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 372,241 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.

DCIT, New Delhi vs. M/S. Ifci Ltd., New Delhi

In the result appeal of the assessee in ITA number

ITA 4336/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…

United Health Group Information Services Pvt. Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 473/DEL/2016[2011-12]Status: DisposedITAT Delhi25 Aug 2020AY 2011-12

Bench: Shri R.K. Panda & Shri Amit Shuklaassessment Year: 2011-12 Optum Global Solutions (India) Vs Dcit, Private Limited Circle-27(1), (Formerly Known As United Health Cr Building, Group Information Services Pvt. New Delhi. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q Assessment Year: 2011-12 Dcit, Vs Optum Global Solutions (India) Circle-27(1), Private Limited Cr Building, (Formerly Known As United Health New Delhi Group Information Services Pvt. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q (Appellant) (Respondent) Assessee By : Shri Nageshwar Rao & Shri S. Chakraborty, Advocates Revenue By : Shri Anupam Kant Garg, Cit, Dr Date Of Hearing : 16.06.2020 Date Of Pronouncement : 25.08.2020

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Anupam Kant Garg, CIT, DR
Section 10ASection 115JSection 143(3)Section 144C

…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 formula has been laid down for computing the eligible business profit.' 12.…

DCIT, New Delhi vs. M/S United Health Group Information Services Pvt. Ltd, New Delhi

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

ITA 193/DEL/2016[2011-12]Status: DisposedITAT Delhi25 Aug 2020AY 2011-12

Bench: Shri R.K. Panda & Shri Amit Shuklaassessment Year: 2011-12 Optum Global Solutions (India) Vs Dcit, Private Limited Circle-27(1), (Formerly Known As United Health Cr Building, Group Information Services Pvt. New Delhi. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q Assessment Year: 2011-12 Dcit, Vs Optum Global Solutions (India) Circle-27(1), Private Limited Cr Building, (Formerly Known As United Health New Delhi Group Information Services Pvt. Ltd.), 11Th Floor, Tower A, Dlf Towers Jasola, Jasola District Centre, New Delhi. Pan: Aadca6769Q (Appellant) (Respondent) Assessee By : Shri Nageshwar Rao & Shri S. Chakraborty, Advocates Revenue By : Shri Anupam Kant Garg, Cit, Dr Date Of Hearing : 16.06.2020 Date Of Pronouncement : 25.08.2020

For Appellant: Shri Nageshwar Rao &For Respondent: Shri Anupam Kant Garg, CIT, DR
Section 10ASection 115JSection 143(3)Section 144C

…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 formula has been laid down for computing the eligible business profit.' 12.…

D.C.I.T., Circle-3(1), Kolkata vs. Shri Ramesh Prasad Sao, Kolkata

In the result, all the appeals of the revenue are dismissed

ITA 1875/KOL/2019[2016-17]Status: DisposedITAT Kolkata24 Aug 2020AY 2016-17

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1875, 1300 & 1299/Kol/2019 ("नधा"रणवष" / Assessment Years:2016-17, 2015-16 & 2012-13)

For Appellant: Shri Supriyo Pal, Addl. CITFor Respondent: Shri Miraj D Shah, A.R
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH KOLKATA BEFORE SHRI S.S.GODARA, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA Nos.1875, 1300 & 1299/Kol/2019 ("नधा"रणवष" / Assessment Years:2016-17, 2015-16 & 2012-13) DCIT, Circle-3(1), Kolkata Vs. Shri Ramesh Prasad Sao 91A/1. Avani Signature, Park Street, 2nd Floor, Kolkata-700016 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: ALAPS 8363 F (Appellant) .. (Respondent) Appellant by : Shri Supriyo Pal, Addl. CIT Respondent by :Shri Miraj D Shah, A.R सुनवाईक"तार"ख/ Date of Hearing : 09/07/2020 घोषणाक"तार"ख/Date of Pronouncement : 24/08/2020 आदेश / O R D E R Per Dr. A.L. Saini, AM…

DCIT, Circle-3(1), Kolkata vs. Shri Ramesh Prasad Sao, Kolkata

In the result, all the appeals of the revenue are dismissed

ITA 1300/KOL/2019[2015-16]Status: DisposedITAT Kolkata24 Aug 2020AY 2015-16

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1875, 1300 & 1299/Kol/2019 ("नधा"रणवष" / Assessment Years:2016-17, 2015-16 & 2012-13)

For Appellant: Shri Supriyo Pal, Addl. CITFor Respondent: Shri Miraj D Shah, A.R
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH KOLKATA BEFORE SHRI S.S.GODARA, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA Nos.1875, 1300 & 1299/Kol/2019 ("नधा"रणवष" / Assessment Years:2016-17, 2015-16 & 2012-13) DCIT, Circle-3(1), Kolkata Vs. Shri Ramesh Prasad Sao 91A/1. Avani Signature, Park Street, 2nd Floor, Kolkata-700016 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: ALAPS 8363 F (Appellant) .. (Respondent) Appellant by : Shri Supriyo Pal, Addl. CIT Respondent by :Shri Miraj D Shah, A.R सुनवाईक"तार"ख/ Date of Hearing : 09/07/2020 घोषणाक"तार"ख/Date of Pronouncement : 24/08/2020 आदेश / O R D E R Per Dr. A.L. Saini, AM…

DCIT, Circle-3(1), Kolkata vs. Shri Ramesh Prasad Sao, Kolkata

In the result, all the appeals of the revenue are dismissed

ITA 1299/KOL/2019[2013-13]Status: DisposedITAT Kolkata24 Aug 2020AY 2013-13

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.1875, 1300 & 1299/Kol/2019 ("नधा"रणवष" / Assessment Years:2016-17, 2015-16 & 2012-13)

For Appellant: Shri Supriyo Pal, Addl. CITFor Respondent: Shri Miraj D Shah, A.R
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A”, BENCH KOLKATA BEFORE SHRI S.S.GODARA, JM &DR. A.L.SAINI, AM आयकरअपीलसं./ITA Nos.1875, 1300 & 1299/Kol/2019 ("नधा"रणवष" / Assessment Years:2016-17, 2015-16 & 2012-13) DCIT, Circle-3(1), Kolkata Vs. Shri Ramesh Prasad Sao 91A/1. Avani Signature, Park Street, 2nd Floor, Kolkata-700016 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: ALAPS 8363 F (Appellant) .. (Respondent) Appellant by : Shri Supriyo Pal, Addl. CIT Respondent by :Shri Miraj D Shah, A.R सुनवाईक"तार"ख/ Date of Hearing : 09/07/2020 घोषणाक"तार"ख/Date of Pronouncement : 24/08/2020 आदेश / O R D E R Per Dr. A.L. Saini, AM…

S. Vinodkumar Diamonds P.Tld, Mumbai vs. DCIT 5(3), Mumbai

In the result this ground of appeal is also partly allowed

ITA 79/MUM/2015[2009-10]Status: DisposedITAT Mumbai03 Aug 2020AY 2009-10

Bench: Shri Pawan Singh & Shri Rajesh Kumars. Vinodkumar Diamonds, Dcit – 5(3), बनाम/ Pvt Ltd., Mumbai. Vs. Off No. Bw 3010, Bharat Diamond Bourse, Bandra (E), Mumbai – 400051 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaics514N .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri P.J. Pardiwala, SeniorFor Respondent: Shri Uodol Raj Singh, Sr-DR
Section 14A

…ridu P Ltd., (261 ITR 256) (Bom). The Ld. AR further submits that the issue of allowability on loss of revaluation of un- matured foreign exchange forward contract is covered by the decision of Hon’ble Supreme Court in CIT Vs Woodward Governor India (P) Ltd., 312 ITR 254 (SC), ITA No. 79/Mum/2015. V. Vinodkumar Diamonds P. Ltd.. wherein, the Hon’ble Court had held that such losses are not notional and are allowable as expenditure u/s 37(1). The Ld. AR further submits that when the claim of the assessee has been accepted by the revenue in assessment year other than 2008-09 and 2009-10 then it is not open for AO t…

M/S Tanglin Developement Ltd, Bangalore vs. The Deputy Commissioner of Income Tax Central Circle-1(3), Bangalore

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

ITA 1527/BANG/2018[2013-14]Status: DisposedITAT Bangalore29 Jun 2020AY 2013-14

Bench: Shri N.V.Vasudevan & Shri B.R.Baskaranita No.1527(Bang)/2018 (Assessment Year : 2013-14) M/S Tanglin Developments Ltd., No.23/2, Coffee Day Square, Vittal Mallya Road, Bangalore-560 001 Panno.Aabct0356N Appellant Vs The Deputy Commissioner Of Income Tax, Circle-1(3), Cr Buildings, Queen’S Road, Bangalore Respondent Appellant By :Shri C. Ramesh, Ca Revenue By : Shri Muzaffar Hussain, Cit

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri Muzaffar Hussain, CIT
Section 115JSection 143(3)Section 14ASection 263

…pitalized the same for book purposes. It was noticed that the above said loss has been claimed as revenue expenditure for income tax purposes. The Ld Pr. CIT noticed that the Hon’ble Supreme Court has held in the case of M/s Wood word Governor India Pvt. Ltd. 312 ITR 254,that notional foreign exchange loss on loans outstanding are required to be allowed as revenue expenditure, if the assessee follows prescribed Accounting Standards and has debited the forex loss to the P & L account. Accordingly, the ld. Pr.CIT expressed the view that the claim of the assessee is not allowable, since it did not debit the loss in…

Mahindra & Mahindra Ltd, Mumbai vs. ACIT Cir 2(2)2, Mumbai

In the result, all the appeals of the assessee are partly allowed for statistical purposes and appeal of the revenue is dismissed

ITA 1449/MUM/2016[2011-12]Status: DisposedITAT Mumbai19 Jun 2020AY 2011-12

Bench: Shri Mahavir Singh, Vp & Shri M.Balaganesh, Am & Sa No.462/Mum/2019 (Arising Out Of Ita No.1449/Mum/2016) (Assessment Year : 2011-12) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) & Sa No.461/Mum/2019 (Arising Out Of Ita No.7382/Mum/2017) (Assessment Year : 2013-14) Mahindra & Mahindra Vs. Dy. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Dy. Commissioner Of Vs. Mahindra & Mahindra Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai- 400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent) Mahindra & Mahindra Vs. Asst. Commissioner Of Limited, Income-Tax Corporation Taxation, Circle-2(2)(2) P.K. Kurne Chowk, Aayakar Bhavan, Worli, Mumbai – 400020 M.K.Road, Mumbai-400020 Pan/Gir No.Aaacm3025E (Appellant) .. (Respondent)

Section 143(3)Section 144C(5)

…portion of the order. 12.11. Per contra, the ld. AR stated that this Tribunal while rendering the decision for A.Y.2009-10 had not considered the principles laid down by the Hon’ble Apex Court in the case of CIT vs. Woodward Governor India Ltd., reported in 312 ITR 254 (SC). Further he stated that the foreign exchange gain or loss incurred on acquisition of capital asset had to be adjusted with the cost of capital assets. The ld. AR fairly stated that this decision of the Tribunal covers the claim of Rs.63,02,52,539 being exchange loss relatable to fixed assets / capital work in progress for which atleast depre…

Sitae Re Pvt. Ltd., New Delhi vs. ITO, Ward-23(4), New Delhi

In the result, the appeal of the assessee is allowed

ITA 5743/DEL/2017[2014-15]Status: DisposedITAT Delhi14 May 2020AY 2014-15

Bench: Ms. Sushma Chowla, V.P & Shri Prashant Maharishi, Am

For Appellant: Sh.V.K.Garg, AdvocateFor Respondent: Sh.H.K.Choudhary, CIT DR
Section 143(3)Section 37(1)

…by the Tribunal in assessee’s own case vide its consolidated order dated 29.07.2019 for Assessment Years 2008-09 and 2009-10 in ITA Nos.503/Del/2012 & 134/Del/2014. 9. Following the decision of Hon’ble Supreme Court in CIT vs Woodward Governor India P.Ltd. 312 ITR 254(SC) it was held as under: “21. “So, following the decision rendered by Hon’ble Apex Court in CIT vs. Woodward Governor India P. Ltd. (supra), we are of the considered view that loss suffered by the assessee on account of foreign exchange rate fluctuation as on date of balance sheet is an item of expenditure u/s 37(1) of the Act and is not liable…

DCIT, New Delhi vs. M/S. Asahi India Glass Ltd., New Delhi

Accordingly, the ground no. 1 raised by the revenue is dismissed

ITA 2501/DEL/2014[2008-09]Status: DisposedITAT Delhi14 May 2020AY 2008-09

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Sandeep Sapra, AdvocateFor Respondent: Ms. Shashi Kajle, Senior DR
Section 115JSection 14ASection 43A

…SSEE’S APPEAL (ITA NO.1638/DEL/2014) 27. Ld. CIT (A) confirmed the addition of Rs.16,70,000/- made by the AO on the ground that the taxpayer has failed to explain as to how the decision of Hon’ble Supreme Court in the case of Woodward Governor India P. Ltd. 312 ITR 254 is applicable to this fact but without returning any finding on facts. 28. Undisputedly, the taxpayer brought on record the fact that vide letter dated 21.11.2011, available at pages 131 to 135 of the paper book, that the taxpayer has entered into forward contracts to hedge its exposure against foreign currency fluctuation risks towards outstan…

M/S. Asahi India Glass Limited, New Delhi vs. DCIT, New Delhi

Accordingly, the ground no. 1 raised by the revenue is dismissed

ITA 1638/DEL/2014[2008-09]Status: DisposedITAT Delhi14 May 2020AY 2008-09

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri Sandeep Sapra, AdvocateFor Respondent: Ms. Shashi Kajle, Senior DR
Section 115JSection 14ASection 43A

…SSEE’S APPEAL (ITA NO.1638/DEL/2014) 27. Ld. CIT (A) confirmed the addition of Rs.16,70,000/- made by the AO on the ground that the taxpayer has failed to explain as to how the decision of Hon’ble Supreme Court in the case of Woodward Governor India P. Ltd. 312 ITR 254 is applicable to this fact but without returning any finding on facts. 28. Undisputedly, the taxpayer brought on record the fact that vide letter dated 21.11.2011, available at pages 131 to 135 of the paper book, that the taxpayer has entered into forward contracts to hedge its exposure against foreign currency fluctuation risks towards outstan…

Stenly Securities Ltd, Kolkata vs. DCIT, Cir.-5, Kolkata

In the result, the appeal of assessee is allowed

ITA 2301/KOL/2019[2009-10]Status: DisposedITAT Kolkata18 Mar 2020AY 2009-10

Bench: Shri A. T. Varkey, Jm] Assessment Year: 2009-10

…case of - Bank of Bahrain & Kuwait (J 32 TTJ 505) (Mumbai ITAT SB) wherein it has been held that Loss on account of valuation of forward contracts on the last day of accounting period is an allowable business loss. 2. Woodward Governor India (P) Ltd. (2009) 312 ITR 254 (SC). 5.2 The Ld. AR for the assessee stated that in view of detailed submissions made and case law cited above, it is clear that the business loss of Rs..1,58,94,821/- on account of Mark to Market of Unexpired Forex Derivatives Contracts is allowable and prayed that addition made on this account may be deleted. 6. On the other hand, the ld. D…

ACIT, Central Circle-1(1), Kolkata vs. M/S Ramkrishna Forgings Ltd., Kolkata

In the result, both the appeals of the revenue are dismissed and the In the result, both the appeals of the revenue are dismissed and the cross- objection of the assessee is allowed in part

ITA 113/KOL/2017[2009-10]Status: DisposedITAT Kolkata13 Mar 2020AY 2009-10

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey) Assessment Year: 2009-10

Section 2Section 250

…6/ not permit the capitalization of this loss and that the net loss of Rs.51,77,406/- was on revenue account. Reliance was placed in the case of on revenue account. Reliance was placed in the case of CIT vs. Woodward CIT vs. Woodward Governor India Pvt. Ltd. [312 ITR 254 (SC)]. The appellant has also submitted that further, on . [312 ITR 254 (SC)]. The appellant has also submitted that further, on . [312 ITR 254 (SC)]. The appellant has also submitted that further, on receipt of the draft order u/s.144C(1)/ 143(3) dated 31.03.2016, the assessee filed a receipt of the draft order u/s.144C(1)/ 143(3) dated 31.03.20…

Wockhardt Ltd, Mumbai vs. Addl CIT RG 10(1), Mumbai

In the result this ground of appeal is partly allowed

ITA 4866/MUM/2013[2008-09]Status: DisposedITAT Mumbai09 Mar 2020AY 2008-09

Bench: Shri Pramod Kumar & Shri Pawan Singhm/S Wockhardt Ltd, Vs Additional Commissioner Of Wockhardt Towers, Bandra Income Tax Range -10(1), Kurla Complex Bandra(E), Aayakar Bhawan, Mumbai-400051 M.K. Road, Mumbai -20 Pan:Aaacw2472M Appellant Respondednt

Section 14ASection 35Section 35fSection 92BSection 92C

…Apollo Tyres Ltd Vs CIT (255 ITR 273 SC). In alternative submissions the ld. AR submits that increase in liability on account of fluctuation in foreign exchange rate cannot be disallowed. And relied on the decision of CIT Vs Woodward Governor India (P) ltd. (312 ITR 254 SC). And in third alternative submissions submits that ascertained liability are allowable in computing income and in support of his submissions relied on Bharat Earthmovers Ltd Vs CIT (245 ITR 428 SC). 29. We have considered the submissions of the parties and perused the order of the tax authorities below. The assessing officer while computing…

Smt. Puneetha @ Puneetha B. A vs. Sri. D. Ravi

The appeal is dismissed accordingly

RPFC/62/2018HC Karnataka28 Feb 2020

Bench: R DEVDAS

Section 10BSection 143(3)Section 144Section 260

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 24TH DAY OF FEBRUARY, 2021 PRESENT THE HON'BLE MR. JUSTICE SATISH CHANDRA SHARMA AND THE HON'BLE MR. JUSTICE V.SRISHANANDA I.T.A. NO.62/2018 BETWEEN: 1. THE PR.COMMISSIONER OF INCOME TAX-4, BMTC COMPLEX, KORAMANGALA, BENGALURU. 2. THE ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE 12, BANGALORE. …APPELLANTS (BY SRI.E.I.SANMATHI, ADV.,) AND: M/S. MPHASIS LTD., BAGMANE WORLD TECHNOLOGY CENTRE, 1ST FLOOR, WING-A, WTC-3, K.R.PURAM, MARATHHALLI, OUTER RING ROAD, MAHADEVAPURA, BENG…

DCIT, Circle - 8(1), Kolkata vs. M/S. Magma Fincorp Ltd., Kolkata

In the result, the appeal of revenue is dismissed

ITA 1503/KOL/2018[2014-15]Status: DisposedITAT Kolkata28 Feb 2020AY 2014-15

Bench: "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/And "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

…1 Magma Fincorp Ltd. AY 2014-15 आयकर अपील"य अधीकरण, "यायपीठ – “C” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA (सम")Before "ी जे. सुधाकर रे"डी, लेखा सद"य एवं/and "ी ऐ. ट". वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, AM & Shri A. T. Varkey, JM] I.T.A. No. 1503/Kol/2018 Assessment Year: 2014-15 Deputy Commissioner of Income-tax, Vs. M/s. Magma Fincorp Limited Circle-8(1), Kolkata. (PAN: AABCM9445K) Appellant Respondent Date of Hearing 29.01.2020 Date of Pronouncement 28.02.2020 For the Appellant Shri Supriyo Pal, JCIT, Sr. DR For the Respondent Shri Ravi Tulsiyan, FCA ORDER Per Shri A…

Rampuria Industries & Investments Ltd., Kolkata vs. Principal CIT, Central - 1, Kolkata

In the result, appeal of the assessee is allowed

ITA 651/KOL/2018[2013-14]Status: DisposedITAT Kolkata26 Feb 2020AY 2013-14
Section 143(3)Section 2Section 263Section 43(5)(d)

…relying on the Supreme Court decision in the case of CIT v. Woodward Governor India (P.) Ltd. Supreme Court decision in the case of CIT v. Woodward Governor India (P.) Ltd. Supreme Court decision in the case of CIT v. Woodward Governor India (P.) Ltd. [2009] 312 ITR 254/179 Taxman 326 312 ITR 254/179 Taxman 326, held that the loss due to foreign exchange fluctuation , held that the loss due to foreign exchange fluctuation in foreign currency transactions in derivatives has to be considered as on the last date in foreign currency transactions in derivatives has to be considered as on the last date in foreign curr…

Ninestars Information Technologies P Ltd., Chennai vs. DCIT Corporate Circle 4(2), Chennai

In the result, the appeal of the assessee is allowed

ITA 2503/CHNY/2018[2015-16]Status: DisposedITAT Chennai25 Feb 2020AY 2015-16

Bench: Shri Mahavir Singh & Shri M. Balaganeshआयकर अपील सं./Ita No.2503/Chny/2018 "नधा"रण वष" /Assessment Year: 2015-16 M/S. Ninestars Information The Dy. Commissioner Of Technologies Pvt. Ltd., Income Tax, No.72, Greams Road, Vs. Corporate Circle-4(2), Thousand Lights, Chennai. Chennai – 600 006. [Pan: Aabcn 0949B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mrs. Vijayaprabha, JCITFor Respondent: 25.02.2020
Section 143(3)Section 37(1)

…आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI "ी महावीर "संह, उपा"य" एवं "ी एम बाला गणेश, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI M. BALAGANESH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2503/Chny/2018 "नधा"रण वष" /Assessment Year: 2015-16 M/s. Ninestars Information The Dy. Commissioner of Technologies Pvt. Ltd., Income Tax, No.72, Greams Road, Vs. Corporate Circle-4(2), Thousand Lights, Chennai. Chennai – 600 006. [PAN: AABCN 0949B] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri R. Viswanathan, C.A अपीलाथ" क" ओर से/ Appellant by : Mrs.…

Deputy Commissioner of Income Tax Central Circle-1(3), Bangalore vs. M/S Coffeeday Global Limited, Bangalore

In the result, the appeals of the Revenue are partly allowed

ITA 3041/BANG/2018[2014-15]Status: DisposedITAT Bangalore24 Feb 2020AY 2014-15

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

Section 14ASection 32(1)(iia)Section 43A

…0 - 14,49,92,136 2010-2011 10,91,42,862 - 2011-2012 6,20,65,764 - 2012-2013 - 39,32,28,754 2013-2014 - 20,02,41,512 I.T.A. Nos.3040 & 3041/Bang/2018 The Assessing Officer noticed that the judgment in the case of M/s. Woodward Governor India Pvt Ltd Vs. CIT (312 ITR 254) does not speak anything in the context of losses or gains on reinstatement of capital liabilities which does not attract or fall into the ambit of Sec. 43A of the IT Act, 1961 which means, the judgment in the case of M/s. Woodward Governor India Pvt Ltd Vs. CIT (312 ITR 254) does not apply to the facts of the instant case, as in the assessee's c…