CIT v. Woodward Governor India Pvt. Ltd.

294 ITR 451High Court2007#877 most cited

What is CIT v. Woodward Governor India Pvt. Ltd. authority for?

The amendment to Section 43A of the Income Tax Act, 1961, is prospective and applies only from April 1, 2003. This means it governs changes in the actual cost of assets due to exchange rate fluctuations from that date onwards.

120

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2007 to 2025.

Also referred to as

CIT v. Woodward Governor India Pvt. Ltd. · Woodward Governor · 294 ITR 451 · Section 43A · Section 43A amendment · prospective application · retrospective effect · actual cost of asset · depreciation · fixed assets · 1 April 2003 · Delhi High Court

Sections most often in play

Section 1961Section 14ASection 145Section 37(1)Section 115JBSection 142(1)Section 143(2)Section 28
Read the full judgment

Issues it is cited on

section 10b(8)purposive interpretationsection 43abenchmarking analysissection 80hhcsection 41(1)section 80hhsection 139(5)cup methodsection 41section 40(a)(i)most appropriate method

Judgments citing CIT v. Woodward Governor India Pvt. Ltd.

DCIT 3(3)(1), Mumbai vs. Satya Securities Ltd, Mumbai

In the result, the present appeal is partly allowed

ITA 6674/MUM/2016[2010-11]Status: DisposedITAT Mumbai31 Jan 2023AY 2010-11
For Appellant: Shri A.K. Tibrewal &For Respondent: Shri A.K. Das
Section 14ASection 68

…mark to market was not permissible. The CIT(A) referring to his decision in appeal for the Assessment Year 2005-06 and relying upon the judgment of the Hon‟ble Supreme Court in the case of Chainrup Sampatram Vs. CIT (24 ITR 481) and CIT vs. Woodward Governor 294 ITR 451 (SC), overturned the decision of the Assessing Officer and allowed claim of business loss of INR 34,30,684/-. 14. Being aggrieved the Revenue is now in appeal before us. 15. Both the sides reiterated the submissions made before the authorities below. We have considered the rival submissions and perused the material on record. The contention of…

L and T Mhps Turbine Generatiors Private Limited, Mumbai vs. Deputy Commissioner of Income Tax Circle 2(2), Mumbai

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes

ITA 4766/MUM/2017[2010-11]Status: DisposedITAT Mumbai04 Jan 2023AY 2010-11

Bench: Shri B.R. Baskaran (Am) & Shri Rahul Chaudhary (Jm)

…legal and factual discussions, and following the decision of the ITAT in the case of Mazagaon Dock Ltd. (supra) and Metal Box Co. of India Ltd. (supra) and decision of the Hon'ble Delhi High Court in the case of CIT v. Woodward Governor India Pvt. Ltd. [2007] 294 ITR 451 (Delhi), the contention of the assessee regarding allowability of foreseeable loss is accepted in principle." The decision of Mumbai Tribunal in the case of Mazagaon Dock Ltd. (supra) was also in favour of allowing future losses. In this case, assessee, as per method of accounting in case of contracts where loss was anticipated reckoned the enti…

Edelweiss Commodities Services Ltd, Mumbai vs. DCIT, CC-1(1), Mumbai

In the result, the appeal filed by the assessee is treated as allowed

ITA 7475/MUM/2017[2013-14]Status: DisposedITAT Mumbai24 Jun 2022AY 2013-14
Section 115JSection 143(3)Section 144CSection 14A

…known as M/s. Edelweiss Commodities Services Limited) assessee had valued the stock and accounted for the loss upon valuation in terms of market position. He further placed reliance upon the Hon'ble Apex Court decision in the case of CIT vs. Woodward Governor 294 ITR 451 (SC). 29. Upon careful consideration, before proceeding further we note that the ITAT in the case of Edelweiss Capital Limited vs ITO (in ITA 5324/Mum/2007 vide order dated 10.11.2010) has considered this issue and held as under: "7. We have considered the facts and the rival contentions. In the Schedule annexed to and forming part of the Balan…

DCIT, Circle-1(1)(1), Ahmedabad vs. Adani Petronet (Dahej) Port Pvt. Ltd, Ahmedabad

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

ITA 2045/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad31 May 2022AY 2014-15

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

For Appellant: Shri Vartik Chokshi, AR &For Respondent: Shri Mudit Nagpal, CIT-DR
Section 14A

…assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet IS AN ITEM OF EXPENDITURE under section 37(1) of the Income-tax Act, 1961. Decision of the Delhi High Court in CIT v. Woodward Governor India P. Ltd. [2007] 294 ITR 451 affirmed. For valuing the closing stock at the end of a particular year, the value prevailing on the last date is relevant. This is because profit/losses embedded in the closing stock. While anticipated loss is taken into account, anticipated profit in the shape of appreciated value of the closing stock is not brought into account, as no prudent…

The Dy.Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. Adani Petronet( Dahej) Port Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

ITA 1792/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad31 May 2022AY 2013-14

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

For Appellant: Shri Vartik Chokshi, AR &For Respondent: Shri Mudit Nagpal, CIT-DR
Section 14A

…assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet IS AN ITEM OF EXPENDITURE under section 37(1) of the Income-tax Act, 1961. Decision of the Delhi High Court in CIT v. Woodward Governor India P. Ltd. [2007] 294 ITR 451 affirmed. For valuing the closing stock at the end of a particular year, the value prevailing on the last date is relevant. This is because profit/losses embedded in the closing stock. While anticipated loss is taken into account, anticipated profit in the shape of appreciated value of the closing stock is not brought into account, as no prudent…

The Dy.Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad vs. Adani Petronet( Dahej) Port Pvt. Ltd., Ahmedabad

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

ITA 1470/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad31 May 2022AY 2012-13

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

For Appellant: Shri Vartik Chokshi, AR &For Respondent: Shri Mudit Nagpal, CIT-DR
Section 14A

…assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet IS AN ITEM OF EXPENDITURE under section 37(1) of the Income-tax Act, 1961. Decision of the Delhi High Court in CIT v. Woodward Governor India P. Ltd. [2007] 294 ITR 451 affirmed. For valuing the closing stock at the end of a particular year, the value prevailing on the last date is relevant. This is because profit/losses embedded in the closing stock. While anticipated loss is taken into account, anticipated profit in the shape of appreciated value of the closing stock is not brought into account, as no prudent…

Adani Petronet( Dahej) Port Pvt. Ltd., Ahmedabad vs. The Dy.Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad

In the result, the appeal of the Revenue for AY 2014-15 and CO of the assessee for AY 2013-14 are treated as partly allowed

ITA 1398/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad31 May 2022AY 2012-13

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2012-13 Adani Petronet (Dahej) Port The Dy. Commissioner Of Pvt. Ltd., Vs Income-Tax, 9Th Floor, Shikhar Building, Circle 1(1)(1), Nr. Mithakali Circle, Ahmedabad Navrangpura, Ahmedabad-380009 Pan: Aaeca 5046 R Assessment Year : 2012-13 The Dy. Commissioner Of Adani Petronet (Dahej) Port Income-Tax, Vs Pvt. Ltd., Circle 1(1)(1), Ahmedabad-380009 Ahmedabad Pan: Aaeca 5046 R

For Appellant: Shri Vartik Chokshi, AR &For Respondent: Shri Mudit Nagpal, CIT-DR
Section 14A

…assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet IS AN ITEM OF EXPENDITURE under section 37(1) of the Income-tax Act, 1961. Decision of the Delhi High Court in CIT v. Woodward Governor India P. Ltd. [2007] 294 ITR 451 affirmed. For valuing the closing stock at the end of a particular year, the value prevailing on the last date is relevant. This is because profit/losses embedded in the closing stock. While anticipated loss is taken into account, anticipated profit in the shape of appreciated value of the closing stock is not brought into account, as no prudent…

Orient Cement Limited, Kolkata vs. DCIT, Circle - 6(1), Kolkata

In the result, the appeal of the assessee is treated as partly allowed

ITA 1272/KOL/2018[2013-14]Status: DisposedITAT Kolkata16 Mar 2022AY 2013-14

Bench: Shri Sanjay Garg&Shri Girish Agrawali.T.A. No.1272/Kol/2018 Assessment Year: 2013-14 Orient Cement Ltd...................................................................…………………Appellant 9/1, R.N. Mukherjee Road, Kolkata-1. [Pan:Aabco5420A] Vs. Dcit, Circle-6(1), Kolkata…............…...........……………….....………..…..Respondent Appearances By: Shri Akkal Dudhwewala, Fca, Appeared On Behalf Of The Appellant. Shri Sallong Yaden, Addl. Cit, Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : February 08, 2022 Date Of Pronouncing The Order : March 16, 2022 Hearing Through Video Conferencing Order Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 14.05.2018 Of The Commissioner Of Income Tax (Appeals)-2, Kolkata [Hereinafter Referred To As ‘Cit(A)’]Passed U/S 250 Of The Income Tax Act(Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Taken The Following Grounds Of Appeal:

Section 143(3)Section 250Section 36Section 37

…s in foreign currency which has not been settled in the year under consideration as notional loss. However the ld. CIT(A) allowed such loss having reliance on judgment of the Hon'ble Delhi High Court in the case CIT Vs Woodward Governor India Ltd. reported in 294 ITR 451. In rejoinder ld. DR stated that the said judgment of the Hon'ble Delhi High Court was delivered much earlier whereas the Instruction No. 3/2010 was issued dated 23.03.2010. Thus the instruction issued by the CBDT was not considered by the Hon'ble Delhi High Court. However, we find that the instructions issued by the CBDT are not binding on the C…

ACIT, Uttrakhand vs. M/S. Uttaranchal Jal Vidyut Nigam Ltd., Dehradun

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

ITA 736/DEL/2017[2012-13]Status: DisposedITAT Dehradun24 Dec 2021AY 2012-13

Bench: Shri R.K. Panda & Shri Challa Nagendra Prasadassessment Year: 2012-13 Acit, Vs. Uttaranchal Jal Vidyut Circle-2, Nigam Ltd., 13-A, Subhash Road, Ujjwal, Maharani Bagh, Uttarakhand. Gms Road, Dehradun. Pan: Aaacu6672R (Appellant) (Respondent) Assessee By : Dr. Rakesh Gupta, Advocate & Shri Somil Aggarwal, Advocate Revenue By : Smt. Poonam Sharma, Sr. Dr Date Of Hearing : 22.12.2021 Date Of Pronouncement : 24.12.2021 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 29Th December, 2016 Of The Cit(A), Dehradun, Relating To Assessment Year 2012-13. 2. The Only Effective Ground Raised By The Revenue Reads As Under:- “1. The Ld.Cit(A) Has Erred In Law & On Facts By Allowing Depreciation On Assets For Which The Actual Cost As Per Section 43(1) Of The Income Tax Act, 1961 Was Nil. 2. The Order Of The Ld.Cit(Appeals) Be Set Aside & That Of The Assessing Officer Be Restored.”

For Appellant: Dr. Rakesh Gupta, Advocate &For Respondent: Smt. Poonam Sharma, Sr. DR
Section 143(3)Section 2Section 32Section 43Section 43(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : B : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER Assessment Year: 2012-13 ACIT, Vs. Uttaranchal Jal Vidyut Circle-2, Nigam Ltd., 13-A, Subhash Road, Ujjwal, Maharani Bagh, Uttarakhand. GMS Road, Dehradun. PAN: AAACU6672R (Appellant) (Respondent) Assessee by : Dr. Rakesh Gupta, Advocate & Shri Somil Aggarwal, Advocate Revenue by : Smt. Poonam Sharma, Sr. DR Date of Hearing : 22.12.2021 Date of Pronouncement : 24.12.2021 ORDER PER R.K. PANDA, AM: This appeal filed by the Revenue is directed against the order…

Andritz Hydro P Ltd, Bhopal vs. Pr CIT-1, Bhopal

ITA 199/IND/2020[2015-16]Status: DisposedITAT Indore29 Oct 2021AY 2015-16

Bench: Shri Manish Borad & Ms. Madhumita Royvirtual Hearing

Section 115JSection 253Section 263

…vant facts as noted by him, the ld. CIT(A) decided this issue by applying the ratio of the decisions laid down in the various judicial pronouncements. In this regard, he referred to the decision of the Hon'ble Delhi High Court in the case of Woodward Governor 294 ITR 451 as affirmed by the Hon'ble Supreme Court (312 ITR 254) wherein it was held that the liability arising out of already concluded contracts stands accrued the minute the contract is entered into and mere postponement of the payment to different date cannot extinguish the liability and render it notional or contingent. He then referred to the decisio…

ACIT, Circle- 5(1), New Delhi vs. Bumi Hiway (India) Ltd., New Delhi

In the result, all the appeals of the Revenue and assessee and cross objection of the assessee are allowed for the statistical purposes

ITA 601/DEL/2018[2013-14]Status: DisposedITAT Delhi10 Aug 2021AY 2013-14

Bench: Shri O.P. Kant & Shri Kuldip Singh[Through Video Conferencing] Assessment Year: 2012-13

…e sheet is an allowable expenditure u/s 37(1) of the I.T Act (CIT Vs Woodward Governor India Pvt. Limited (2009) 312 ITR 254 (SC)/179 Taxman 326 (SC), thereby confirming the order of the Hon’ble Delhi High Court in CIT Vs. Woodward Governor India Pvt. Limited 294 ITR 451 (Del), where it was held that the change in the value of foreign currency in relation to Indian currency is a fait accompli and not a notional one and therefore, the increase in liability due to foreign exchange fluctuation as per the exchange rate prevailing on the last date of the financial year is allowable as a deduction and is not notional o…

ACIT, Circle- 5(1), New Delhi vs. Bumi Hiway (India) Ltd., New Delhi

In the result, all the appeals of the Revenue and assessee and cross objection of the assessee are allowed for the statistical purposes

ITA 600/DEL/2018[2012-13]Status: DisposedITAT Delhi10 Aug 2021AY 2012-13

Bench: Shri O.P. Kant & Shri Kuldip Singh[Through Video Conferencing] Assessment Year: 2012-13

…e sheet is an allowable expenditure u/s 37(1) of the I.T Act (CIT Vs Woodward Governor India Pvt. Limited (2009) 312 ITR 254 (SC)/179 Taxman 326 (SC), thereby confirming the order of the Hon’ble Delhi High Court in CIT Vs. Woodward Governor India Pvt. Limited 294 ITR 451 (Del), where it was held that the change in the value of foreign currency in relation to Indian currency is a fait accompli and not a notional one and therefore, the increase in liability due to foreign exchange fluctuation as per the exchange rate prevailing on the last date of the financial year is allowable as a deduction and is not notional o…

Bumi Hiway (India) P.Ltd, New Delhi vs. DCIT, Circle-5(1), New Delhi

In the result, all the appeals of the Revenue and assessee and cross objection of the assessee are allowed for the statistical purposes

ITA 488/DEL/2018[2012-13]Status: DisposedITAT Delhi10 Aug 2021AY 2012-13

Bench: Shri O.P. Kant & Shri Kuldip Singh[Through Video Conferencing] Assessment Year: 2012-13

…e sheet is an allowable expenditure u/s 37(1) of the I.T Act (CIT Vs Woodward Governor India Pvt. Limited (2009) 312 ITR 254 (SC)/179 Taxman 326 (SC), thereby confirming the order of the Hon’ble Delhi High Court in CIT Vs. Woodward Governor India Pvt. Limited 294 ITR 451 (Del), where it was held that the change in the value of foreign currency in relation to Indian currency is a fait accompli and not a notional one and therefore, the increase in liability due to foreign exchange fluctuation as per the exchange rate prevailing on the last date of the financial year is allowable as a deduction and is not notional o…

DCIT, New Delhi vs. M/S Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 2083/DEL/2015[2012-13]Status: DisposedITAT Delhi30 Jul 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

Ajay Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 1704/DEL/2015[2012-13]Status: DisposedITAT Delhi30 Jul 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S. Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 5776/DEL/2014[2011-12]Status: DisposedITAT Delhi30 Jul 2021AY 2011-12

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 1349/DEL/2013[2009-10]Status: DisposedITAT Delhi30 Jul 2021AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

M/S Prestige Estates Projects Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-18(1), Bangalore

In the result, the appeal of the assessee is allowed

ITA 813/BANG/2019[2014-15]Status: DisposedITAT Bangalore02 Mar 2021AY 2014-15

Bench: Shri N.V.Vasudevan, Vp & Shri Chandra Poojari, Am

For Appellant: Sri.Padamchand Khincha, CAFor Respondent: Smt.R.Premi, JCIT-DR
Section 191Section 194Section 201Section 201(1)Section 206ASection 4

…assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance-sheet is an item of expenditure under section 37(1) of the Income-tax Act, 1961. Decision of the Delhi High Court in CIT v. WOODWARD GOVERNOR INDIA P. LTD. [2007] 294 ITR 451 affirmed. For valuing the closing stock at the end of a particular year, the value prevailing on the last date is relevant. This is because profit/loss is embedded in the closing stock. While anticipated loss is taken into account, anticipated profit in the shape of appreciated value of the closing stock is not brought into account, as no prudent…

DCIT, Circle - 5(1), Kolkata vs. M/S. Kesoram Industries Ltd., Kolkata

In the result, the appeal of Revenue as well that of assessee both are dismissed

ITA 1776/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Oct 2020AY 2011-12

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 10(34)Section 115JSection 143(3)Section 14A

…egularly followed by the assessee, the Assessing Officer may make an assessment in the manner provided in section 144.” 20. We also find support from the decision of Hon’ble Delhi High Court in the case of CIT vs Woodward Governor India Private Limited [2007] 294 ITR 451 (Del) where it was held that:- “We affirm the decision of the Income-tax Appellate Tribunal in Oil and natural Gas Corporation Ltd. V. Deputy CIT (Asstt.) [2003] 261 ITR (AT) 1 (Delhi) which rightly follows the settled position as explained in the judgment of the Hon'ble Supreme Court which we have referred to. We, therefore, reject the submissio…

Kesoram Industries Limited, Kolkata vs. DCIT, Circle-5(1), Kolkata

In the result, the appeal of Revenue as well that of assessee both are dismissed

ITA 1195/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Oct 2020AY 2011-12

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 10(34)Section 115JSection 143(3)Section 14A

…egularly followed by the assessee, the Assessing Officer may make an assessment in the manner provided in section 144.” 20. We also find support from the decision of Hon’ble Delhi High Court in the case of CIT vs Woodward Governor India Private Limited [2007] 294 ITR 451 (Del) where it was held that:- “We affirm the decision of the Income-tax Appellate Tribunal in Oil and natural Gas Corporation Ltd. V. Deputy CIT (Asstt.) [2003] 261 ITR (AT) 1 (Delhi) which rightly follows the settled position as explained in the judgment of the Hon'ble Supreme Court which we have referred to. We, therefore, reject the submissio…