CIT v. Philips Petroleum International Corporation

272 ITR 355Reported decision#20252 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2019 to 2022.

Judgments citing CIT v. Philips Petroleum International Corporation

ACIT, Central Circle, Panaji vs. M/S Sociadade De Fomento Industrial P. Ltd, Margao

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

ITA 116/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR
Section 143(1)Section 143(2)Section 14A

…C account and once the income is received, any further loss due to foreign exchange fluctuation is not a revenue expenditure. Reliance was placed on the decision of Delhi High Court in the case of CIT Vs Philips Petroleum International Corporation reported in 272 ITR 355. The AO also relied CBDT Instruction NO.3 of 2010 dated 23.03.2010. 7.1. During appellate proceedings, the AR of the appellant made following written submissions: "The appellant company maintained EEFC Accounts each one of which is maintained with State Bank of India, Vasco and Syndicate Bank, Margao. These accounts are maintained in US Dollar. T…

Socieadade De Fomento Indl. Pvt. Ltd., Margao vs. Joint Commissioner of Income Tax, Margao Range, Margao

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

ITA 105/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR
Section 143(1)Section 143(2)Section 14A

…C account and once the income is received, any further loss due to foreign exchange fluctuation is not a revenue expenditure. Reliance was placed on the decision of Delhi High Court in the case of CIT Vs Philips Petroleum International Corporation reported in 272 ITR 355. The AO also relied CBDT Instruction NO.3 of 2010 dated 23.03.2010. 7.1. During appellate proceedings, the AR of the appellant made following written submissions: "The appellant company maintained EEFC Accounts each one of which is maintained with State Bank of India, Vasco and Syndicate Bank, Margao. These accounts are maintained in US Dollar. T…

DCIT, Alappuzha vs. M/S Aceelerated Freeze Drying Co, Ltd, Alappuzha

In the result, the appeal of the Revenue is allowed and the appeal of the

ITA 714/COCH/2008[2002-03]Status: DisposedITAT Cochin28 Jun 2019AY 2002-03

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 2Section 2(14)Section 42Section 50BSection 50B(1)

…s in the capital field as the loan received is a capital receipt. The fluctuation loss was mostly on account of periodical reinstatement of the External Commercial Borrowings. The Assessing Officer relied on the decisions of the Delhi High Court reported in 272 ITR 355 and 254 1TR 570. 10.2 Before the CIT(A), the assessee had given a break-up of the total amount of Rs.84,06,770/-as follows:- "Rs.26,04,139/-: This amount represents the loss on restatement of the loan utilized to purchase the assets situated at the Taloja factory. We have been consistently following the accounting policy of charging the loss o…

Aceelerated Freeze Drying Co.Ltd, Alappuzha vs. DCIT, Alappuzha

In the result, the appeal of the Revenue is allowed and the appeal of the

ITA 1286/COCH/2005[2002-03]Status: DisposedITAT Cochin28 Jun 2019AY 2002-03

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 143(3)Section 2Section 2(14)Section 42Section 50BSection 50B(1)

…s in the capital field as the loan received is a capital receipt. The fluctuation loss was mostly on account of periodical reinstatement of the External Commercial Borrowings. The Assessing Officer relied on the decisions of the Delhi High Court reported in 272 ITR 355 and 254 1TR 570. 10.2 Before the CIT(A), the assessee had given a break-up of the total amount of Rs.84,06,770/-as follows:- "Rs.26,04,139/-: This amount represents the loss on restatement of the loan utilized to purchase the assets situated at the Taloja factory. We have been consistently following the accounting policy of charging the loss o…

CIT v. Philips Petroleum International Corporation (272 ITR 355) — Cited in 4 Judgments | BharatTax