017] 390 ITR 36 (Bom)  DCIT vs Bank of Bahrain and Kuwait: 132 TTJ 505 (Mum) (SB)  DCIT vs Intergold India Ltd: 27 SOT 239 (Mum Trib.)  VST Industries Ltd vs ADIT (ITA No.647/Hyd/2012) (Hyd Trib.)  Samsung India Electronics P Ltd vs ACIT: ITA No.5316/Del/2011 (Del Trib.)  DCIT vs Bombay Diamond Co. Ltd: ITA No. 7488/Mum/07 (Mum Trib.)  ACIT vs Sesa Goa Ltd:…

SOTC TRAVEL SERVICES P.LTD,MUMBAI vs. DCIT RG 3(3)(1), MUMBAI

In the result, appeal by the assesse is allowed for statistical purpose

ITA 3656/MUM/2016[2009-10]Status: DisposedITAT Mumbai10 Oct 2022AY 2009-10

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur Agrawal &For Respondent: Shri Chetan M. Kacha

Section 14Section 14ASection 250Section 254(1)Section 40

…n the basis of underlying purchases, sale contracts and there are no speculative contracts. 14. The Revenue has disallowed the loss arising on account of foreign exchange forward contract as a notional loss. We find that in CIT vs. D. Chetan & Company (2017) 390 ITR 36 (Bom.), following question of law came for consideration before the Hon’ble jurisdictional High Court: “Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition of „Mark to Market‟ Loss of Rs. 78,10,000/- made by the Assessing Officer on account of disallowance of loss on foreign exc…

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)

…enclature of the transaction is absolutely irrelevant than the substance of the transaction. 16. We find that the assessee also placed reliance on the decision of the case of Hon’ble Jurisdictional High Court in the case of CIT vs. D. Chetan & Co reported in 390 ITR 36 in support of its contention. The relevant operative portion is enclosed in Para 7 of the said decision, which read as under:- Owens-Corning (India) Pvt. Ltd.; AY: 03-04 “7. The impugned order of the Tribunal has, while upholding the finding of the CIT (Appeals), independently come to the conclusion that the transaction entered into by the Respond…

DCIT - 4(2)(2), MUMBAI vs. GBTL LTD. (FORMERLY KNOWN AS M/S. GRASIM BHIWANI TEXTILES LTD.), MUMBAI

In the result, Revenue’s appeal is partly allowed

ITA 2668/MUM/2018[2013-14]Status: DisposedITAT Mumbai28 May 2021AY 2013-14

Bench: Shri Shamim Yahya, Am & Amarjit Singh, Jm Dcit-4(2)(2) M/S. Gbtl Ltd. Room No.640, 6Th Floor (Formerly Known As M/S. Grasim Aaykar Bhawan, Bhiwani Textiles Ltd.) Vs. M.K.Road 409, Cotton Exchange Building Mumbai-400 020 Kalbadevi Road, Mumbai-400 002 Pan/Gir No. Aaccg9347F (Appellant) : (Respondent)

For Appellant: Shri T.S.Khalsa-DRFor Respondent: Dr. K.Shivaram-AR

Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND AMARJIT SINGH, JM DCIT-4(2)(2) M/s. GBTL Ltd. Room No.640, 6th Floor (formerly known as M/s. Grasim Aaykar Bhawan, Bhiwani Textiles Ltd.) Vs. M.K.Road 409, Cotton Exchange Building Mumbai-400 020 Kalbadevi Road, Mumbai-400 002 PAN/GIR No. AACCG9347F (Appellant) : (Respondent) Appellant by : Shri T.S.Khalsa-DR Respondent by : Dr. K.Shivaram-AR Date of Hearing : 03/03/2021 Date of Pronouncement : 28/05/2021 O R D E R Per Shamim Yahya, A. M.: This appeal by the revenue is directed against the order of the learned Commission…

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

…d into by the assessee were trade payables & receivables, the gain/loss arising on Its restatement as on 31st March was real in nature and in the revenue field. 5.9 I find that the decision of the Hon'ble Bombay High Court in the case of CIT Vs D Chetan & Co (390 ITR 36) is squarely applicable to the facts involved in the present case. In the decided case the question raised before the Hon'ble Bombay High Court and the decision rendered thereon is as under:- ‘The Revenue has urged the following question of law for our consideration:-, “Whether on the facts and in the circumstances of the case and in law, the Trib…

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

…d into by the assessee were trade payables & receivables, the gain/loss arising on Its restatement as on 31st March was real in nature and in the revenue field. 5.9 I find that the decision of the Hon'ble Bombay High Court in the case of CIT Vs D Chetan & Co (390 ITR 36) is squarely applicable to the facts involved in the present case. In the decided case the question raised before the Hon'ble Bombay High Court and the decision rendered thereon is as under:- ‘The Revenue has urged the following question of law for our consideration:-, “Whether on the facts and in the circumstances of the case and in law, the Trib…

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

…he loss, Sec. 43(5) is not invoked is also clear from the fact that loss on foreign exchange forward contract mature during the year has been allowed. 19. The Ld. AR for the assessee further submits that the Hon’ble Bombay High Court in CIT Vs. D Chetan & Co. 390 ITR 36 (Bom), while considering the decision of Badridas Gauridu P Ltd., (supra) and order in assessee’s own case for AY 2008-09, held that the order of Badridas Gauridu P Ltd., (supra) was not brought to the notice of Tribunal when Tribunal rendered its decision in S. Vinod Kumar (supra). The Hon’ble High court held that forward contract in foreign exch…

RAMPURIA INDUSTRIES & INVESTMENTS LTD., ,KOLKATA vs. PRINCIPAL CIT, CENTRAL - 1, KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

ITA 651/KOL/2018[2013-14]Status: DisposedITAT Kolkata26 Feb 2020AY 2013-14

Section 143(3)Section 2Section 263Section 43(5)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Godara, Judicial Member) Assessment Year: 2013-14 Rampuria Industries & Investments Ltd………….……..................................……………..….......Appellant C/o. Subash Agarwal & Associates Siddha Gibson 1, Gibson Lane 2nd Floor Suite-213 Kolkata – 700 069 [PAN : AABCR 6319 P] Vs. Pr. Commissioner of Income Tax, Central (1), Kolkata….............................….…….....…..Respondent Appearances by: Shri Subash Agarwal, Advocate, appeared on behalf of the assessee. Shri Supriyo Pal, JCIT Sr. D…

DCIT, CIR-12(2), KOLKATA, 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, 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, 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…

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

…it has been held that the loss resulting from cancellation of forward contract in foreign exchange was held to be a business loss. iii. DCIT Vs. Mahendra Brothers Exports (P) Ltd., [161 ITD 772/72 taxmann.com 301 (Mumbai-Trib); iv. CIT Vs. D.Chetan and Co., [390 ITR 36] (Bom); : 10 : ITA Nos. 2576 & 2577/Mum/2018 13. Ld.DR on the other hand, relied on the orders of authorities below and submitted that the said loss is a speculative loss as the contract was undertaken without any delivery and therefore rightly treated as speculative loss by applying the provisions of Section 43(5), 73 and Instruction No.3 of 20…

A.C.I.T. CIRCLE - 2(3)(1), MUMBAI vs. TRUST CAPITAL SERVICES (INDIA) PVT. LTD., MUMBAI

In the result the ground No

ITA 709/MUM/2018[2014-15]Status: DisposedITAT Mumbai31 May 2019AY 2014-15

Bench: Shri Pawan Singh & Shri Ramit Kocharacit, Circle-2(3)(1), M/S Trust Capital Services R.No. 552, 5Th Floor, (India) Pvt. Ltd., 105, Aayakar Bhavan, Vikas, 11 Bank Street, M.K. Road, Fort, Mumbai-400023. Vs. Mumbai-400020. Pan: Aabct3654P Appellant Respondent Appellant By : Shri V.K. Chaturvedi (Sr.Dr) Respondent By : Shri Sanjay Parikh (Ar) Date Of Hearing : 10.04.2019 Date Of Pronouncement : 31.05.2019 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh; 1. This Appeal By Revenue Under Section 253 Of Income-Tax Act (‘Act’) Is Directed Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-

For Appellant: Shri V.K. Chaturvedi (Sr.DR)For Respondent: Shri Sanjay Parikh (AR)

Section 143(3)Section 14ASection 253Section 254(1)Section 36(1)(iii)

…IN THE INCOME-TAX APPELLATE TRIBUNAL “E” BENCH MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER ACIT, Circle-2(3)(1), M/s Trust Capital Services R.No. 552, 5th Floor, (India) Pvt. Ltd., 105, Aayakar Bhavan, Vikas, 11 Bank Street, M.K. Road, Fort, Mumbai-400023. Vs. Mumbai-400020. PAN: AABCT3654P Appellant Respondent Appellant by : Shri V.K. Chaturvedi (Sr.DR) Respondent by : Shri Sanjay Parikh (AR) Date of Hearing : 10.04.2019 Date of Pronouncement : 31.05.2019 ORDER UNDER SECTION 254(1)OF INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER; 1. This appeal by revenue und…

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)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2012-13 Asstt. Commissioner of M/s. Fiem Industries Ltd. Income Tax, D-34, DSIDC Packaging Circle-9(2), Complex, New Delhi Kirti Nagar, Vs. New Delhi – 110 015 PAN AAACF1034E (Appellant) (Respondent) Department by: Shri J.K. Mishra, CIT(DR) and Shri Surernder Pal, Sr. DR Assessee by : Shri Salil Agarwal, Shri Shailesh Gupta, Adv. Date of Hearing 19/02/2019 Date of 13/05/2019 pronouncement O R D E R PER AMIT SHUKLA, J.M The aforesaid appeal has been field by the…