CIT v. Woodward Governor (I). Pvt. Ltd.

DCIT Cir - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

…. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon‟ble Apex Court has held as under: “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of loans taken for revenue purposes is allowable as expenditure u/s.37(1), no…

M/S. Gujarat Ambuja Cements Ltd., Mumbai vs. DCIT RG. 3(1), Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

…. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon‟ble Apex Court has held as under: “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of loans taken for revenue purposes is allowable as expenditure u/s.37(1), no…

Sterlite Technologies Ltd, Pune vs. CIT Ltu 1, Mumbai

…आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण मुंबई “ई ” ” ” ” खंडपीठ खंडपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal “E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"", लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं पवन "सह एवं पवन "सह पवन "सह, "याियक पवन "सह "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Sh. Rajendra,Accountant Member & Pawan Singh, Judicial Member आयकर अपील आयकर अपील संसंसंसं./ITA/4020/Mum/2017, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Sterlite Technologies Lim…

Bharat Serums and Vaccines Ltd, Mumbai vs. Addl CIT RG 3(1), Mumbai

Appeal of the AO stands dismissed

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “बी मुंबई बी बी” ” ” ” खंडपीठ बी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./3091/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" M/s. Bharat Serums & Vaccines Ltd. ACIT, Range-3(1) 27th Floor, Hoechst House, Nariman Point Aayakar Bhavan, M.K. Marg Vs. Mumbai-21. Mumbai-400 020. PAN:AAACB 2431 M (अपीलाथ" /Appellant)…

DCIT RG. - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

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

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

…. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon‟ble Apex Court has held as under: 29 and 4374/Mum/2005 “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of loans taken for revenue purposes is allowable as exp…

M/S. Gujarat Ambuja Cements Ltd., Mumbai vs. DCIT RG. 3(1), Mumbai

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

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

…. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon‟ble Apex Court has held as under: 29 and 4374/Mum/2005 “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of loans taken for revenue purposes is allowable as exp…

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG 3(1)

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

Bench: Shri D.Karunakara Rao & Shri Pawan Singhassessment Year: 1999-2000 Gujarat Ambuja Cements Limited, Dcit Range 3(1), 122, Maker Chambers, Iii, Aayakar Bhavan, M.K. Road, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent) Assessment Year: 1999-2000 Dcit Range 3(1), Gujarat Ambuja Cements Limited, Aayakar Bhavan, M.K. Road, 122, Maker Chambers, Iii, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent)

…. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon’ble Apex Court has held as under: “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of loans taken for revenue purposes is allowable as expenditure u/s.37(1), no…