CIT v. Industrial Finance Corporation of India Ltd.

185 Taxmann 296High Court2009#4310 most cited

What is CIT v. Industrial Finance Corporation of India Ltd. authority for?

A difference between a forward contract rate and the exchange rate on the date of entering into the contract for foreign currency is an ascertained and definite liability and thus eligible for deduction.

27

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2024.

Also referred to as

CIT v. Industrial Finance Corporation of India Ltd. · 2009 · forward contract · foreign currency · exchange rate difference · ascertained liability · deduction · business income

Sections most often in play

Section 143(3)Section 144CSection 37Section 43ASection 92CA

Issues it is cited on

buyback of shareswaiver of loansection 145(1)section 43asection 35dsection 28(iv)section 145(2)section 43(1)written down valuesection 271(l)(c)rule of consistencysection 41(1)

Judgments citing CIT v. Industrial Finance Corporation of India Ltd.

Naraingarh Sugar Mills Ltd

ITA - 51 / 2011HC Delhi30 Sept 2011
Section 143

…* JN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 51 0F 2011 ITA 52 0F 2011 rTA s8 0F 2011 Judgntent Reserved On: 12.09.2011 % Judgment Pronouncect On:30.9.2011 (1) rTA sl OF 2011 NARAINGARH SUGAR MILLS LTD. . . . APPELLANT fhroueh : Mr. C.S. Aggarr.val, Sr. Advocate with Mr. Prakash Kumar. Advocate. VEITSUS COMMISSIONER OF INCOME TAX . .RESPONDENT Throueh: Ms. Suruchi Aggarwal, Sr.Standing Counsel. (2) ITA 52 OF 2011 NARAINGARH SUGAR MILLS LTD. . . . APPEI,LANT Throueh : Mr. C.S. Aggarwal, Sr. Aclvocatc rvith Mr. Prakash Kurnar'. Advocate. VEITSUS COMMISSIONER OF INCOME TAX . . .RESPONDENT Through:. Ms. Sur…

Naraingarh Sugar Mills Ltd

Appeals are disposed of in the aforesaid tertns

ITA - 58 / 2011HC Delhi30 Sept 2011
Section 143

…?t + IN THE HIGH COURT OF DELHI AT NEW DELHI ITA 5l OF 2011 ITA 52 0F 2011 rTA 58 0F 2011 Juclgment Reserved On: I2-09.201I Jatlgment Pronounced On : 3 0.9.20 I I (1) ITA sl oF 2011 NARAINGARH SUGAR MILLS LTD. COMMISSIONER OF INCOME TAX ItrrgUgb. Ms. Suruchi Counsel. (2) ITA s2 oF 2011 NARAINGARH SUGAR MILLS LTD. . . . APPELLANT Through : Mr. C.S. Aggarwal, Sr. Advocate with Mr' Prakash Kumar, Advocate. VERSUS . ..RESPONDENT Aggarwal, Sr.Standing . . . APPALLANT Throueh : Mr. C.S. Aggarwal, Sr' Advocate with Mr' Prakash Kumar" Advocate' VERSUS COMMISSIONER OF INCOME TAX . . .RI]SPONDENT 'I'hroush: Ms. Suruchi Ag…

Naraingarh Sugar Mills Ltd

Appeals are disposed of in the aforesaid terms

ITA - 57 / 2011HC Delhi30 Sept 2011
Section 143

…ITA Nos.51,52, 57 & 58 of 2011 Page 1 of 13 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 57 OF 2011 ITA 51 OF 2011 ITA 52 OF 2011 ITA 58 OF 2011 Judgment Reserved On: 12.09.2011 % Judgment Pronounced On:30.9.2011 (1) ITA 57 OF 2011 NARAINGARH SUGAR MILLS LTD. . . . APPELLANT Through : Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate. VERSUS COMMISSIONER OF INCOME TAX . . .RESPONDENT Through: Ms. Suruchi Aggarwal, Sr.Standing Counsel. (2) ITA 51 OF…

CIT vs. Citi Financial Consumer Finance India Ltd

ITA/1820/2010HC Delhi30 Mar 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

Section 37

…ITA.1820/2010,1974/2010,01/2011,05/2011 Page 1 of 21 IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 1820/2010,ITA 1974/2010 ITA 01/2011,ITA 05/2011 % JUDGMENT RESERVED ON:22.03.2011 JUDGMENT DELIVERED ON:30.03.2011 ITA 1820/2010 THE COMMISSIONER OF INCOME TAX-V ….APPELLANT Through: Mr. Prem Lata Bansal, Sr. Advocate with Mr. Deepak Anand, Jr. Standing Counsel. VERSUS CITI FINANCIALCONSUMER FIN.LTD .…RESPONDENT Through:…

Commissioner of Income Tax vs. M/S Pepsico India Holdings Pvt Ltd

ITA/319/2010HC Delhi30 Mar 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

Section 37

…ITA 319/2010,1185/2010,1448/2010,1822/2010,2091/2010 Page 1 of 18 IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 319 OF 2010 ITA 1185 OF 2010 ITA 1448 OF 2010 ITA 1822 OF 2010 ITA 2091 OF 2010 % JUDGMENT RESERVED ON:22.03.2011 JUDGMENT DELIVERED ON:30.03.2011 ITA 319/2010 THE COMMISSIONER OF INCOME TAX-V ….APPELLANT Through: Ms.Prem Lata Bansal, Sr. Advocate, Mr. Anupam Tripathi,Sr. Standing Counse, Ms.Rashmi Chopra, Advocate. VERSUS M/S PEPSICO INDIA HOLDIN…

CIT vs. Citi Financial Consumer Finance India Ltd

ITA - 1 / 2011HC Delhi30 Mar 2011

…4, !N THE HIGH COURT OF DELHI AT NEW DELHI ./ % tTA L974l20LO tT A OL|2Or. 1, ITA O5/2Or. I IUDGMENT RESERVED ON : 22.03.2011 IUDGMENT DELIVERED ON :30.03.2011 tTA L974l20LO THE COMMISSIONER OF INCOME TAX-V ....APPELLANT Through: Mr. Prem Lata Bansal, Sr. Advocate with Mr. Deepak . Anand, )r. Standing Counsel VERSUS CITI FINANCIALCONSUMER FIN.LTD ....RESPONDENT Through: Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate. tTA O1/20L1 THE COMMISSIONER OF INCOME TAX.V ....APPELLANT Through: Mr. Prem Lata Bansal, Sr. Advocate with Mr. Deepak Anand, )r. Standing Counsel VERSUS CITI FINANCIALCONSUMER…

CIT vs. Citi Financial Consumer Finance India Ltd

ITA - 5 / 2011HC Delhi30 Mar 2011
Section 37

…'-,--~' + % IN THE HIGH COURT OF DELHI AT NEW DELHI ITA 1974/2010 ITA 01/2011,ITA OS/2011 IUDGMENT RESERVED ON:22.03.2011 IUDGMENT DELIVERED ON:30.03.2011 ITA 1974/2010 3 THE COMMISSIONER OF INCOME TAX-V .... APPELLANT Through: Mr. Prem Lata Bansal, Sr. VERSUS Advocate with Mr. Deepak Anand, Jr. Standing Counsel CITI FINANCIALCONSUMER FIN.LTD .... RESPONDENT Through: Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate. ITA 01/2011 THE COMMISSIONER OF INCOME TAX-V .... APPELLANT Through: Mr. Prem Lata Bansal, Sr. VERSUS CITI FINANCIALCONSUMER FIN.L TD Through: ITA…