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

968 judgments on BharatTax cite CIT v. Woodward Governor India Pvt. Ltd. (312 ITR 254), spanning 2008 to 2026.

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

It is most often cited in judgments turning on Section 37(1), Section 143(3), Section 14A, Section 115JB, Section 147, Section 142(1).

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 372,010 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 14A Section 115JB Section 147 Section 142(1)Section 43(5)Section 40(a)(ia)

Read the full judgment

Issues it is cited on

section 43a section 40(a)(i)mercantile system of accounting book profits section 37(1)section 115j revenue expenditure section 43 capital expenditure section 40(a)section 115jb section 32

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

DCIT 3(2), Mumbai vs. Idea Cellular Ltd, Mumbai

In the result, appeal of the Revenue in ITA No

ITA 2273/MUM/2014[2008-09]Status: DisposedITAT Mumbai12 Oct 2022AY 2008-09

Section 143(3)Section 194HSection 40

…heir services, which is nothing but an expenditure u/s 37(1) of the Act. 9.2.8 Though discount on premium is nothing but an expenditure u/s 37(1), it is worth noting that the Hon'ble Supreme Court in the case of CIT v. Woodward Governor India (P.) Ltd. [2009] 312 ITR 254/179 Taxman 326 has gone to the extent of covering "loss" in certain circumstances within the purview of "expenditure" as used in section in 37(1). In that case, the assessee incurred additional liability due to exchange rate fluctuation on a revenue account. The Assessing Officer did not allow deduction u/s 37. When the matter finally reached the…

The Deutsche Investments India P.Ltd, Mumbai vs. Pr CIT 12, Mumbai

In the result, appeal of the assessee is allowed

ITA 3169/MUM/2017[2011-12]Status: DisposedITAT Mumbai30 Sept 2022AY 2011-12

Section 143(3)Section 263Section 92C

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘D‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER The Deutshe Investments Vs. The Principal Commissioner India Pvt. Ltd., of Income Tax-12 Block B-1, Nirlon Knowledge Room No.363, Aayakar Park Bhavan, M.K. Marg Western Express Highway Mumbai – 400 020 Goregaon-East Mumbai – 400 063 PAN/GIR No.AACCD1765E (Appellant) .. (Respondent) Assessee by Shri P.J. Pardiwala & Niraj Sheth Revenue by Shri T Shankar Date of Hearing 24/08/2022 Date of Pronouncement 30/09/2022 आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal in ITA…

Deputy Commissioner of Income Tax, Circle-3(1), Raipur vs. Mesers Chhattisgarh Captive Coal Mining Limited, Raipur

ITA 6/RPR/2020[2015-16]Status: DisposedITAT Raipur22 Sept 2022AY 2015-16

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 06/Rpr/2020 "नधा"रण वष" / Assessment Year : 2015-16 The Deputy Commissioner Of Income Tax, Circle-3(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Chhattisgarh Captive Coal Mining Ltd. J-10, Near Tv Tower, Anupam Nagar, Raipur (C.G.) Pan : Aaccc7481N ……""यथ" / Respondent Assessee By :Shri Amit M Jain, Advocate Revenue By :Shri P.K Mishra, Cit-Dr

For Appellant: Shri Amit M Jain, AdvocateFor Respondent: Shri P.K Mishra, CIT-DR

Section 115JSection 143(3)Section 35D

…आयकर अपील"य अ"धकरण "यायपीठ रायपुर म"। IN THE INCOME TAX APPELLATE TRIBUNAL, RAIPUR BENCH, RAIPUR BEFORE SHRI RAVISH SOOD, JUDICIAL MEMBER AND SHRI ARUN KHODPIA, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No. 06/RPR/2020 "नधा"रण वष" / Assessment Year : 2015-16 The Deputy Commissioner of Income Tax, Circle-3(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/s. M/s. Chhattisgarh Captive Coal Mining Ltd. J-10, Near TV Tower, Anupam Nagar, Raipur (C.G.) PAN : AACCC7481N ……""यथ" / Respondent Assessee by :Shri Amit M Jain, Advocate Revenue by :Shri P.K Mishra, CIT-DR सुनवाई क" तार"ख / Date of Hearing :29.07.2022 घोषणा क…

The Pr Commissioner of Income Tax vs. M/S Bangalore International

Appeal is dismissed; and

ITA/329/2017HC Karnataka19 Sept 2022

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

Section 115JSection 260

…exchange rate fluctuation is required to be made to actual cost at the end of every year after amendment of Section 43A with effect from 01.04.2003 and upheld CIT(A)'s order that the gain arising on 3 (312 ITR 254) Para 30 to 34 - 6 - ITA No. 329 of 2017 account of exchange fluctuation are not liable to tax as it is on the capital account. 11. The second substantial question is with regard to brought forward book loss in computation of income and Section 115JB of the Act. 12. We have carefully perused the explanation to…

M/S Bosch Limited, Bangalore vs. Assistant Commissioner of Income Tax Ltu Circle-1, Bangalore

In the result, appeal of the assessee is partly allowed

ITA 1629/BANG/2018[2013-14]Status: DisposedITAT Bangalore13 Sept 2022AY 2013-14

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2013-14 Bosch Limited, Vs. The Assistant Commissioner Hosur Road, Adugodi, Of Income Tax, Ltu, Bangalore – 560 030. Circle 1, Pan: Aaacm 9840P Bangalore. Appellant Respondent Appellant By : Shri Percy Pardiwala, Advocate Respondent By : Shri V S Chakrapani, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 01.09.2022 Date Of Pronouncement : 13.09.2022 O R D E R Per Padmavathy S.2. This Appeal Is Against The Order Of The Cit(Appeals), Bangalore-9, Bangalore Dated 31.3.2018 For The Assessment Year 2013- 14. 3. The Assessee Raised Grounds Pertaining To The Following Issues:- Deduction U/S. 35(2Ab) Computed On Net Expenditure As Opposed To Gross Expenditure Disallowance Of Provision For Bad & Doubtful Debts I) Disallowance Of Provision For Long Term Service Award Disallowance Of Expenditure U/S. 14A Of The Act Ii) Page 2 Of 67

For Appellant: Shri Percy Pardiwala, AdvocateFor Respondent: Shri V S Chakrapani, CIT(DR)(ITAT), Bengaluru

Section 14ASection 35Section 37Section 43BSection 80J

…ap and forward contract has been entered into. The appellant did not furnish any information till the end of appellate proceedings. 98. Thus, I find that the AO has followed the judgement of Hon'ble Supreme Court in CIT v Woodward Governor India P. Ltd 120091 312 ITR 254 )reiterated in Oil and Natural Gas Corporation Ltd. v. CIT 12010( 322 ITR 180and CIT v. Maruti Udyog Ltd. 120101 320 ITR 729) in letter and spirit. The unrealized loss due to foreign exchange fluctuation on the last date of the accounting year in respect of loans taken for revenue purposes has been allowed as deduction to the appellant. 99. Howev…

ACIT, Central Circle, Panaji vs. M/S Sociadade De Fomento Industrial P. Ltd, Margao

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

ITA 116/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR

Section 143(1)Section 143(2)Section 14A

…ppeal holding that the claim of expenditure of Rs.62.62 lakhs is permissible under Section 37 of the Act. The impugned order of the Tribunal placed reliance upon the decision of the Apex Court in Commissioner of Income Tax Vs. Woodward Governor India (P) Ltd. 312 ITR 254 to hold that where the loss suffered by an assessee due to fluctuation of foreign exchange as on the date of balancesheet in respect of purchase and sales of goods (payment have to be made / received) is allowable as expenditure under Section 37(1) of the Act. 5.The grievance of the Revenue before us is that Instruction no. 3 of 2010 dated 31st…

Socieadade De Fomento Indl. Pvt. Ltd., Margao vs. Joint Commissioner of Income Tax, Margao Range, Margao

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

ITA 105/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR

Section 143(1)Section 143(2)Section 14A

The Pr. Commissioner of Income Tax-3 vs. Emmsons International Ltd

Appeal is dismissed

ITA/318/2022HC Delhi12 Sept 2022

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA

Section 37(1)

…2. Learned Counsel for the Appellant states that the ITAT has erred in deleting the Notional Forex Loss of Rs.8,95,40,121/- disallowed by the Assessing Officer by relying upon the decision of Supreme Court in the case of CIT Vs. Woodward Governor India Ltd., 312 ITR 254(SC) which was rendered in respect of actual transactions in contradiction to notional transactions in the case of Assessee. This is a digitally signed Judgement. NEUTRAL CITATION NO: 2022/DHC/003626 ITA 318/2022 Page 2 of 4 3. He further submits that the ITAT has erroneously held that the CBDT Circular/Instruction is contrary to the decision of…

The Pr. Commissioner of Income Tax-2 vs. M/s. GJ Trading Pvt Ltd

ITTA/246/2022HC Telangana05 Sept 2022

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Clp Wind Farms (India) Pvt. Ltd., New Delhi vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1606/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2016-17

For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R

Section 250(6)Section 37(1)

…is obtained is not relevant and what is relevant is the utilization of the amount at the time of devaluation. The ITAT while holding so referred to and relied on the decision of the Hon’ble apex court in the case of CIT vs Woodword Governor India(P) Ltd(2009) 312 ITR 254 (SC) and the Hon’ble Bombay High Court in the case of CIT vs Dempo and Co. (P) Ltd (1994) 206 ITR 291. 15. In view of the above, we hold that the assessee is entitled to claim the amortization of premium paid on foreign exchange contracts amounting to Rs. 38,96,97,000/-. 16. Appeal of the Assessee is allowed. ITA No. 1605/Ahd/2019 for A.Y. 2015…

Clp Wind Farms (India) Pvt. Ltd., New Delhi vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1605/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2015-16

For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R

Section 250(6)Section 37(1)

Clp Wind Farms (India) Pvt. Ltd., Ahmedabad vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1110/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2014-15

For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R

Section 250(6)Section 37(1)

M/S. Course5 Intelligence Private Limited (Formerly Cross Tab Marketing Services Private Limited), Bangalore vs. The Deputy Commissioner of Income Tax, Circle- 2(1)(1), Bangalore

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

ITA 15/BANG/2020[2013-14]Status: DisposedITAT Bangalore18 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2013-14 M/S. Course5 Intelligence Pvt. Ltd., (Formerly Cross Tab Marketing Services The Deputy Pvt. Ltd.) Commissioner Of No. 422, 80 Feet Income Tax, Road, Circle – 2(1)(1), 6Th Block, Vs. Bangalore. Koramangala, Bangalore – 560 095. Pan: Aabcc6525A Appellant Respondent : Shri Padam Chand Khincha, Assessee By Ca : Shri Srinivas Rao Bandaru, Revenue By Jcit Dr Date Of Hearing : 14-07-2022 Date Of Pronouncement : 18-08-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 14/10/2019 Passed By Ld.Cit(A)-2, Bangalore For A.Y. 2013-14 On Following Grounds Of Appeal: “1. The Learned Assessing Officer Had Erred In Passing The Order In The Manner Passed By Him & The Learned Cit (A) Has Erred In Partially Confirming The Same. The Orders Passed Being Bad In Law & Liable To Be Quashed.

For Respondent: Shri Padam Chand Khincha

Section 10ASection 143(2)Section 234B

…7 On account of such revaluation, profits are offered to tax and taxed and by the same token, loss, if any, is also to be allowed. Placing reliance on the decision of Hon’ble Supreme Court in case of CIT vs Woodward Governor India Pvt.Ltd., reported in (2009) 312 ITR 254, it has been submitted that loss suffered by the assessee on account of forest derivatives as on the date of balance-sheet is an item of expenditure under section 37(1) of the Act. Hon’ble Supreme Court while considering this issue observed that the expression “any expenditure” has been used in section 37 of the Act to cover both “expenses incurr…

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

In the result, appeal of the Revenue is partly

ITA 554/MUM/2020[2010-11]Status: DisposedITAT Mumbai29 Jul 2022AY 2010-11

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Sh Chaitanya Joshi &For Respondent: Shri Amol Kirtane, CIT-DR

Section 143(3)Section 250(6)Section 32(1)(iia)Section 43B

…stently booking gain or loss in the Profit & Loss A/c in respect of derivative transactions. The Learned Counsel for the Assessee drew the attention of the Bench Judgment of Hon'ble Apex court in the case of CIT- vs.- Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254 (Sc) wherein the Hon’ble Court held that "loss" suffered by 32 ITA.No.7791/Mum./2019 & ITA.No.554/Mum./2020 Everest Industries Limited, Noida. U.P. assessee on account of the exchange difference as on the date of the balance sheet is an item of allowable expenditure/s under section 37(1) of the I.T. Act, 1961 and an identical view was also tak…

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

In the result, appeal of the Revenue is partly

ITA 7791/MUM/2019[2010-11]Status: DisposedITAT Mumbai29 Jul 2022AY 2010-11

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

For Appellant: Sh Chaitanya Joshi &For Respondent: Shri Amol Kirtane, CIT-DR

Section 143(3)Section 250(6)Section 32(1)(iia)Section 43B

M/S. Altisource Business Solutions Private Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-1(1)(1), Bangalore

In the result, the appeal is allowed in favour of the assessee

ITA 183/BANG/2022[2017-18]Status: DisposedITAT Bangalore25 Jul 2022AY 2017-18

Bench: Shri George George K. & Ms. Padmavathy S

For Appellant: Shri Nitin G. Inamdar, CAFor Respondent: Shri Srinivas T. Bidari, CIT(DR)(ITAT), Bengaluru

Section 115JSection 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S, ACCOUNTANT MEMBER IT(TP)A No.183/Bang/2022 Assessment year : 2017-18 M/s. Altisource Business Solutions Vs. The Deputy Commissioner Private Limited, of Income Tax, Pritech Park, Block No.11, 6th Floor, NFAC, Delhi / A Wing, Bellandur Village, Circle 1(1)(1), Bengaluru. Sarjapur, Marathahalli Ring Road, Bengaluru – 560 103. PAN: AAACO 9467A ASSESSEE RESPONDENT Assessee by : Shri Nitin G. Inamdar, CA Respondent by : Shri Srinivas T. Bidari, CIT(DR)(ITAT), Bengaluru. Date of hearing : 12…

Mps Limited, Chennai vs. DCIT, Chennai

In the result, the appeal of the Assessee in I

ITA 761/CHNY/2017[2012-13]Status: DisposedITAT Chennai20 Jul 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A No.:761/Chny/2017 िनधा"रण वष"/ Assessment Year 2012 – 2013 M/S. Mps Limited, The Deputy Commissioner Of Rr Tower Iv, Super A, Vs. Income Tax, No.16/17, Thiruvika Industrial Estate, Corporate Circle – 4(1), Guindy, Chennai – 600 032. Nungambakkam High Road, Chennai – 600 034. Pan : Aaacm 2423L (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. S.P. Chidambaram, AdvocateFor Respondent: Shri. M. Murali, CIT

Section 143(3)Section 144C(1)Section 144C(5)Section 92C

…- in the books of accounts for the year ending 31.03.2012. 15.1 The learned Counsel for the Assessee relied on the decision of the Hon’ble Supreme Court in the case of Commissioner of Income Tax Vs. Woodward Governor India Private Limited reported in [2009] 312 ITR 254 (SC). The learned Counsel for the Assessee stated that the Assessee has been consistently following this approach and in fact, the very same amount is reversed and offered to tax in the Assessment Year 2013-2014. The Assessee enclosed the Cash-Flow Statement from the Annual Report, wherein it is apparently evident that the same amount is show…

M/S Subex Limited, Bangalore vs. Income Tax Officer Ward-6(1)(4), Bangalore

In the result, the appeal filed by the assessee stands partly allowed

ITA 107/BANG/2019[2014-15]Status: DisposedITAT Bangalore14 Jul 2022AY 2014-15

Bench: Smt. Beena Pillai & Shri. Laxmi Prasad Sahuit(Tp)A No. 107/Bang/2019 Assessment Year : 2014-15 M/S. Subex Ltd., Rmz Ecoworld, The Income Tax Outer Ring Road, Officer, Devarabisanahalli, Ward – 6 (1)(4), Bangalore – 560 103. Bangalore. Vs. Pan: Aabcs9255R Appellant Respondent Assessee By : Shri Ajay Rotti, Ca : Shri Sunil Kumar Singh, Cit- Revenue By Dr Date Of Hearing : 07-06-2022 Date Of Pronouncement : 14-07-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 26/10/2018 Passed By Ld.Ito, Ward – 6(1)(4), Bangalore For A.Y. 2014-15 On Following Grounds Of Appeal: “The Grounds Stated Hereunder Are Independent Of & Without Prejudice To One Another. The Appellant Submits As Under: 1. Assessment & Reference To Learned Transfer Pricing Officer Are Bad In Law 1.1. The Income Tax Officer. Ward — 6(1)(4), Bangalore (Learned Assessing Officer Or 'Ld. Ao') Erred In Making A Reference To The Deputy Commissioner Of Income-Tax, Transfer Pricing —Range 2(2)(1) (Learned Transfer Pricing Officer' Or 'Ld. Tpo'), Inter Alia, Since He Has Not Recorded

For Appellant: Shri Ajay Rotti, CA

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

…re been consistent and not inconsistent as has been observed by the CIT in the impugned order u/s.263 of the Act. The learned counsel for the Assessee has before us placed reliance on the decision of the Hon'ble Supreme Court in the case of Woodward Governors 312 ITR 254 and the decision of the decision of the Hon'ble Madras High Court in the case of CIT Vs. PVP Ventures Ltd. (2012) 23 Taxmann.com 286 (Mad.). 39. The factual position that the exchange fluctuation is owing to restatement of FCCBs is not disputed. The admitted position is that FCCBs were issued for purpose IT(TP)A Nos.373 & 374/Bang/2015 of acquisi…

DCIT, Circle-1(2)(1) (International Taxation), New Delhi vs. Cobra Instalaciones Y Servicios S.A., New Delhi

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

ITA 7173/DEL/2019[2016-17]Status: DisposedITAT Delhi12 Jul 2022AY 2016-17

For Appellant: Shri Hiren Mehta, CAFor Respondent: Shri Sanjay Kumar, Senior DR

…rom Head Office in foreign currency was utilized for the purpose of 4 ITA No.7173/Del./2019 executing contracts, the entire fluctuation loss is on revenue account and the same is allowable on accrual basis as held in CIT Vs. Woodward Governor India Pvt. Ltd. 312 ITR 254 (SC). 6. The AO has not allowed the notional foreign exchange loss on restating the outstanding amount to the head office. The AO took a position that capital remittance to establish and run a business through project office is not loan but capital contribution 'and though it is a liability in the balance sheet of the project office', it canno…

The Commissioner of Income-Tax vs. M/S Ing Vysya Bank Ltd

The appeal is dismissed

ITA/221/2015HC Karnataka08 Jul 2022

Bench: P.S.DINESH KUMAR,C.M. POONACHA

Section 143(2)Section 250Section 260Section 263

…I.T.A No.221/2015 1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 8TH DAY OF JULY, 2022 PRESENT THE HON’BLE MR. JUSTICE P.S. DINESH KUMAR AND THE HON’BLE MR. JUSTICE C.M. POONACHA I.T.A NO.221 OF 2015 BETWEEN : 1. THE COMMISSIONER OF INCOME-TAX C.R. BUILDING QUEENS ROAD BANGALORE 2. THE DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE-11(4) RASHTROTHANA BHAVAN NRUPATHUNGA ROAD BANGALORE. …APPELLANTS (BY SHRI. K.V. A…