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.

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 3040/BANG/2018[2013-14]Status: DisposedITAT Bangalore24 Feb 2020AY 2013-14

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…

DCIT 4(1), Mumbai vs. Darashaw & Co. Ltd, Mumbai

In the result, both the appeals are partly allowed

ITA 660/MUM/2012[2008-09]Status: DisposedITAT Mumbai21 Feb 2020AY 2008-09

Bench: Shri Saktijit Dey & Shri Rajesh Kumarsl.

For Appellant: Shri Madhur AgarwalFor Respondent: Smt. Jyothilakshmi Nayak
Section 115JSection 254(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER & SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Sl. ITA No. A.Y Appellant Respondent No. 1 456/Mum/2012 2008-09 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Flat No. 03, Rajesh Mumbai. Mansion, D. Vachha Road, Churchgate, Mumbai - 20 2 660/Mum/2012 2008-09 Dy. CIT, Darashaw & Range 4(1), Company Pvt., Mumbai. Ltd, Mumbai - 20 3 225/Mum/2011 2007-08 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Mumbai - 20 Mumbai. 4 299/Mum/2011 2007-08 Dy. CIT, Range Darashaw & 4(1), Mumbai. Company Pvt., Ltd, Mumbai - 20 "थायी ले…

Darashaw & Company P.Ltd, Mumbai vs. DCIT RG 4(1), Mumbai

In the result, both the appeals are partly allowed

ITA 456/MUM/2012[2008-09]Status: DisposedITAT Mumbai21 Feb 2020AY 2008-09

Bench: Shri Saktijit Dey & Shri Rajesh Kumarsl.

For Appellant: Shri Madhur AgarwalFor Respondent: Smt. Jyothilakshmi Nayak
Section 115JSection 254(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER & SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Sl. ITA No. A.Y Appellant Respondent No. 1 456/Mum/2012 2008-09 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Flat No. 03, Rajesh Mumbai. Mansion, D. Vachha Road, Churchgate, Mumbai - 20 2 660/Mum/2012 2008-09 Dy. CIT, Darashaw & Range 4(1), Company Pvt., Mumbai. Ltd, Mumbai - 20 3 225/Mum/2011 2007-08 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Mumbai - 20 Mumbai. 4 299/Mum/2011 2007-08 Dy. CIT, Range Darashaw & 4(1), Mumbai. Company Pvt., Ltd, Mumbai - 20 "थायी ले…

Supama Commodities Ltd, Mumbai vs. ITO 4(3)(4), Mumbai

In the result, both the appeals are partly allowed

ITA 229/MUM/2011[2007-08]Status: DisposedITAT Mumbai21 Feb 2020AY 2007-08

Bench: Shri Saktijit Dey & Shri Rajesh Kumarsl.

For Appellant: Shri Madhur AgarwalFor Respondent: Smt. Jyothilakshmi Nayak
Section 115JSection 254(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER & SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Sl. ITA No. A.Y Appellant Respondent No. 1 456/Mum/2012 2008-09 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Flat No. 03, Rajesh Mumbai. Mansion, D. Vachha Road, Churchgate, Mumbai - 20 2 660/Mum/2012 2008-09 Dy. CIT, Darashaw & Range 4(1), Company Pvt., Mumbai. Ltd, Mumbai - 20 3 225/Mum/2011 2007-08 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Mumbai - 20 Mumbai. 4 299/Mum/2011 2007-08 Dy. CIT, Range Darashaw & 4(1), Mumbai. Company Pvt., Ltd, Mumbai - 20 "थायी ले…

Darashaw & Company P.Ltd, Mumbai vs. DCIT RG 4(1), Mumbai

In the result, both the appeals are partly allowed

ITA 225/MUM/2011[2007-08]Status: DisposedITAT Mumbai21 Feb 2020AY 2007-08

Bench: Shri Saktijit Dey & Shri Rajesh Kumarsl.

For Appellant: Shri Madhur AgarwalFor Respondent: Smt. Jyothilakshmi Nayak
Section 115JSection 254(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER & SHRI RAJESH KUMAR, ACCOUNTANT MEMBER Sl. ITA No. A.Y Appellant Respondent No. 1 456/Mum/2012 2008-09 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Flat No. 03, Rajesh Mumbai. Mansion, D. Vachha Road, Churchgate, Mumbai - 20 2 660/Mum/2012 2008-09 Dy. CIT, Darashaw & Range 4(1), Company Pvt., Mumbai. Ltd, Mumbai - 20 3 225/Mum/2011 2007-08 Darashaw & Dy. CIT, Company Pvt., Ltd, Range 4(1), Mumbai - 20 Mumbai. 4 299/Mum/2011 2007-08 Dy. CIT, Range Darashaw & 4(1), Mumbai. Company Pvt., Ltd, Mumbai - 20 "थायी ले…

ACIT Range 10 (1), Mumbai vs. M/S Kodak India Pvt Ltd, Mumbai

In the result, assessee’s appeal being ITA no

ITA 4398/MUM/2010[2005-06]Status: DisposedITAT Mumbai21 Feb 2020AY 2005-06

Bench: Shri Saktijit Deyand Shri N.K. Pradhan

For Appellant: Shri Jitendra JainFor Respondent: Shri Suhas Kulkarni

…ssessee’s appeals for the assessment years 1996–97, 1997–98, 1998–99, 2000–01 and 2001– 02, the Tribunal in ITA no.4543/Mum./2001 & Ors., dated 31st May 2010, following decision of the Hon'ble Supreme Court in CIT v/s Woodward Governor India Pvt. Ltd., [2009] 312 ITR 254 (SC) held that the value of closing stock is not to include the liability on account of exchange fluctuation. Thus, ultimately, the Tribunal deleted the addition made to the opening and closing stock. Following the aforesaid decision, the Tribunal again decided the issue in favour of the assessee in the assessment year 2003–04, in an appeal being…

Acer India Private Limited, Bangalore vs. Asst. C.I.T., Bangalore

In the result appeal filed by assessee stands partly allowed and appeal filed by revenue stands dismissed

ITA 458/BANG/2016[2011-12]Status: DisposedITAT Bangalore18 Feb 2020AY 2011-12

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiit(Tp)A 458/Bang/2016 Assessment Year : 2011 – 12 M/S. Acer India Pvt. Ltd., Assistant Commissioner Of Embassy Heights, 6Th Floor, Income Tax, Vs. No. 13, Magrath Road, Circle – 1(1) (1), Next To Hosmat Hospital, Bangalore. Bangalore – 560 025. Pan No : Aacca1237A Appellant Respondent & It(Tp)A 473/Bang/2016 Assessment Year : 2011 – 12 Assistant Commissioner Of M/S. Acer India Pvt. Ltd., Income Tax, Embassy Heights, No. 13, Vs. Circle – 1(1) (1), 6Th Floor, Magrath Road, Bangalore. Next To Hosmat Hospital, Bangalore – 560 025. Pan No : Aacca1237A Appellant Respondent Appellant By : Shri. Chavali Narayan, Ca Respondent By : Mr. Muzaffar Hussain, Cit - Dr Date Of Hearing : 29-01-2020 Date Of Pronouncement : 18-02-2020 Order Per Beena Pillaipresent Cross Appeals Are Filed By Assessee As Well As Revenue Against Order Dated 21/01/16 Passed By Ld. Acit Circle – 1(1)(1)

For Appellant: Shri. Chavali Narayan, CAFor Respondent: Mr. Muzaffar Hussain, CIT - DR
Section 142Section 143Section 40

…xchange fluctuation gain or loss in the profit and loss account as on the valuation date. Hon’ble Supreme Court in case of CIT vs Woodward Governor India Page 13 of 15 IT(TP)A 458/Bang/2016 & IT(TP)A 473/Bang/2016 A. Y: 2011 – 12 (P) Ltd., reported in (2009) 312 ITR 254 held that, a transaction in which a legal liability has been incurred before it is actually disbursed would be regarded as revenue in nature. In the facts of present case assessee incurred foreign exchange loss far year under consideration towards trading activities, and therefore it is directly attributable to business of assessee, which is an a…

Kjmc Capital Market Services Ltd, Mumbai vs. DCIT 4(3), Mumbai

In the result, appeal and cross objections of the assessee are allowed and the appeal of the Revenue is dismissed

ITA 1588/MUM/2012[2008-09]Status: DisposedITAT Mumbai14 Feb 2020AY 2008-09

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2008-09

For Appellant: Shri Sunil Nahta, A.RFor Respondent: Shri S. Michael Jerald, D.R
Section 2

…system of accounting and recognizing loss in respect of derivative contracts as per the prevailing rate of exchange on March 31st. In defence of his argument, the assessee relied on a series of decisions namely CIT v. Woodward Governor India (P.) Ltd. (2009) 312 ITR 254 (SC) and DCIT vs. Bank of Bahrain & Kuwait ITA No.4404 & 1883/M/2004 Special Bench. However, the contentions of the assessee did not find favour with the AO and the AO came to the conclusion that said loss represented unascertained liability which may or may not crystallize at the time of settlement of contracts and accordingly the said notional…

Hueco Electronics (I) Pvt.Ltd, (Now Known As Hitachi Automotive Systems Pune (I) Pvt.Ltd), Pune vs. Deputy Commissioner of Income Tax

In the result, the appeal of assessee is allowed

ITA 2/PUN/2017[2012-13]Status: DisposedITAT Pune20 Jan 2020AY 2012-13

Bench: Shri Anil Chaturvedi & Shri S.S. Viswanethra Raviआयकर अपीऱ सं. / Ita No.02/Pun/2017 नििाारण वषा / Assessment Year : 2012-13

For Appellant: Shri Kishor PhadkeFor Respondent: Shri Alok Malviya
Section 143(3)Section 37(1)Section 43A

…all foreign currency loss / gains relating to reinstatement of foreign currency loans which includes the capital items are to be taken to Profit and Loss Account compulsorily and the Hon‟ble Apex Court in the case of CIT Vs. Woodward Governor India (P.) Ltd. 312 ITR 254 (SC) has held that Accounting Standards of ICAI are binding for issues on foreign exchange treatment. He thereafter submitted that Cochin Tribunal in the case of Baby Memorial Hospital Ltd. Vs. ACIT (2019) 111 taxman.com 189 (Cochin-Trib.) after considering various decisions cited therein has held that foreign currency fluctuation in respect of l…

The ACIT, Circle-2(2), Tirur vs. M/S. South Malabar Gramina Bank H.O., Malappuram

In the result, appeal of the assessee in ITA No

ITA 366/COCH/2017[2011-12]Status: DisposedITAT Cochin14 Jan 2020AY 2011-12

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 36(1)Section 36(1)(viia)

…book value the income attributable to the depreciation allowed has not been declared by the assessee. 5. The Hon'ble Supreme Court in the case of CIT vs. Woodward Governor India (P) Ltd [alongside the case of CIT vs. M/s Honda SieS Power Products Ltd (2009) 312 ITR 254 (SC) has held on facts involving unrealized Foreign Exchange (FE) losses/gains that Accounting Standard (AS) 11 would apply squarely apply and the FE losses/gains would be revenue in nature. However, in the financial year in which the sale materializes (or realization takes place), the taxable income would need to be computed vis-à-vis the deprec…

M/S.South Malabar Gramina Bank, Malappuram vs. The ACIT, Circle-2(2), Tirur

In the result, appeal of the assessee in ITA No

ITA 364/COCH/2017[2011-12]Status: DisposedITAT Cochin14 Jan 2020AY 2011-12

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 36(1)Section 36(1)(viia)

…book value the income attributable to the depreciation allowed has not been declared by the assessee. 5. The Hon'ble Supreme Court in the case of CIT vs. Woodward Governor India (P) Ltd [alongside the case of CIT vs. M/s Honda SieS Power Products Ltd (2009) 312 ITR 254 (SC) has held on facts involving unrealized Foreign Exchange (FE) losses/gains that Accounting Standard (AS) 11 would apply squarely apply and the FE losses/gains would be revenue in nature. However, in the financial year in which the sale materializes (or realization takes place), the taxable income would need to be computed vis-à-vis the deprec…

M/S.South Malabar Gramin Bank ( Presently- Kerala Gramin Bank), Malappuram vs. The ACIT, Circle_2(2), Tirur

In the result, appeal of the assessee in ITA No

ITA 363/COCH/2017[2008-09]Status: DisposedITAT Cochin14 Jan 2020AY 2008-09

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 36(1)Section 36(1)(viia)

…book value the income attributable to the depreciation allowed has not been declared by the assessee. 5. The Hon'ble Supreme Court in the case of CIT vs. Woodward Governor India (P) Ltd [alongside the case of CIT vs. M/s Honda SieS Power Products Ltd (2009) 312 ITR 254 (SC) has held on facts involving unrealized Foreign Exchange (FE) losses/gains that Accounting Standard (AS) 11 would apply squarely apply and the FE losses/gains would be revenue in nature. However, in the financial year in which the sale materializes (or realization takes place), the taxable income would need to be computed vis-à-vis the deprec…

ITO 2(2)(3), Mumbai vs. Nishigandha Polymers P.Ltd, Mumbai

Accordingly, ground raised by the revenue are dismissed

ITA 6530/MUM/2017[2013-14]Status: DisposedITAT Mumbai10 Jan 2020AY 2013-14

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 6530/Mum/2017 (निर्धारणवर्ा / Assessment Year: 2013-14)

For Appellant: Ms. Kavita Kaushik, DRFor Respondent: Shri Shailesh S. Shah, AR
Section 143(2)Section 40

…ss on import and export transactions. The said loss is allowable as business loss u/s. 37(1) of the Income Tax Act, 1961. Reliance in this regard is also placed on the judgement of supreme Court in the case of CIT vs. Woodward Governor India ( P.) Ltd. ( SC) [312 ITR 254] (2009): Wherein the Apex court has observed that, "the word 'expenditure' is not defined in the Act. The word 'expenditure is, therefore, required to be understood in the context in which it is used. Therefore, the expression 'expenditure' used in section 37 may include 'loss' also even though the said amount has not gone out from pocket of the…

DCIT, Chennai vs. Shriram Epc Limited, Chennai

In the result, the appeal filed by the Revenue in ITA

ITA 2014/CHNY/2016[2012-13]Status: DisposedITAT Chennai08 Jan 2020AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH : CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" [BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. Nos.1604 & 1740/CHNY/2016. "नधा"रण वष" /Assessment years : 2011-12 and 2012-2013. Shriram EPC Ltd, Vs. The Deputy Commissioner of 18/03, Rukmani Income Tax, Lakshmipathy road, Company Circle 6(1) 1st floor, R.A.Building, Chennai 600 034. Egmore, Chennai 600 008. [PAN AAFCS 1410C] आयकर अपील सं./I.T.A. Nos.2011, 2012, 2013, 2014…

DCIT, Chennai vs. Shriram Epc Limited, Chennai

In the result, the appeal filed by the Revenue in ITA

ITA 2013/CHNY/2016[2011-12]Status: DisposedITAT Chennai08 Jan 2020AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH : CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" [BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. Nos.1604 & 1740/CHNY/2016. "नधा"रण वष" /Assessment years : 2011-12 and 2012-2013. Shriram EPC Ltd, Vs. The Deputy Commissioner of 18/03, Rukmani Income Tax, Lakshmipathy road, Company Circle 6(1) 1st floor, R.A.Building, Chennai 600 034. Egmore, Chennai 600 008. [PAN AAFCS 1410C] आयकर अपील सं./I.T.A. Nos.2011, 2012, 2013, 2014…

DCIT, Chennai vs. Shriram Epc Limited, Chennai

In the result, the appeal filed by the Revenue in ITA

ITA 2012/CHNY/2016[2010-11]Status: DisposedITAT Chennai08 Jan 2020AY 2010-11

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH : CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" [BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. Nos.1604 & 1740/CHNY/2016. "नधा"रण वष" /Assessment years : 2011-12 and 2012-2013. Shriram EPC Ltd, Vs. The Deputy Commissioner of 18/03, Rukmani Income Tax, Lakshmipathy road, Company Circle 6(1) 1st floor, R.A.Building, Chennai 600 034. Egmore, Chennai 600 008. [PAN AAFCS 1410C] आयकर अपील सं./I.T.A. Nos.2011, 2012, 2013, 2014…

DCIT, Chennai vs. Shriram Epc Limited, Chennai

In the result, the appeal filed by the Revenue in ITA

ITA 2011/CHNY/2016[2009-10]Status: DisposedITAT Chennai08 Jan 2020AY 2009-10

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH : CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" [BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. Nos.1604 & 1740/CHNY/2016. "नधा"रण वष" /Assessment years : 2011-12 and 2012-2013. Shriram EPC Ltd, Vs. The Deputy Commissioner of 18/03, Rukmani Income Tax, Lakshmipathy road, Company Circle 6(1) 1st floor, R.A.Building, Chennai 600 034. Egmore, Chennai 600 008. [PAN AAFCS 1410C] आयकर अपील सं./I.T.A. Nos.2011, 2012, 2013, 2014…

Shriram Epc Ltd., Chennai vs. DCIT, Chennai

In the result, the appeal filed by the Revenue in ITA

ITA 1740/CHNY/2016[2012-13]Status: DisposedITAT Chennai08 Jan 2020AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH : CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" [BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. Nos.1604 & 1740/CHNY/2016. "नधा"रण वष" /Assessment years : 2011-12 and 2012-2013. Shriram EPC Ltd, Vs. The Deputy Commissioner of 18/03, Rukmani Income Tax, Lakshmipathy road, Company Circle 6(1) 1st floor, R.A.Building, Chennai 600 034. Egmore, Chennai 600 008. [PAN AAFCS 1410C] आयकर अपील सं./I.T.A. Nos.2011, 2012, 2013, 2014…

Shriram Epc Ltd., Chennai vs. DCIT, Chennai

In the result, the appeal filed by the Revenue in ITA

ITA 1604/CHNY/2016[2011-12]Status: DisposedITAT Chennai08 Jan 2020AY 2011-12

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

For Appellant: Shri. R. Sivaraman, AdvocateFor Respondent: Shri. A. Sundararajan, Addl. CIT
Section 143(3)

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH : CHENNAI "ी इंटूर" रामा राव, लेखा सद"य एवं "ी धु"वु" आर.एल रे"डी, "या"यक सद"य के सम" [BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER] आयकर अपील सं./I.T.A. Nos.1604 & 1740/CHNY/2016. "नधा"रण वष" /Assessment years : 2011-12 and 2012-2013. Shriram EPC Ltd, Vs. The Deputy Commissioner of 18/03, Rukmani Income Tax, Lakshmipathy road, Company Circle 6(1) 1st floor, R.A.Building, Chennai 600 034. Egmore, Chennai 600 008. [PAN AAFCS 1410C] आयकर अपील सं./I.T.A. Nos.2011, 2012, 2013, 2014…

DCIT Corporate Circle-3(1), Chennai vs. Tanfac Industreis Limited, Chennai

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

ITA 2642/CHNY/2019[2012-13]Status: DisposedITAT Chennai26 Dec 2019AY 2012-13

Bench: Shri Ramit Kochar & Shri Duvvuru R.L. Reddyआयकर अपील सं./I.T.A. No. 2642/Chny/2019 िनधा"रण वष"/Assessment Year: 2012-13 The Deputy Commissioner Of M/S. Tanfac Industries Limited, No. 66, Oxford Centre, 1St Floor, Income Tax, Vs. Corporate Circle 3(1), Sir C P Ramaswamy Road, Chennai 600 034. Alwarpet, Chennai 600 018. [Pan:Aaact2591A] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Guru Bashyam, Addl. Cit ""थ" की ओर से/Respondent By : Shri R. Vijayaraghavan, Advocate सुनवाई की तारीख/ Date Of Hearing : 25.11.2019 घोषणा की तारीख /Date Of Pronouncement : 26.12.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 7, Chennai Dated 28.06.2019 Relevant To The Assessment Year 2012-13. The Effective Ground Raised In The Appeal Of The Revenue Is That The Ld. Cit(A) Has Erred In Deleting The Addition Made Towards Hedging Expenditure Of ₹.3,52,72,000/- While Releasing Premium For The Forex Cover.

For Appellant: Shri Guru Bashyam, Addl. CITFor Respondent: Shri R. Vijayaraghavan, Advocate
Section 143(3)Section 43(5)

…2012 along with notes forming part of accounts containing details of foreign currency exposure which are not hedged as on 31.03.2012, etc. and 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 (SC), the ld. Counsel for 4 I.T.A. No. 2642/Chny/19 the assessee strongly supported the order passed by the ld. CIT(A) and prayed for its confirmation on this issue. 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. Out of the total expense of ₹.4,45,31,851/- claimed und…