CIT v. Woodward Governor India Pvt. Ltd.

ITA 1115/BANG/2019[2014-15]Status: DisposedITAT Bangalore06 Apr 2023AY 2014-15

…d in its entirety during the impugned year. Once crystallized, the entire difference i.e., liability is allowable as deduction. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., reported in 312 ITR 254 (SC) where the Hon’ble Court held that loss suffered by the assessee on account of the exchange difference as on the date of the balance sheet is an item ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 48 of 60 of expenditure under s. 37(1). Reliance is further placed on the decision of the Hon’ble Ap…

M/S. Bangalore Metro Rail Corporation Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle- 1(1)(2), Bangalore

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R

ITA 1114/BANG/2019[2013-14]Status: DisposedITAT Bangalore06 Apr 2023AY 2013-14

…d in its entirety during the impugned year. Once crystallized, the entire difference i.e., liability is allowable as deduction. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., reported in 312 ITR 254 (SC) where the Hon’ble Court held that loss suffered by the assessee on account of the exchange difference as on the date of the balance sheet is an item ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 48 of 60 of expenditure under s. 37(1). Reliance is further placed on the decision of the Hon’ble Ap…

M/S. Bangalore Metro Rail Corporation Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 1(1)(2), Bangalore

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R

ITA 1113/BANG/2019[2012-13]Status: DisposedITAT Bangalore06 Apr 2023AY 2012-13

…d in its entirety during the impugned year. Once crystallized, the entire difference i.e., liability is allowable as deduction. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., reported in 312 ITR 254 (SC) where the Hon’ble Court held that loss suffered by the assessee on account of the exchange difference as on the date of the balance sheet is an item ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 48 of 60 of expenditure under s. 37(1). Reliance is further placed on the decision of the Hon’ble Ap…

M/S. Bangalore Metro Rail Corporation Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 1(1)(2), Bangalore

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R

ITA 1112/BANG/2019[2011-12]Status: DisposedITAT Bangalore06 Apr 2023AY 2011-12

…d in its entirety during the impugned year. Once crystallized, the entire difference i.e., liability is allowable as deduction. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., reported in 312 ITR 254 (SC) where the Hon’ble Court held that loss suffered by the assessee on account of the exchange difference as on the date of the balance sheet is an item ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 48 of 60 of expenditure under s. 37(1). Reliance is further placed on the decision of the Hon’ble Ap…

M/S. Bangalore Metro Rail Corporation Limited, Bangalore vs. Deputy Commissioner of Income Tax, Circle - 1(1)(2), Bangalore

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R

ITA 1048/BANG/2019[2011-12]Status: DisposedITAT Bangalore06 Apr 2023AY 2011-12

…d in its entirety during the impugned year. Once crystallized, the entire difference i.e., liability is allowable as deduction. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., reported in 312 ITR 254 (SC) where the Hon’ble Court held that loss suffered by the assessee on account of the exchange difference as on the date of the balance sheet is an item ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 48 of 60 of expenditure under s. 37(1). Reliance is further placed on the decision of the Hon’ble Ap…

Additional Commissioner of Income Tax, Special Range - 1, Bangalore vs. M/S. Bangalore Metro Rail Corporation Limited, Bangalore

In the result, all the appeals of the assessee as well as revenue’s appeal are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2011-12

For Appellant: Shri Srihari Kutsa, A.RFor Respondent: Shri Sankar Ganesh K., D.R

ITA 1465/MUM/2021[2016-17]Status: DisposedITAT Mumbai31 Mar 2023AY 2016-17

…d in its entirety during the impugned year. Once crystallized, the entire difference i.e., liability is allowable as deduction. Reliance is placed on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., reported in 312 ITR 254 (SC) where the Hon’ble Court held that loss suffered by the assessee on account of the exchange difference as on the date of the balance sheet is an item ITA Nos.1048 & 1112 to 1116/Bang/2019 Bangalore Metro Rail Corporation Ltd., Bangalore Page 48 of 60 of expenditure under s. 37(1). Reliance is further placed on the decision of the Hon’ble Ap…

Unilever India Exports Ltd, Mumbai vs. ACIT, Central Circle 5(3), Mumbai

In the result, we do not find any merit in this appeal, the same fails and is hereby dismissed

Section 143(3)Section 14ASection 234BSection 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘J‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M. BALAGANESH, ACCOUNTANT MEMBER & M/s. Unilever India Vs. Deputy Commissioner Exports Limited of Income Tax, Range Unilever House, 1(3)(2), Mumbai B.D. Sawant Marg Room No.540, 5th Floor Chakala, Andheri East Aayakar Bhavan Mumbai – 400 099 M.K.Road, Mumbai- 400 020 PAN/GIR No.AAACI0991D (Appellant) .. (Respondent) Assessee by Ms. Karishma Phatarphekar & Shri Harsh Shah Revenue by Shri Manoj Kumar Date of Hearing 12/01/2023 Date of Pronouncement 31/03/2023 आदेश / O R D E R PER AMIT SHUKLA (J.M): The afor…

Unilever India Exports Ltd., Mumbai vs. Dy CIT Range 1(3)(2), Mumbai

In the result, we do not find any merit in this appeal, the same fails and is hereby dismissed

ITA 566/MUM/2020[2015-16]Status: DisposedITAT Mumbai31 Mar 2023AY 2015-16

Section 143(3)Section 14ASection 234BSection 37(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘J‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M. BALAGANESH, ACCOUNTANT MEMBER & M/s. Unilever India Vs. Deputy Commissioner Exports Limited of Income Tax, Range Unilever House, 1(3)(2), Mumbai B.D. Sawant Marg Room No.540, 5th Floor Chakala, Andheri East Aayakar Bhavan Mumbai – 400 099 M.K.Road, Mumbai- 400 020 PAN/GIR No.AAACI0991D (Appellant) .. (Respondent) Assessee by Ms. Karishma Phatarphekar & Shri Harsh Shah Revenue by Shri Manoj Kumar Date of Hearing 12/01/2023 Date of Pronouncement 31/03/2023 आदेश / O R D E R PER AMIT SHUKLA (J.M): The afor…

A.C.I.T., Circle-2(1), Kolkata vs. M/S. Semall Impex Private Limited, Kolkata

In the result, the appeal of the revenue is partly allowed

ITA 225/KOL/2019[2012-13]Status: DisposedITAT Kolkata28 Mar 2023AY 2012-13

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 2Section 36Section 68

…I.T.A. No. 225/Kol/2019 Assessment Year: 2012-13 M/s Semall Impex Private Limited 6. The Ld. CIT(A) allowed the appeal of the assessee on this issue by following the decision of Hon’ble Apex Court in the case of CIT vs. Woodward Governor India (Pvt.) Ltd. in 312 ITR 254 (SC) wherein it has been held that loss incurred on reappraisal of the foreign contracts or resettlement of its liability/receivable at the exchange rate at the year end is admissible as business loss though the contracts or receivables or payables were not finally settled. In the present case also, we note that the assessee has claimed similar l…

Lenovo (India) Private Limited, Bangalore vs. Income Tax Officer Ward- 4(1)(1), Bangalore

In the result, the appeal of the assessee is partly allowed for above terms

ITA 281/BANG/2021[2016-17]Status: DisposedITAT Bangalore24 Mar 2023AY 2016-17

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Shri Padam Chand Kincha, C.AFor Respondent: Shri Sankar K Ganeshan, CIT (D.R)

Section 143(3)Section 144C(13)Section 144C(5)Section 92CSection 92C(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A’’BENCH: BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER IT(TP)A No.281/Bang/2021 Assessment Year: 2016-17 M/s Lenovo (India) Pvt. Ltd., The Income-tax Officer, Ferns Icon, Level 2, Ward-4(1)(1), Doddanakundi Village, Bangalore. Marathalli Outer Ring Road, Vs. Marathahalli Post, K.R Puram, Hobli, Bangalore – 560 037. PAN: AABCI 3372 H APPELLANT RESPONDENT Appellant by : Shri Padam Chand Kincha, C.A Respondent by : Shri Sankar K Ganeshan, CIT (D.R) Date of Hearing : 05.01.2023 Date of Pronouncement : .03.2023 O R D E R…

DCIT, New Delhi vs. M/S Rampgreen Solutions Pvt. Ltd., (Erstwhile Vcostomer Services India Pvt. Ltd), New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 1618/DEL/2016[2011-12]Status: DisposedITAT Delhi24 Mar 2023AY 2011-12

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

Section 143(3)Section 144C(5)Section 14ASection 234ASection 271(1)(c)Section 92C

…hange fluctuation loss being considered as part of the operative expenses, the issue stands covered against the Revenue and in favour of the Assessee by the decision of the Supreme Court in Commissioner of Income-tax v. Woodward Governor India (P) Ltd. (2009) 312 ITR 254 (SC). Likewise, the issue concerning the rate of interest for capital 40 Cross I.T.A. Nos. 1404 & 1618/Del/2016 adjustment is covered against the Revenue and in favour of the Assessee in terms of the decision of this Court in Cotton Natural (P) Ltd. v. CIT (2015) 276 CTR 445. Consequently, no substantial question of law arises in respect of the…

M/S. Rampgreen Solutions Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 1404/DEL/2016[2011-12]Status: DisposedITAT Delhi24 Mar 2023AY 2011-12

Bench: Shri G. S. Pannua N D Shri Challa Nagendra Prasad

Section 143(3)Section 144C(5)Section 14ASection 234ASection 271(1)(c)Section 92C

…hange fluctuation loss being considered as part of the operative expenses, the issue stands covered against the Revenue and in favour of the Assessee by the decision of the Supreme Court in Commissioner of Income-tax v. Woodward Governor India (P) Ltd. (2009) 312 ITR 254 (SC). Likewise, the issue concerning the rate of interest for capital 40 Cross I.T.A. Nos. 1404 & 1618/Del/2016 adjustment is covered against the Revenue and in favour of the Assessee in terms of the decision of this Court in Cotton Natural (P) Ltd. v. CIT (2015) 276 CTR 445. Consequently, no substantial question of law arises in respect of the…

Constructora Sanjose Sa, Haryana vs. DCIT/ACIT-Int-Tax, Haryana

ITA 582/DEL/2022[2018-19]Status: DisposedITAT Delhi21 Mar 2023AY 2018-19

Bench: Shri N. K. Billaiya & Shri Anubhav Sharmaconstructora Sanjose Sa, Vs. Dcit/ Acit-Int-Tax, Unit No. 602, Global Foywer Haryana Building Gold Course Road, Gurgaon -122002 (Appellant) (Respondent) Pan: Aafcc6553Q

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Sukesh Kumar Jain, CIT-DR

Section 143(3)Section 144C(13)Section 234A

…rates, when the assessee is following mercantile system of accounting, is deductible and as for convenience para no. 10 of the judgment in ONGC vs. CIT (supra) is reproduced :- “10. Having carefully perused the decision of this Court in Woodward's case [2009] 312 ITR 254, we are of the opinion that both the issues stand concluded by the said decision. Dealing with the said issues extensively, speaking for the Bench, S.H. Kapadia, J. summarised the following factors which should be taken into account in order to find out if an expenditure on account of fluctuation in the foreign currency rates, when the Assessee i…

ACIT Ltu 1 Chennai, Chennai vs. Wheels India Limited, Chennai

In the result, appeals filed by the revenue for assessment years 2013-14 & 2014-15 are dismissed

ITA 1697/CHNY/2019[2014-15]Status: DisposedITAT Chennai08 Mar 2023AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1604 & 1605/Chny/2019 िनधा"रण वष" / Assessment Years: 2013-14 & 2014-15

ITA 1696/CHNY/2019[2013-14]Status: DisposedITAT Chennai08 Mar 2023AY 2013-14

…ment of the claim. 7.2 The CIT(A) erred in holding that the loss arising from reinstatement of the foreign loan liability is an allowable deduction as held by the Apex Court in the case Woodward :-5-: ITA. Nos:1604,1605, 1696 & 1697/Chny/2019 Governor v CIT 312 ITR 254. ONGC v CIT 322 ITR 180 SC. 8. The Commissioner of Income tax (Appeals) erred in confirming the disallowance of interest of Rs.1,32,38,245/- u/s 36(1)(iii). 8.1 The Commissioner of Income tax (Appeals) ought to have appreciated that the appellant had capitalized a sum of Rs.1,32,38,245/- as being the notional interest attributable to fixed assets…

ACIT Ltu 1 Chennai, Chennai vs. Wheels India Limited, Chennai

In the result, appeals filed by the revenue for assessment years 2013-14 & 2014-15 are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1604 & 1605/Chny/2019 िनधा"रण वष" / Assessment Years: 2013-14 & 2014-15

ITA 1605/CHNY/2019[2014-15]Status: DisposedITAT Chennai08 Mar 2023AY 2014-15

…ment of the claim. 7.2 The CIT(A) erred in holding that the loss arising from reinstatement of the foreign loan liability is an allowable deduction as held by the Apex Court in the case Woodward :-5-: ITA. Nos:1604,1605, 1696 & 1697/Chny/2019 Governor v CIT 312 ITR 254. ONGC v CIT 322 ITR 180 SC. 8. The Commissioner of Income tax (Appeals) erred in confirming the disallowance of interest of Rs.1,32,38,245/- u/s 36(1)(iii). 8.1 The Commissioner of Income tax (Appeals) ought to have appreciated that the appellant had capitalized a sum of Rs.1,32,38,245/- as being the notional interest attributable to fixed assets…

Wheels India Ltd., Chennai vs. DCIT Large Tax Payer Umit-1, Chennai

In the result, appeals filed by the revenue for assessment years 2013-14 & 2014-15 are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1604 & 1605/Chny/2019 िनधा"रण वष" / Assessment Years: 2013-14 & 2014-15

ITA 1604/CHNY/2019[2013-14]Status: DisposedITAT Chennai08 Mar 2023AY 2013-14

…ment of the claim. 7.2 The CIT(A) erred in holding that the loss arising from reinstatement of the foreign loan liability is an allowable deduction as held by the Apex Court in the case Woodward :-5-: ITA. Nos:1604,1605, 1696 & 1697/Chny/2019 Governor v CIT 312 ITR 254. ONGC v CIT 322 ITR 180 SC. 8. The Commissioner of Income tax (Appeals) erred in confirming the disallowance of interest of Rs.1,32,38,245/- u/s 36(1)(iii). 8.1 The Commissioner of Income tax (Appeals) ought to have appreciated that the appellant had capitalized a sum of Rs.1,32,38,245/- as being the notional interest attributable to fixed assets…

Wheels India Ltd., Chennai vs. DCIT Large Tax Payer Umit-1, Chennai

In the result, appeals filed by the revenue for assessment years 2013-14 & 2014-15 are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1604 & 1605/Chny/2019 िनधा"रण वष" / Assessment Years: 2013-14 & 2014-15