CIT v. Panchmahal Steel Ltd.

215 Taxmann 140High Court2013#3659 most cited

What is CIT v. Panchmahal Steel Ltd. authority for?

Losses arising from forward contracts entered into as part of regular business activity are to be treated as normal business losses.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Panchmahal Steel Ltd. · forward contract · business loss · ordinary course of business · income tax act

Judgments citing CIT v. Panchmahal Steel Ltd.

DCIT, Chennai vs. M/S. Turbo Energey Limited, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 205/CHNY/2014[2009-10]Status: DisposedITAT Chennai03 May 2017AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.351/Mds/2013 & ITA Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & AYs 2008-09 & 2009-10 Vs. M/s.Turbo Energy Ltd., The Dy. Commissioner of 67, Chamiers Road, Income Tax, Large Taxpayer Chennai-600 028. Unit, Chennai-600 101. [PAN: AAACT 2916 R] (अपीलाथ+/Appellant) (,-यथ+/Respondent) आयकर अपील सं./ITA No.629/Mds/2013 ि…

DCIT, Chennai vs. M/S. Turbo Energey Limited, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 204/CHNY/2014[2008-09]Status: DisposedITAT Chennai03 May 2017AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.351/Mds/2013 & ITA Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & AYs 2008-09 & 2009-10 Vs. M/s.Turbo Energy Ltd., The Dy. Commissioner of 67, Chamiers Road, Income Tax, Large Taxpayer Chennai-600 028. Unit, Chennai-600 101. [PAN: AAACT 2916 R] (अपीलाथ+/Appellant) (,-यथ+/Respondent) आयकर अपील सं./ITA No.629/Mds/2013 ि…

DCIT, Chennai vs. M/S. Turbo Energey Limited, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 203/CHNY/2014[2006-07]Status: DisposedITAT Chennai03 May 2017AY 2006-07

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.351/Mds/2013 & ITA Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & AYs 2008-09 & 2009-10 Vs. M/s.Turbo Energy Ltd., The Dy. Commissioner of 67, Chamiers Road, Income Tax, Large Taxpayer Chennai-600 028. Unit, Chennai-600 101. [PAN: AAACT 2916 R] (अपीलाथ+/Appellant) (,-यथ+/Respondent) आयकर अपील सं./ITA No.629/Mds/2013 ि…

DCIT, Chennai vs. Turbo Energy Limited, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 629/CHNY/2013[2007-08]Status: DisposedITAT Chennai03 May 2017AY 2007-08

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.351/Mds/2013 & ITA Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & AYs 2008-09 & 2009-10 Vs. M/s.Turbo Energy Ltd., The Dy. Commissioner of 67, Chamiers Road, Income Tax, Large Taxpayer Chennai-600 028. Unit, Chennai-600 101. [PAN: AAACT 2916 R] (अपीलाथ+/Appellant) (,-यथ+/Respondent) आयकर अपील सं./ITA No.629/Mds/2013 ि…

Turbo Energy Limited, Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee are partly allowed and the

ITA 351/CHNY/2013[2007-2008]Status: DisposedITAT Chennai03 May 2017AY 2007-2008

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

Section 10BSection 10B(8)Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.351/Mds/2013 & ITA Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & AYs 2008-09 & 2009-10 Vs. M/s.Turbo Energy Ltd., The Dy. Commissioner of 67, Chamiers Road, Income Tax, Large Taxpayer Chennai-600 028. Unit, Chennai-600 101. [PAN: AAACT 2916 R] (अपीलाथ+/Appellant) (,-यथ+/Respondent) आयकर अपील सं./ITA No.629/Mds/2013 ि…

JCIT 16(3), Mumbai vs. Shree Ramkrishna Export, Mumbai

In the result, the appeal filed by the assessee in ITA No

ITA 112/MUM/2013[2009-10]Status: DisposedITAT Mumbai07 Nov 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy
Section 143(2)Section 143(3)

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Shree Ramkrishna The Jt. Commissioner of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), v. (earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. EE 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./PAN : Earlier PAN AAAFS6758D (now PAN AARCS2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Responde…

Shree Ramkrishna Export, Mumbai vs. Jtcit 16(3), Mumbai

In the result, the appeal filed by the assessee in ITA No

ITA 7311/MUM/2012[2009-10]Status: DisposedITAT Mumbai07 Nov 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy
Section 143(2)Section 143(3)

…आयकर अपील"य अ"धकरण “E” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/s Shree Ramkrishna The Jt. Commissioner of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), v. (earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. EE 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./PAN : Earlier PAN AAAFS6758D (now PAN AARCS2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Responde…

DCIT, Thanjavur vs. S.P.Apparels, Avanashi

In the result, the appeal of the assessee in ITA No

ITA 1699/CHNY/2015[2009-10]Status: DisposedITAT Chennai09 Sept 2016AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No. 1510/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-10

For Appellant: Shri. T.Banusekar, C.AFor Respondent: Shri. M.M.Bhusari, CIT

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ीएन.आर.एस. गणेशन,"या"यकसद"य एवं "ी ए. मोहन अलंकामणी,लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 1510/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-10 S.P.Apparels Ltd., v. The Deputy Commissioner of 39-A, Extension Street, Income Tax, Kaikattipudur, Company Circle, Avinashi – 641 654. Tirupur. PAN : AAJCS4031P (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No. 1699/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-10 The D…

S.P.Apparels Limited, Avanashi vs. DCIT, Tiruppur

In the result, the appeal of the assessee in ITA No

ITA 1510/CHNY/2015[2009-10]Status: DisposedITAT Chennai09 Sept 2016AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No. 1510/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-10

For Appellant: Shri. T.Banusekar, C.AFor Respondent: Shri. M.M.Bhusari, CIT

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ीएन.आर.एस. गणेशन,"या"यकसद"य एवं "ी ए. मोहन अलंकामणी,लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA No. 1510/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-10 S.P.Apparels Ltd., v. The Deputy Commissioner of 39-A, Extension Street, Income Tax, Kaikattipudur, Company Circle, Avinashi – 641 654. Tirupur. PAN : AAJCS4031P (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No. 1699/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-10 The D…

Mahendra Brothers Exports Pvt. Ltd., Mumbai vs. Addl. C.I.T.5(2), Mumbai

Appeal stands dismissed

ITA 7449/MUM/2011[2008-09]Status: DisposedITAT Mumbai25 Jul 2016AY 2008-09

Bench: Shri G S Pannu & Shri Amit Shukla

Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण “बी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 7319/Mum/2011 (Assessment year: 2008-09) Vs मह" "दस" ए""पो""स "ाइवेट "ल"मटेड DCIT-5(2), Room No.571, Mahendra Brothers Exports P Ltd, Aayakar Bhavan, M K Road, 611, Panchratna, Opera House, Mumbai -400 020 M P Marg, Mumbai -400 004 "थयी लेखा सं. PAN: AAFCM 0246 E अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No.: 7449/Mum/2011 (Assessment year: 2004-05) मह" "दस"…

DCIT 5(2), Mumbai vs. Mahendra Brothers Exports P. Ltd, Mumbai

Appeal stands dismissed

ITA 7319/MUM/2011[2008-09]Status: DisposedITAT Mumbai25 Jul 2016AY 2008-09

Bench: Shri G S Pannu & Shri Amit Shukla

Section 10(34)Section 143(3)Section 14A

…आयकर अपीलीय अिधकरण “बी” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI "ी जी.एस. प"ू, लेखा सद"य एवं "ी अिमत शु"ला, "याियक सद"य के सम" । BEFORE SHRI G S PANNU, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER ITA No. : 7319/Mum/2011 (Assessment year: 2008-09) Vs मह" "दस" ए""पो""स "ाइवेट "ल"मटेड DCIT-5(2), Room No.571, Mahendra Brothers Exports P Ltd, Aayakar Bhavan, M K Road, 611, Panchratna, Opera House, Mumbai -400 020 M P Marg, Mumbai -400 004 "थयी लेखा सं. PAN: AAFCM 0246 E अपीलाथ" (Appellant) ""यथ" (Respondent) ITA No.: 7449/Mum/2011 (Assessment year: 2004-05) मह" "दस"…

Hiraco India P.Ltd, Mumbai vs. DCIT 5(1), Mumbai

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

ITA 2300/MUM/2015[2009-10]Status: DisposedITAT Mumbai20 Jan 2016AY 2009-10

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. N.2300/Mum/2015 (ननधधायण वषा / Assessment Year:2009-10) बनाम/ M/S Hiraco India Pvt.Ltd, Dy.Commissioner Of Income Gw 2050, Tax-5(1), Vs. Bharat Diamond Bourse, Aayakar Bhavan, Bandra Kurla Complex, M K Road, Babdra (E), Mumbai-400020. Mumbai-400051 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “एच” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE S/SHRI B.R.BASKARAN, AM AND AMARJIT SINGH, JM आमकय अऩीर सं./I.T.A. N.2300/Mum/2015 (ननधधायण वषा / Assessment Year:2009-10) बनाम/ M/s Hiraco India Pvt.Ltd, Dy.Commissioner of Income GW 2050, Tax-5(1), Vs. Bharat Diamond Bourse, Aayakar Bhavan, Bandra Kurla Complex, M K Road, Babdra (E), Mumbai-400020. Mumbai-400051 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. स्थधमी रेखध सं./जीआइआय सं./PAN. :AACCHO427M अऩीरधथी ओय से / Assessee by Shri Vijay Mehta प्रत्मथी की ओय से/Revenue by Shri Vijay Soni सुनवधई की…