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 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.

Centum Learning Ltd., New Delhi vs. DCIT, Circle-5(2), New Delhi

In the result, for the statistical purposes, this appeal is

ITA 5067/DEL/2018[2013-14]Status: DisposedITAT Delhi24 Mar 2022AY 2013-14
Section 143(3)Section 145Section 14ASection 37(1)

…xpenses which have accrued/ crystalised in the relevant assessment year were fully allowable u/s 37(1) of the Act. The learned Commissioner of Income Tax (Appeals) has erred in not following the law of the land as laid down in Woodward Governer India Pvt Ltd. 312 ITR 254 (SC) in regard to allowability of expenditure u/s 37(1) of the Act. 1.2 That on the facts and in the circumstances of the appellant company and in law, the learned Commissioner of Income Tax (Appeals) has erred in upholding the learned Assessing Officer's action in holding that deduction of ESOP expenses is not allowable u/s 37(1) of the Act all…

Orient Cement Limited, Kolkata vs. DCIT, Circle - 6(1), Kolkata

In the result, the appeal of the assessee is treated as partly allowed

ITA 1272/KOL/2018[2013-14]Status: DisposedITAT Kolkata16 Mar 2022AY 2013-14

Bench: Shri Sanjay Garg&Shri Girish Agrawali.T.A. No.1272/Kol/2018 Assessment Year: 2013-14 Orient Cement Ltd...................................................................…………………Appellant 9/1, R.N. Mukherjee Road, Kolkata-1. [Pan:Aabco5420A] Vs. Dcit, Circle-6(1), Kolkata…............…...........……………….....………..…..Respondent Appearances By: Shri Akkal Dudhwewala, Fca, Appeared On Behalf Of The Appellant. Shri Sallong Yaden, Addl. Cit, Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : February 08, 2022 Date Of Pronouncing The Order : March 16, 2022 Hearing Through Video Conferencing Order Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 14.05.2018 Of The Commissioner Of Income Tax (Appeals)-2, Kolkata [Hereinafter Referred To As ‘Cit(A)’]Passed U/S 250 Of The Income Tax Act(Hereinafter Referred To As The ‘Act’). The Assessee In This Appeal Has Taken The Following Grounds Of Appeal:

Section 143(3)Section 250Section 36Section 37

…ation is real loss and it is not a contingent loss. The Coordinate Bench of the Tribunal in the case of “DCIT vs.McLeod Russel India Ltd.” (supra), while relying upon the decision of the Hon’ble Apex Court in the case of Woodward Governor of India Ltd vs. CIT(312 ITR 254),has made the following observations: “18. The facts on record demonstrate that the foreign exchange forward contracts were entered into by the assessee with reference to underlying which were export bills in the ordinary course of its business. In our considered view therefore any gain or loss arising on restatement ofsuch foreign exchange forw…

Dy CIT 10 (3)(1), Mumbai vs. M/S Olivia Impex Pvt Ltd., Mumbai

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

ITA 8046/MUM/2019[2011-12]Status: DisposedITAT Mumbai07 Mar 2022AY 2011-12
For Appellant: Sri.R A Dhyani. Sr. DRFor Respondent: Sri.Gunjan Kakkad.AR
Section 115JSection 143(1)Section 143(2)Section 143(3)

…AR submitted that the CIT(A) has considered the foreign exchange rate difference and the fact of calculation of net foreign exchange loss in the books of accounts and relied on the Hon’ble Supreme Court decision in the case of Woodward Governor India Pvt Ltd, 312 ITR 254. We find the CIT(A) has dealt at Page 6 Para 4.3 as under: 4.3 This ground relates to disallowance of foreign exchange loss aggregating to Rs. 23,15,348/-. The assessee company has shown Exchange Rate Gain or Loss of Rs.12,54,560/-. During scrutiny Olivia Impex Pvt Ltd., Mumbai. proceedings the assessee company also filed ledger account of exchan…

M/S. Asia Power Projects Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result appeals filed by assessee as well as revenue stands allowed for statistical purposes

ITA 59/BANG/2017[2011-12]Status: DisposedITAT Bangalore07 Mar 2022AY 2011-12

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiassessment Year : 2011-12 M/S. Asia Power Projects Pvt. The Deputy Ltd., Commissioner Of No. 6, Lakeside Residency, 4 Income Tax, Annaswamy Mudaliar Road, Circle – 11 (1), Bangalore – 560 042. Vs. Bangalore. Pan: Aadca0485B Appellant Respondent & Assessment Year : 2011-12 (By Revenue) : Shri Chavali Narayan, Ca & Assessee By Shri Keerthi Narayan, Ca : Shri Srinath Sadanala, Addl. Revenue By Cit (Dr) Date Of Hearing : 15-12-2021 Date Of Pronouncement : 07-03-2022 Order Per Beena Pillaipresent Cross Appeals Are Filed By Assessee As Well As Revenue Against The Order Dated 09.09.2016 Passed By The Ld.Cit(A)-1, Bangalore For Assessment Year 2011-12 On Following Grounds Of Appeal. “The Grounds Of Appeal Listed Below Are Without Prejudice To Each Other. 1. That The Order Of The Learned Deputy Commissioner Of Income-Tax (`A0') Dated 31 January 2014 & The Order

Section 115JSection 195Section 263Section 37Section 37(1)

…of ECB loans, which according to him is not revenue in nature. He thus proposed to disallow the same in the hands of assessee. The Assessee relied on the decision of Hon’able Supreme Court in case of CIT vs Woodward Governor India Pvt.Ltd., reported in (2009) 312 ITR 154 in support of its claim. The Ld.AO after considering the submissions of assessee relied on CBDT instruction dated 3/2010 dated 23/03/2010, and disallowed the entire amount of ₹ 2,26,48,000/- in the hands of assessee. 2.1. The Ld.AO observed that assessee during the year made following payments in foreign currency without deducting TDS: Sl. Name o…

Dy.Commissioner of Income Tax Circle-1(1)(1), Bangalore vs. M/S Asia Power Projects Private Limited, Bangalore

In the result appeals filed by assessee as well as revenue stands allowed for statistical purposes

ITA 211/BANG/2017[2011-12]Status: DisposedITAT Bangalore07 Mar 2022AY 2011-12

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiassessment Year : 2011-12 M/S. Asia Power Projects Pvt. The Deputy Ltd., Commissioner Of No. 6, Lakeside Residency, 4 Income Tax, Annaswamy Mudaliar Road, Circle – 11 (1), Bangalore – 560 042. Vs. Bangalore. Pan: Aadca0485B Appellant Respondent & Assessment Year : 2011-12 (By Revenue) : Shri Chavali Narayan, Ca & Assessee By Shri Keerthi Narayan, Ca : Shri Srinath Sadanala, Addl. Revenue By Cit (Dr) Date Of Hearing : 15-12-2021 Date Of Pronouncement : 07-03-2022 Order Per Beena Pillaipresent Cross Appeals Are Filed By Assessee As Well As Revenue Against The Order Dated 09.09.2016 Passed By The Ld.Cit(A)-1, Bangalore For Assessment Year 2011-12 On Following Grounds Of Appeal. “The Grounds Of Appeal Listed Below Are Without Prejudice To Each Other. 1. That The Order Of The Learned Deputy Commissioner Of Income-Tax (`A0') Dated 31 January 2014 & The Order

Section 115JSection 195Section 263Section 37Section 37(1)

…of ECB loans, which according to him is not revenue in nature. He thus proposed to disallow the same in the hands of assessee. The Assessee relied on the decision of Hon’able Supreme Court in case of CIT vs Woodward Governor India Pvt.Ltd., reported in (2009) 312 ITR 154 in support of its claim. The Ld.AO after considering the submissions of assessee relied on CBDT instruction dated 3/2010 dated 23/03/2010, and disallowed the entire amount of ₹ 2,26,48,000/- in the hands of assessee. 2.1. The Ld.AO observed that assessee during the year made following payments in foreign currency without deducting TDS: Sl. Name o…

Venture Lighting India Limited, Chennai vs. ACIT Corporate Circle 3(2), Chennai

In the result, considering the factual matrix in the instant case, material available on record and the judicial precedence discussed above, the appeals filed by the assessee in ITA Nos

ITA 1209/CHNY/2019[2010-11]Status: DisposedITAT Chennai04 Mar 2022AY 2010-11

Bench: Shri Mahavir Singhand Shri Girish Agrawalआयकर अपील सं./Ita Nos.: 2945 & 2946/Chny/2018 & 1209/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13, 2014-15 & 2010-11 The Acit / Dcit, M/S. Venture Lighting India Limited, Corporate Circle – 3(2), V. Plot No.A-30, D5, Phase-Ii, Chennai. Zone-B, Mepz, Tambaram, Chennai – 600 045. Pan: Aaaca 9284H (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri S. Sridhar, Advocate ""यथ" क" ओर से/Respondent By : Shri G. Johnson, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 03.03.2022 घोषणा क" तार"ख/Date Of Pronouncement : 04.03.2022 आदेश /O R D E R Per Girish Agrawal, Am: The Two Appeals In Ita Nos. 2945 & 2946/Chny/2018 By The Assessee Are Arising Out Of Common Order Of Learned Commissioner Of Income Tax (Appeals)-11, Chennai In Ita Nos.112/16-17 & 160/17-18, Dated 29.09.2018. The Assessments Were Framed By The Acit / Dcit, Corporate Circle 3(2), Chennai For The Assessment Years 2012-13 &

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri G. Johnson, Addl.CIT
Section 143(3)

…he ld. CIT(A). The ld. Counsel reiterated the same set of arguments as placed before the ld. AO as well as before the ld. CIT(A). He also relied on the decision of Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India P Ltd., reported in [2009] 312 ITR 254 (SC). On the other hand, the ld. Senior DR relied on the orders of the lower authorities. 7. We have heard rival contentions and gone through facts and circumstances of the case. We noted that the assessee is consistently following a policy and method of accounting admitting foreign exchange gain or loss on year-on-year basis. The assessee befor…

Venture Lighting India Limited, Chennai vs. ACIT Corporate Circle 3(2), Chennai

In the result, considering the factual matrix in the instant case, material available on record and the judicial precedence discussed above, the appeals filed by the assessee in ITA Nos

ITA 2946/CHNY/2018[2014-15]Status: DisposedITAT Chennai04 Mar 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri Girish Agrawalआयकर अपील सं./Ita Nos.: 2945 & 2946/Chny/2018 & 1209/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13, 2014-15 & 2010-11 The Acit / Dcit, M/S. Venture Lighting India Limited, Corporate Circle – 3(2), V. Plot No.A-30, D5, Phase-Ii, Chennai. Zone-B, Mepz, Tambaram, Chennai – 600 045. Pan: Aaaca 9284H (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri S. Sridhar, Advocate ""यथ" क" ओर से/Respondent By : Shri G. Johnson, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 03.03.2022 घोषणा क" तार"ख/Date Of Pronouncement : 04.03.2022 आदेश /O R D E R Per Girish Agrawal, Am: The Two Appeals In Ita Nos. 2945 & 2946/Chny/2018 By The Assessee Are Arising Out Of Common Order Of Learned Commissioner Of Income Tax (Appeals)-11, Chennai In Ita Nos.112/16-17 & 160/17-18, Dated 29.09.2018. The Assessments Were Framed By The Acit / Dcit, Corporate Circle 3(2), Chennai For The Assessment Years 2012-13 &

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri G. Johnson, Addl.CIT
Section 143(3)

…he ld. CIT(A). The ld. Counsel reiterated the same set of arguments as placed before the ld. AO as well as before the ld. CIT(A). He also relied on the decision of Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India P Ltd., reported in [2009] 312 ITR 254 (SC). On the other hand, the ld. Senior DR relied on the orders of the lower authorities. 7. We have heard rival contentions and gone through facts and circumstances of the case. We noted that the assessee is consistently following a policy and method of accounting admitting foreign exchange gain or loss on year-on-year basis. The assessee befor…

Venture Lighting India Limited, Chennai vs. ACIT Corporate Circle 3(2), Chennai

In the result, considering the factual matrix in the instant case, material available on record and the judicial precedence discussed above, the appeals filed by the assessee in ITA Nos

ITA 2945/CHNY/2018[2012-13]Status: DisposedITAT Chennai04 Mar 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Girish Agrawalआयकर अपील सं./Ita Nos.: 2945 & 2946/Chny/2018 & 1209/Chny/2019 िनधा"रण वष" /Assessment Years: 2012-13, 2014-15 & 2010-11 The Acit / Dcit, M/S. Venture Lighting India Limited, Corporate Circle – 3(2), V. Plot No.A-30, D5, Phase-Ii, Chennai. Zone-B, Mepz, Tambaram, Chennai – 600 045. Pan: Aaaca 9284H (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri S. Sridhar, Advocate ""यथ" क" ओर से/Respondent By : Shri G. Johnson, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 03.03.2022 घोषणा क" तार"ख/Date Of Pronouncement : 04.03.2022 आदेश /O R D E R Per Girish Agrawal, Am: The Two Appeals In Ita Nos. 2945 & 2946/Chny/2018 By The Assessee Are Arising Out Of Common Order Of Learned Commissioner Of Income Tax (Appeals)-11, Chennai In Ita Nos.112/16-17 & 160/17-18, Dated 29.09.2018. The Assessments Were Framed By The Acit / Dcit, Corporate Circle 3(2), Chennai For The Assessment Years 2012-13 &

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri G. Johnson, Addl.CIT
Section 143(3)

…he ld. CIT(A). The ld. Counsel reiterated the same set of arguments as placed before the ld. AO as well as before the ld. CIT(A). He also relied on the decision of Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India P Ltd., reported in [2009] 312 ITR 254 (SC). On the other hand, the ld. Senior DR relied on the orders of the lower authorities. 7. We have heard rival contentions and gone through facts and circumstances of the case. We noted that the assessee is consistently following a policy and method of accounting admitting foreign exchange gain or loss on year-on-year basis. The assessee befor…

M/S. Praxair India Pvt. Ltd, Bangalore vs. Assistant Commissioner of Income-Tax, Bangalore

In the result, the appeal of the assessee is allowed

ITA 2209/BANG/2016[2012-13]Status: DisposedITAT Bangalore25 Feb 2022AY 2012-13

Bench: Shri George George K & Ms. Padmavathy S

For Appellant: Shri T Suryanarayana, AdvocateFor Respondent: Smt. Vandana Sagar, CIT(DR)
Section 143(2)Section 143(3)Section 14ASection 37Section 40Section 40aSection 92C

…– i) when the loan is obtained for revenue purposes, the exchange loss arising in connection thereto is allowable as a revenue expenditure placing reliance on the decision of the Hon'ble Supreme Court in the case of CIT v. Woodward Governor India (P.) Ltd. (312 ITR 254) Page 18 of 25 ii) disallowance made basis cash flow statement is erroneous, as the cash flow statement, will not reveal the details of utilization of funds i.e. what funds were utilized for what purposes. iii) the Assessing Officer categorically notes that the investment in fixed assets is from surplus cash generated, meaning that the loan was…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2632/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2012-13
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…td. [2010] 320 ITR 410 (Delhi) (2) CIT vs. Abbas Wazir (P.) Ltd. [2005] 274 ITR 448 (3) CIT vs. Motor Credit Co. P. Ltd. [1981] 127 ITR 572 (Mad.) (4) CIT vs. Giriraj Udyog (P.) Ltd. [2005] 273 ITR 495 (All.) (5) CIT vs. Woodward Governor India P. Ltd. [2009] 312 ITR 254 (SC) (6) Order of the High Court of Gujarat in case of Gujarat Insecticides Ltd. vs. Asst.CIT (7) CIT vs. Ganga Charity Trust Fund [1986] 162 ITR 612 (Guj.) (8) ACIT vs. Coromandal Investment P. Ltd. [2009] 316 ITR 104 (Guj.) 14. In view of the above, Ld. Counsel for the assessee contended that the addition made on interest income amounting to R…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2630/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2008-09
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…td. [2010] 320 ITR 410 (Delhi) (2) CIT vs. Abbas Wazir (P.) Ltd. [2005] 274 ITR 448 (3) CIT vs. Motor Credit Co. P. Ltd. [1981] 127 ITR 572 (Mad.) (4) CIT vs. Giriraj Udyog (P.) Ltd. [2005] 273 ITR 495 (All.) (5) CIT vs. Woodward Governor India P. Ltd. [2009] 312 ITR 254 (SC) (6) Order of the High Court of Gujarat in case of Gujarat Insecticides Ltd. vs. Asst.CIT (7) CIT vs. Ganga Charity Trust Fund [1986] 162 ITR 612 (Guj.) (8) ACIT vs. Coromandal Investment P. Ltd. [2009] 316 ITR 104 (Guj.) 14. In view of the above, Ld. Counsel for the assessee contended that the addition made on interest income amounting to R…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2538/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2011-12
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…td. [2010] 320 ITR 410 (Delhi) (2) CIT vs. Abbas Wazir (P.) Ltd. [2005] 274 ITR 448 (3) CIT vs. Motor Credit Co. P. Ltd. [1981] 127 ITR 572 (Mad.) (4) CIT vs. Giriraj Udyog (P.) Ltd. [2005] 273 ITR 495 (All.) (5) CIT vs. Woodward Governor India P. Ltd. [2009] 312 ITR 254 (SC) (6) Order of the High Court of Gujarat in case of Gujarat Insecticides Ltd. vs. Asst.CIT (7) CIT vs. Ganga Charity Trust Fund [1986] 162 ITR 612 (Guj.) (8) ACIT vs. Coromandal Investment P. Ltd. [2009] 316 ITR 104 (Guj.) 14. In view of the above, Ld. Counsel for the assessee contended that the addition made on interest income amounting to R…

Torrent Pharmaceuticals Ltd., Ahmedabad vs. The Deputy Commissioner of Income Tax (OSD) Circle-8, Ahmedabad

In the result appeal of the Revenue is partly allowed

ITA 1285/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad22 Feb 2022AY 2009-10

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita.No.1285 & 1286/Ahd/2017 िनधा"रण वष"/Asstt. Year: 2009-10 & 2010-11 & Ita No.1396 & 1397/Ahd/2018 Asstt.Year 2011-12 & 2012-13 Torrent Pharmaceuticals Ltd. Acit, Circle-4(1)(2) Torrent House Ahmedabad. Vs. Off.Ashram Road Ahmedabad 380 009. आयकर अपील सं./Ita.No.1327 & 1328/Ahd/2017 िनधा"रण वष"/ Asstt. Year: 2009-10 & 2010-11 & आयकर अपील सं./Ita.No.1414 & 1415/Ahd/2018 िनधा"रण वष"/ Asstt. Year: 2011-12 & 2012-13 Acit, Circle-4(1)(2) Torrent Pharmaceuticals Ltd. Ahmedabad. Torrent House Vs. Off.Ashram Road Ahmedabad 380 009. (Applicant) (Responent) Assessee By : Shri Vartik Choksi, With Shri Biren Shah, Ars. Revenue By : Shri Mohd. Usman, Cit-Dr सुनवाई क" तारीख/Date Of Hearing : 23/11/2021 घोषणा क" तारीख /Date Of Pronouncement: 22/02/2022 आदेश/O R D E R Per Bench

For Appellant: Shri Vartik Choksi, With Shri Biren Shah, ARsFor Respondent: Shri Mohd. Usman, CIT-DR
Section 139(1)Section 143(3)Section 35Section 80Section 92C

…I also requires to disclose any gain or loss arising due to fluctuation in foreign currency rate separately from sale or purchases and this principles is also approved by the Hon’ble Supreme court in case of CIT vs. Woodward Governor India (P) Ltd reported in 312 ITR 254. Therefore in the light of AS-11 and Judgment of Hon’ble Supreme court such gain on foreign currency exchange cannot be treated as ordinary business profit. Accordingly the AO disallowed the amount of foreign exchange gain of Rs. 7,16,31,391/- from eligible profit under section 80IC of the Act by holding that same is not derived from the industri…

DCIT Non Corporate Circle-1(1), Chennai vs. Kunnam Granite Works, Chennai

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

ITA 357/CHNY/2020[2009-10]Status: DisposedITAT Chennai10 Feb 2022AY 2009-10

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri G. Manjunathaआयकर अपील सं./Ita No.357/Chny/2020 िनधा"रण वष" /Assessment Year: 2009-10 The Dy. Commissioner- V. M/S.Kunnam Granite Works, Of Income Tax, No.24, Old No.22A, Non-Corporate Circle-I(1), Sankaralaya, Malony Road, Chennai-34. T.Nagar, Chennai-600 017. [Pan: Aaafk 0659 H]

For Appellant: Mr.B.Ramana Kumar, Adv
Section 43(5)

…) of the Act. 5. The Ld.CIT(A) after considering the submissions of the assessee and also by following certain judicial precedents including the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India Pvt. Ltd. reported in (2009) 312 ITR 254 (SC) held that exchange loss incurred by the assessee on account of fluctuation in foreign currency is arised out of forward contracts entered into by the assessee with State Bank of India for hedging export receivables, which is in the nature of business loss, which cannot be considered as speculative loss within the meaning of Sec.43(5) of…

Abirchand Galada, HUF, Chennai vs. ACIT, Non Corporate Circle -1, Chennai

In the result, appeal filed by the assessee is partly

ITA 46/CHNY/2018[2013-14]Status: DisposedITAT Chennai07 Feb 2022AY 2013-14

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Dr. I.P. Roopa, JCITFor Respondent: 06.01.2022
Section 139Section 143(3)Section 250

…आयकर अपील"य अ"धकरण, “बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL , ‘B’ BENCH, CHENNAI "ी वी.दुगा" राव, "या"यक सद"य एवं "ी जी .मंजुनाथ, लेखा सद"य के सम% BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकरअपीलसं./I.T.A.No.46/Chny/2018 ("नधा"रणवष" / Assessment Year: 2013-14) M/s. Abirchand Galada (HUF) Vs Assistant Commissioner of Income Tax, By Kartha Shri Surendra Kumar Galada, Non-Corporate Circle-1 10, Nageswaran Road, T.Nagar, Chennai-34. Chennai-600 017. PAN: AAAHA 3567L (अपीलाथ"/Appellant) (""यथ"/Respondent) : Mr. G.Baskar, Advocate अपीलाथ"क"ओरसे/ Appellant…

M/S.Herbalife International India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Bangalore

In the result, assessee’s appeal is partly allowed

ITA 1723/BANG/2016[2002-03]Status: DisposedITAT Bangalore04 Feb 2022AY 2002-03

Bench: Shri N. V. Vasudevan & Shri B R Baskaranassessment Year : 2002-03

For Appellant: Shri Padam Chand Khincha, C.AFor Respondent: Shri Sumer Singh Meena, CIT(DR OSD)
Section 143(1)Section 143(2)Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI B R BASKARAN ACCOUNTANT MEMBER Assessment year : 2002-03 Herbalife International India Vs. The Dy. Commissioner of Income-tax, Pvt. Ltd., Circle-3(1)(2), #14, Commissariat Road, Bengaluru. Bengaluru-560 025. APPELLANT RESPONDENT Assesseeby : Shri Padam Chand Khincha, C.A Revenue by : Shri Sumer Singh Meena, CIT(DR OSD) Date of hearing : 29.12.2021 Date of Pronouncement : 04.02.2022 O R D E R Per SHRI B R BASKARAN ACCOUNTANT MEMBER 1. This appeal by the assessee is directed against the order of the…

M/S Nature Bio Foods Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 4012/DEL/2016[2010-11]Status: DisposedITAT Delhi02 Feb 2022AY 2010-11

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia

For Appellant: Shri Salil Kapoor, AdvFor Respondent: Move adjournment application
Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E” DELHI BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER & SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER I.T.A. No.4012/DEL/2016 Assessment Year 2010-11 M/s. Nature Bio Foods Ltd., v. Dy. Commissioner of Income Tax, Unit No.134, First Floor, Central Circle-19, Rectangle-1, Saket District Center, New Delhi. New Delhi. TAN/PAN: AACCN2624G (Appellant) (Respondent) Appellant by: Shri Salil Kapoor, Adv. Respondent by: Move adjournment application Date of hearing: 02 02 2021 Date of pronouncement: 02 02 2022 O R D E R PER PRADIP KUMAR KEDIA, A.M.: The captioned appeal has bee…

Tanglin Developments Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore

In the result, assessee’s appeals are allowed

ITA 146/BANG/2021[2017-18]Status: DisposedITAT Bangalore31 Jan 2022AY 2017-18

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri C Ramesh, C.AFor Respondent: Shri Jairam Raipura, CIT(DR OSD)
Section 43A

…and hence not allowable. Exchange fluctuation loss allowable on reinstatement 20. He also relied on the following judgments for the above issue: i) CIT V. Indian Toners & Developers Ltd (2010) 326 ITR 435 (Delhi) ii) Woodward Governor India (F) Ltd (2009) 312 ITR 254 (SC) iii) Oil & Natural Gas Corprn. Ltd V. CIT, Dehradun (2010) 189 Taxman 292 (SC) ITA No.143 - 146/Bang/2021 Page 8 of 31 iv) M/s.Coffeeday Global Ltd for the A.Ys.2013-14 & 2014-15 in ITA Nos.3040 & 3041/Bang/2018. v) Pr.Commissioner of Income Tax V. Albasta Wholesale Services Ltd (2020) 117 Taxmann.com 166 (SC) vi) DCIT, Circle-13(1), New D…

Tanglin Developments Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore

In the result, assessee’s appeals are allowed

ITA 145/BANG/2021[2015-16]Status: DisposedITAT Bangalore31 Jan 2022AY 2015-16

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri C Ramesh, C.AFor Respondent: Shri Jairam Raipura, CIT(DR OSD)
Section 43A

…and hence not allowable. Exchange fluctuation loss allowable on reinstatement 20. He also relied on the following judgments for the above issue: i) CIT V. Indian Toners & Developers Ltd (2010) 326 ITR 435 (Delhi) ii) Woodward Governor India (F) Ltd (2009) 312 ITR 254 (SC) iii) Oil & Natural Gas Corprn. Ltd V. CIT, Dehradun (2010) 189 Taxman 292 (SC) ITA No.143 - 146/Bang/2021 Page 8 of 31 iv) M/s.Coffeeday Global Ltd for the A.Ys.2013-14 & 2014-15 in ITA Nos.3040 & 3041/Bang/2018. v) Pr.Commissioner of Income Tax V. Albasta Wholesale Services Ltd (2020) 117 Taxmann.com 166 (SC) vi) DCIT, Circle-13(1), New D…

Tanglin Developments Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Central Circle-1(3), Bangalore

In the result, assessee’s appeals are allowed

ITA 144/BANG/2021[2014-15]Status: DisposedITAT Bangalore31 Jan 2022AY 2014-15

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri C Ramesh, C.AFor Respondent: Shri Jairam Raipura, CIT(DR OSD)
Section 43A

…and hence not allowable. Exchange fluctuation loss allowable on reinstatement 20. He also relied on the following judgments for the above issue: i) CIT V. Indian Toners & Developers Ltd (2010) 326 ITR 435 (Delhi) ii) Woodward Governor India (F) Ltd (2009) 312 ITR 254 (SC) iii) Oil & Natural Gas Corprn. Ltd V. CIT, Dehradun (2010) 189 Taxman 292 (SC) ITA No.143 - 146/Bang/2021 Page 8 of 31 iv) M/s.Coffeeday Global Ltd for the A.Ys.2013-14 & 2014-15 in ITA Nos.3040 & 3041/Bang/2018. v) Pr.Commissioner of Income Tax V. Albasta Wholesale Services Ltd (2020) 117 Taxmann.com 166 (SC) vi) DCIT, Circle-13(1), New D…