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.

The Commissioner of Income - Tax vs. M/S Biocon Ltd

In the result, we do not find any merit in this

ITA/653/2013HC Karnataka11 Nov 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 260Section 260ASection 37

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 11TH DAY OF NOVEMBER 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD I.T.A. NO.653 OF 2013 BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX LTU JSS TOWERS BSK III STAGE BANGALORE. 2. THE DY. COMMISSIONER OF INCOME-TAX LTU JSS TOWERS BSK III STAGE BANGALORE ... APPELLANTS (BY SRI.K.V.ARAVIND, ADV.,) AND: M/S BIOCON LTD. 20TH KM, HOSUR ROAD ELECTRONIC CITY HEBBAGODI BANGALORE - 560 100. ... RESPONDENT (BY SRI.T.SURYANARAYANA, ADV.) - - - 2 THIS ITA IS FILED UNDER SE…

M/S. Havells India Ltd., New Delhi vs. ACIT, New Delhi

The appeal of the assessee is partly allowed for statistical purpose

ITA 4695/DEL/2012[2008-09]Status: DisposedITAT Delhi10 Nov 2020AY 2008-09

Bench: Shri Anil Chaturvedi & Ms Suchitra Kamble(Through Video Conferencing) Vs Havells India Ltd. Acit 1, Raj Narian Marg, Ltu Civil Lines New Delhi New Delhi Aaach0351E (Respondent) (Appellant)

Section 251Section 40Section 80I

…Mills Limited. v. CIT 116 ITR 1, wherein the following tests was propounded to determine the character of 22 loss/gain arising due to exchange fluctuations. It was similarly held by the Hon’ble Supreme Court in case of CIT vs. Woodward Governor India (P) Ltd. 312 ITR 254 (SC). The Ld. AR further relied upon the decision of Hon’ble Calcutta High Court in the case of Indian Leaf Tobacco Development Co. Ltd. vs. CIT 137 ITR 827 wherein the assessee-company, engaged in the business of export sales of tobacco leaf, received money on account of export sales in Indian rupee. Sometimes, the money received was more and so…

Deutsche Investments India P.Ltd, Mumbai vs. CIT 6, Mumbai

In the result, this appeal by the assessee stands allowed

ITA 3665/MUM/2014[2008-09]Status: DisposedITAT Mumbai06 Nov 2020AY 2008-09
Section 143(3)Section 263

…eld that Mark to Market losses in respect of forward foreign exchange contracts debited to profit and loss account is allowable as deduction. This view has also been upheld by the Hon'ble Supreme Court in the case of Woodward Governor India (I) P. Ltd, (2009) 312 ITR 254 (Supreme Court) (copy enclosed at pages 203 to 215 of the paper book). g) In view of the above, the marked to market loss debited to profit and loss account of the Company has been rightly allowed as deduction.” 9. Per contra, learned Departmental Representative Shri K. Mahu Sudan submitted that the Assessing Officer has not made necessary inqu…

Aesseal India Pvt.Ltd, Pune vs. Income-Tax Officer, Ward - 1(4), Pune

In the result, the appeal in ITA No

ITA 2203/PUN/2017[2014-15]Status: DisposedITAT Pune29 Oct 2020AY 2014-15
For Appellant: Shri Kishor PhadkeFor Respondent: Shri Mahadevan A.M. Krishanan
Section 143(1)Section 143(3)Section 43A

…he claim that the loss that had arisen on account of reinstatement of ECB loan should go to add to the actual cost of the asset. The ld. AR placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd., 312 ITR 254 (SC) submitted that the loss arising on account of reinstatement of ECB loan on the date of balance sheet should go to add to the cost of actual asset for the purpose of depreciation. 8. On the other hand, the ld. CIT-DR placed reliance on the orders of the lower authorities. 9. We heard the rival submissions and perused the material on record. T…

Aesseal India Pvt.Ltd, Pune vs. Income-Tax Officer, Ward - 1(4), Pune

In the result, the appeal in ITA No

ITA 2202/PUN/2017[2012-13]Status: DisposedITAT Pune29 Oct 2020AY 2012-13
For Appellant: Shri Kishor PhadkeFor Respondent: Shri Mahadevan A.M. Krishanan
Section 143(1)Section 143(3)Section 43A

…he claim that the loss that had arisen on account of reinstatement of ECB loan should go to add to the actual cost of the asset. The ld. AR placing reliance on the decision of the Hon’ble Supreme Court in the case of CIT vs. Woodward Governor India Pvt. Ltd., 312 ITR 254 (SC) submitted that the loss arising on account of reinstatement of ECB loan on the date of balance sheet should go to add to the cost of actual asset for the purpose of depreciation. 8. On the other hand, the ld. CIT-DR placed reliance on the orders of the lower authorities. 9. We heard the rival submissions and perused the material on record. T…

DCIT, Circle - 5(1), Kolkata vs. M/S. Kesoram Industries Ltd., Kolkata

In the result, the appeal of Revenue as well that of assessee both are dismissed

ITA 1776/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Oct 2020AY 2011-12

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 10(34)Section 115JSection 143(3)Section 14A

…f the financial year. The appellant was thereafter asked by the AO as to why the unrealized loss of ₹3,67,22,220/- should not be disallowed. Although the assessee had relied on the decisions of the Hon'ble Apex Court In the case of Woodward Governor Pvt. Ltd (312 ITR 254) and ONGC vs CIT (322 ITR 180), the AO has attempted to distinguish the appellant's factual situation, without actually bringing forth the distinction. According to the AO, the case decided by the Hon'ble Apex Court was prior to the amendment made in Section 43A of the Act. In the considered opinion of the AO, such loss was nothing but notional a…

Kesoram Industries Limited, Kolkata vs. DCIT, Circle-5(1), Kolkata

In the result, the appeal of Revenue as well that of assessee both are dismissed

ITA 1195/KOL/2019[2011-12]Status: DisposedITAT Kolkata21 Oct 2020AY 2011-12

Bench: Shrip.M.Jagtap, Vice- & Shri S.S.Godara

Section 10(34)Section 115JSection 143(3)Section 14A

…f the financial year. The appellant was thereafter asked by the AO as to why the unrealized loss of ₹3,67,22,220/- should not be disallowed. Although the assessee had relied on the decisions of the Hon'ble Apex Court In the case of Woodward Governor Pvt. Ltd (312 ITR 254) and ONGC vs CIT (322 ITR 180), the AO has attempted to distinguish the appellant's factual situation, without actually bringing forth the distinction. According to the AO, the case decided by the Hon'ble Apex Court was prior to the amendment made in Section 43A of the Act. In the considered opinion of the AO, such loss was nothing but notional a…

DCIT, Cir.1(1)(1), Ahmedabad vs. Awn Agro Pvt. Ltd., 2014-15

In the result, the appeal of the revenue and the cross objection of the assessee both are dismissed

ITA 1847/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad07 Oct 2020AY 2012-13
For Appellant: Shri Vartik R. Choksi, A.RFor Respondent: Shri O.P. Sharma, CIT-D.R
Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH (Virtual Court) Before: Shri Rajpal Yadav, Vice President And Shri Amarjit Singh, Accountant Member Assessment Year 2012-13 Dy. CIT, Circle-1(1)(1), Awn Agro Pvt. Ltd, A Wing, Room No. 309, Fortune House, 3rd Floor, Pratyakhash Vs Near Navrangpura Kar Bhavan, Ambawadi, Railway Crossing, Ahmedabad-380015 Ahmedabad PAN: AAJCA3256G (Respondent) (Appellant) CO No. 76/Ahd/2019 (In ITA No. 1847/Ahd/2018) Assessment Year 2012-13 Awn Agro Pvt. Ltd, Dy. CIT, Circle- Fortune House, 1(1)(1), Near Navrangpura Vs A Wing, Room No. 309, 3rd Floor, Railway Crossin…

M.L.Exports, Chennai vs. ACIT Non Corporate Circle 1, Chennai

In the result, the appeal of the assessee is allowed

ITA 3150/CHNY/2018[2013-14]Status: DisposedITAT Chennai07 Oct 2020AY 2013-14

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.3150/Chny/2018 ("नधा"रण वष" / Assessment Year: 2013-14) M/S. M.L. Exports, Vs The Acit, C/O. M/S. Umamaheswara Rao & Non-Corporate Circle-1, Co., Chartered Accountants, Chennai. D.No.3-26-2, Plot No.B1-59, 1St Line, Ravindra Nagar, New Pattabhipuram, Guntur, Andhra Pradesh – 522 006. Pan: Aaafm9451B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Ms. Lavanya.M, Ca ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 06.10.2020 घोषणा क" तार"ख /Date Of Pronouncement : 07.10.2020 आदेश / O R D E R

For Appellant: Ms. Lavanya.M, CAFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT

…d the profits on revaluation of FCs from AYs 2011-12 onwards. The lower authorities are not justified in treating the loss as notional one 3 and not allowing it. The Ld.AR placed reliance on the decision reported in CIT Vs. Woodward Governor India Pvt. Ltd., 312 ITR 254 SC and the Tribunal decision in the case of Emmsons International Ltd., Vs. ACIT, Circle 8(1), New Delhi, in ITA No.4603/Del/2019 for the AY 2012-13 dated 14.10.2019 (Delhi), took through the order and invited our attention to Para 13, which is extracted as under:- “13. On a careful consideration of the facts involved in this case, we are of the…

Shin-Etsu Polymer India P Ltd., Sriperumbudur vs. DCIT Corporate Circle 6(1), Chennai

In the result, the appeal filed by assessee in ITA No

ITA 3090/CHNY/2018[2011-12]Status: DisposedITAT Chennai06 Oct 2020AY 2011-12

Bench: Shri Ramit Kochar & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A. No. 3090/Chny/2018 िनधा"रण वष"/Assessment Year: 2011-12 M/S. Shin-Etsu Polymers India P. Ltd., The Deputy Commissioner Of Plot No. Oz-12, Hitech Sez, Sipcot Vs. Income Tax, Industrial Growth Centre, Oragadam, Corporate Circle 6(1), Sriperumbudur – 602 105. Chennai. [Pan:Aalcs2482E] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Sridhar, Advocate ""थ" की ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई की तारीख/ Date Of Hearing : 29.09.2020 घोषणा की तारीख /Date Of Pronouncement : 06.10.2020 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 16, Chennai Dated 24.09.2018 Relevant To The Assessment Year 2011-12. The Only Issue Involved In This Appeal Is That The Ld. Cit(A) Erred In Confirming The Disallowance Of Foreign Exchange Fluctuation Loss As Notional Loss.

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 142(1)Section 143(2)Section 143(3)Section 37(1)Section 92C

…see. However, no convincing explanation was brought on record with regard to the actual liability in the relevant financial year with details or the increased liability. 5.1 As relied on by the assessee, in the case of CIT v. Woodward Governor India (P) Ltd. 312 ITR 254, the Hon’ble Supreme Court summarized various factors which should be taken into account in order to find out if an expenditure on account of fluctuation in the foreign currency rates for the purpose of allowability of expenditure under section 37(1) of the Act when the assessee is following mercantile system of accounting. Applying those factors…

Deputy Commissioner of Income Tax Circle-2(1)(1), Bangalore vs. M/S Coffee Day Global Ltd, Bangalore

In the result, both appeals of the revenue are partly allowed

ITA 816/BANG/2017[2012-13]Status: DisposedITAT Bangalore30 Sept 2020AY 2012-13

Bench: Shri A. K. Garodia & Smt. Beena Pillai

For Appellant: Shree C. Ramesh, C. AFor Respondent: Shree T Roumuan Paite, CIT DR
Section 36

…s one more grievance of the revenue that learned CIT (A) has erred in deleting the disallowance made by the AO of Rs. 39,32,28,754/- being Forex Loss by holding that the judgment of Hon’ble Apex Court rendered in the case of Woodward Governor India Pvt. Ltd., 312 ITR 254 is applicable in this regard. 3. Regarding all these issues, learned DR of the revenue supported the assessment orders and learned AR of the assessee supported the order of CIT (A). In course of hearing, the learned AR of the assessee also placed reliance on the judgment of Hon’ble Karnataka High Court rendered in the case of CIT vs. Sabari Ente…

Deputy Commissioner of Income Tax Circle-2(1)(1), Bangalore vs. M/S Coffee Day Global Limited, Bangalore

In the result, both appeals of the revenue are partly allowed

ITA 815/BANG/2017[2011-12]Status: DisposedITAT Bangalore30 Sept 2020AY 2011-12

Bench: Shri A. K. Garodia & Smt. Beena Pillai

For Appellant: Shree C. Ramesh, C. AFor Respondent: Shree T Roumuan Paite, CIT DR
Section 36

…s one more grievance of the revenue that learned CIT (A) has erred in deleting the disallowance made by the AO of Rs. 39,32,28,754/- being Forex Loss by holding that the judgment of Hon’ble Apex Court rendered in the case of Woodward Governor India Pvt. Ltd., 312 ITR 254 is applicable in this regard. 3. Regarding all these issues, learned DR of the revenue supported the assessment orders and learned AR of the assessee supported the order of CIT (A). In course of hearing, the learned AR of the assessee also placed reliance on the judgment of Hon’ble Karnataka High Court rendered in the case of CIT vs. Sabari Ente…

Unitedhealth Group Information Services Pvt. Ltd., New Delhi vs. Addl. CIT, Special Range- 9, New Delhi

ITA 6665/DEL/2017[2013-14]Status: DisposedITAT Delhi29 Sept 2020AY 2013-14

Bench: Shri N.K.Billaiya & Shri Kuldip Singh

For Appellant: Shri Nageshwar Rao, AdvFor Respondent: Shri Anupham Kant Garg, CIT-DR
Section 143(3)Section 144CSection 154Section 254Section 92C

…earch Park Laboratories v. ACIT, 212 ITR (AT) 1, after following the aforesaid Circular, held that straight jacket formula given in sub-section (3) has to be followed to determine the eligible deduction. The Hon'ble Supreme Court in the case ofP.R. Prabhakar; 284 ITR 584 had approved the principle laid down in the Special Bench decision in International Research Park Laboratories v.ACIT (supra). In the assessee's own case the I.T.A.T. in the preceding years, after considering the decision in the case of Liberty India held that provisions of section 10B are different from the provisions of section 80IA wherein no…

Steria (India) Ltd., Noida vs. Addl. CIT, Spl. Range- 8, New Delhi

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

ITA 5745/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Sept 2020AY 2014-15

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Sh. Anupam Kant Garg, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…and, the asset is held as a capital asset or as fixed capital, such profit or loss would be of capital nature.” (v) kind attention, in this regard, is further invited to the decision the Supreme Court in the matter of CIT v. Woodward Governor India (P) Ltd.: 312 ITR 254 (SC), wherein while affirming the decision of High Court, the Hon‟ble Supreme Court has held that loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. Page 33 of 95 (vi) Similar view has been…

M/S Steria Ndia Ltd., Noida vs. Addl CIT, New Delhi

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

ITA 741/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Sept 2020AY 2012-13

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Sh. Anupam Kant Garg, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…and, the asset is held as a capital asset or as fixed capital, such profit or loss would be of capital nature.” (v) kind attention, in this regard, is further invited to the decision the Supreme Court in the matter of CIT v. Woodward Governor India (P) Ltd.: 312 ITR 254 (SC), wherein while affirming the decision of High Court, the Hon‟ble Supreme Court has held that loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. Page 33 of 95 (vi) Similar view has been…

Steria India Ltd., Noida vs. Addl.CIT, Speciaql Range-8, New Delhi

In the result ITA number 5745/del/2018 for assessment year 2014 – 15

ITA 3992/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Sept 2020AY 2013-14

Bench: Shri Kuldip Singh & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Sh. Anupam Kant Garg, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…and, the asset is held as a capital asset or as fixed capital, such profit or loss would be of capital nature.” (v) kind attention, in this regard, is further invited to the decision the Supreme Court in the matter of CIT v. Woodward Governor India (P) Ltd.: 312 ITR 254 (SC), wherein while affirming the decision of High Court, the Hon‟ble Supreme Court has held that loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. Page 33 of 95 (vi) Similar view has been…

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

Appeal stands partly allowed

ITA 17/MUM/2018[2012-13]Status: DisposedITAT Mumbai14 Sept 2020AY 2012-13

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.17/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Kec International Ltd. Dcit-5(1)(1) बनाम/ 463, Ceat Mahal Room No.568 Dr. Annie Besant Road, Worli Aaykar Bhavan, M.K. Road Vs. Mumbai-400 030. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacck-5599-H (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपील सं./ I.T.A. No.115/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Dcit-5(1)(1) Kec International Ltd. बनाम/ Room No.568 463, Ceat Mahal Aaykar Bhavan, M.K. Road Dr. Annie Besant Road, Vs. Mumbai-400 020. Worli, Mumbai-400 030. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacck-5599-H (अपीलाथ"/Appellant) (""थ" / Respondent) :

For Appellant: S/Shri Vijay Mehta and AnujFor Respondent: S/Shri Akhtar Husain Ansari & Shri
Section 143(3)Section 92Section 92C

…mputing Book Profits u/s 115JB. Assessment Year :2012-13 7.13 The Ld. CIT(A), relying upon appellate order for AY 2011-12, deleted the addition. The decision for AY 2011-12 was based on the decision of Hon’ble Supreme Court rendered in Woodward Governor Ltd. (312 ITR 254). Also, the issue was stated to be covered in assessee’s favor by the decision of Tribunal in assessee’s own case for AY 2009-10. Similar view was taken by first appellate authority in AY 2010-11. 7.14 As evident from factual matrix itself, the issue is covered in assessee’s favor by the decision of this Tribunal for AY 2009-10. In fact, the deci…

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

Appeal stands partly allowed

ITA 115/MUM/2018[2012-13]Status: DisposedITAT Mumbai14 Sept 2020AY 2012-13

Bench: Hon’Ble Shri Amarjit Singh, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.17/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Kec International Ltd. Dcit-5(1)(1) बनाम/ 463, Ceat Mahal Room No.568 Dr. Annie Besant Road, Worli Aaykar Bhavan, M.K. Road Vs. Mumbai-400 030. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacck-5599-H (अपीलाथ"/Appellant) (""थ" / Respondent) : & आयकरअपील सं./ I.T.A. No.115/Mum/2018 (िनधा"रण वष" / Assessment Year: 2012-13) Dcit-5(1)(1) Kec International Ltd. बनाम/ Room No.568 463, Ceat Mahal Aaykar Bhavan, M.K. Road Dr. Annie Besant Road, Vs. Mumbai-400 020. Worli, Mumbai-400 030. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aacck-5599-H (अपीलाथ"/Appellant) (""थ" / Respondent) :

For Appellant: S/Shri Vijay Mehta and AnujFor Respondent: S/Shri Akhtar Husain Ansari & Shri
Section 143(3)Section 92Section 92C

…mputing Book Profits u/s 115JB. Assessment Year :2012-13 7.13 The Ld. CIT(A), relying upon appellate order for AY 2011-12, deleted the addition. The decision for AY 2011-12 was based on the decision of Hon’ble Supreme Court rendered in Woodward Governor Ltd. (312 ITR 254). Also, the issue was stated to be covered in assessee’s favor by the decision of Tribunal in assessee’s own case for AY 2009-10. Similar view was taken by first appellate authority in AY 2010-11. 7.14 As evident from factual matrix itself, the issue is covered in assessee’s favor by the decision of this Tribunal for AY 2009-10. In fact, the deci…

DCIT, New Delhi vs. M/S. Metal One Corporation India Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 2245/DEL/2017[2011-12]Status: DisposedITAT Delhi10 Sept 2020AY 2011-12

Bench: Shri H.S. Sidhu & Shri O.P. Kant[Assessment Year: 2011-12]

For Appellant: Sh. Shatavik Chakrborty, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR

…facts and in circumstances of the case, Ld. CIT(A) is legally justified in deleting disallowance of market to market foreign exchange loss of Rs. 18,26,173/- by relying on judgement of Hon'ble Supreme Court in case of CIT vs. Woodward Governor India Pvt. Ltd. 312 ITR 254 (2009) even when the ratio decidendi of relied upon judgement was not applicable to speculative foreign exchange loss? 4. Whether on facts and in circumstances of the case, Ld. CIT(A) is legally justified in allowing depreciation on goodwill which did not exist in the Balance Sheets for AY 2009-10 to 2012-13 filed along with return of income for…

Ifci Ltd., New Delhi vs. DCIT, New Delhi

In the result appeal of the assessee in ITA number

ITA 4346/DEL/2010[2004-05]Status: DisposedITAT Delhi31 Aug 2020AY 2004-05

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

Section 14Section 143Section 14A

…onal in nature 4.1 That the Commissioner of Income Tax (Appeals) failed to appreciate that the aforesaid issue is squarely covered in favour of the appellant by the decision of the Supreme Court in case of CIT versus Woodward Governor India (private) limited 312 ITR 254 03. In ITA number 4336/del/2010 the learned assessing officer has raised the following grounds of appeal:- 1. The order of the learned CIT (A) is wrong, perverse, illegal and against the provisions of law, liable to be set aside. 2. On the facts and circumstances of the case and in law, the CIT (A) has erred in deleting the disallowance of RS. 1…