CIT v. Oriental Motor Car Co.(P.) Ltd. (All.) 124 ITR 74 3. Acentric Chemical Works Ltd. v. DCIT (Guj.)

266 ITR 47Reported decision#24110 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 358,232 Indian tax judgments — from 2016 to 2023.

Judgments citing CIT v. Oriental Motor Car Co.(P.) Ltd. (All.) 124 ITR 74 3. Acentric Chemical Works Ltd. v. DCIT (Guj.)

Sanmar Speciality Chemicals Ltd., Chennai vs. DCIT, Chennai

In the result, appeal filed by the assessee is treated as allowed for statistical purposes

ITA 392/CHNY/2019[2014-15]Status: DisposedITAT Chennai31 Jan 2023AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.: 392/Chny/2019 िनधा"रण वष" / Assessment Year: 2014-15 Sanmar Speciality Chemicals Deputy Commissioner Of Limited, V. Income-Tax, 9 Cathedral Road, Corporate Circle 6(1), Chennai 600 086. Chennai. [Pan: Aabcs-0201-P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. R. Vijayaraghavan, Advocate ""यथ" क" ओर से/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 01.12.2022 घोषणा क" तारीख/Date Of Pronouncement : 31.01.2023

For Appellant: Shri. R. Vijayaraghavan, AdvocateFor Respondent: Shri. P. Sajit Kumar, JCIT
Section 144A

…e and the question of reopening of books does not arise. g) The learned Deputy Commissioner erred in coming to the conclusion that a contractual liability crystallizes only at the time of settlement based on the decision of Alembic Chemical Works Ltd Vs CIT - 266 ITR 47 as in the decision of Alembic Chemical Works Ltd, the issue was whether the liability was in the nature of contingent or not which could not be allowed as expenses, whereas in the case of the Appellant the price difference was based on the formula as agreed between the Parties. h) The learned Deputy Commissioner of Income tax erred in not followin…

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

…essing Officer distinguished forward contracts from future contracts and held that forwards are OTC in nature, customized, less liquid, without margin and settlement happens at the end. The Assessing Officer relied on the case of Alembic Chemical Works v CIT (266 ITR 47) (Guj) which held that a liability is said to be incurred only when Dispute between the parties is settled. The Id Assessing Officer relied upon the Madras High Court 10 2668/Mum/2018 decision of Indian Overseas Bank Ltd v CIT (246 ITR 206) (Mad) in which it was held that notional foreign exchange loss could not be allowed and it was to be allowe…

Vasant J, Khetani, Mumbai vs. JCIT 17(3), Mumbai

In the result, the appeal filed by the assessee in ITA N0

ITA 3340/MUM/2012[2007-08]Status: DisposedITAT Mumbai16 Mar 2016AY 2007-08

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 3340/Mum/2012 ("नधा"रण वष" / Assessment Year : 2007-08) Mr. Vasant J. Khetani, Joint Commissioner Of बनाम/ 255/16, Kamla Sadan, Income Tax-17(3), V. Prof. U.U. Bhatt Marg, Aayakar Bhavan, M.K. Matunga, Road,Mumbai. Mumbai 400 019. "थायी लेखा सं./Pan : Aacpk 4366M (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Satya Pal Kumar- (DR)
Section 143(2)Section 143(3)Section 40Section 43Section 43B

…laws cited by the assessee are on different footings . The A.O. relied upon the following decisions:- 1. CIT v. Purushottam Gokuldas (Ker.) 237 ITR 115 2. CIT v. Oriental Motor Car Co.(P.) Ltd. (All.) 124 ITR 74 3. Acentric Chemical Works Ltd. v. DCIT (Guj.) 266 ITR 47 4. CIT v. Highway Construction Co. P. Limited 223 ITR 32 5. N Sundereswaran v. DCIT 226 ITR 142(Ker.) 6. CIT v. Bharat Fire Bricks and Potteryware Private Limited 202 ITR 821(Cal.) 7. Navjivan Roner Flom Pulses Mills Limited v. DCIT 73 ITD 265(Ahd. Trib.) On the basis of facts and circumstances and the judicial pronouncements, the A.O. disallowed…

CIT v. Oriental Motor Car Co.(P.) Ltd. (All.) 124 ITR 74 3. Acentric Chemical Works Ltd. v. DCIT (Guj.) (266 ITR 47) — Cited in 3 Judgments | BharatTax