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.

How many judgments cite CIT v. Woodward Governor India Pvt. Ltd.?

120 judgments on BharatTax cite CIT v. Woodward Governor India Pvt. Ltd. (294 ITR 451), spanning 2007 to 2025.

Which sections of the Income Tax Act does CIT v. Woodward Governor India Pvt. Ltd. come up under?

It is most often cited in judgments turning on Section 1961, Section 14A, Section 145, Section 37(1), Section 115JB, Section 142(1).

CIT v. Woodward Governor India Pvt. Ltd. (294 ITR 451)

Bangalore International Airport Ltd., Bangalore vs. DCIT, Bangalore

In the result, the assessee’s appeal is partly allowed for statistical purposes

ITA 510/BANG/2014[2010-11]Status: DisposedITAT Bangalore27 Sept 2016AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raobangalore International Airport Ltd. Administration Block, Bial, Devanahalli Bangalore-560 300. … Appellant Pan:Aabc8973D Vs. Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Respondent & Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Appellant Vs. Bangalore International Airport Ltd. Bangalore-560 300. … Respondent

For Appellant: Shri Sampath Raghunathan, AdvocateFor Respondent: Shri Sanjay Kumar, CIT(DR)

Section 115JSection 143(1)Section 143(3)Section 43B

…n account of fluctuation in foreign exchange of Rs.29,893,65,068/- is not taxable as external commercial borrowing was taken on capital account following the law laid down by the Hon’ble Delhi High Court in the case of CIT vs. Woodward Governor India (P) Ltd.(294 ITR 451). Regarding disallowance of concessional fee payable to Government of India of Rs. 20,43,03,000/-, the CIT(A), after referring to terms of concession agreement entered by the assessee-company with Government of India held that concession fee payable by the assessee-company in terms of agreement entered by it with Ministry of Civil Aviation, Govt.…

DCIT, Bangalore vs. M/S Bangalore International Airport Ltd., Bangalore

In the result, the assessee’s appeal is partly allowed for statistical purposes

ITA 662/BANG/2014[2010-11]Status: DisposedITAT Bangalore21 Sept 2016AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raobangalore International Airport Ltd. Administration Block, Bial, Devanahalli Bangalore-560 300. … Appellant Pan:Aabc8973D Vs. Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Respondent & Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Appellant Vs. Bangalore International Airport Ltd. Bangalore-560 300. … Respondent

For Appellant: Shri Sampath Raghunathan, AdvocateFor Respondent: Shri Sanjay Kumar, CIT(DR)

Section 115JSection 143(1)Section 143(3)Section 43B

…n account of fluctuation in foreign exchange of Rs.29,893,65,068/- is not taxable as external commercial borrowing was taken on capital account following the law laid down by the Hon’ble Delhi High Court in the case of CIT vs. Woodward Governor India (P) Ltd.(294 ITR 451). Regarding disallowance of concessional fee payable to Government of India of Rs. 20,43,03,000/-, the CIT(A), after referring to terms of concession agreement entered by the assessee-company with Government of India held that concession fee payable by the assessee-company in terms of agreement entered by it with Ministry of Civil Aviation, Govt.…

DCIT, New Delhi vs. M/S Ericsson India Pvt. Ltd., New Delhi

In the result, appeal filed by the Revenue stands dismissed

ITA 1927/DEL/2011[2005-06]Status: DisposedITAT Delhi12 Sept 2016AY 2005-06

Bench: Shri N. K. Saini & Smt. Beena A. Pillai

For Appellant: Shri Kanchun Kaushal, CAFor Respondent: Shri Neeraj Kumar, Sr. DR

Section 115JSection 37(1)Section 41(1)Section 92C

…is no change in the facts and circumstances of the case for the year under consideration vis-à-vis the previous / earlier years. Respectfully following the orders of the Tribunal and Hon'ble Delhi High Court in the case of CIT Vs Woodward Governor reported in 294 ITR 451, the issue relating to foreign exchange fluctuation loss is decided in favour of the assessee and against the Revenue. Consequently, ground No.2 of the instant appeal of the Revenue is rejected. 5. Ground No.3 stands covered by order for Assessment Years 2003-04 and 2004-05. The relevant paragraphs are paras 41 to 43. This Tribunal has upheld the…

Asst CIT 15(1), Mumbai vs. R T Star Solitaires, Mumbai

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

ITA 4408/MUM/2013[2009-10]Status: DisposedITAT Mumbai22 Jul 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2009-10 Asst. Cit 15(1) R T Star Solitaires, R.No.104 Matru Mandir, 712M-A, Prasad बनाम/ 1St Floor, Tardeo Rd, Chambers, Tata Rd Vs. Mumbai-400007 No.2 Opera House, Mumbai-400004 (Assessee) (Revenue) P.A. No.Aagfr8565F Revenue By Capt. Pradeep S. Arya (Sr. Dr) Respondent By None 29/06/2016 सुनवाई क" तार"ख / Date Of Hearing : 22/07/2016 आदेश क" तार"ख /Date Of Order: आदेश / O R D E R Per Ashwani Taneja (): This Appeal Has Been Filed By The Revenue Against Order Of Ld. Commissioner Of Income Tax (Appeals) -26, Mumbai, {(In Short ‘Cit(A)’}, Passed Against Assessment Order U/S 143(3) Of The Act, For The A.Y 2009-10 On The Following Grounds:

Section 143(3)

…t; The appellant has been consistently following the mercantile system of accounting and has been valuing the year-end outstanding foreign exchange transaction in terms of Accounting Standard AS-1 1; In the case of Woodward Governor, Hon'ble Delhi High Court (294 ITR 451) has observed - (a) the liability arises out of already concluded contracts, (b) the liability already stands accrued the minute the contract was entered into, (c) the mere postponement of the payment to different date can not extinguish the liability and render it notional or contingent, (d) what should be certain is the incurring of the liabili…

Addl CIT Cen Cir IX, Mumbai vs. Prism Cement Ltd, Mumbai

Appeals are disposed of in terms

ITA 8503/MUM/2010[2007-08]Status: DisposedITAT Mumbai16 May 2016AY 2007-08

Bench: Shri Joginder Singh & Shri Rajendra

Section 143(3)Section 147Section 35E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, सी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजे"", लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajendra, Accountant Member ITA NO 5751/Mum/ 2009 Assessment Year: 2005-06 DCIT, CC-34, M/s Prism Cement Ltd. R. No.104, First Floor, 2nd Floor, Rahejas, Main बनाम/ Aayakar Bhavan, Avenue, V.P. Road, Vs. Mumbai-400020 Santacruz (W), Mumbai-400054 (राज"व /Revenue) ("नधा"रती /Assessee) PAN No.AAACP6224L Assessment Year : 2005-06 M/s Prism Cement Ltd. DCIT, CC-34, 2nd Floor, Rahejas, Main R.…

ACIT Cen Cir Cir-34, Mumbai vs. Prism Cement Ltd, Mumbai

Appeals are disposed of in terms

ITA 3859/MUM/2010[2006-07]Status: DisposedITAT Mumbai16 May 2016AY 2006-07

Bench: Shri Joginder Singh & Shri Rajendra

Section 143(3)Section 147Section 35E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, सी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजे"", लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajendra, Accountant Member ITA NO 5751/Mum/ 2009 Assessment Year: 2005-06 DCIT, CC-34, M/s Prism Cement Ltd. R. No.104, First Floor, 2nd Floor, Rahejas, Main बनाम/ Aayakar Bhavan, Avenue, V.P. Road, Vs. Mumbai-400020 Santacruz (W), Mumbai-400054 (राज"व /Revenue) ("नधा"रती /Assessee) PAN No.AAACP6224L Assessment Year : 2005-06 M/s Prism Cement Ltd. DCIT, CC-34, 2nd Floor, Rahejas, Main R.…

DCIT Cen Cir 34, Mumbai vs. Prism Cement Ltd, Mumbai

Appeals are disposed of in terms

ITA 5751/MUM/2009[2005-06]Status: DisposedITAT Mumbai16 May 2016AY 2005-06

Bench: Shri Joginder Singh & Shri Rajendra

Section 143(3)Section 147Section 35E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, सी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजे"", लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajendra, Accountant Member ITA NO 5751/Mum/ 2009 Assessment Year: 2005-06 DCIT, CC-34, M/s Prism Cement Ltd. R. No.104, First Floor, 2nd Floor, Rahejas, Main बनाम/ Aayakar Bhavan, Avenue, V.P. Road, Vs. Mumbai-400020 Santacruz (W), Mumbai-400054 (राज"व /Revenue) ("नधा"रती /Assessee) PAN No.AAACP6224L Assessment Year : 2005-06 M/s Prism Cement Ltd. DCIT, CC-34, 2nd Floor, Rahejas, Main R.…

Asst CIT 16(3), Mumbai vs. Navin Mehta & Co, Mumbai

In the result, appeal of revenue is dismissed

ITA 3729/MUM/2013[2009-10]Status: DisposedITAT Mumbai07 Apr 2016AY 2009-10

Bench: Shri R.C. Sharma, Am & Shri Mahavir Singh, Jm Assistant Commissioner Of Income Vs. Navin Mehta & Co. Tax-16(3), Mumbai 1602/A, Panchratna Opera Matru Mandir, 2Nd Floor, R. No. 206, House, Mumbai-400 004. Tardeo Road, Mumbai-700 007. (Pan:Aaafn1846P) (Appellant) (Respondent)

For Appellant: Shri Sanjeev Jain, DRFor Respondent: Shri K. A. Vaidyalingan, AR

Section 143(3)Section 37(1)Section 43A

…sst. Year 2009-10 Rs.39,87,645/- by revaluing the same at the rate prevalent on year end. Ld. counsel for the assessee before us stated that the issue is squarely covered by the decision of Hon’ble Supreme Court in the case of CIT Vs. Woodward Governor (2007) 294 ITR 451 (SC), wherein it has been held that the liability arising on account of fluctuation in the rate of exchange in respect of loans taken for revenue purposes was allowable as deduction u/s 37(1) in the year of fluctuation in the rate of exchange and not in the year of repayment of such loans. The actual cost of imported assets acquired in foreign cu…

C. Dinesh & Company P.Ltd, Mumbai vs. ACIT 5(1), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 6990/MUM/2012[2009-10]Status: DisposedITAT Mumbai29 Feb 2016AY 2009-10

Bench: Shri G.S.Pannu & Shri Pawan Singhassessment Year: 2009-10 M/S C. Dinesh & Company Pvt. Ltd. Acit 5(1), Dw-2332, Bharat Diamond Bourse, Aayakar Bhavan, Mumbai-400020 Bandra Kurla Complex, Bandra (E), Vs. Mumbai-400051. Pan: Aadcc 0451 B (Appellant) (Respondent)

For Appellant: Shri K.A. Vaidyalingan (AR)For Respondent: Shri Amit Kumar Singh (DR)

Section 40A(2)(b)Section 43(5)

…that following the Accounting Standard AS-11, the assessee has recognized net gain in respect to mark to market treatment and loss is at the end of the year and is an allowable loss in the light of the decision in the case of Woodward Governor India Pvt. Ltd. 294 ITR 451 294 ITR (Del.) Reliance was further placed on the decision of Special Bench of the Mumbai Tribunal in the case of bank of Bahrain & Kuwait in 4 ITA No. 6990/M/2012 M/s C. Dinesh & Company Pvt. Ltd. ITA No. 4404 & 1883/Mum/04. It was further explained that the assessee has earned net gain on account of mark to market treatment at Rs. 3,04,35,109…

Asst CIT 16(3), Mumbai vs. Vishinda Diamonds, Mumbai

In the result, Revenue’s appeal for assessment year 2009-10 is dismissed

ITA 7330/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Jan 2016AY 2009-10

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainthe Acit-16(3), Matru Mandir, 2Nd Floor, R.No.206,Tardeo Road, Mumbai 400007 ... Appellant Vs.

For Appellant: Shri Sumit KumarFor Respondent: Shri Subhash S. Shetty

Section 143(3)

…nted out that the issue in this appeal is squarely covered in favour of the assessee by the various decisions of the Co-ordinate Benches of this Tribunal and also by the order of the Hon’ble Apex Court in the case of CIT vs. Woodward Governor India Pvt. Ltd., 294 ITR 451(SC). It was further submitted that the Ld. CIT(A) had allowed the appeal of the assessee following the said ratio laid down by the Hon’ble Apex Court. In this regard, the Ld. Representative for the assessee also placed reliance, inter alia, on the following decisions of Co-ordinate Bench of the Mumbai Tribunal:- (i) ACIT v. Venus Jewel (Mum), IT…

DCIT, New Delhi vs. M/S Givo Ltd., Delhi

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

ITA 2887/DEL/2013[2006-07]Status: DisposedITAT Delhi06 Nov 2015AY 2006-07

Bench: Shri N.K. Saini, Am & Smt. Beena A. Pillai, Jm Assessment Year : 2006-07

For Appellant: Shri Vinod Bindal &For Respondent: Shri T. Vasanthan, Sr. DR

Section 143(1)Section 143(3)Section 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI N.K. SAINI, AM AND SMT. BEENA A. PILLAI, JM Assessment Year : 2006-07 DCIT, Vs. Givo Ltd., Circle 12(1), C/o Vinod Kumar Bindal & Co., New Delhi. Shiv Sushil Bhawan, D-219, Vivek Vihar-I, Delhi. PAN: AAACG3928L (Appellant) (Respondent) Assessee By : Shri Vinod Bindal & Shri Sanjeev Bindal, CAs Department By : Shri T. Vasanthan, Sr. DR Date of Hearing : 05.11.2015 Date of Pronouncement : 06.11.2015 ORDER PER BEENA A. PILLAI, JM: This appeal has been filed by the Revenue, arising from the order dated 15.02.2013 passed by the ld.CI…

Inventurus Knowledge Services P.Ltd, Navi Mumbai vs. ITO 5(2)(1), Mumbai

In the result appeal of the assessee company is partly allowed

ITA 5922/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…f the Hon'ble Supreme Court in the case of Woodward Governor of India Ltd., 312 ITR 254(SC). Ld 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…