CIT v. Woodward Governor India Pvt. Ltd.

312 ITR 254Supreme Court of India2009#57 most cited

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

Foreign exchange fluctuations, whether gains or losses, are inextricably linked to the underlying business transaction and must be accounted for under the mercantile system. The Supreme Court also affirmed the standard accounting principle of valuing stock at cost or net realisable value, whichever is lower.

843

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2008 to 2026.

Also referred to as

CIT v. Woodward Governor · 312 ITR 254 · Section 37(1) · Section 43A · Section 145(3) · foreign exchange fluctuation · mercantile system of accounting · stock valuation · closing stock · revenue expenditure

Also reported as

21 DTR 106

Sections most often in play

Section 37(1)Section 143(3)Section 14ASection 115JBSection 147Section 142(1)Section 43(5)Section 40(a)(ia)

Issues it is cited on

section 43asection 40(a)(i)mercantile system of accountingbook profitssection 37(1)section 115jrevenue expendituresection 43capital expendituresection 40(a)section 115jbsection 32

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

INCOME TAX OFFICER, NEW DELHI vs. R L STEEL AND ENERGY LIMITED, NEW DELHI

In the result, the appeal of the revenue is dismissed

ITA 3109/DEL/2025[2010-11]Status: DisposedITAT Delhi11 Mar 2026AY 2010-11

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganeshincome Tax Officer, Vs. Rl Steel & Energy Ltd, New Delhi 70, Daryaganj, New Delhi (Appellant) (Respondent) Pan: Aaacr5809B Assessee By : Shri Akhilesh Bhargava, Ca Revenue By: Shri Om Prakash, Sr. Dr Date Of Hearing 07/01/2026 Date Of Pronouncement 11/03/2026

For Appellant: Shri Akhilesh Bhargava, CAFor Respondent: Shri Om Prakash, Sr. DR
Section 143(3)Section 14ASection 43(5)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER Income Tax Officer, Vs. RL Steel and Energy Ltd, New Delhi 70, Daryaganj, New Delhi (Appellant) (Respondent) PAN: AAACR5809B Assessee by : Shri Akhilesh Bhargava, CA Revenue by: Shri Om Prakash, Sr. DR Date of Hearing 07/01/2026 Date of pronouncement 11/03/2026 O R D E R PER M. BALAGANESH, A. M.: 1. The appeal in ITA No.3109/Del/2025 for AY 2010-11, arises out of the order of the ld National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as ‘ld. C…

ASSITANT COMMISSIONER OF INCOME TAX , DEHRADUN vs. POWER MACHINES, NEW DELHI

In the result, appeal preferred by the revenue is dismissed

ITA 133/DDN/2024[2013-14]Status: DisposedITAT Dehradun27 Feb 2026AY 2013-14

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

For Appellant: Shri Ansaul Sachar, AdvFor Respondent: Sh. Mohan Lal Joshi, Sr. DR
Section 143(3)Section 144Section 271(1)(c)Section 69

…act that documentary evidences were produced before the AO and proper explanation was provided by the appellant wherever required. In view of the overall discussion made above and respectfully following Hon'ble Supreme Court in CIT v. Woodward Governor [2009] 312 ITR 254/179 Taxman 326 (supra) decision, the books of accounts produced by the appellant cannot be rejected till the Assessing Officer comes to know the reasons to be given that system does not reflect correct picture and true profits. The books of accounts maintained by the appellant are as required by law and are duly audited with an unqualified report…

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4321/MUM/2025[2016-17]Status: DisposedITAT Mumbai20 Feb 2026AY 2016-17

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4320/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4319/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 4318/MUM/2025[2022-23]Status: DisposedITAT Mumbai20 Feb 2026AY 2022-23

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

In the result, appeal by the assessee is allowed

ITA 4045/MUM/2025[2020-21]Status: DisposedITAT Mumbai20 Feb 2026AY 2020-21

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

ITA 4044/MUM/2025[2021-22]Status: DisposedITAT Mumbai20 Feb 2026AY 2021-22

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

ITA 4043/MUM/2025[2019-20]Status: DisposedITAT Mumbai20 Feb 2026AY 2019-20

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

ACIT CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 3998/MUM/2025[2017-18]Status: DisposedITAT Mumbai20 Feb 2026AY 2017-18

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

ITA 3995/MUM/2025[2011-12]Status: DisposedITAT Mumbai20 Feb 2026AY 2011-12

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

For Appellant: Shri Harsh Kothari and Shri Ronak Vasavada, CAsFor Respondent: Shri R. A. Dhyani, CIT DR and Shri Virabhadra S. Mahajan, Sr. DR
Section 1

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH MUMBAI BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA Nos. 4043, 4044, 4045 and 4064/MUM/2025 Assessment Years: 2019-20, 2021-22, 2020-21 and 2022-23 Overseas Infrastructure ACIT Central Circle 6(2) Alliance(India) Private Mumbai Limited 501-502,OIA House 470, Vs. Cardinal Gracias Road, Andheri (E), Mumbai - 400099 (PAN: AABCS5629R) (assessee) (Respondent) ITA Nos. 3995, 3996, 4321, 4090, 3998, 4319, 4320 and 4318/MUM/2025 Assessment Years: 2011-12, 2015-16, 2016-17, 2017-18, 2019-20, 2020-21 and 2022-23 ACIT Central Circle…

ACITLTU-2, CHENNAI vs. ASHOK LEYLAND LIMITED, CHENNAI

In the result, the appeal filed by the Revenue is partly allowed and the appeal filed by the assessee is partly allowed for statistical purposes

ITA 945/CHNY/2018[2009-10]Status: DisposedITAT Chennai05 Feb 2026AY 2009-10

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. No.895/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 Ashok Leyland Limited, Vs. The Deputy Commissioner Of 1, Sardar Patel Road, Guindy, Income Tax, Chennai 600 032. Company Circle – Ltu, Chennai. [Pan: Aaaca4651L] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.945/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 The Assistant Commissioner Of Vs. Ashok Leyland Limited, Income Tax, 1, Sardar Patel Road, Guindy, Large Taxpayer Unit – 2, Chennai. Chennai 600 032. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Assessee By : Shri Vikram Vijayaraghavan, Advocate (Virtual) ""थ" की ओर से/Respondent By : Shri Ar V Sreenivasan, Cit सुनवाई की तारीख/ Date Of Hearing : 10.11.2025 घोषणा की तारीख /Date Of Pronouncement : 05.02.2026 आदेश /O R D E R Per S.S. Viswanethra Ravi: Both The Cross Appeals Filed By The Assessee & The Revenue Are Directed Against The Order Dated 28.12.2017 Passed By The Ld.

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri AR V Sreenivasan, CIT

…asing of capital assets and relied on the decision of the Hon’ble High Court of Madras in the case of EID Parry Ltd. v. CIT 174 ITR 11 (Mad), CIT v. Universal 5 I.T.A. Nos.895 & 945/Chny/18 Radiators 120 ITR 906 (Mad) & CIT v. Woodward Governor India P Ltd. 312 ITR 254 (SC). We find that the Assessing Officer held the said decisions are not acceptable and treated the above said exchange gain as revenue income and added to the total income of the assessee. Being aggrieved, the assessee preferred an appeal before the ld. CIT(A). We find the ld. CIT(A) discussed the said issue in para 13 of the impugned order and…

ASHOK LEYLAND LIMITED,CHENNAI vs. DCIT COMPANY CIRCLE 1 (1), CHENNAI

In the result, the appeal filed by the Revenue is partly allowed and the appeal filed by the assessee is partly allowed for statistical purposes

ITA 895/CHNY/2018[2009-10]Status: DisposedITAT Chennai05 Feb 2026AY 2009-10

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. No.895/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 Ashok Leyland Limited, Vs. The Deputy Commissioner Of 1, Sardar Patel Road, Guindy, Income Tax, Chennai 600 032. Company Circle – Ltu, Chennai. [Pan: Aaaca4651L] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.945/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 The Assistant Commissioner Of Vs. Ashok Leyland Limited, Income Tax, 1, Sardar Patel Road, Guindy, Large Taxpayer Unit – 2, Chennai. Chennai 600 032. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Assessee By : Shri Vikram Vijayaraghavan, Advocate (Virtual) ""थ" की ओर से/Respondent By : Shri Ar V Sreenivasan, Cit सुनवाई की तारीख/ Date Of Hearing : 10.11.2025 घोषणा की तारीख /Date Of Pronouncement : 05.02.2026 आदेश /O R D E R Per S.S. Viswanethra Ravi: Both The Cross Appeals Filed By The Assessee & The Revenue Are Directed Against The Order Dated 28.12.2017 Passed By The Ld.

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri AR V Sreenivasan, CIT

…asing of capital assets and relied on the decision of the Hon’ble High Court of Madras in the case of EID Parry Ltd. v. CIT 174 ITR 11 (Mad), CIT v. Universal 5 I.T.A. Nos.895 & 945/Chny/18 Radiators 120 ITR 906 (Mad) & CIT v. Woodward Governor India P Ltd. 312 ITR 254 (SC). We find that the Assessing Officer held the said decisions are not acceptable and treated the above said exchange gain as revenue income and added to the total income of the assessee. Being aggrieved, the assessee preferred an appeal before the ld. CIT(A). We find the ld. CIT(A) discussed the said issue in para 13 of the impugned order and…

NOMURA CAPITAL (INDIA) PRIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 7(1)(1), MUMBAI

In the result, grounds raised by the assessee are allowed

ITA 2851/MUM/2025[2012-13]Status: DisposedITAT Mumbai05 Feb 2026AY 2012-13

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

For Appellant: Shri Madhur Agarwal, AdvocateFor Respondent: Shri Leyaqat Ali Aafaqui, Sr. DR
Section 143(3)Section 145

…on following counts: 1.1. Considering the unrealized losses of INR 1,84,97,467 arising on fair valuation of BL.Ds as contingent liability. 1.2. Not following the decision of the Honorable Supreme Court of India in the case of Woodward Governor India Pvt. Ltd 312 ITR 254 and stating in the order that the Appellant is not following the condition laid down by the Hon'ble Supreme Court of India in the case Woodward Governor India Pvt Ltd (2009) 179 Taxman 326 without appreciating the detailed submission made by the Appellant explaining how the Appellant satisfies the tests prescribed by Hon'ble Supreme Court 1.3. No…

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

ITA 1697/KOL/2019[2014-15]Status: DisposedITAT Kolkata20 Jan 2026AY 2014-15

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 250

…ure). In other words, all such contracts are hedging transactions entered by the appellant for its foreign currency related exposure. The above amount stands allowable in view of the decision of Supreme Court in case of CIT-vs-Woodward Governor India (P) Ltd [312 ITR 254 (SC)]. Further, the appellant company also finds support in the decision of the Mumbai Tribunal in the case of Reliance Industries Limited vs. CIT 147 ITD 323 wherein it was held that such mark to market losses are allowable. Further the same stands allowable in view of the decision of Mumbai Special Bench in case of DCIT-vs-Bank of Bahrain & Kuw…

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

ITA 623/KOL/2018[2012-13]Status: DisposedITAT Kolkata20 Jan 2026AY 2012-13
Section 115JSection 250

…ure). In other words, all such contracts are hedging transactions entered by the appellant for its foreign currency related exposure. The above amount stands allowable in view of the decision of Supreme Court in case of CIT-vs-Woodward Governor India (P) Ltd [312 ITR 254 (SC)]. Further, the appellant company also finds support in the decision of the Mumbai Tribunal in the case of Reliance Industries Limited vs. CIT 147 ITD 323 wherein it was held that such mark to market losses are allowable. Further the same stands allowable in view of the decision of Mumbai Special Bench in case of DCIT-vs-Bank of Bahrain & Kuw…

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

ITA 622/KOL/2018[2011-12]Status: DisposedITAT Kolkata20 Jan 2026AY 2011-12

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 250

…ure). In other words, all such contracts are hedging transactions entered by the appellant for its foreign currency related exposure. The above amount stands allowable in view of the decision of Supreme Court in case of CIT-vs-Woodward Governor India (P) Ltd [312 ITR 254 (SC)]. Further, the appellant company also finds support in the decision of the Mumbai Tribunal in the case of Reliance Industries Limited vs. CIT 147 ITD 323 wherein it was held that such mark to market losses are allowable. Further the same stands allowable in view of the decision of Mumbai Special Bench in case of DCIT-vs-Bank of Bahrain & Kuw…

COAL INDIA LIMITED ,KOLKATA vs. DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA

ITA 467/KOL/2018[2012-13]Status: DisposedITAT Kolkata20 Jan 2026AY 2012-13

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 115JSection 250

…ure). In other words, all such contracts are hedging transactions entered by the appellant for its foreign currency related exposure. The above amount stands allowable in view of the decision of Supreme Court in case of CIT-vs-Woodward Governor India (P) Ltd [312 ITR 254 (SC)]. Further, the appellant company also finds support in the decision of the Mumbai Tribunal in the case of Reliance Industries Limited vs. CIT 147 ITD 323 wherein it was held that such mark to market losses are allowable. Further the same stands allowable in view of the decision of Mumbai Special Bench in case of DCIT-vs-Bank of Bahrain & Kuw…

M/S JINDAL EQUIPMENT LEASING CONSULTANCY SERVICES LTD. vs. COMMISSIONER OF INCOME TAX

Appeals stand disposed of in the aforesaid terms

C.A. No.-000152-000152 - 2026Supreme Court09 Jan 2026

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

Section 143(3)Section 28Section 47

…ss profits. Although that case concerned the deduction of fluctuation losses, its reasoning underscores that real income under Section 28 may accrue without any conventional “transfer”. 22 (1996) 222 ITR 344 (SC) 23 (2016) 383 ITR 217 (SC) 24 (2009) 312 ITR 254 (SC) 31 15.3. It therefore emerges that Section 28 is a comprehensive charging provision designed to bring within the tax net all real profits and gains arising in the course of business, whether convertible into money or received in money or in kind, and irrespective of whether such accrual or receipt of income is accompanied by a lega…

BHARTI TELEMEDIA LIMITED,NEW DELHI vs. DCIT, CIRCLE-4(2), NEW DELHI

In the result, the appeals of the Assessee are allowed and appeals of the Revenue are dismissed

ITA 624/DEL/2024[2021-22]Status: DisposedITAT Delhi12 Dec 2025AY 2021-22

Bench: Shri C.N. Prasad & Shri M. Balaganesh

Section 35ASection 4

…any difference if the future date on which the liability shall have to be discharged is not certain. (f) Calcutta Company Ltd vs CIT: 37 ITR 1 (SC) (g) Metal Box Company of India Ltd vs Their Workmen: 73 ITR 53 (SC) (h) CIT vs Woodward Governor India Pvt Ltd: 312 ITR 254 (SC) (i) CIT vs U.P. State Industrial Development Corporation: 225 ITR 703 (SC) (j) CIT vs Burhwal Sugar Mills Co Ltd: 82 ITR 784 (All) (k) Madho Mahesh Sugar Mills Ltd vs CIT: 92 ITR 503 (All) (l) Delhi Flour Mills Co Ltd vs CIT: 95 ITR 151 (Del) (m) CIT vs Laxmi Sugar & Oil Mills Ltd: 114 ITR 684 (All) (n) Eddy Current Controls (India) Ltd vs C…

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