CIT v. Oriental Motors Car Co. P. Ltd. (124 ITR 74)

ASSISTANT COMMISSIONER OF INCOME TAX, NEW DELHI vs. LURGI INDIA INTERNATIONAL SERVICES PRIVATE LIMITED, NEW DELHI

In the result, the appeal of Revenue is dismissed as above

ITA 5826/DEL/2024[2018-19]Status: DisposedITAT Delhi26 Nov 2025AY 2018-19

Bench: allowing carry forward of losses.”

…date but subsequently when the derivative/forward contract expires, it may yield a gain. Thus, the liability/loss may ultimately cease to exist. To underline the same point further, a reference can be made to the case of CIT Vs Oriental Motors Car Co. P. Ltd 124 ITR 74 (1980), in which the Hon’ble Allahabad High Court has held that a liability which has not been accepted by the assessee in a financial year cannot be claimed in that financial year: “….. it is settled that the mere fact that an assessee keeps his account on the mercantile system does not give him a handle to debit liability of every kind whatsoeve…

ACIT 6(1)(2), MUMBAI vs. ASK INVESTMENT MANAGERS P.LTD, MUMBAI

In the result, appeal is dismissed

ITA 5633/MUM/2017[2007-08]Status: DisposedITAT Mumbai31 May 2019AY 2007-08

Bench: Shri Saktijit Deyand Shri Manoj Kumar Aggarwal

For Appellant: Shri J.D. MistryFor Respondent: S/Shri Anadi Varma a/w Ram Tiwari

Section 143(3)

…received by it on settlement of dispute. In support of his contention, learned Sr. Counsel relied upon the following decisions:– i) Deep Industries Ltd. v/s ACIT, Tax Appeal no.671/2007, dated 01.07.2016; ii) CIT v/s Oriental Motor Car Co. Pvt. Ltd., [1980] 124 ITR 74 (All.); iii) CIT v/s Phalton Sugar Works Ltd., [1986] 162 ITR 622; iv) CIT v/s Raj Motors, [2006] 284 ITR 489 (All.); and v) CIT v/s Swadeshi Cotton & Flower Mills Pvt. Ltd., [1964] 53 ITR 134; and vi) CIT v/s SeksariaBiswan Sugar Factory Pvt. Ltd., [1992] 195 ITR 778; and vii) ACIT v/s PanseAutocomps Pvt. Ltd., 155/Pn./2012, dated 30.05.2013. 6.…

DCIT 3(2)(1), MUMBAI vs. MANGALORE REFINERY AND PETROCHEMICALS LTD, MUMBAI

In the result the appeal filed by the revenue is dismissed

ITA 7241/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 Sept 2018AY 2009-10

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 Mangalore Refinery & Addl. Cit-3(2), Mumbai Petrochemicals Ltd. 15Th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Respondent Appellant Assessment Year: 2009-10 Dcit-3(2) Room No. Mangalore Refinery & 674, 6Th Floor, Petrochemicals Ltd. 15Th Vs. Aayakarbhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Appellant Respondent Assessee By : Mr. J.D.J. Mistri, Senior Advocate & Mr. Madhur Agrawal, Advocate Revenue By : Mr.Samuel Darse, Cit(Dr) Date Of Hearing : 12/06/2018 Date Of Pronouncement: 07/09/2018

For Appellant: Mr. J.D.J. Mistri, Senior AdvocateFor Respondent: Mr.Samuel Darse, CIT(DR)

Section 143(3)Section 195Section 40Section 44B

…provisions of the Act on the alleged ground that the same is notional in nature. 29. The assessee raised the above issue for the first time before the Ld. CIT(A). We find that the Ld. CIT(A) relying on the decision in CIT v. Oriental Motors Car P. Ltd. (1980) 124 ITR 74 and the Instruction No. 17/2008 dated 26.11.2008 issued by CBDT disallowed the claim of loss of Rs.22,63,79,918/- made by the assessee on account of provision of mark to market losses. 30. Before us, the Ld. counsel of the assessee relies on the decision in CIT v. Woodward Governor India (P.) Ltd. (312 ITR 254) (SC), PCIT v. M/s Bhargovi (ITA No.…

MAGNALORE REFINERY AND PETROCHEMICALS LTD,MUMBAI vs. ADDL CIT 3(2),

In the result the appeal filed by the revenue is dismissed

ITA 7133/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 Sept 2018AY 2009-10

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 Mangalore Refinery & Addl. Cit-3(2), Mumbai Petrochemicals Ltd. 15Th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Respondent Appellant Assessment Year: 2009-10 Dcit-3(2) Room No. Mangalore Refinery & 674, 6Th Floor, Petrochemicals Ltd. 15Th Vs. Aayakarbhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Appellant Respondent Assessee By : Mr. J.D.J. Mistri, Senior Advocate & Mr. Madhur Agrawal, Advocate Revenue By : Mr.Samuel Darse, Cit(Dr) Date Of Hearing : 12/06/2018 Date Of Pronouncement: 07/09/2018

For Appellant: Mr. J.D.J. Mistri, Senior AdvocateFor Respondent: Mr.Samuel Darse, CIT(DR)

Section 143(3)Section 195Section 40Section 44B

…provisions of the Act on the alleged ground that the same is notional in nature. 29. The assessee raised the above issue for the first time before the Ld. CIT(A). We find that the Ld. CIT(A) relying on the decision in CIT v. Oriental Motors Car P. Ltd. (1980) 124 ITR 74 and the Instruction No. 17/2008 dated 26.11.2008 issued by CBDT disallowed the claim of loss of Rs.22,63,79,918/- made by the assessee on account of provision of mark to market losses. 30. Before us, the Ld. counsel of the assessee relies on the decision in CIT v. Woodward Governor India (P.) Ltd. (312 ITR 254) (SC), PCIT v. M/s Bhargovi (ITA No.…

M/S KARNATAKA VIDYUTH KHARKANE LTD. vs. DCIT,

In the result, the appeal filed by the assessee is dismissed

ITA 1581/BANG/2013[2010-11]Status: DisposedITAT Bangalore11 Apr 2018AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Arun Kumar Garodiaassessment Year :2010-11

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri B.R. Ramesh, JCIT (DR)

Section 234BSection 37

…owed judgement of Hon’ble Apex Court rendered in the case of M/s. Sanjeev Woolen mills vs. CIT as reported in 279 ITR 434 and also another judgement of Hon’ble Allahabad High Court rendered in the case of CIT Vs. Oriental Motors Car Co. P. Ltd. as reported in 124 ITR 74. The AO has also referred to a CBDT instruction no. 17/2008 dated 26.11.2008 as per which it has been stated by CBDT that section 37 of IT Act envisages that an amount debited in P&L account in respect of an accrued or ascertained liability only is an admissible Page 3 of 17 deduction, while any provision in respect of any unascertained liability…

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

…ction 43B of the Act , whereas the issues in all the case 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 circumst…

INVENTURUS KNOWLEDGE SERVICES P.LTD,NAVI MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result appeal of the assessee company is partly allowed

ITA 5922/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…foreign exchange of Rs.l,09,98,560/- holding them as notional and contingent losses relying on following decisions which are distinguishable on facts :- (i) M/s Sanjiv Woolen Mills V/s. CIT 279 ITR 434 (SC) (ii) CIT Vs. Oriental Motor Car Co. P. Ltd. (1980) 124 ITR 74 And not following the following recent decisions of Honourable Supreme Court and ITAT on similar facts which fully support the contentions of appellant on this issue. (i) CIT V/s. Woodward Governor India Pvt. Ltd. 312 ITR 254 (SC) (ii) Shree Capital Services Vs. ACIT 318 ITRI (ITAT Kolkatta) (iii) Oil and Natural Gas Corporation Ltd. Vs. DCIT 26…

CIT v. Oriental Motors Car Co. P. Ltd.

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Judgments citing CIT v. Oriental Motors Car Co. P. Ltd.