CIT v. Woodward Governor India Pvt. Ltd.

312 ITR 254Supreme Court of India2009#45 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.

968

judgments rely on this decision, according to BharatTax’s citation analysis of 372,003 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)
Read the full judgment

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.

DCIT, CC-01, New Delhi vs. Spicejet Ltd., Gurgaon

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 883/DEL/2022[2016-17]Status: DisposedITAT Delhi05 Jul 2023AY 2016-17

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

DCIT, CC-01, New Delhi vs. Spicejet Ltd., Gurgaon

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 882/DEL/2022[2015-16]Status: DisposedITAT Delhi05 Jul 2023AY 2015-16

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

DCIT Central Circle-01, Delhi vs. Spicejet Ltd., Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 879/DEL/2022[2012-13]Status: DisposedITAT Delhi05 Jul 2023AY 2012-13

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

Spicejet Limited, Haryana vs. DCIT Circle-24(1), Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 669/DEL/2022[2016-17]Status: DisposedITAT Delhi05 Jul 2023AY 2016-17

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

Spicejet Limited, Haryana vs. DCIT Circle-24(1), Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 668/DEL/2022[2015-16]Status: DisposedITAT Delhi05 Jul 2023AY 2015-16

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

Spicejet Limited, Haryana vs. DCIT Circle-24(1), Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 667/DEL/2022[2012-13]Status: DisposedITAT Delhi05 Jul 2023AY 2012-13

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

M/S. Spicejet Ltd., Gurgaon vs. Addl. CIT, New Delhi

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 5181/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Jul 2023AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

ACIT, New Delhi vs. M/S Spice Jet Ltd., Gurgaon

In the result, appeal of the assessee for AY 2011-12 is partly

ITA 5153/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Jul 2023AY 2011-12

Bench: Shri Narendra Kumar Billaiya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.5181/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Spice Jet Limited, Addl. Cit 319, Udyog Vihar, Phase-Iv, Vs. Range-9, Gurgaon, Haryana. New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.5153/Del/2016 िनधा"रणवष"/Assessment Year:2011-12 बनाम Acit Spice Jet Ltd., Circle-24(1), Vs. 319, Udyog Vihar, Phase-Iv, Room No.163, Gurgaon, Haryana. C.R. Building, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent आ.अ.सं/.I.T.A No.879/Del/2022 िनधा"रणवष"/Assessment Year:2012-13 बनाम Dcit Spice Jet Ltd., Central Circle-01, Vs. 319, Udyog Vihar, Phase-Iv, Room No.334, E-2, Gurgaon, Haryana. Ara Centre, Jhandewalan Extension, New Delhi. Pan No. Aaccr1459F अपीलाथ" Appellant ""यथ"/Respondent

Section 115J

…outstanding loss for Revenue transactions on the balance sheet date is Revenue loss eligible for deduction u/s 37(1) of the I.T. Act. Reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd. (312 ITR 254). 5. The Assessing Officer observed that loss under this head is arising on account of revaluation of liability payable in Foreign Exchange and it includes liability is in respect of External Commercial Borrowings (ECB) and Foreign Currency Convertible M/s Spice Jet Ltd. Bonds (FCCB). The Assessing Officer noticed that these have been treat…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 720/MUM/2020[2016-17]Status: DisposedITAT Mumbai30 Jun 2023AY 2016-17

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) ITA Nos. 652 & 1424/MUM/2020 Assessment Years: 2014-15 & 2015-16 DCIT, Circle-1, Thane M/s Everest Industries Limited. Room No. 22, B-Wing 6th floor, G-1, A-32, Genesis Mohan Vs. Ashar IT Park, Wagle Industrial Coop. Industries, Mathura Estate, Thane (W)-400604. Road, New Delhi-110044. PAN No. AAACE 7550 N Appellant Respondent ITA Nos. 719 & 720/MUM/2020 Assessment Years: 2015-16 & 2016-17 Everest Industries Limited, Dy. CIT, Circle-1 D-206, Sector-63, Noida-201301…

Everest Industries Ltd., Noida vs. Dy CIT Circle- 1, Thane

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 719/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) ITA Nos. 652 & 1424/MUM/2020 Assessment Years: 2014-15 & 2015-16 DCIT, Circle-1, Thane M/s Everest Industries Limited. Room No. 22, B-Wing 6th floor, G-1, A-32, Genesis Mohan Vs. Ashar IT Park, Wagle Industrial Coop. Industries, Mathura Estate, Thane (W)-400604. Road, New Delhi-110044. PAN No. AAACE 7550 N Appellant Respondent ITA Nos. 719 & 720/MUM/2020 Assessment Years: 2015-16 & 2016-17 Everest Industries Limited, Dy. CIT, Circle-1 D-206, Sector-63, Noida-201301…

DCIT Circle-1, Thane vs. M/S Everest Industries Ltd., Delhi

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 652/MUM/2020[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) ITA Nos. 652 & 1424/MUM/2020 Assessment Years: 2014-15 & 2015-16 DCIT, Circle-1, Thane M/s Everest Industries Limited. Room No. 22, B-Wing 6th floor, G-1, A-32, Genesis Mohan Vs. Ashar IT Park, Wagle Industrial Coop. Industries, Mathura Estate, Thane (W)-400604. Road, New Delhi-110044. PAN No. AAACE 7550 N Appellant Respondent ITA Nos. 719 & 720/MUM/2020 Assessment Years: 2015-16 & 2016-17 Everest Industries Limited, Dy. CIT, Circle-1 D-206, Sector-63, Noida-201301…

DCIT, Circle-1, Thane vs. Everest Industries Ltd., Mumbai

In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the In the result, appeals of the Revenue as well appeals of the assessee are a...

ITA 1424/MUM/2020[2015-16]Status: DisposedITAT Mumbai30 Jun 2023AY 2015-16

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant ()

For Appellant: Mr. Yogesh Thar/For Respondent: Mr. Biswanath Das, CIT-DR/

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI ABY T VARKEY (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) ITA Nos. 652 & 1424/MUM/2020 Assessment Years: 2014-15 & 2015-16 DCIT, Circle-1, Thane M/s Everest Industries Limited. Room No. 22, B-Wing 6th floor, G-1, A-32, Genesis Mohan Vs. Ashar IT Park, Wagle Industrial Coop. Industries, Mathura Estate, Thane (W)-400604. Road, New Delhi-110044. PAN No. AAACE 7550 N Appellant Respondent ITA Nos. 719 & 720/MUM/2020 Assessment Years: 2015-16 & 2016-17 Everest Industries Limited, Dy. CIT, Circle-1 D-206, Sector-63, Noida-201301…

Mmtc Ltd vs. DCIT, Circle-5(1)

The appeal is allowed, with aforesaid consequences, as directed in ground wise findings

ITA 1722/DEL/2006[2003-2004]Status: DisposedITAT Delhi30 Jun 2023AY 2003-2004

Bench: Sh. G.S.Pannu, Hon’Ble & Sh. Anubhav Sharmam/S. Mmtc Ltd., Scope Vs. Dcit, Complex, Circle-5(1) Core 1,7, Institutional Area, New Delhi Lodhi Road, New Delhi- 110003 Pan : (Appellant) (Respondent)

Section 143(3)Section 44ASection 80Section 80H

…section irrespective of what could strictly be described as “profit derived from export of goods”. 11.1 Ld. Counsel relied the following judgments : “1. International Research Park Laboratories vs. ACIT : 212 ITR (AT) 1, 50, ITD 37 2. P.R.Prabhakar vs. CIT : 284 ITR 584 3. Pearl Polymers Limited : 80 ITD 1 (SB) (Del.) 4. Harisons Malayalam Limited V. DCIT : 60 ITD 306 (Coch.) 5. CIT vs. Parry Agro Industries Ltd. : 257 ITR 41 (Ker) 6. Rajeev Enterprises V. AO : 261 ITR (AT) 34 7.Alfa Laval India Ltd. vs. DCIT : 266 ITR 418 (Bom.) 8. CIT vs. Bangalore Clothing Co. : 260 ITR 371 9. CIT vs. kar Mobiles Ltd. : 333 I…

DCIT, Circle- 10(1), New Delhi vs. Global Green Company Ltd., New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 7541/DEL/2019[2011-12]Status: DisposedITAT Delhi20 Jun 2023AY 2011-12

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…

Global Green Company Ltd., New Delhi vs. DCIT, Circle- 10(1), New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 6940/DEL/2019[2011-12]Status: DisposedITAT Delhi20 Jun 2023AY 2011-12

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…

Global Green Company Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 2233/DEL/2017[2004-05]Status: DisposedITAT Delhi20 Jun 2023AY 2004-05

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…

Global Green Company Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 2232/DEL/2017[2003-04]Status: DisposedITAT Delhi20 Jun 2023AY 2003-04

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…

Global Green Company Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 1932/DEL/2017[2008-09]Status: DisposedITAT Delhi20 Jun 2023AY 2008-09

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…

Global Green Company Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 1407/DEL/2017[2010-11]Status: DisposedITAT Delhi20 Jun 2023AY 2010-11

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…

Global Green Company Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 1406/DEL/2017[2007-08]Status: DisposedITAT Delhi20 Jun 2023AY 2007-08

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘I’, NEW DELHI Before Sh. C. N. Prasad, Judicial Member Dr. B. R. R. Kumar, Accountant Member ITA No. 2232/Del/2017 : Asstt. Year: 2003-04 ITA No. 2233/Del/2017 : Asstt. Year: 2004-05 ITA No. 1405/Del/2017 : Asstt. Year: 2005-06 ITA No. 1406/Del/2017 : Asstt. Year: 2007-08 ITA No. 1932/Del/2017 : Asstt. Year: 2008-09 ITA No. 1407/Del/2017 : Asstt. Year: 2010-11 ITA No. 6940/Del/2019 : Asstt. Year: 2011-12 Global Green Company Ltd., Vs. DCIT, Thapar House, 124, Janpath, Circle-10(1), New Delhi-110001 New Delhi (APPELLANT) (RESPONDENT) PAN No. AAACR0635H ITA No. 1307/De…