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 372,009 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.

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 1405/DEL/2017[2005-06]Status: DisposedITAT Delhi20 Jun 2023AY 2005-06

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…

DCIT, New Delhi vs. M/S 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 1308/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…

DCIT, New Delhi vs. M/S 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 1307/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…

Wipro Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle-7(1)(1), Bangalore

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

ITA 370/BANG/2021[2016-17]Status: DisposedITAT Bangalore14 Jun 2023AY 2016-17

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Shri Sandeep Huilgol, AdvocateFor Respondent: Dr. Manjunath Karkihallli, CIT(DR)(ITAT), Bengaluru
Section 10ASection 143(2)Section 143(3)Section 80G

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER IT(TP)A No.370/Bang/2021 Assessment year : 2016-17 M/s. Wipro Limited Vs. The Assistant Commissioner of 76R & 80P, Doddakannellii, Income-tax, Sarjapur Road, Circle-7(1)(2) Bangalore 560 035 Bangalore. PAN: AAACW 0387R APPELLANT RESPONDENT Appellant by : Shri Sandeep Huilgol, Advocate Respondent by : Dr. Manjunath Karkihallli, CIT(DR)(ITAT), Bengaluru. Date of hearing : 03.04.2023 Date of Pronouncement : 14.06.2023 O R D E R Per Laxmi Prasad Sahu, Accountant Memb…

DCIT Cir 6(3), Mumbai vs. M/S. Grasim Industries Ltd., Mumbai

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

ITA 5978/MUM/2004[2003-2004]Status: DisposedITAT Mumbai13 Jun 2023AY 2003-2004

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri J.D. Mistry a/wFor Respondent: Dr. Kishore Dhule
Section 142(1)Section 143(3)Section 250Section 43BSection 80Section 80H

…‘s own case in its favour in assessment years 1998-99 to 2000-01. Furthermore, the Department is not in appeal on this ground before the Hon‘ble High Court against the Tribunal order. The Hon‘ble Supreme Court in the case of Woodward Governor India Pvt. Ltd., 312 ITR 254 (SC) has decided this issue in favour of the assessee. Accordingly, we do not find any reason to interfere with the order of the ld. CIT(A) deleting the disallowance made on account of exchange fluctuation loss on conversion of trading assets and liabilities on balance sheet date.‖ 66. Respectfully following the above decision, we sustain the ord…

Grasim Industries Ltd., Mumbai vs. DCIT Range 6(3), Mumbai

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

ITA 4754/MUM/2004[2003-04]Status: DisposedITAT Mumbai13 Jun 2023AY 2003-04

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhail

For Appellant: Shri J.D. Mistry a/wFor Respondent: Dr. Kishore Dhule
Section 142(1)Section 143(3)Section 250Section 43BSection 80Section 80H

…‘s own case in its favour in assessment years 1998-99 to 2000-01. Furthermore, the Department is not in appeal on this ground before the Hon‘ble High Court against the Tribunal order. The Hon‘ble Supreme Court in the case of Woodward Governor India Pvt. Ltd., 312 ITR 254 (SC) has decided this issue in favour of the assessee. Accordingly, we do not find any reason to interfere with the order of the ld. CIT(A) deleting the disallowance made on account of exchange fluctuation loss on conversion of trading assets and liabilities on balance sheet date.‖ 66. Respectfully following the above decision, we sustain the ord…

ACIT, Central Circle-2(2), Hyderabad vs. Devender Rao Gorukanti, Hyderabad

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

ITA 439/HYD/2022[2021-2022]Status: DisposedITAT Hyderabad31 May 2023AY 2021-2022

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2021-22 Acit,Cc-2(2) Vs Devender Rao Gourkanti Room No.616,6Th Floor . H.No.8-2-293/82/Nl/231 Aaykar Bhawan Mla Mp Colony Basheerbagh Jubilee Hills Hyderabad-500 004 Hyderabad-500 033 Pan : Akepg7452N (Appellant) (Respondent) Assessee By: Shri H.Srinivasulu Revenue By: Shri K.P.R.R.Murthy, Sr.Ar Date Of Hearing: 20.03.2023 Date Of Pronouncement: 31.05.2023 O R D E R Per Shri Rama Kanta Panda (A.M.): This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.06.2022 Of The Learned Commissioner Of Income Tax (Appeals)-12, Hyderabad Relating To Ay 2021-22. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Partner In M/S. Yashoda Helathcare Services Pvt.Ltd & Derives Partner’S Remuneration & Interest On Capital. He Filed His Original Return Of Income On 28.12.2021 Declaring Total Income Of Rs.8,56,33,070/- A Search & Seizure Operation U/S. 132 Of The I.T. Act Was Conducted In The Case Of Yashoda Group On 22.12.2020, During Which The Case Of The Assessee Was Also Covered. In Response To Notice U/S. 153A Of The I.T.Act,The Assessee Filed His Return Of Income Admitting Additional

For Appellant: Shri H.SrinivasuluFor Respondent: Shri K.P.R.R.Murthy, Sr.AR
Section 115BSection 132Section 132(4)Section 153ASection 34

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A’ Bench, Hyderabad Before Shri Rama Kanta Panda, Accountant Member AND Shri Laliet Kumar, Judicial Member Assessment Year: 2021-22 ACIT,CC-2(2) Vs Devender Rao Gourkanti Room No.616,6th Floor . H.No.8-2-293/82/NL/231 Aaykar Bhawan MLA MP Colony Basheerbagh Jubilee Hills Hyderabad-500 004 Hyderabad-500 033 PAN : AKEPG7452N (Appellant) (Respondent) Assessee by: Shri H.Srinivasulu Revenue by: Shri K.P.R.R.Murthy, Sr.AR Date of hearing: 20.03.2023 Date of pronouncement: 31.05.2023 O R D E R Per Shri Rama Kanta Panda (A.M.): This appeal filed by the assessee is direc…

DCIT -5(2) (1), Mumbai vs. Kec International Ltd, Mumbai

Accordingly, Ground No. 3.1 & 3.2 raised by the Assessee are dismissed

ITA 33/MUM/2022[2013-14]Status: DisposedITAT Mumbai31 May 2023AY 2013-14
For Appellant: Shri Vijay MehtaFor Respondent: Shri Pravin Shekhar
Section 143(3)Section 144C(3)

…h foreign project, the Appellant has to hedge against forex losses. Therefore, loss if any on marked to market of such transaction is allowable business expenditure. Reliance was placed on Supreme Court decision in the case of Woodward Governor India Pvt. Ltd 312 ITR 254 (SC) where it was held that foreign exchange losses are allowable on accruable basis. The AO did not accept this contention and disallowed unrealised exchange loss of Rs 10,52,37,427/- in the same manner as in AY 2012-13 Observing that provision was reversed during the current year, provision for AY 2012- 13 (Rs 8,73,55,000/-) was allowed as dedu…

ACIT, Chennai vs. Tamil Nadu Newsprint & Papers Ltd., Chennai

In the result, the appeals filed by the Revenue in ITA

ITA 940/CHNY/2017[2009-10]Status: DisposedITAT Chennai17 May 2023AY 2009-10

Bench: Shri Mahavir Singhand Shri Manjunatha.G

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri R. Mohan Reddy, CIT &
Section 143(3)Section 32(1)Section 32(1)(iia)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी मंजुनाथ. जी, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANJUNATHA.G, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.940/CHNY/2017 िनधा"रण वष"/Assessment Year: 2009-10 The ACIT, Tamilnadu Newsprint and Corporate Circle-3(1), vs. Papers Ltd., Chennai – 34. No.67, TNPL Building, Mount Road, Chennai – 600 032. PAN: AAACT 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./ITA Nos.: 895 & 896/CHNY/2017 िनधा"रण वष"/Assessment Year: 2009-10 Tamilnadu Newsprint and The AC…

Tamilnadu Newsprint and Papers Ltd., Chennai vs. ACIT, Chennai

In the result, the appeals filed by the Revenue in ITA

ITA 896/CHNY/2017[2009-10]Status: DisposedITAT Chennai17 May 2023AY 2009-10

Bench: Shri Mahavir Singhand Shri Manjunatha.G

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri R. Mohan Reddy, CIT &
Section 143(3)Section 32(1)Section 32(1)(iia)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी मंजुनाथ. जी, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANJUNATHA.G, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.940/CHNY/2017 िनधा"रण वष"/Assessment Year: 2009-10 The ACIT, Tamilnadu Newsprint and Corporate Circle-3(1), vs. Papers Ltd., Chennai – 34. No.67, TNPL Building, Mount Road, Chennai – 600 032. PAN: AAACT 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./ITA Nos.: 895 & 896/CHNY/2017 िनधा"रण वष"/Assessment Year: 2009-10 Tamilnadu Newsprint and The AC…

Tamilnadu Newsprint and Papers Ltd., Chennai vs. ACIT, Chennai

In the result, the appeals filed by the Revenue in ITA

ITA 895/CHNY/2017[2009-10]Status: DisposedITAT Chennai17 May 2023AY 2009-10

Bench: Shri Mahavir Singhand Shri Manjunatha.G

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri R. Mohan Reddy, CIT &
Section 143(3)Section 32(1)Section 32(1)(iia)

…आयकर अपीलीय अिधकरण, ‘ए’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी मंजुनाथ. जी, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI MANJUNATHA.G, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.940/CHNY/2017 िनधा"रण वष"/Assessment Year: 2009-10 The ACIT, Tamilnadu Newsprint and Corporate Circle-3(1), vs. Papers Ltd., Chennai – 34. No.67, TNPL Building, Mount Road, Chennai – 600 032. PAN: AAACT 2935J (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./ITA Nos.: 895 & 896/CHNY/2017 िनधा"रण वष"/Assessment Year: 2009-10 Tamilnadu Newsprint and The AC…

Viraj Profiles Ltd., Mumbai vs. Dy CIT-CC-3(2), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 775/MUM/2021[2013-14]Status: DisposedITAT Mumbai12 May 2023AY 2013-14

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

…fied from the balance sheet as discussed in para 12.3, Pg.33 of the CIT (A) order. 30. Further, Ld. AR of the assessee submitted that ld. CIT(A) has placed its reliance on the decision of Hon'ble Supreme court in the case of Woodward Governor India (P.) Ltd (312 ITR 254) where mark to market loss has been allowed and the extract of the relevant judgment is reproduced in para 12.4, pg 24 of the CIT(A) order. It is submitted that the assesse engaged in the business of manufacturing and export of steel products. In the business of exports, it is a practice to enter into forward contract against the receivable amoun…

Ptc India Financial Services Ltd, New Delhi vs. DCIT, Circle- 19(1) & (2), New Delhi

In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

ITA 5051/DEL/2017[2012-13]Status: DisposedITAT Delhi09 May 2023AY 2012-13
For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 143(1)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘F’ : NEW DELHI) SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER and SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.4985/Del./2017 (ASSESSMENT YEAR : 2012-13) DCIT, Circle 19(1) & (2), vs. PTC India Financial Services Ltd., 2nd Floor, NBCC Tower, New Delhi. 15, Bhikaji Cama Place, New Delhi – 110 066. (PAN : AAECP0501C) ITA No.5051/Del./2017 (ASSESSMENT YEAR : 2012-13) PTC India Financial Services Ltd., vs. DCIT, Circle 19(1) & (2), 2nd Floor, NBCC Tower, New Delhi. 15, Bhikaji Cama Place, New Delhi – 110 066. (PAN : AAECP0501C) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Salil…

M/S. Ptc India Financial Services Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the assessee is allowed and the appeal filed by the Revenue is dismissed

ITA 4985/DEL/2017[2012-13]Status: DisposedITAT Delhi09 May 2023AY 2012-13
For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Shri T. Kipgen, CIT DR
Section 143(1)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘F’ : NEW DELHI) SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER and SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No.4985/Del./2017 (ASSESSMENT YEAR : 2012-13) DCIT, Circle 19(1) & (2), vs. PTC India Financial Services Ltd., 2nd Floor, NBCC Tower, New Delhi. 15, Bhikaji Cama Place, New Delhi – 110 066. (PAN : AAECP0501C) ITA No.5051/Del./2017 (ASSESSMENT YEAR : 2012-13) PTC India Financial Services Ltd., vs. DCIT, Circle 19(1) & (2), 2nd Floor, NBCC Tower, New Delhi. 15, Bhikaji Cama Place, New Delhi – 110 066. (PAN : AAECP0501C) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Salil…

ACIT Non Corporate Circle 20(1), Chennai vs. V.Krishnamurthy, Chennai

In the result, appeal filed by the revenue is dismissed

ITA 2558/CHNY/2018[2012-13]Status: DisposedITAT Chennai04 May 2023AY 2012-13

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 2558/Chny/2018 िनधा"रण वष" / Assessment Year: 2012-13 Assistant Commissioner Of Shri. V. Krishnamurthy, Income Tax, V. No. 66, Eldams Road, Non Corporate Circle -20(1), Teynampet, Chennai. Chennai – 600 018. [Pan: Aacpk-6064-C] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Ar V Sreenivasan, Addl. Cit अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. S. Sridhar, Advocate सुनवाई क" तारीख/Date Of Hearing : 07.02.2023 घोषणा क" तारीख/Date Of Pronouncement : 04.05.2023 आदेश /O R D E R

For Respondent: Shri. S. Sridhar, Advocate

…ITAT Chennai, in the case of ACIT v. M/s Yubo Investment Co. Pvt. Ltd in ITA No.807 /Mds/2012 or AV 2005-06 Cated 0.07.2012, and :r have reproduced the conclusion hereunder: "10. The Hon'ble Supreme Court in the case of CIT v. WoodWard Governor India P. Ltd [312 ITR 254} held that the expression "any expenditure "used in section 37 of the Act is to cover both "expenses incurred" as well as an amount, which' rear a "loss", even though such amount has not gone out from he pocket o, the assesses. 11. In view of the above, we hold that the advance written off by the assessee as irrecoverable is allowable as business…

Deputy Commissioner of Income Tax-5(2)(1), Mumbai vs. M/S M.Pallonji Shipping Pvt Ltd, Mumbai

Accordingly uphold the decision of the CIT(A) on this issue. The cross objections filed by the assessee in this regard is dismissed

ITA 2981/MUM/2022[2014-2015]Status: DisposedITAT Mumbai25 Apr 2023AY 2014-2015

Bench: Amit Shukla () & Ms. Padmavathy S. ()

Section 143(2)Section 57Section 92C

…ssessee prayed that the foreign exchange gain ought to be treated as non tonnage income. The assessee in this regard relied on the following decisions:- (1) Sutlej Cotton Mills Ltd vs CIT (19 79) 116 ITR 1 (SC) (2) CIT vs Woodward Governor India P Ltd (2009) 312 ITR 254 (SC) (3) CIT vs Dempo & Co P Ltd (994) 206 ITR 291 (SC) 6 ITA 2981/Mum/2022 M. Pallonji Shipping Pvt Ltd 6. The Ld.CIT(A) called on the assessee to furnish the break-up of the net foreign exchange gain as computed by the assessee and the assessee submitted the following details in this regard:- Particulars Amount (Rs.) Notional foreign exchange…

ACIT (Ltu), Chennai vs. Tamilnadu Petro Products Limited, Chennai

In the result, appeal filed by the revenue is partly allowed for statistical purposes

ITA 3299/CHNY/2019[2013-14]Status: DisposedITAT Chennai21 Apr 2023AY 2013-14

Bench: Dr. Manish Borad, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकर अपील सं./Ita No.: 3299/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 The Assistant Commissioner Of M/S. Tamilnadu Petroproducts Income Tax, V. Limited Large Taxpayer Unit-2, Post Box No. 9, Manali Express Room No. 711, 7Th Floor, Highway, Wanaparthy Block, Manali, Chennai – 600 068. No. 121, M.G. Road, [Pan: Aaact-1295-M] Chennai – 600 034. अपीलाथ" क" ओर से/Appellant By : Shri. R. Vijayaraghavan, Advocate ""यथ" क" ओर से/Respondent By : Shri. D. Hema Bhupal, Jcit सुनवाई की तारीख/Date Of Hearing : 19.04.2023 घोषणा की तारीख/Date Of Pronouncement : 21.04.2023

For Appellant: Shri. R. Vijayaraghavan, AdvocateFor Respondent: Shri. D. Hema Bhupal, JCIT
Section 14Section 143(2)Section 143(3)Section 14ASection 92C

…e loss for the correct presentation of financial statement. The ld. CIT(A) deleted the said disallowance applying the ratio laid down by the Hon’ble Apex Court in the :-7-: ITA. No: 3299/Chny/2019 case of CIT vs Woodward Governor India Private limited (2009) 312 ITR 254. 12. We find that the alleged claim of foreign currency loss is notional in nature and the same has been calculated for the outstanding foreign currency payable/receivable by the assessee for the contract which have not expired at the close of the year. In the instant case, such contract which did not expire on 31.03.2013, the foreign currency lo…

DCIT, CC - 6 (1), Chennai vs. Scientific Publishing Services Private Limited, Chennai

In the result, both the appeal filed by the Revenue and the Cross

ITA 1783/CHNY/2019[2013-14]Status: DisposedITAT Chennai21 Apr 2023AY 2013-14

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No.1783/Chny/2019 िनधा"रण वष"/Assessment Year: 2013-14 & C.O. No. 84/Chny/2019 [In I.T.A. No. 1783/Chny/2019] The Income Tax Officer, Vs. M/S. Spi Technologies India Pvt. Ltd., Corporate Ward 6(1), R.S. No. 4/5 & 4/6, Gothi Industrial Chennai. Estate, Kurumbapet, Puducherry 605 009. [Pan:Aaacs6707R] (अपीलाथ" /Appellant) (""थ"/Respondent/Cross Objector) Department By : Shri Ar V Sreenivasan, Addl. Cit Assessee By : Shri N.V. Balaji, Advocate सुनवाई की तारीख/ Date Of Hearing 05.04.2023 : घोषणा की तारीख /Date Of Pronouncement : 21.04.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue & The Cross Objections Filed By The Assessee Are Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 15, Chennai, Dated 28.03.2019 Relevant To The Assessment Year 2013-14. 2. The Assessee Has Raised Cross Objections By Stating That The Reopening Of Assessment Under Section 147 Of The Income Tax Act, 1961

For Appellant: Shri N.V. Balaji, AdvocateFor Respondent: Shri AR V Sreenivasan, Addl. CIT
Section 143(3)Section 147Section 148

…ion in the current year income computation on the grounds that the same was offered as income in the earlier year. The above treatment was not in consonance with the decision of the Hon’ble Supreme Court in the case of CIT Vs. Woodward Governor India P. Ltd. (312 ITR 254) and in view of the above, the MTM gain of ₹.3,91,85,765/- as on 31.03.2013 was added to the total income of the assessee. 4. On appeal, the ld. CIT(A) has upheld the reopening of assessment and so far as merits of the case is concerned, the Assessing Officer was directed to delete the addition. 5. Against the confirmation of reopening of asses…

Ags Health Private Limited, Chennai vs. ACIT Corporate Range 1, Chennai

In the result, both the appeals filed by the assessee are dismissed

ITA 1702/CHNY/2019[2014-15]Status: DisposedITAT Chennai21 Apr 2023AY 2014-15

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.1701 & 1702/Chny/2019 िनधा"रण वष"/Assessment Years: 2013-14 & 2014-15 M/S. Ags Health Private Limited, Vs. The Assistant Commissioner Of 05-02 A-South Tidel Park, No. 4, Income Tax, Canal Bank Road, Taramani, Corporate Range 1, Chennai 600 113. Chennai. [Pan:Aaica9905D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaragahavan, Advocate ""थ" की ओर से/Respondent By : Shri M. Rajan, Cit सुनवाई की तारीख/ Date Of Hearing : 12.04.2023 घोषणा की तारीख /Date Of Pronouncement : 21.04.2023 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Assessee Are Directed Against Separate Orders Of The Ld. Principal Commissioner Of Income Tax-1, Chennai, Dated 28.03.2019 & 20.03.2019 Relevant To The Assessment Years 2013-14 & 2014-15 Respectively Passed Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short]. Since, Common Issue Has Been Raised In An Identical Fact, For The Sake Of Convenience; Both Appeals Were Heard Together & Are Being Disposed Off By This Consolidated Order.

For Appellant: Shri R. Vijayaragahavan, AdvocateFor Respondent: Shri M. Rajan, CIT
Section 143(2)Section 143(3)Section 263

…& L account. As the assessee was following mercantile system of accounting any income arising on account of accrual basis shall be offered to tax in the year of such accrual. 3.2 In view of the decision in the case of CIT Vs. Woodward Governor India P. Ltd. (312 ITR 254), wherein, Supreme Court has observed that any difference, loss or gain arising on conversion of the liability at the closing rate, should be recognised in P & L account for the reporting period. Under revenue account, foreign exchange fluctuations are on an account of debtors for exports, creditors for purchases and expenses payable etc. Gain on…

Ags Health Private Limited, Chennai vs. ACIT Corporate Range 1, Chennai

In the result, both the appeals filed by the assessee are dismissed

ITA 1701/CHNY/2019[2013-14]Status: DisposedITAT Chennai21 Apr 2023AY 2013-14

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.1701 & 1702/Chny/2019 िनधा"रण वष"/Assessment Years: 2013-14 & 2014-15 M/S. Ags Health Private Limited, Vs. The Assistant Commissioner Of 05-02 A-South Tidel Park, No. 4, Income Tax, Canal Bank Road, Taramani, Corporate Range 1, Chennai 600 113. Chennai. [Pan:Aaica9905D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaragahavan, Advocate ""थ" की ओर से/Respondent By : Shri M. Rajan, Cit सुनवाई की तारीख/ Date Of Hearing : 12.04.2023 घोषणा की तारीख /Date Of Pronouncement : 21.04.2023 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Assessee Are Directed Against Separate Orders Of The Ld. Principal Commissioner Of Income Tax-1, Chennai, Dated 28.03.2019 & 20.03.2019 Relevant To The Assessment Years 2013-14 & 2014-15 Respectively Passed Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short]. Since, Common Issue Has Been Raised In An Identical Fact, For The Sake Of Convenience; Both Appeals Were Heard Together & Are Being Disposed Off By This Consolidated Order.

For Appellant: Shri R. Vijayaragahavan, AdvocateFor Respondent: Shri M. Rajan, CIT
Section 143(2)Section 143(3)Section 263

…& L account. As the assessee was following mercantile system of accounting any income arising on account of accrual basis shall be offered to tax in the year of such accrual. 3.2 In view of the decision in the case of CIT Vs. Woodward Governor India P. Ltd. (312 ITR 254), wherein, Supreme Court has observed that any difference, loss or gain arising on conversion of the liability at the closing rate, should be recognised in P & L account for the reporting period. Under revenue account, foreign exchange fluctuations are on an account of debtors for exports, creditors for purchases and expenses payable etc. Gain on…