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

206 ITR 291High Court1994#2121 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 366,416 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.

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(2), Bangalore

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

ITA 1982/BANG/2018[2012-13]Status: DisposedITAT Bangalore12 Jan 2023AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

…ity on the basis of fluctuation of foreign currency rate and amount of increase in such liability as allowable. In this respect, it is relevant to refer the decision of Hon’ble Supreme Court in the case of CIT Vs. Dempo and company private limited reported in 206 ITR 291, wherein trading liability has been summarized as under; • A loss arising in the process of conversion of foreign currency which is part of trading asset of the assessee is a trading loss as any other loss. • In determining the true nature and character of the loss, the cause which occasions the loss is immaterial; what is material is whether t…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(2), Bangalore

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

ITA 1981/BANG/2018[2010-11]Status: DisposedITAT Bangalore12 Jan 2023AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

…ity on the basis of fluctuation of foreign currency rate and amount of increase in such liability as allowable. In this respect, it is relevant to refer the decision of Hon’ble Supreme Court in the case of CIT Vs. Dempo and company private limited reported in 206 ITR 291, wherein trading liability has been summarized as under; • A loss arising in the process of conversion of foreign currency which is part of trading asset of the assessee is a trading loss as any other loss. • In determining the true nature and character of the loss, the cause which occasions the loss is immaterial; what is material is whether t…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Additional Commissioner of Income Tax Range-12, Bangalore

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

ITA 1980/BANG/2018[2009-10]Status: DisposedITAT Bangalore12 Jan 2023AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

…ity on the basis of fluctuation of foreign currency rate and amount of increase in such liability as allowable. In this respect, it is relevant to refer the decision of Hon’ble Supreme Court in the case of CIT Vs. Dempo and company private limited reported in 206 ITR 291, wherein trading liability has been summarized as under; • A loss arising in the process of conversion of foreign currency which is part of trading asset of the assessee is a trading loss as any other loss. • In determining the true nature and character of the loss, the cause which occasions the loss is immaterial; what is material is whether t…

Clp Wind Farms (India) Pvt. Ltd., New Delhi vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1606/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2016-17
For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R
Section 250(6)Section 37(1)

…uation. The ITAT while holding so referred to and relied on the decision of the Hon’ble apex court in the case of CIT vs Woodword Governor India(P) Ltd(2009) 312 ITR 254 (SC) and the Hon’ble Bombay High Court in the case of CIT vs Dempo and Co. (P) Ltd (1994) 206 ITR 291. 15. In view of the above, we hold that the assessee is entitled to claim the amortization of premium paid on foreign exchange contracts amounting to Rs. 38,96,97,000/-. 16. Appeal of the Assessee is allowed. ITA No. 1605/Ahd/2019 for A.Y. 2015-16 17. Ground no. 1 reads as under: 1. In law and in the facts and circumstances of the case, the le…

Clp Wind Farms (India) Pvt. Ltd., New Delhi vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1605/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2015-16
For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R
Section 250(6)Section 37(1)

…uation. The ITAT while holding so referred to and relied on the decision of the Hon’ble apex court in the case of CIT vs Woodword Governor India(P) Ltd(2009) 312 ITR 254 (SC) and the Hon’ble Bombay High Court in the case of CIT vs Dempo and Co. (P) Ltd (1994) 206 ITR 291. 15. In view of the above, we hold that the assessee is entitled to claim the amortization of premium paid on foreign exchange contracts amounting to Rs. 38,96,97,000/-. 16. Appeal of the Assessee is allowed. ITA No. 1605/Ahd/2019 for A.Y. 2015-16 17. Ground no. 1 reads as under: 1. In law and in the facts and circumstances of the case, the le…

Clp Wind Farms (India) Pvt. Ltd., Ahmedabad vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1110/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2014-15
For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R
Section 250(6)Section 37(1)

…uation. The ITAT while holding so referred to and relied on the decision of the Hon’ble apex court in the case of CIT vs Woodword Governor India(P) Ltd(2009) 312 ITR 254 (SC) and the Hon’ble Bombay High Court in the case of CIT vs Dempo and Co. (P) Ltd (1994) 206 ITR 291. 15. In view of the above, we hold that the assessee is entitled to claim the amortization of premium paid on foreign exchange contracts amounting to Rs. 38,96,97,000/-. 16. Appeal of the Assessee is allowed. ITA No. 1605/Ahd/2019 for A.Y. 2015-16 17. Ground no. 1 reads as under: 1. In law and in the facts and circumstances of the case, the le…

DCIT Non Corporate Circle-1(1), Chennai vs. Kunnam Granite Works, Chennai

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

ITA 357/CHNY/2020[2009-10]Status: DisposedITAT Chennai10 Feb 2022AY 2009-10

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri G. Manjunathaआयकर अपील सं./Ita No.357/Chny/2020 िनधा"रण वष" /Assessment Year: 2009-10 The Dy. Commissioner- V. M/S.Kunnam Granite Works, Of Income Tax, No.24, Old No.22A, Non-Corporate Circle-I(1), Sankaralaya, Malony Road, Chennai-34. T.Nagar, Chennai-600 017. [Pan: Aaafk 0659 H]

For Appellant: Mr.B.Ramana Kumar, Adv
Section 43(5)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI माननीय "ी वी. दुगा" राव, "ाियक सद" एवं माननीय "ी जी. मंजूनाथा, , लेखा सद" के सम" BEFORE HON’BLE SHRI V. DURGA RAO, JUDICIAL MEMBER AND HON’BLE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.357/Chny/2020 िनधा"रण वष" /Assessment Year: 2009-10 The Dy. Commissioner- v. M/s.Kunnam Granite Works, of Income Tax, No.24, Old No.22A, Non-Corporate Circle-I(1), Sankaralaya, Malony Road, Chennai-34. T.Nagar, Chennai-600 017. [PAN: AAAFK 0659 H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Department by Mr. AR.V.Sreeniv…

Greatship (India ) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

The appeal stand partly allowed

ITA 7151/MUM/2017[2013-14]Status: DisposedITAT Mumbai05 Oct 2021AY 2013-14

Bench: Hon’Ble Shri Pavan Kumar Gadale, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. No.7151/Mum/2017 (धििाारण वर्ा / Assessment Year: 2013-14) Greatship (India) Ltd. Dcit-5(1)(1) बिाम/ Room No. 568, 5Th Floor, C/O Kalyaniwalla & Mistry Llp Esplande House, 29, Hazarimal Somani Marg Aaykar Bhavan, M. K. Road, Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcg-8542-K (अपीलाथी/Appellant) : (प्रत्यथी / Respondent) अपीलाथीकीओरसे/ Appellant By : Ms. Ritu Kamal Kishore- Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Sunil Deshpande- Ld. Sr. Dr सुनवाईकीतारीख/ : 31/08/2021 Date Of Hearing घोषणाकीतारीख / : 05/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Assessee For Assessment Year (Ay) 2013-14 Assails Final Assessment Order Dated 17/10/2017 Passed By Ld. Assessing Officer (Ao) U/S 143(3) R.W.S. 144C(13) Pursuant To The Directions Of Ld. Dispute Resolution Panel-I, Mumbai U/S 144C(5) Dated 28/09/2017. The Grounds Raised By The Assessee Read As Under: -

For Appellant: Ms. Ritu Kamal Kishore- Ld. ARFor Respondent: Shri Sunil Deshpande- Ld. Sr. DR
Section 133(6)Section 143(3)Section 144C(5)Section 14ASection 28Section 92BSection 92C

…ding loss but loss arising from capital asset would be capital loss. If the amount was held as capital asset, loss arising from the depreciation would be capital loss. Following this decision, Hon‟ble High Court of Bombay in CIT V/s V.S.Dempo & Co. Pvt. Ltd. (206 ITR 291) summarized the position as under: - (i) A loss arising in the process of conversion of foreign currency which is part of trading asset of the assessee is a trading loss as any other loss. (ii) In determining the true nature and character of the loss, the cause which occasions the loss is immaterial; what is material is whether the loss has occur…

DCIT, Bangalore vs. M/S Cisco Systems India Pvt. Ltd., Bangalore

In the result, the Revenue’s appeal as well as Assessee’s appeal are partly allowed for statistical purposes

ITA 508/BANG/2015[2010-11]Status: DisposedITAT Bangalore15 Apr 2021AY 2010-11
For Appellant: Sri.Rajan Vora, CAFor Respondent: Sri.Muzafar Hussain, CIT-DR
Section 10ASection 143(3)Section 144CSection 144C(5)

…xchange gain of Rs.14,40,32,302 on restatement of creditors for fixed assets are not taxable in view of the decisions of Supreme Court decision in case of Sutlej Cotton Mills Ltd. vs. CIT (116 ITR 1) and Bombay HC decision in case of V.S. Dempo & Co Pvt. Ltd (206 ITR 291), which has specifically held that gain/ loss on arising on fixed capital on account of alteration in exchange rate is capital in nature. Further, in connection with foreign exchange gain of Rs.25,26,39,693 incurred on share application money, it is submitted that same is capital in nature, in view of Delhi HC decision in case of Jagatjit Industr…

Cisco Systems (India) Private Limited, Bangalore vs. Asst.C.I.T., Bangalore

In the result, the Revenue’s appeal as well as Assessee’s appeal are partly allowed for statistical purposes

ITA 505/BANG/2015[2010-11]Status: DisposedITAT Bangalore14 Apr 2021AY 2010-11
For Appellant: Sri.Rajan Vora, CAFor Respondent: Sri.Muzafar Hussain, CIT-DR
Section 10ASection 143(3)Section 144CSection 144C(5)

…xchange gain of Rs.14,40,32,302 on restatement of creditors for fixed assets are not taxable in view of the decisions of Supreme Court decision in case of Sutlej Cotton Mills Ltd. vs. CIT (116 ITR 1) and Bombay HC decision in case of V.S. Dempo & Co Pvt. Ltd (206 ITR 291), which has specifically held that gain/ loss on arising on fixed capital on account of alteration in exchange rate is capital in nature. Further, in connection with foreign exchange gain of Rs.25,26,39,693 incurred on share application money, it is submitted that same is capital in nature, in view of Delhi HC decision in case of Jagatjit Industr…

M/S. Havells India Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee is partly allowed for statistical purpose

ITA 4695/DEL/2012[2008-09]Status: DisposedITAT Delhi10 Nov 2020AY 2008-09

Bench: Shri Anil Chaturvedi & Ms Suchitra Kamble(Through Video Conferencing) Vs Havells India Ltd. Acit 1, Raj Narian Marg, Ltu Civil Lines New Delhi New Delhi Aaach0351E (Respondent) (Appellant)

Section 251Section 40Section 80I

…gh Court affirmed the decision of the Tribunal. The Ld. AR relied upon the following decisions: i) CIT v. Jagatjit Industries Ltd. 191 Taxman 54 (Del. HC) 24 ii) Indo-Burma Petroleum Co. Ltd. v. CIT 136 ITR 25 (Calcutta HC) iii) V.S. Dempo and Co. (P) Ltd. 206 ITR 291 (Bom. HC) iv) E.I.D. Parry Ltd. v. CIT 174 ITR 11 (Mad. HC) v) CIT v. PVP Ventures Ltd. 211 Taxman 554 (Mad. HC) The Ld. AR further submitted that fluctuation arising in foreign currency resulting in increase/decrease in liabilities pertaining to purchase of capital assets was on capital account, not liable to be considered for computing taxab…

Steria (India) Ltd., Noida vs. Addl. CIT, Spl. Range- 8, New Delhi

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

ITA 5745/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Sept 2020AY 2014-15

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Sh. Anupam Kant Garg, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…d followed AS-11 and AS-30 issued by ICAI. The Court further held that the CBDT instruction could not override the existing decisions of Supreme Court and High Courts on similar issues. (viii) The Bombay High Court in the case of V.S. Dempo and Co. (P) Ltd.: 206 ITR 291 has succinctly culled out the principles to determine whether loss on account of exchange fluctuation is allowable as business loss. The Court inter-alia held that “(i) a loss arising in the process of conversion of foreign currency which is part of the trading asset of the assessee is a trading loss as any other loss; (ii) The cause which occasi…

M/S Steria Ndia Ltd., Noida vs. Addl CIT, New Delhi

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

ITA 741/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Sept 2020AY 2012-13

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Sh. Anupam Kant Garg, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…d followed AS-11 and AS-30 issued by ICAI. The Court further held that the CBDT instruction could not override the existing decisions of Supreme Court and High Courts on similar issues. (viii) The Bombay High Court in the case of V.S. Dempo and Co. (P) Ltd.: 206 ITR 291 has succinctly culled out the principles to determine whether loss on account of exchange fluctuation is allowable as business loss. The Court inter-alia held that “(i) a loss arising in the process of conversion of foreign currency which is part of the trading asset of the assessee is a trading loss as any other loss; (ii) The cause which occasi…

Steria India Ltd., Noida vs. Addl.CIT, Speciaql Range-8, New Delhi

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

ITA 3992/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Sept 2020AY 2013-14

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Sh. Anupam Kant Garg, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…d followed AS-11 and AS-30 issued by ICAI. The Court further held that the CBDT instruction could not override the existing decisions of Supreme Court and High Courts on similar issues. (viii) The Bombay High Court in the case of V.S. Dempo and Co. (P) Ltd.: 206 ITR 291 has succinctly culled out the principles to determine whether loss on account of exchange fluctuation is allowable as business loss. The Court inter-alia held that “(i) a loss arising in the process of conversion of foreign currency which is part of the trading asset of the assessee is a trading loss as any other loss; (ii) The cause which occasi…

Hueco Electronics (I) Pvt.Ltd, (Now Known As Hitachi Automotive Systems Pune (I) Pvt.Ltd), Pune vs. Deputy Commissioner of Income Tax

In the result, the appeal of assessee is allowed

ITA 2/PUN/2017[2012-13]Status: DisposedITAT Pune20 Jan 2020AY 2012-13

Bench: Shri Anil Chaturvedi & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.02/Pun/2017 नििाारण वषा / Assessment Year : 2012-13

For Appellant: Shri Kishor PhadkeFor Respondent: Shri Alok Malviya
Section 143(3)Section 37(1)Section 43A

…) (iv) Bharat Gen. & Textile Indust. Ltd. (1986) 157 ITR 158 (Cal) (v) Groz Beckert Saboo Ltd. (1981) 127 ITR 608 (P&H) (vi) Sandoz India Ltd. (1994) 206 ITR 599 (Bom) (vii) Electric Lamb Mfg. (India) Ltd. (1992) 198 ITR 760 (Cal) (viii) V S Dempo & Co. Ltd. 206 ITR 291 (Bom) The appellant has relied upon decision of Hon. Pune Tribunal in the case of Cooper Corporation (P) Ltd. (2006) 69 taxmann.com 244. In that case facts were slightly on different footing as initially loans were taken in Indian Rupees from Banks for acquisition of assets and expansion of Project. Subsequently, the loans were converted into For…

M/S Kanoria Chemicals & Industries Ltd., Kolkata vs. DCIT, Cir-10, Kolkata

ITA 238/KOL/2015[2010-2011]Status: DisposedITAT Kolkata16 Nov 2018AY 2010-2011

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…ng from depreciation in its value on account of alteration in the rate of exchange would be a trading loss, but if the amount is held as a capital asset, loss arising from depreciation would be a capital loss. 9.2. In case of CIT vs. V.S. Dempo & Co Pvt. Ltd (206 ITR 291) which has specifically laid down principles in order to decide whether loss/gain arising out of foreign exchange fluctuations is in nature of revenue or capital, of which at para 5 of said principles which says as follow: “Loss resulting from depreciation of the foreign currency which is utilised or intended to be utilised in business and is par…

DCIT, Circle-10, Kolkata vs. M/S. Kanoria Chemicals & Industries Ltd., Kolkata

ITA 2086/KOL/2014[2009-2010]Status: DisposedITAT Kolkata16 Nov 2018AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…ng from depreciation in its value on account of alteration in the rate of exchange would be a trading loss, but if the amount is held as a capital asset, loss arising from depreciation would be a capital loss. 9.2. In case of CIT vs. V.S. Dempo & Co Pvt. Ltd (206 ITR 291) which has specifically laid down principles in order to decide whether loss/gain arising out of foreign exchange fluctuations is in nature of revenue or capital, of which at para 5 of said principles which says as follow: “Loss resulting from depreciation of the foreign currency which is utilised or intended to be utilised in business and is par…

M/S. Kanoria Chemicals & Industries Ltd., Kolkata vs. Addl. CIT, Range-10, Kolkata

ITA 1880/KOL/2014[2009-2010]Status: DisposedITAT Kolkata16 Nov 2018AY 2009-2010

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…ng from depreciation in its value on account of alteration in the rate of exchange would be a trading loss, but if the amount is held as a capital asset, loss arising from depreciation would be a capital loss. 9.2. In case of CIT vs. V.S. Dempo & Co Pvt. Ltd (206 ITR 291) which has specifically laid down principles in order to decide whether loss/gain arising out of foreign exchange fluctuations is in nature of revenue or capital, of which at para 5 of said principles which says as follow: “Loss resulting from depreciation of the foreign currency which is utilised or intended to be utilised in business and is par…

DCIT, Cir-10(1), Kolkata vs. Kanoria Chemicals & Industries Ltd., Kolkata

ITA 271/KOL/2015[2010-2011]Status: DisposedITAT Kolkata16 Nov 2018AY 2010-2011

Bench: Sri J. Sudhakar Reddy & Smt. Madhumita Roy]

Section 250

…ng from depreciation in its value on account of alteration in the rate of exchange would be a trading loss, but if the amount is held as a capital asset, loss arising from depreciation would be a capital loss. 9.2. In case of CIT vs. V.S. Dempo & Co Pvt. Ltd (206 ITR 291) which has specifically laid down principles in order to decide whether loss/gain arising out of foreign exchange fluctuations is in nature of revenue or capital, of which at para 5 of said principles which says as follow: “Loss resulting from depreciation of the foreign currency which is utilised or intended to be utilised in business and is par…

Linfox Logistics (India) P.Ltd, Mumbai vs. DCIT 10(1), Mumbai

In the result, all the appeals filed by the assessee are hereby allowed

ITA 3948/MUM/2016[2010-11]Status: DisposedITAT Mumbai29 Aug 2018AY 2010-11

Bench: Shri G. S. Pannu, Am & Shri Amarjit Singh, Jm

For Appellant: Shri Rajan Vora (AR)For Respondent: Shri Rajesh Kumar Yadav (DR)
Section 195Section 250Section 28Section 36Section 37Section 40

…laim of the assessee. The assessee filed an appeal before the ITAT for the A.Y. 2009-10 in which the Hon’ble ITAT remanded the case before the AO in terms of Supreme Court decision CIT Vs. Woodward Governor (249 DTR 451)(SC) and CIT Vs. V.S. Dempo & Co P Ltd (206 ITR 291) (Bom High Court). The assessee filed the bifurcation of Foreign Fluctuation loss into revenue and capital loss which lies at page no. 178,179 of the paper book and in view of the order passed by the Hon’ble ITAT in the assessee’s own case for the A.Y.2009-10 in ITA. No.5704/M/2013 and 5643/M/2013 we set aside the finding of the CIT(A) on this is…