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.

Mahindra World City Developers Ltd., Chennai vs. ACIT, Chennai

In the result, the corresponding grounds of the assessee are

ITA 2085/CHNY/2016[2011-12]Status: DisposedITAT Chennai27 Jun 2018AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 2084, 2085 & 2086/Chny/2016 "नधा"रणवष"/Assessment Years : 2010-11 To 2012-13

For Respondent: Mrs. Ruby George, CIT
Section 14A

…e cases of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 at page 277 (D-E) & CIT v. U.P State Industrial Development Corpn. [1997] 225 ITR 703 and also the judgment of a Division Bench of this Court in CIT v. Woodward Governor India (P) Ltd. [2007] 294 ITR 451 at pages 463-464. The observations of UPSIDC being apposite are extracted hereinbelow:- "In our opinion, this contention is devoid of force. The accounting practice followed by the assessee in the instant case was in consonance with the general principles of accountancy governing underwriting accounts. It is a wellaccepted proposition that for th…

Mahindra World City Developers Ltd., Chennai vs. ACIT, Chennai

In the result, the corresponding grounds of the assessee are

ITA 2084/CHNY/2016[2010-11]Status: DisposedITAT Chennai27 Jun 2018AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 2084, 2085 & 2086/Chny/2016 "नधा"रणवष"/Assessment Years : 2010-11 To 2012-13

For Respondent: Mrs. Ruby George, CIT
Section 14A

…e cases of CIT v. Indo Nippon Chemicals Co. Ltd. [2003] 261 ITR 275 at page 277 (D-E) & CIT v. U.P State Industrial Development Corpn. [1997] 225 ITR 703 and also the judgment of a Division Bench of this Court in CIT v. Woodward Governor India (P) Ltd. [2007] 294 ITR 451 at pages 463-464. The observations of UPSIDC being apposite are extracted hereinbelow:- "In our opinion, this contention is devoid of force. The accounting practice followed by the assessee in the instant case was in consonance with the general principles of accountancy governing underwriting accounts. It is a wellaccepted proposition that for th…

Edil Commodities Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result, these appeals by the assessee stands partly allowed

ITA 3426/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Apr 2018AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं./I.T.A. No.3426/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) M/S. Edel Commodities Limited Dy. Cit, Circle 3(1), बनाम/ Edelweiss House, Off Cst Road, Mumbai Vs. Kalina, Santacruz, Mumbai-400 098 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Assessee) (Revenue) : & आयकर अपील सं./I.T.A. No.3576/Mum/2016 ("नधा"रण वष" / Assessment Year: 2011-12) Acit – 3(1)(2), M/S. Edel Commodities Limited बनाम/ Room No. 607, 6Th Floor, Edelweiss House, Off Cst Road, Aayakar Bhavan, Mumbai-400 020 Kalina, Santacruz, Mumbai-400 098 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aacce 0323 K (Revenue) : (Assessee) अपीलाथ" क" ओर से / Appellant By : Shri Vijay Mehta ""यथ" क" ओर से/Respondent By : Shri Ram Tiwari सुनवाई क" तार"ख / : 22.01.2018 Date Of Hearing घोषणा क" तार"ख / : 06.04.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: These Are Cross Appeals By The Assessee & The Revenue Arising Out Of The Order Of The Ld. Commissioner Of Income Tax (Appeals) Dated 15.2.2016 & Pertain To The Assessment Year 2011-12. M/S. Edel Commodities Limited Assessee’S Appeal

For Appellant: Shri Vijay MehtaFor Respondent: Shri Ram Tiwari
Section 44ASection 72

…. He submitted that as per the accounting norms, the 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 Bala…

Commissioner of Income Tax vs. M/S Indocount Choongnam Textil

The appeal is dismissed, without any order as to costs

ITA/802/2005HC Delhi31 Jan 2018

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

Section 260

…currency loan when the repayment was not actually made by the last date of the accounting year?” 3. The question of law and issue is covered against the revenue vide judgment in Commissioner of Income Tax v. Woodward Governor India P. Ltd. (2007) 294 ITR 451 (Del). 4. The aforesaid decision hold that the assessee is entitled to compute the value of the assets for depreciation by including increase in liability due to foreign exchange fluctuation as per the exchange rate prevailing on the last day of the financial year. 5. The question of law is accordingly answered against the appellant/reven…

Addl CIT RG 24(1), Mumbai vs. Arun Damji Gada, Mumbai

In the result, appeal filed by the Revenue is dismissed whereas appeal filed by the assessee is allowed in part in terms indicated hereinabove

ITA 105/MUM/2011[2007-08]Status: DisposedITAT Mumbai19 Jan 2018AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Shri Arun Damji Gada Vs. Acit 24(1) A-103, God Gift Adarsha Pratyshakar Bhawan Dugdhalaya Lane, Bandra Kurla Complex Adarsh Nagar, Adarsh Dhughala Bandra (E) Lane, Malad (W) Mumbai – 400 050 Mumbai – 400 064 Pan/Gir No.Aabpg3923F Appellant) .. Respondent) Acit 24(1) Vs. Shri Arun Damji Gada C-13 R/Nop, 503 A-103, God Gift Adarsha Pratyshakar Bhawan Dugdhalaya Lane, Bandra Kurla Complex Adarsh Nagar, Adarsh Bandra (E) Dhughala Lane, Malad (W) Mumbai – 400 050 Mumbai – 400 064 Pan/Gir No. Aabpg3923F Appellant) .. Respondent)

Section 143(3)Section 37(1)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI RAVISH SOOD, JM Shri Arun Damji Gada Vs. ACIT 24(1) A-103, GOD Gift Adarsha Pratyshakar Bhawan Dugdhalaya Lane, Bandra Kurla Complex Adarsh Nagar, Adarsh Dhughala Bandra (E) Lane, Malad (W) Mumbai – 400 050 Mumbai – 400 064 PAN/GIR No.AABPG3923F Appellant) .. Respondent) ACIT 24(1) Vs. Shri Arun Damji Gada C-13 R/NOP, 503 A-103, GOD Gift Adarsha Pratyshakar Bhawan Dugdhalaya Lane, Bandra Kurla Complex Adarsh Nagar, Adarsh Bandra (E) Dhughala Lane, Malad (W) Mumbai – 400 050 Mumbai – 400 064 PAN/GIR No. AABPG3923F Appellant…

Madhu Jayanti International Limited, Kolkata vs. DCIT, Circle - 4(1), Kolkata

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 214/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Dec 2017AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -Vs- Dcit, Cc-4(1), Kolkata [Pan: Aabcm 7502 R] (Appellant) (Respondent)

For Appellant: Shri Akash Mansinka, ARFor Respondent: Shri G. Mallikarjune, CIT DR
Section 139(5)Section 143(3)Section 144C(5)Section 92CSection 92D

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Shri Aby. T. Varkey, JM & Shri M.Balaganesh, AM ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -vs- DCIT, CC-4(1), Kolkata [PAN: AABCM 7502 R] (Appellant) (Respondent) For the Appellant : Shri Akash Mansinka, AR For the Respondent : Shri G. Mallikarjune, CIT DR Date of Hearing : 25.10.2017 Date of Pronouncement : 01.12.2017 ORDER Per M.Balaganesh, AM 1. This appeal is directed against the final order passed by the Learned DCIT, Circle 4(1), Kolkata [ in short the ld AO] under section 143(3) read…

DCIT, Cir-10(1), Kolkata vs. M/S Arena Machineries Ltd., Kolkata

In the result, Revenue’s appeal stands dismissed

ITA 1103/KOL/2015[2007-2008]Status: DisposedITAT Kolkata22 Sept 2017AY 2007-2008

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2007-08

Section 10BSection 143(3)Section 43(5)Section 73

…in relation to its business activity to safeguard the loss and thus it cannot be held speculation loss. In holding so, we find guidance and support from the judgment of Hon'ble Delhi High Court in the case 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…

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

In the result, the appeals of the assessee for A

ITA 1348/DEL/2013[2008-09]Status: DisposedITAT Delhi31 Jul 2017AY 2008-09

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: A.Y. 2008-09For Respondent: A.Y. 2008-09
Section 41(1)

…gineering India Pvt. Ltd. Vs. ACIT (ITA No. 335/Mum./2007 & 336/Mum./2007). 2. Hon'ble Bombay Tribunal in the case of Mazagaon Dock Limited Vs. JCIT (29 SOT 356). 3. Hon'ble Delhi High Court in the case of CIT vs. Woodward Government of India Private Limited (294 ITR 451). 4. Hon'ble Supreme Court and Hon'ble Delhi High Court in the case of CIT Vs. Woodward Governor of lndia Pvt. Ltd. (Supra) 312 ITR 254 (SC). On the proposition that reasonably estimated liability on the date of drawing the accounts has to be accounted for and are legally allowable, following judgments are relied upon: 1. Supreme Court in the cas…

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

In the result, the appeals of the assessee for A

ITA 898/DEL/2013[2008-09]Status: DisposedITAT Delhi31 Jul 2017AY 2008-09

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: A.Y. 2008-09For Respondent: A.Y. 2008-09
Section 41(1)

…gineering India Pvt. Ltd. Vs. ACIT (ITA No. 335/Mum./2007 & 336/Mum./2007). 2. Hon'ble Bombay Tribunal in the case of Mazagaon Dock Limited Vs. JCIT (29 SOT 356). 3. Hon'ble Delhi High Court in the case of CIT vs. Woodward Government of India Private Limited (294 ITR 451). 4. Hon'ble Supreme Court and Hon'ble Delhi High Court in the case of CIT Vs. Woodward Governor of lndia Pvt. Ltd. (Supra) 312 ITR 254 (SC). On the proposition that reasonably estimated liability on the date of drawing the accounts has to be accounted for and are legally allowable, following judgments are relied upon: 1. Supreme Court in the cas…

Reliance Infrastructure Ltd, Mumbai vs. Addl CIT RG 10(1) Now DCIT Cir 14(3)(1), Mumbai

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

ITA 1480/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Jun 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

Section 143(3)

…ll be allowed as deduction, hence, out of claim of the appellant for Rs.90,55,43,845/- only revenue foreign exchange loss of Rs.66,23,70,735/- is allowed. This is supported by the view of Supreme Court decision in the case of Woodward Governor India Pvt. Ltd. 294 ITR 451, Reliance Industries Ltd. vs. CIT 40 Taxmann.com 431, ONGC Ltd. vs. CIT 189 Taxmann 292 (SC). In view of the above Supreme Court decisions, revenue loss of Rs.66,23,70,735/- is allowed and Rs.24,31,73,110/- is confirmed. This ground of appeal is partly allowed." M/s Reliance Infrastructure Ltd. Aggrieved, now Revenue is in appeal before us. 15.…

DCIT 14(3)(1), Mumbai vs. Reliance Infrstructure Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

ITA 1422/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Jun 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

Section 143(3)

…ll be allowed as deduction, hence, out of claim of the appellant for Rs.90,55,43,845/- only revenue foreign exchange loss of Rs.66,23,70,735/- is allowed. This is supported by the view of Supreme Court decision in the case of Woodward Governor India Pvt. Ltd. 294 ITR 451, Reliance Industries Ltd. vs. CIT 40 Taxmann.com 431, ONGC Ltd. vs. CIT 189 Taxmann 292 (SC). In view of the above Supreme Court decisions, revenue loss of Rs.66,23,70,735/- is allowed and Rs.24,31,73,110/- is confirmed. This ground of appeal is partly allowed." M/s Reliance Infrastructure Ltd. Aggrieved, now Revenue is in appeal before us. 15.…

ITO, New Delhi vs. M/S. Federal Mogul Automotive Product (India) Pvt. Ltd., New Delhi

Appeal stand allowed for statistical purposes

ITA 599/DEL/2012[2005-06]Status: DisposedITAT Delhi12 May 2017AY 2005-06

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastavaay: 2005-06 Ito, Vs Federal Mogul Automotive Product (India) Pvt.Ltd., Ward 11(2), Revenue-77A, Greater Kailash-I, New Delhi. New Delhi-110048 (Pan: Aaacf4128M) (Appellant) (Respondent) Appellant By : Shri Neeraj Kumar, Sr. Dr Respondent By : Shri Himanshu Shekhar Sinha, Adv. Order

For Appellant: Shri Neeraj Kumar, Sr. DRFor Respondent: Shri Himanshu Shekhar Sinha, Adv
Section 143(1)Section 143(2)Section 92C

…lso included the loss on account of settlement of trade debtors and creditors. It was further submitted that while disallowing the same, the AO also disregarded the judgment of Honorable Delhi High Court in the case of CIT vs Woodward Governor India P Ltd (294 ITR 451). 4.5 The Ld. AR also filed written submissions which are being reproduced below- “A. The assessee transactions are at arm’s length as per the combined transactions approach The approach of the assessee is in line with the approach 1. prescribed in the Income Tax Rules, 1962 The assessee submits that Rule 10A (d) of the Income Tax Rules’ 196…

DCIT, CC-Xvi, Kolkata vs. South Asian Petrochem Ltd, Kolkata

In the result, appeals of Revenue stand dismissed

ITA 1222/KOL/2014[2006-2007]Status: DisposedITAT Kolkata03 May 2017AY 2006-2007

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2006-07

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri N.V.Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member Assessment Year :2006-07 DCIT, Central Circle- V/s. South Asian Petrochem XVI, Aayakar Ltd. Dhunseri House, 4A, Bhawan, Poorva, 110, Woodburn Park, Kolkata- Shantipally, 4th Floor, 700 020 Kolkata-107 [PAN No.AADCS 8049 M] .. अपीलाथ" /Appellant ""यथ"/Respondent ITA No.1223-1224/Kol/2014 Assessment Year:2007-08 & 2009-10 DCIT, Central Circle- V/s. Dhunseri Petrochem & Tea XVI, Aayakar Ltd. (successor on Bhawan, Poorva, 110, amalgamation of South Shantipally, 4th F…

Asst CIT 19(1), Mumbai vs. C.J. Exporters, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 4500/MUM/2015[2012-13]Status: DisposedITAT Mumbai03 May 2017AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAMIT KOCHAR, AM ITA No. 4500 /Mum/ 2015 (A.Y.: 2012-13 ) Addl. Commissioner of Income Tax M/s C.J. Exporters 2nd Floor, Matru Mandir, Tardeo CC/705/53 Bharat Diamond Bourse, 7th Floor, BKC Rd, Mumbai-400 007 Vs. Bandra (E), Mumbai-400004 PAN No. AAAFC0830G Revenue by .. Shri G.N. Malwana, DR Assessee by .. Ms. Arati Vissanji, AR Date of hearing .. 20-04-2017 .. Date of pronouncement 03-05-2017 O R D E R PER MAHAVIR SINGH, JM: This appeal by the Revenue is arising out of the order of CIT(A)-30, Mumbai, in appeal N…

ACIT 4(2), Mumbai vs. Firmenich Aromatics (I) P. Tld, Mumbai

In the result, departmental ground no

ITA 3744/MUM/2011[2006-07]Status: DisposedITAT Mumbai24 Apr 2017AY 2006-07

Bench: Shri Dt Garasia, Jm & Shri Rajesh Kumar, Am

For Appellant: Shri Vipul JoshiFor Respondent: Mrs. Puja Swaroop
Section 145Section 145(3)Section 40A

…Appellant's appeal on this ground is allowed.” 20. We have heard the rival contention of both the parties we are of the view that issue is controversy is covered by the decision of Delhi High Court in the case of CIT(A) v/s Woodward Governor India Pvt. Ltd. (294 ITR 451). We respectfully following the same we dismiss the department appeal. 13 M/s Firmenich Aromatics Ground No. 3 21. The ground relates to deleting the addition made u/s 80IB of the Act Rs. 32,31,533/-. This deduction was allowed by CIT (A) in ITA No. 3744/M/2011, AY 2005-06, ITA No. 549/M/2011, AY 2006-07 and ITA NO. 6531/M/2012, AY 2008-09. T…

ITO 16(2)(4), Mumbai vs. Surya Gems, Mumbai

The appeal of the Revenue is dismissed

ITA 292/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Mar 2017AY 2009-10

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…me Court in the case of Woodward Governor of India Ltd., 312 ITR 254(SC). Ld 14 M/s Surya Gems Counsel pointed out that the Hon‘ble Supreme Court has affirmed the decision of the Hon‘ble Delhi High Court in the case of CIT v. Woodward Governor of India Ltd., 294 ITR 451 (Del). In this regard, ld Counsel referred to page 469 and pointed out that in regard to revenue account cases, the Hon‘ble Delhi High Court has, inter alia, observed in para 32 that the liability stands accrued the minute the contract was entered into. In support of his contention, ld Counsel has advanced various propositions before us which are…

DCIT RG 8(2), Mumbai vs. Health Prime Services (I) P.Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 122/MUM/2013[2009-10]Status: DisposedITAT Mumbai18 Nov 2016AY 2009-10

Bench: Shri G.S.Pannu & Shri Sanjay Gargthe Dcit, Range 8(2), R.No.209, 2Nd Floor, Aaykar Bhavan, Mk Road, Mumbai 400 020 ...... Appellant Vs. M/S. Health Prime Services (India) Pvt. Ltd. 303, Akruti Trade Centre, Road No.7, Marol, Midc, Andheri (East), Mumbai 400093 Pan: Aabch 3697Q .... Respondent

For Appellant: Shri Mohhamed RizwanFor Respondent: Dr. K.Shivram & Ms. Neelam Jadhav
Section 10ASection 143(3)Section 1OSection 37(1)Section 43A

…n in foreign currency which had been admittedly taken (or se ting up the SEZ unit and hence was not allowable under section 37(1) of the Act as per the ratio of the decision of the Hon'ble Supreme Court in the case of CIT Vs. M/s. Woodward Governor India Ltd. 294 ITR 451 (SC) since the ECB loan had been taken for capital expenditure and not for revenue purposes." 2. "On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the disallowance of unrealized foreign exchange loss of Rs.1 ,35,46,050/ - in respect of the SEZ unit on the ground that section 43A deals with cases where…

JCIT 16(3), Mumbai vs. Shree Ramkrishna Export, Mumbai

In the result, the appeal filed by the assessee in ITA No

ITA 112/MUM/2013[2009-10]Status: DisposedITAT Mumbai07 Nov 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy
Section 143(2)Section 143(3)

…ss creates a legal liability irrespective of the fact whether it matures during the accounting period or beyond the accounting period. The ld. CIT(A) considered the judgments’ of Hon’ble Delhi High Court ITA 112/Mum/2013 & 8 in the case of Woodword Governor 294 ITR 451, decision of Hon’ble Supreme Court in the case of CIT v. Woodward Governor India P. Ltd., 312 ITR 254 and the decision of the Special Bench of the Tribunal in the case of DCIT v. Bank of Bahrain and Kuwait, ITA No. 4404 & 1883/Mum/2004 and the decision of Hon’ble Supreme Court in the case of ONGC v. CIT, 322 ITR 180 . The learned CIT(A) observed…

Shree Ramkrishna Export, Mumbai vs. Jtcit 16(3), Mumbai

In the result, the appeal filed by the assessee in ITA No

ITA 7311/MUM/2012[2009-10]Status: DisposedITAT Mumbai07 Nov 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy
Section 143(2)Section 143(3)

…ss creates a legal liability irrespective of the fact whether it matures during the accounting period or beyond the accounting period. The ld. CIT(A) considered the judgments’ of Hon’ble Delhi High Court ITA 112/Mum/2013 & 8 in the case of Woodword Governor 294 ITR 451, decision of Hon’ble Supreme Court in the case of CIT v. Woodward Governor India P. Ltd., 312 ITR 254 and the decision of the Special Bench of the Tribunal in the case of DCIT v. Bank of Bahrain and Kuwait, ITA No. 4404 & 1883/Mum/2004 and the decision of Hon’ble Supreme Court in the case of ONGC v. CIT, 322 ITR 180 . The learned CIT(A) observed…

Asst CIT 16(3), Mumbai vs. K.P. Sanghvi & Sons, Mumbai

In the result, the appeal of the revenue is dismissed

ITA 4588/MUM/2014[2009-10]Status: DisposedITAT Mumbai29 Sept 2016AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Asst. Commissioner Of Vs. M/S K P Sanghvi & Sons, Income Tax -16(3), Matru 1301, Prasad Chambers, Mandir, Tardeo Road, Operahouse,Mumbai-4 Mumbai-400007 Pan:Aaafk8390F .. Appellant Respondent Appellant By .. Sri R P Meena Respondent By .. Sri K Shivram Date Of Hearing .. 29-09-2016 Date Of Pronouncement .. 29 -09- 2016 O R D E R Per Mahavir Singh, Jm: This Appeal By The Revenue Is Arising Out Of The Order Of The Cit (Appeals)-27, Mumbai In Appeal No.Cit(A)-27/Ac-16(3)/135/13-14 Dated 22.4.2014. Assessment Was Framed By The Acit- Circle 16(3), Mumbai For The Assessment Year 2009-10 Vide His Order Dated 28.3.2013 U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter “The Act”).

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAMIT KOCHAR, AM The Asst. Commissioner of Vs. M/s K P Sanghvi and Sons, Income Tax -16(3), Matru 1301, Prasad Chambers, Mandir, Tardeo Road, OperaHouse,Mumbai-4 Mumbai-400007 PAN:AAAFK8390F .. Appellant Respondent Appellant by .. Sri R P Meena Respondent by .. Sri K Shivram Date of hearing .. 29-09-2016 Date of pronouncement .. 29 -09- 2016 O R D E R PER MAHAVIR SINGH, JM: This appeal by the Revenue is arising out of the order of the CIT (Appeals)-27, Mumbai in appeal No.CIT(A)-27/AC-16(3)/135/13-14 dated 22.4.2014. Asse…