CIT v. Rachna Udhyog

230 CTR 72High Court2010#11317 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2023.

Judgments citing CIT v. Rachna Udhyog

Addl.CIT, Special Range- 9, New Delhi vs. Vlcc Personal Care Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 3126/DEL/2018[2014-15]Status: DisposedITAT Delhi17 Feb 2023AY 2014-15

Bench: N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2014-15

For Appellant: Shri Vinod Bindal, CAFor Respondent: Shri Vivek Vardhan, Sr. DR
Section 10BSection 143(1)Section 143(3)Section 80Section 80I

…by holding that the foreign currency exchange fluctuation forms part of sale proceeds of the eligible undertaking and is therefore eligible for deduction in view of the judgment of the Hon’ble Bombay High Court in the case of CIT vs. Rachna Udyog reported in 230 CTR 72 wherein it was held that “ Deduction under section 80-IB is not allowable in respect of duty drawback, export entitlement and DEPB licence, but is allowable in respect of exchange rate difference as the exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertakin…

Colgate Palmolive (India) Ltd, Mumbai vs. Addl CIT 10(3), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 1431/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Feb 2021AY 2009-10

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Ita No.1431 /Mum/2014 (Assessment Year: 2009-10) Colgate Palmolive (India) Ltd. Addl. Commissioner Of Income- Colgate Research Centre, Main Vs. Tax-10(3) Street, Hiranandani Gardens, Powai, Mumbai – 400076

For Appellant: Shri Percy Pardiwalla, Senior Advocate a/w ShriFor Respondent: Shri Sunil Deshpande, D.R
Section 143(3)Section 14ASection 80ISection 8o

…he ld. A.R had relied on an order of the Hon’ble High Court of Bombay in the case of CIT Vs. Rachna Udhyog ITA Nos.1431 &1350/Mum/2014 & ITA Nos.1925 & 1852/Mum/2015 38 A.Ys. 2009-10 and 2010-11 Colgate Palmolive (India) Ltd. Vs. Addl. CIT-10(3)/ACIT (2010) 230 CTR 72 (Bom). Although, the aforesaid order was passed in context of the pari materia provisions contemplated in Sec. 80IB of the Act, however, we find that the same seizes the issue under consideration before us. In its aforesaid order, it was observed by the Hon‘ble High Court that the deduction under Sec. 80IB was allowable in respect of the exchange…

DCIT 10(3), Mumbai vs. Colgate Palmolive (India) Ltd, Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 1350/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Feb 2021AY 2009-10

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Ita No.1431 /Mum/2014 (Assessment Year: 2009-10) Colgate Palmolive (India) Ltd. Addl. Commissioner Of Income- Colgate Research Centre, Main Vs. Tax-10(3) Street, Hiranandani Gardens, Powai, Mumbai – 400076

For Appellant: Shri Percy Pardiwalla, Senior Advocate a/w ShriFor Respondent: Shri Sunil Deshpande, D.R
Section 143(3)Section 14ASection 80ISection 8o

…he ld. A.R had relied on an order of the Hon’ble High Court of Bombay in the case of CIT Vs. Rachna Udhyog ITA Nos.1431 &1350/Mum/2014 & ITA Nos.1925 & 1852/Mum/2015 38 A.Ys. 2009-10 and 2010-11 Colgate Palmolive (India) Ltd. Vs. Addl. CIT-10(3)/ACIT (2010) 230 CTR 72 (Bom). Although, the aforesaid order was passed in context of the pari materia provisions contemplated in Sec. 80IB of the Act, however, we find that the same seizes the issue under consideration before us. In its aforesaid order, it was observed by the Hon‘ble High Court that the deduction under Sec. 80IB was allowable in respect of the exchange…

DCIT - 3(2), Mumbai vs. M/S. Kuoni Travels (I) Ltd., Mumbai

In the result, Ground no.5 & 6 of the appeal are dismissed

ITA 1924/MUM/2007[2002-2003]Status: DisposedITAT Mumbai19 Jan 2018AY 2002-2003

Bench: Shri B.R.Baskaran,Accountant Mamber & Shri Pawan Singhdcit 3(3)(1), M/S Sotc Travel Services Pvt. Room No. 609, 6Th Floor, Ltd. (Previously Known As Kuoni Aayakar Bhavan, Travels (India) Pvt. Ltd.),Now Mumbai-400020. Vs. Merged With Travel Corporation (India) Ltd. Kuoni House, N.F. Road, Behind Taj Mahal Hotel, Colaba, Mumbai-400001 Pan: Aaacs0170L (Appellant) (Respondent) M/S Sotc Travel Services Pvt. Dcit 3(3)(1), Room No. 609, 6Th Floor, Ltd. (Previously Known As Kuoni Travels (India) Pvt. Aayakar Bhavan, Ltd.),Now Merged With Travel Mumbai-400020. Corporation (India) Ltd. Kuoni Vs. House, N.F. Road, Behind Taj Mahal Hotel, Colaba, Mumbai-400001 Pan: Aaacs0170L (Appellant) (Respondent)

For Respondent: Shri S. Padmaja CIT –DR with & with Ms Pooja Swaroop ( Sr
Section 253Section 254(1)Section 80HSection 8O

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “F”, MUMBAI BEFORE SHRI B.R.BASKARAN,ACCOUNTANT MAMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER DCIT 3(3)(1), M/s SOTC Travel Services Pvt. Room No. 609, 6th Floor, Ltd. (previously known as Kuoni Aayakar Bhavan, Travels (India) Pvt. Ltd.),now Mumbai-400020. Vs. merged with Travel Corporation (India) Ltd. Kuoni House, N.F. Road, Behind Taj Mahal Hotel, Colaba, Mumbai-400001 PAN: AAACS0170L (Appellant) (Respondent) M/s SOTC Travel Services Pvt. DCIT 3(3)(1), Room No. 609, 6th Floor, Ltd. (previously known as Kuoni Travels (India) Pvt. Aayakar Bhavan, Ltd.),now merged with…

Deputy Commissioner of Income-Tax vs. Futura Bioplants Pvt. Ltd., Pune

In the result, the cross objection filed by the assessee is partly

ITA 1271/PUN/2015[2011-12]Status: DisposedITAT Pune17 Jan 2018AY 2011-12

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अपील आयकर अपील संसंसंसं. / Ita No. 1271/Pun/2015 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2011-12 वष"

For Appellant: Shri R.R. Vora & Shri Rajendra AgiwalFor Respondent: Shri Ajay Modi, JCIT
Section 10(1)Section 2

…accepted in the case of Liberty India Vs. CIT (2009) 317 ITR 218 (SC) by the Hon’ble Supreme Court. The Assessee relies on the following judicial precedents in this regard which are in the context of section 80HHC of the Act : • CIT Vs. Rachna Udhyog [2010] 230 CTR 72 (Bombay) (enclosed herewith at Page 305 to Page 306 of the Paper Book) • ACIT Vs. Prakash L. Shah [2008] 118 TT J 577 (Mumbai) (SB) (enclosed herewith at Page 307 to Page 322 of the Paper Book) • ACIT Vs. BMC Software (ITA No. 1423/PN/2008) (Pune ITAT) (enclosed herewith at Page 323 to Page 326 of the Paper Book) • Asia Pacific Marbles Pvt Ltd Vs.…

Sanjana Cryogenic Storages Ltd, Mumbai vs. DCIT Cir 3(3)(1), Mumbai

Appeal stands partly allowed

ITA 1031/MUM/2015[2010-11]Status: DisposedITAT Mumbai04 Oct 2017AY 2010-11

Bench: Shri Mahavir Singh, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No. 1031/Mum/2015 (िनधा"रण वष" / Assessment Year: 2010-11) Sanjana Cryogenic Storages Limited Deputy Commissioner Of 116, Bajaj Bhavan Income Tax 11Th Floor, Nariman Point बनाम/ Circle 3(3)(1) Mumbai – 400 021 Aaykar Bhavan Vs. 6Th Floor, M.K.Road Mumbai – 400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aadcs-5093-D (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: Lal Chand Choudhary,Ld.ARFor Respondent: V.Justein,Sr.DR
Section 143(3)Section 80Section 80I

…the assessee in terms of Section 80-IA. 16. The assessee has placed reliance on several judicial pronouncements for various contentions. However, we find all of them distinguishable on facts. The judgment of Hon’ble Bombay High Court in CIT Vs. Rachna Udyog [230 CTR 72] dealt with a situation where forex gains arose directly on export sales transactions which were eligible for deduction u/s 80-IA. Similarly, the judgment of Hon’ble Bombay High Court rendered in CIT Vs. Xylon Holdings Private Limited [ITA No. 3704 of 2010 dated 13/09/2012] dealt with a situation where there was a remission / cessation of liabilit…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

ITA 1545/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2016AY 2010-11

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. NC Sawain, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―I-2‖: NEW DELHI BEFORE SH. I. C. SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Hero MotoCorp Limited, JCIT, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi PAN: AAACH0812J (Appellant) (Respondent) DCIT, M/s. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) DCIT, M/s. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Page 2 of 484 New Delhi Vs. Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) M/s. Hero Moto Corp. D…

M/S. Procter & Gamble Hygiene & Health Care Ltd vs. The Dy CIT Cir 7(1)

In the result, both the appeals of the assessee are treated as partly allowed for statistical purposes

ITA 1500/MUM/2005[2001-2002]Status: DisposedITAT Mumbai27 Nov 2015AY 2001-2002

Bench: S/Shri D. Karunakara Rao & Sanjay Gargसव"ी डी. क"णाकर राव, लेखा सद"य एवं संजय गग", "या"यक सद"य

For Appellant: Shri G M Doss
Section 80I

…on’ble Jurisdictional High Court in the case of M/s Syntel Limited (Income Tax Appeal No.1974, 1976 and 1978 of 2009) decided vide order dated 15.12.2009. Following the said decision, the Hon’’ble High Court further in the case of CIT V/s Rachna Udhyog (2010) 230 CTR 72 (Bom) has held that the exchange rate difference due to exchange rate fluctuation is directly related to the sale transaction involving the export of goods of the industrial undertaking. Since the issue is directly covered by the decision of jurisdictional High Court, this issue is accordingly, decided in favour of the assessee. 6. The next item…

M/S. Procter & Gamble Hygiene & Health Care Ltd vs. The Addl CIT RG 7(1)

In the result, both the appeals of the assessee are treated as partly allowed for statistical purposes

ITA 8999/MUM/2004[2000-2001]Status: DisposedITAT Mumbai27 Nov 2015AY 2000-2001

Bench: S/Shri D. Karunakara Rao & Sanjay Gargसव"ी डी. क"णाकर राव, लेखा सद"य एवं संजय गग", "या"यक सद"य

For Appellant: Shri G M Doss
Section 80I

…on’ble Jurisdictional High Court in the case of M/s Syntel Limited (Income Tax Appeal No.1974, 1976 and 1978 of 2009) decided vide order dated 15.12.2009. Following the said decision, the Hon’’ble High Court further in the case of CIT V/s Rachna Udhyog (2010) 230 CTR 72 (Bom) has held that the exchange rate difference due to exchange rate fluctuation is directly related to the sale transaction involving the export of goods of the industrial undertaking. Since the issue is directly covered by the decision of jurisdictional High Court, this issue is accordingly, decided in favour of the assessee. 6. The next item…

CIT v. Rachna Udhyog (230 CTR 72) — Cited in 9 Judgments | BharatTax