CIT v. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd.

206 ITR 291High Court1994#2138 most cited

What is CIT v. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd. authority for?

Losses arising from the conversion of foreign currency or from foreign exchange forward contracts entered into for business transactions, such as hedging export proceeds, are considered revenue or trading losses and are deductible as business expenditure under Section 37(1). The amortization of premium paid on such foreign exchange contracts is also an allowable deduction.

54

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2007 to 2025.

Also referred to as

CIT v. V.S. Dempo and Co. · 206 ITR 291 · Section 37(1) · foreign exchange loss · revenue expenditure · trading loss · capital vs revenue · forward contracts · premium amortization · export proceeds · business loss

Sections most often in play

Section 37(1)Section 14ASection 8DSection 10(35)Section 10B(2)(c)Section 115JBSection 142(1)Section 143(2)

Issues it is cited on

section 41(1)(a)section 94section 38section 43(1)section 80hsection 80hhcadditional depreciationsection 80hhtax benefitput to useblock of assetssection 41(1)

Judgments citing CIT v. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd.

ACIT SPL. RANGE-7, NEW DELHI vs. PRUDENT-AGRI COMMODITIES INDIA PRIVATE LIMITED , NEW DELHI

In the result, the appeal filed by the Revenue partly allowed

ITA 1743/DEL/2019[2014-15]Status: DisposedITAT Delhi09 Jul 2025AY 2014-15

Bench: Shri Shamim Yahya & Shri Vimal Kumara.Y.: 2014-15 Acit, Special Range-7, Prudent Agri Commodities C.R. Building, New Delhi Vs India Pvt. Ltd., (Earlier M/S Sunder Agri Commodities India Pvt. Ltd.) 68/2, Rnm Centre, Janpath New Delhi – 110 001 (Pan: Aascs3922N) (Appellant) (Respondent) Assessee By : Shri Salil Kapoor, Adv., Ms. Ananya Kapoor, Adv., Sh. Sumit Lal Chandani, Adv. & Sh. Shivam Yadav, Adv. Department By : Ms. Harpreet Kaur Hansra, Sr. Dr. Date Of Hearing : 26.06.2025 Date Of Pronouncement : 09.07.2025 Order Per Shamim Yahya, Am : This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Cit(A)-Xxv, New Delhi Dated 21.12.2018 Pertaining To Assessment Year 2014-15. 2. Brief Facts Of The Case Are That Assessee Company E-Filed Its Return Of Income For Ay 2014-15 On 26.11.2014 Declaring An Income Of Rs. 1,06,26,080/- The Case Was Selected For Scrutiny Assessment Under Cass & Statutory Notice U/S. 143(2) Of The Act Was Issued On 28.08.2015. Thereafter, Notice Under Section 142(1) Of The I.T. Act, 1961 Was Issued On 06.06.2016 & 12.09.2016

For Appellant: Shri Salil Kapoor, AdvFor Respondent: Ms. Harpreet Kaur Hansra, Sr. DR
Section 10(35)Section 142(1)Section 143(2)Section 14ASection 37

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”, NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER, AND SHRI VIMAL KUMAR, JUDICIAL MEMBER A.Y.: 2014-15 ACIT, SPECIAL RANGE-7, PRUDENT AGRI COMMODITIES C.R. BUILDING, NEW DELHI VS INDIA PVT. LTD., (EARLIER M/S SUNDER AGRI COMMODITIES INDIA PVT. LTD.) 68/2, RNM CENTRE, JANPATH NEW DELHI – 110 001 (PAN: AASCS3922N) (APPELLANT) (RESPONDENT) Assessee by : Shri Salil Kapoor, Adv., Ms. Ananya Kapoor, Adv., Sh. Sumit Lal Chandani, Adv., & Sh. Shivam Yadav, Adv. Department by : Ms. Harpreet Kaur Hansra, Sr. DR. Date of hearing : 26.06.2025 Date of pronouncement : 0…

T vs. MOTOR COMPANY LTD.,CHENNAIVS.ACIT, CHENNAI

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

ITA 672/CHNY/2017[2012-13]Status: DisposedITAT Chennai24 Jan 2025AY 2012-13

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकरअपीलसं./Ita No.672/Chny/2017 िनधा"रणवष"/Assessment Year: 2012-13 M/S.Tvs Motor Co. Ltd., V. The Acit, No.29, Haddows Road, Corporate Circle – 3(1), Chennai-600 006. Chennai. [Pan: Aaacs 7032 B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

…Hon'ble Bombay High Court in the case of CIT v. V.S. Dempo& 1 and the Hon'ble Bombay High Court in the case of CIT v. V.S. Dempo& 1 and the Hon'ble Bombay High Court in the case of CIT v. V.S. Dempo& Co. (P.) Ltd. [1994] 72 Co. (P.) Ltd. [1994] 72 Taxman 134/206 ITR 291/[1993] 115 CTR 163. Taxman 134/206 ITR 291/[1993] 115 CTR 163. 15. In view of the above, we hold that the assessee is entitled to claim 15. In view of the above, we hold that the assessee is entitled to claim 15. In view of the above, we hold that the assessee is entitled to claim the amortization of premium paid on foreign exchange contracts the…

DCIT, NEW DELHI vs. M/S. J.K. TECHNOSOFT LTD., NEW DELHI

In the result, the Appeal of the Revenue in ITA No

ITA 6160/DEL/2016[2009-10]Status: DisposedITAT Delhi30 Apr 2024AY 2009-10

Bench: Sh. Pradip Kumar Kedia & Sh. Yogesh Kumar U.S.Dcit Vs. J. K. Techno Soft Ltd. Circle 13(2) A-2, Shopping Complex, C. R. Building Masjid Moth, Greater New Delhi Kailsah Part-Ii New Delhi Pan: Aaacj0381L Appellant Respondent Assessee By Shri Neeraj Jain, Adv & Sh. Himanshu Goel, Ca Revenue By Shri Rajesh Mahajan, Sr. Dr Date Of Hearing 18/04/2024 Date Of Pronouncement 30/04/2024 Order

Section 115J

…nt of exchange difference as on the date balance sheet would be allowable as expenditure under section 37(1) of the Act, in the year of accrual. The appellant has also mentioned the decision of Hon'ble Bombay High Court in the case of VS Dempo and Co. P. Itd. 206 ITR 291 wherein it is held that loss arising in the process of conversion of foreign currency is a trading loss. It was contended that the appellant booked forward contracts to hedge against the foreign currency fluctuation risk to business transaction viz. export orders under taken by the appellant and hence the taking of the aforesaid hedge cover was i…

EVEREST INDUSTRIES LTD. ,NOIDA vs. DY CIT CIRCLE- 1 , THANE

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 720/MUM/2020[2016-17]Status: DisposedITAT Mumbai30 Jun 2023AY 2016-17

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon’ble s , will be capital in nature. We also note that the Hon’ble Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd (supra) ; the dec (…

EVEREST INDUSTRIES LTD. ,NOIDA vs. DY CIT CIRCLE- 1 , THANE

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 719/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon’ble s , will be capital in nature. We also note that the Hon’ble Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd (supra) ; the dec (…

DCIT CIRCLE-1, THANE vs. M/S EVEREST INDUSTRIES LTD., DELHI

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 652/MUM/2020[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon’ble s , will be capital in nature. We also note that the Hon’ble Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd (supra) ; the dec (…

DCIT, CIRCLE-1 ,, THANE vs. EVEREST INDUSTRIES LTD., MUMBAI

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 1424/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…Hon’ble s , will be capital in nature. We also note that the Hon’ble Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Bombay High Court in the case of CIT Vs V S Dempo and Co. Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Pvt Ltd (1994 ) 206 ITR 291(Bom), relying on the decision of Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd Hon’ble Supreme Court in the case Sutlej Cotton Mills Ltd (supra) ; the dec (…

DEPUTY COMMISSIONER OF INCOME TAX-5(2)(1) , MUMBAI vs. M/S M.PALLONJI SHIPPING PVT LTD, MUMBAI

Accordingly uphold the decision of the CIT(A) on this issue. The cross objections filed by the assessee in this regard is dismissed

ITA 2981/MUM/2022[2014-2015]Status: DisposedITAT Mumbai25 Apr 2023AY 2014-2015

Bench: Amit Shukla () & Ms. Padmavathy S. ()

Section 143(2)Section 57Section 92C

…to be treated as non tonnage income. The assessee in this regard relied on the following decisions:- (1) Sutlej Cotton Mills Ltd vs CIT (19 79) 116 ITR 1 (SC) (2) CIT vs Woodward Governor India P Ltd (2009) 312 ITR 254 (SC) (3) CIT vs Dempo & Co P Ltd (994) 206 ITR 291 (SC) 6 ITA 2981/Mum/2022 M. Pallonji Shipping Pvt Ltd 6. The Ld.CIT(A) called on the assessee to furnish the break-up of the net foreign exchange gain as computed by the assessee and the assessee submitted the following details in this regard:- Particulars Amount (Rs.) Notional foreign exchange gain on restatement of amounts 9,36,26,800/- recei…

M/S. BANGALORE METRO RAIL CORPORATION LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1(1)(2), BANGALORE

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

ITA 1116/BANG/2019[2015-16]Status: DisposedITAT Bangalore06 Apr 2023AY 2015-16

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 2Section 3

…that loss is a capital loss. This issue has been considered by following judgements:- • Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1 (SC) (1979) • CIT vs. Tata Locomotive and Engineering Company Ltd. – 60 ITR 405 (1966)(SC) • CIT vs. V.S.Dempo & Co Pvt. Ltd (206 ITR 291) (1994) (HC-Bombay) • CIT vs Woodward Governor India P. Ltd (312 ITR 254) (2009) (SC). ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 49 of 60 • CIT vs. Tata Iron & Steel Co Ltd 99 Taxmann 459 (SC) 18.1 In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Apex court that:…

M/S. BANGALORE METRO RAIL CORPORATION LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1(1)(2), BANGALORE

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

ITA 1115/BANG/2019[2014-15]Status: DisposedITAT Bangalore06 Apr 2023AY 2014-15

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 2Section 3

…that loss is a capital loss. This issue has been considered by following judgements:- • Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1 (SC) (1979) • CIT vs. Tata Locomotive and Engineering Company Ltd. – 60 ITR 405 (1966)(SC) • CIT vs. V.S.Dempo & Co Pvt. Ltd (206 ITR 291) (1994) (HC-Bombay) • CIT vs Woodward Governor India P. Ltd (312 ITR 254) (2009) (SC). ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 49 of 60 • CIT vs. Tata Iron & Steel Co Ltd 99 Taxmann 459 (SC) 18.1 In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Apex court that:…

M/S. BANGALORE METRO RAIL CORPORATION LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1)(2), BANGALORE

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

ITA 1114/BANG/2019[2013-14]Status: DisposedITAT Bangalore06 Apr 2023AY 2013-14

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 2Section 3

…that loss is a capital loss. This issue has been considered by following judgements:- • Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1 (SC) (1979) • CIT vs. Tata Locomotive and Engineering Company Ltd. – 60 ITR 405 (1966)(SC) • CIT vs. V.S.Dempo & Co Pvt. Ltd (206 ITR 291) (1994) (HC-Bombay) • CIT vs Woodward Governor India P. Ltd (312 ITR 254) (2009) (SC). ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 49 of 60 • CIT vs. Tata Iron & Steel Co Ltd 99 Taxmann 459 (SC) 18.1 In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Apex court that:…

M/S. BANGALORE METRO RAIL CORPORATION LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1)(2), BANGALORE

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

ITA 1113/BANG/2019[2012-13]Status: DisposedITAT Bangalore06 Apr 2023AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 2Section 3

…that loss is a capital loss. This issue has been considered by following judgements:- • Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1 (SC) (1979) • CIT vs. Tata Locomotive and Engineering Company Ltd. – 60 ITR 405 (1966)(SC) • CIT vs. V.S.Dempo & Co Pvt. Ltd (206 ITR 291) (1994) (HC-Bombay) • CIT vs Woodward Governor India P. Ltd (312 ITR 254) (2009) (SC). ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 49 of 60 • CIT vs. Tata Iron & Steel Co Ltd 99 Taxmann 459 (SC) 18.1 In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Apex court that:…

M/S. BANGALORE METRO RAIL CORPORATION LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1)(2), BANGALORE

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

ITA 1112/BANG/2019[2011-12]Status: DisposedITAT Bangalore06 Apr 2023AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 2Section 3

…that loss is a capital loss. This issue has been considered by following judgements:- • Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1 (SC) (1979) • CIT vs. Tata Locomotive and Engineering Company Ltd. – 60 ITR 405 (1966)(SC) • CIT vs. V.S.Dempo & Co Pvt. Ltd (206 ITR 291) (1994) (HC-Bombay) • CIT vs Woodward Governor India P. Ltd (312 ITR 254) (2009) (SC). ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 49 of 60 • CIT vs. Tata Iron & Steel Co Ltd 99 Taxmann 459 (SC) 18.1 In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Apex court that:…

ADDITIONAL COMMISSIONER OF INCOME TAX,SPECIAL RANGE - 1 , BANGALORE vs. M/S. BANGALORE METRO RAIL CORPORATION LIMITED, BANGALORE

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

ITA 1048/BANG/2019[2011-12]Status: DisposedITAT Bangalore06 Apr 2023AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 2Section 3

…that loss is a capital loss. This issue has been considered by following judgements:- • Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1 (SC) (1979) • CIT vs. Tata Locomotive and Engineering Company Ltd. – 60 ITR 405 (1966)(SC) • CIT vs. V.S.Dempo & Co Pvt. Ltd (206 ITR 291) (1994) (HC-Bombay) • CIT vs Woodward Governor India P. Ltd (312 ITR 254) (2009) (SC). ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 49 of 60 • CIT vs. Tata Iron & Steel Co Ltd 99 Taxmann 459 (SC) 18.1 In case of Sutlej Cotton Mills Ltd. vs. CIT – 116 ITR 1, it was observed by the Apex court that:…

EVEREST INDUSTRIES LTD.,NOIDA vs. DY CIT CIRCLE- 1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 715/MUM/2020[2008-09]Status: DisposedITAT Mumbai31 Jan 2023AY 2008-09

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…xamine 51. The Hon'ble Bombay High Court had an occasion to examine 51. The Hon'ble Bombay High Court had an occasion to examine an identical issue in the case of an identical issue in the case of CIT Vs. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid down following principles: down following principles:- "15. The propositions that emerge from the above discussions "15. The propositions that emerge from the above discussions "15. The prop…

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 654/MUM/2020[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…xamine 51. The Hon'ble Bombay High Court had an occasion to examine 51. The Hon'ble Bombay High Court had an occasion to examine an identical issue in the case of an identical issue in the case of CIT Vs. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid down following principles: down following principles:- "15. The propositions that emerge from the above discussions "15. The propositions that emerge from the above discussions "15. The prop…

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 653/MUM/2020[2013-14]Status: DisposedITAT Mumbai31 Jan 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…xamine 51. The Hon'ble Bombay High Court had an occasion to examine 51. The Hon'ble Bombay High Court had an occasion to examine an identical issue in the case of an identical issue in the case of CIT Vs. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid down following principles: down following principles:- "15. The propositions that emerge from the above discussions "15. The propositions that emerge from the above discussions "15. The prop…

DCIT, CIRCLE-1 ,, THANE vs. EVEREST INDUSTRIES LTD., MUMBAI

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 1423/MUM/2020[2008-09]Status: DisposedITAT Mumbai31 Jan 2023AY 2008-09

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…xamine 51. The Hon'ble Bombay High Court had an occasion to examine 51. The Hon'ble Bombay High Court had an occasion to examine an identical issue in the case of an identical issue in the case of CIT Vs. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid down following principles: down following principles:- "15. The propositions that emerge from the above discussions "15. The propositions that emerge from the above discussions "15. The prop…

EVEREST INDUSTRIES LTD, NOIDA vs. DY CIT CIRLCE-1 , THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 7794/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jan 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…xamine 51. The Hon'ble Bombay High Court had an occasion to examine 51. The Hon'ble Bombay High Court had an occasion to examine an identical issue in the case of an identical issue in the case of CIT Vs. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid down following principles: down following principles:- "15. The propositions that emerge from the above discussions "15. The propositions that emerge from the above discussions "15. The prop…

EVEREST INDUSTRIES LTD,NOIDA vs. DY CIT CIRLCE-1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 7793/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…xamine 51. The Hon'ble Bombay High Court had an occasion to examine 51. The Hon'ble Bombay High Court had an occasion to examine an identical issue in the case of an identical issue in the case of CIT Vs. V.S. Dempo and Co. P CIT Vs. V.S. Dempo and Co. P Ltd (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid (206 ITR 291) and the Hon'ble Bombay High Court has laid down following principles: down following principles:- "15. The propositions that emerge from the above discussions "15. The propositions that emerge from the above discussions "15. The prop…

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