CIT v. L.G. Electronics India (P) Ltd.

309 ITR 265High Court2009#20532 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2022.

Judgments citing CIT v. L.G. Electronics India (P) Ltd.

M/S. ALTISOURCE BUSINESS SOLUTIONS PRIVATE LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BANGALORE

In the result, the appeal is allowed in favour of the assessee

ITA 183/BANG/2022[2017-18]Status: DisposedITAT Bangalore25 Jul 2022AY 2017-18

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri Nitin G. Inamdar, CAFor Respondent: Shri Srinivas T. Bidari, CIT(DR)(ITAT), Bengaluru
Section 115JSection 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A No.183/Bang/2022 Assessment year : 2017-18 M/s. Altisource Business Solutions Vs. The Deputy Commissioner Private Limited, of Income Tax, Pritech Park, Block No.11, 6th Floor, NFAC, Delhi / A Wing, Bellandur Village, Circle 1(1)(1), Bengaluru. Sarjapur, Marathahalli Ring Road, Bengaluru – 560 103. PAN: AAACO 9467A ASSESSEE RESPONDENT Assessee by : Shri Nitin G. Inamdar, CA Respondent by : Shri Srinivas T. Bidari, CIT(DR)(ITAT), Bengaluru. Date of hearing : 12…

DCIT, NEW DELHI vs. M/S. QUIPPO OIL & GAS INFRA LTD., NEW DELHI

Appeal of the revenue is dismissed

ITA 5710/DEL/2014[2008-09]Status: DisposedITAT Delhi03 Apr 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblequippo Oil & Gas Infra Ltd. Vs The Additional D-2, 5Th Floor, Southern Park, Commissioner Of Income Saket Place Tax, New Delhi Aaacq1278P Range-14 New Delhi (Appellant) (Respondent) Dcit Vs Quippo Oil & Gas Infra Ltd. Circle-14(1) D-2, 5Th Floor, Southern New Delhi Park, Saket Place New Delhi Aaacq1278P (Appellant) (Respondent)

Section 115JSection 143(3)Section 37Section 43B

…depend on the purpose for which foreign currency loan was obtained or on nature of ultimate utilization of loan amount. Further, the Ld. AR relied upon the decision of the jurisdictional High Court in the case of CIT vs. L.G. Electronics India (P) Ltd. (2009) 309 ITR 265 (Delhi) wherein it was held that loss due to foreign exchange rate fluctuation in respect of imported machinery is allowable expenditure. The Ld. AR also relied upon the decision of Hon'ble Apex Court in case of ONGC vs. CIT (2010) 189 Taxmann 292 (SC) wherein it was held that when assessee maintained its accounts on mercantile system of accounti…

M/S. QUIPPO OIL & GAS INFRASTRUCTURE LTD.,GURGAON vs. ADDL.CIT, NEW DELHI

Appeal of the revenue is dismissed

ITA 5634/DEL/2014[2008-09]Status: DisposedITAT Delhi03 Apr 2019AY 2008-09

Bench: Shri R. K. Panda & Ms Suchitra Kamblequippo Oil & Gas Infra Ltd. Vs The Additional D-2, 5Th Floor, Southern Park, Commissioner Of Income Saket Place Tax, New Delhi Aaacq1278P Range-14 New Delhi (Appellant) (Respondent) Dcit Vs Quippo Oil & Gas Infra Ltd. Circle-14(1) D-2, 5Th Floor, Southern New Delhi Park, Saket Place New Delhi Aaacq1278P (Appellant) (Respondent)

Section 115JSection 143(3)Section 37Section 43B

…depend on the purpose for which foreign currency loan was obtained or on nature of ultimate utilization of loan amount. Further, the Ld. AR relied upon the decision of the jurisdictional High Court in the case of CIT vs. L.G. Electronics India (P) Ltd. (2009) 309 ITR 265 (Delhi) wherein it was held that loss due to foreign exchange rate fluctuation in respect of imported machinery is allowable expenditure. The Ld. AR also relied upon the decision of Hon'ble Apex Court in case of ONGC vs. CIT (2010) 189 Taxmann 292 (SC) wherein it was held that when assessee maintained its accounts on mercantile system of accounti…

THE ITO, WARD-1(1),, AHMEDABAD vs. M/S. ADANI POWER RAJASTHAN LTD.,, AHMEDABAD

In the result, cross objection of the assessee on this score stands allowed

ITA 1430/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad18 Jan 2019AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. No. 1430/Ahd/2015 With Cross Objection No. 114/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2011-12)

For Appellant: Parin Shah, A.RFor Respondent: Shri Mudit Nagpal, Sr. D.R
Section 56

…case laws relied on by the Learned AR, A. O. is directed to deleted impugned addition made under the head income from other sources. These grounds of appeal are allowed. " Further it is seen that in the case of CIT V/s L.G. Electronics India P. Ltd. (2009) (309 ITR 265) (Delhi), it was held as under: ITA No. 1430/Ahd/15 with CO No. 114/Ahd/2015 [ITO vs. M/s. Adani Power Rajasthan Ltd.] A.Y. 2011-12 - 17 - "4. It appears that the Assessee had deposited with the bank certain amounts towards margin money for insurance of letters of credit for import of capital goods. On this amount, the Assessee earned an interes…

CIT v. L.G. Electronics India (P) Ltd. (309 ITR 265) — Cited in 4 Judgments | BharatTax