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.

DCIT, New Delhi vs. M/S Keihin Panalfa Ltd., New Delhi

In the result, both the appeals of assessee and of revenue are dismissed

ITA 6404/DEL/2015[2008-09]Status: DisposedITAT Delhi04 Oct 2018AY 2008-09

Bench: Shri N.K. Saini & Shri K. Narasimha Chary

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Ms Ashima Neb, Sr. DR
Section 143(3)Section 147Section 148Section 28Section 37(1)

…ismissed and is accordingly dismissed. 8. Now coming to the deletion of addition of Rs.1,05,99,687/-, it could be seen from the impugned order that while placing reliance on the decision of the Hon’ble Apex Court in the case of CIT vs Woodward Governor (2009) 312 ITR 254 (SC) and ONGC Ltd. Vs CIT, Civil Appeal No.7223/2008 dated 15.3.2010, learned CIT(A) held that the expenditure was a revenue loss and is allowable u/s 37 of the Act. Revenue has not brought to our notice any change of circumstances or facts so as to show that the decision in the case of Woodward Governor (supra) has no application to the facts of…

M/S. Keihin Panalfa Ltd., Gurgaon vs. ACIT, New Delhi

In the result, both the appeals of assessee and of revenue are dismissed

ITA 6096/DEL/2015[2008-09]Status: DisposedITAT Delhi04 Oct 2018AY 2008-09

Bench: Shri N.K. Saini & Shri K. Narasimha Chary

For Appellant: Shri Pradeep Dinodia, CAFor Respondent: Ms Ashima Neb, Sr. DR
Section 143(3)Section 147Section 148Section 28Section 37(1)

…ismissed and is accordingly dismissed. 8. Now coming to the deletion of addition of Rs.1,05,99,687/-, it could be seen from the impugned order that while placing reliance on the decision of the Hon’ble Apex Court in the case of CIT vs Woodward Governor (2009) 312 ITR 254 (SC) and ONGC Ltd. Vs CIT, Civil Appeal No.7223/2008 dated 15.3.2010, learned CIT(A) held that the expenditure was a revenue loss and is allowable u/s 37 of the Act. Revenue has not brought to our notice any change of circumstances or facts so as to show that the decision in the case of Woodward Governor (supra) has no application to the facts of…

ACIT 3(1)(2), Mumbai vs. Edelweiss Investments Advisors Ltd, Mumbai

In the result, Revenue’s appeal in ITA No

ITA 2638/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Sept 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri DG Pansari, DRFor Respondent: Shri Ravikant S. Pathak, AR
Section 143(3)Section 154

…rivative loss is to be allowed, we are of the view that this issue is squarely covered in favour of assessee. 6. We also find that this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of CIT vs. woodward Governor India (P) Ltd. 312 ITR 254 (SC), wherein Hon’ble Supreme Court has decided the issue as under: - “14. In the case of M.P. Financial Corporation v. CIT [1987] 165 ITR 765 the Madhya Pradesh High Court has held that the expression "expenditure" as used in section 37 may, in the circumstances of a particular case, cover an amount which is a "loss" even though the said amount…

ACIT 3(1)(2), Mumbai vs. Edelweiss Capital Markets Ltd, Mumbai

In the result, Revenue’s appeal in ITA No

ITA 2637/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Sept 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri DG Pansari, DRFor Respondent: Shri Ravikant S. Pathak, AR
Section 143(3)Section 154

…rivative loss is to be allowed, we are of the view that this issue is squarely covered in favour of assessee. 6. We also find that this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of CIT vs. woodward Governor India (P) Ltd. 312 ITR 254 (SC), wherein Hon’ble Supreme Court has decided the issue as under: - “14. In the case of M.P. Financial Corporation v. CIT [1987] 165 ITR 765 the Madhya Pradesh High Court has held that the expression "expenditure" as used in section 37 may, in the circumstances of a particular case, cover an amount which is a "loss" even though the said amount…

ACIT 3(1)(2), Mumbai vs. Ecap Equities Ltd, Mumbai

In the result, Revenue’s appeal in ITA No

ITA 2636/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Sept 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri DG Pansari, DRFor Respondent: Shri Ravikant S. Pathak, AR
Section 143(3)Section 154

…rivative loss is to be allowed, we are of the view that this issue is squarely covered in favour of assessee. 6. We also find that this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of CIT vs. woodward Governor India (P) Ltd. 312 ITR 254 (SC), wherein Hon’ble Supreme Court has decided the issue as under: - “14. In the case of M.P. Financial Corporation v. CIT [1987] 165 ITR 765 the Madhya Pradesh High Court has held that the expression "expenditure" as used in section 37 may, in the circumstances of a particular case, cover an amount which is a "loss" even though the said amount…

ACIT 3(1)(2), Mumbai vs. Edelweiss Investments Advisors Ltd, Mumbai

In the result, Revenue’s appeal in ITA No

ITA 2635/MUM/2017[2012-13]Status: DisposedITAT Mumbai28 Sept 2018AY 2012-13

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri DG Pansari, DRFor Respondent: Shri Ravikant S. Pathak, AR
Section 143(3)Section 154

…rivative loss is to be allowed, we are of the view that this issue is squarely covered in favour of assessee. 6. We also find that this issue is squarely covered by the decision of Hon’ble Supreme Court in the case of CIT vs. woodward Governor India (P) Ltd. 312 ITR 254 (SC), wherein Hon’ble Supreme Court has decided the issue as under: - “14. In the case of M.P. Financial Corporation v. CIT [1987] 165 ITR 765 the Madhya Pradesh High Court has held that the expression "expenditure" as used in section 37 may, in the circumstances of a particular case, cover an amount which is a "loss" even though the said amount…

Asst CIT (Ltu) 2, Mumbai vs. Reliance Industries Ltd, Mumbai

ITA 1547/MUM/2016[2010-11]Status: DisposedITAT Mumbai28 Sept 2018AY 2010-11

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 43B

…placed reliance on the decision rendered by the co-ordinate bench in ITA No.7223/Mum/2011 relating to AY 2008-09. We notice that the co-ordinate bench has followed the decision rendered by Hon’ble Supreme Court in the case of Woodward Governor India (P) Ltd (312 ITR 254) and also in the case of ONGC Ltd vs. CIT (322 ITR 180), wherein it was held that the loss arising on revaluation of foreign exchange on revenue account is allowable as deduction u/s 37(1) of the Act. In the instant case, there is no dispute that the revaluation loss claimed by the assessee related to the revenue items only. Accordingly we are of…

M/S Insilica Semi Conductors India Pvt Ltd, Bangalore vs. Deputy Commissioner of Income Tax Circle-11(4), Bangalore

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

ITA 590/BANG/2018[2010-11]Status: DisposedITAT Bangalore28 Sept 2018AY 2010-11

Bench: Shri. Jason P. Boaz

For Appellant: Shri. S. Sampath, Director of companyFor Respondent: Dr. P. V. Pradeep Kumar, Addl. CIT

…ITA.590/Bang/2018 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU BENCH 'C', BENGALURU BEFORE SHRI. JASON P. BOAZ, ACCOUNTANT MEMBER AND SHRI. LALIET KUMAR, JUDICIAL MEMBER I.T.A No.590/Bang/2018 (Assessment Year : 2010-11) M/s. Insilica Semiconductors India P. Ltd, C/o. Resolve Business Services India P. Ltd, No.231/236, Raheja Arcade, Koramangala, Bengaluru 560 095 .. Appellant PAN : AABCC9522F v. Deputy Commissioner of Income-tax, Circle -11(4), Bengaluru .. Respondent Assessee by : Shri. S. Sampath, Director of company Revenue by : Dr. P. V. Pradeep Kumar, Addl. CIT Heard on : 06.09.2018 Pron…

M/S. Hughes Communication India Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 2345/DEL/2014[2007-08]Status: DisposedITAT Delhi27 Sept 2018AY 2007-08

Bench: Shri R.S. Syal & Smt. Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri F.R. Meena, Sr. DR
Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER ITA Nos.2343 to 2345/Del/2014 Assessment Years : 2005-06 to 2007-08 Hughes Communication India Ltd., Vs. DCIT, 1, Shivaji Marg, Circle-12(1), Westend Greens, NH-8, New Delhi. New Delhi. PAN: AAACH0765L ITA Nos.2270 to 2272/Del/2014 Assessment Years : 2005-06 to 2007-08 DCIT, Vs. Hughes Communication Circle-12(1), India Ltd., New Delhi. 1, Shivaji Marg, Westend Greens, NH-8, New Delhi. PAN: AAACH0765L (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advo…

M/S. Hughes Communication India Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 2344/DEL/2014[2006-07]Status: DisposedITAT Delhi27 Sept 2018AY 2006-07

Bench: Shri R.S. Syal & Smt. Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri F.R. Meena, Sr. DR
Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER ITA Nos.2343 to 2345/Del/2014 Assessment Years : 2005-06 to 2007-08 Hughes Communication India Ltd., Vs. DCIT, 1, Shivaji Marg, Circle-12(1), Westend Greens, NH-8, New Delhi. New Delhi. PAN: AAACH0765L ITA Nos.2270 to 2272/Del/2014 Assessment Years : 2005-06 to 2007-08 DCIT, Vs. Hughes Communication Circle-12(1), India Ltd., New Delhi. 1, Shivaji Marg, Westend Greens, NH-8, New Delhi. PAN: AAACH0765L (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advo…

M/S. Hughes Communication India Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 2343/DEL/2014[2005-06]Status: DisposedITAT Delhi27 Sept 2018AY 2005-06

Bench: Shri R.S. Syal & Smt. Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri F.R. Meena, Sr. DR
Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER ITA Nos.2343 to 2345/Del/2014 Assessment Years : 2005-06 to 2007-08 Hughes Communication India Ltd., Vs. DCIT, 1, Shivaji Marg, Circle-12(1), Westend Greens, NH-8, New Delhi. New Delhi. PAN: AAACH0765L ITA Nos.2270 to 2272/Del/2014 Assessment Years : 2005-06 to 2007-08 DCIT, Vs. Hughes Communication Circle-12(1), India Ltd., New Delhi. 1, Shivaji Marg, Westend Greens, NH-8, New Delhi. PAN: AAACH0765L (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advo…

DCIT, New Delhi vs. M/S. Hughes Communication India Ltd., New Delhi

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

ITA 2272/DEL/2014[2007-08]Status: DisposedITAT Delhi27 Sept 2018AY 2007-08

Bench: Shri R.S. Syal & Smt. Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri F.R. Meena, Sr. DR
Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER ITA Nos.2343 to 2345/Del/2014 Assessment Years : 2005-06 to 2007-08 Hughes Communication India Ltd., Vs. DCIT, 1, Shivaji Marg, Circle-12(1), Westend Greens, NH-8, New Delhi. New Delhi. PAN: AAACH0765L ITA Nos.2270 to 2272/Del/2014 Assessment Years : 2005-06 to 2007-08 DCIT, Vs. Hughes Communication Circle-12(1), India Ltd., New Delhi. 1, Shivaji Marg, Westend Greens, NH-8, New Delhi. PAN: AAACH0765L (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advo…

DCIT, New Delhi vs. M/S. Hughes Communication India Ltd., New Delhi

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

ITA 2271/DEL/2014[2006-07]Status: DisposedITAT Delhi27 Sept 2018AY 2006-07

Bench: Shri R.S. Syal & Smt. Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri F.R. Meena, Sr. DR
Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER ITA Nos.2343 to 2345/Del/2014 Assessment Years : 2005-06 to 2007-08 Hughes Communication India Ltd., Vs. DCIT, 1, Shivaji Marg, Circle-12(1), Westend Greens, NH-8, New Delhi. New Delhi. PAN: AAACH0765L ITA Nos.2270 to 2272/Del/2014 Assessment Years : 2005-06 to 2007-08 DCIT, Vs. Hughes Communication Circle-12(1), India Ltd., New Delhi. 1, Shivaji Marg, Westend Greens, NH-8, New Delhi. PAN: AAACH0765L (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advo…

DCIT, New Delhi vs. M/S. Hughes Communication India Ltd., New Delhi

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

ITA 2270/DEL/2014[2005-06]Status: DisposedITAT Delhi27 Sept 2018AY 2005-06

Bench: Shri R.S. Syal & Smt. Beena A. Pillai

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri F.R. Meena, Sr. DR
Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : C : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SMT. BEENA A. PILLAI, JUDICIAL MEMBER ITA Nos.2343 to 2345/Del/2014 Assessment Years : 2005-06 to 2007-08 Hughes Communication India Ltd., Vs. DCIT, 1, Shivaji Marg, Circle-12(1), Westend Greens, NH-8, New Delhi. New Delhi. PAN: AAACH0765L ITA Nos.2270 to 2272/Del/2014 Assessment Years : 2005-06 to 2007-08 DCIT, Vs. Hughes Communication Circle-12(1), India Ltd., New Delhi. 1, Shivaji Marg, Westend Greens, NH-8, New Delhi. PAN: AAACH0765L (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advo…

Coats of India Ltd., Kolkata vs. DCIT, Special Range - 17, Kolkata

ITA 200/KOL/1994[1990-91]Status: DisposedITAT Kolkata26 Sept 2018AY 1990-91

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Smt. Madhumita Roy, Jm ] Assessment Year : 1989-90

For Appellant: Shri Akkal Dudhewala, ARFor Respondent: Shri Saurabh Kumar, Addl. CIT, Sr.DR
Section 256(1)Section 256(2)Section 43A

…d Hon’ble Justice Amrita Sinha whereby the following orders were passed :- “ As far as question (b) is concerned, it is clearly covered by the judgment of the Supreme Court in Commissioner of Income Tax versus Woodward Governor India P.Ltd reported in [2009] 312 ITR 254 (SC). We are also convinced that this particular issue is not covered by Section 43A of the Income Tax Act which has come into force from 1st April, 2003 inasmuch as there is no acquisition by the assessee of any asset from a country outside India for the purpose of its business. The question is answered in the negative in favour of the assessee.…

Coats of India Ltd., Kolkata vs. DCIT, Special Range - 17, Kolkata

ITA 766/KOL/1993[1989-90]Status: DisposedITAT Kolkata26 Sept 2018AY 1989-90

Bench: Hon’Ble Shri J.Sudhakar Reddy, Am & Smt. Madhumita Roy, Jm ] Assessment Year : 1989-90

For Appellant: Shri Akkal Dudhewala, ARFor Respondent: Shri Saurabh Kumar, Addl. CIT, Sr.DR
Section 256(1)Section 256(2)Section 43A

…d Hon’ble Justice Amrita Sinha whereby the following orders were passed :- “ As far as question (b) is concerned, it is clearly covered by the judgment of the Supreme Court in Commissioner of Income Tax versus Woodward Governor India P.Ltd reported in [2009] 312 ITR 254 (SC). We are also convinced that this particular issue is not covered by Section 43A of the Income Tax Act which has come into force from 1st April, 2003 inasmuch as there is no acquisition by the assessee of any asset from a country outside India for the purpose of its business. The question is answered in the negative in favour of the assessee.…

Industrial Filters & Fabrics Private Limited, Indore vs. The ACIT 5(1), Indore

The appeal of the assessee is dismissed

ITA 104/IND/2013[2009-10]Status: DisposedITAT Indore19 Sept 2018AY 2009-10

Bench: Shri Kul Bharat & Shri Manish Borada.Y. 2009-10

Section 14ASection 43A

…nts which clarifies the intention of the legislature. Thus, it is very clear that the loss on the foreign exchange difference on the balance sheet date is expenditure u/s 37. 2.6 Appellant rely on the following cases : A.CIT Vs Woodward Governor India P.Ltd. 312 ITR 254 (SC) B.CIT Vs. Martin & Harris P. Ltd. (1985) 154 ITR 460(Cal) C. Oil & natural Gas Corp. Ltd. Vs CIT (2010) 15 ITJ 297 (SC) D. Dy. CIT v. Cosmo Films Ltd. (2012) 13 ITR 340 (Delhi)(Trib.) : In this case, assessee converted the foreign currency assets and liabilities into rupee terms at the prevailing exchange rate at the last date of financial…

DCIT 6(2)(1), Mumbai vs. Creative Portico (I) P. Ltd, Mumbai

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

ITA 1670/MUM/2017[2009-10]Status: DisposedITAT Mumbai19 Sept 2018AY 2009-10

Bench: Shri B.R. Baskaran (Am) & Shri Ramlal Negi (Jm)

…noticed that the assessee has disclosed the loss in its annual accounts in the “Notes forming part of the Accounts-Schedule-16”. The learned CIT(A) followed the decision rendered by Hon'ble Supreme Court in the case of Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254, wherein Hon’ble Apex Court has taken the view that unrealized loss due to foreign exchange fluctuations on the last date of accounting year arising in respect of trading assets and liabilities is allowable as deduction. The learned CIT(A) further noticed that the assessee has accounted for this loss in the succeeding accounting year. After setti…

ACIT, New Delhi vs. M/S. Escorts Mahle Ltd. (Now Known As M/S. Federal Mogul Goetze India Ltd.), New Delhi

The appeal of the revenue is dismissed

ITA 6688/DEL/2015[2003-04]Status: DisposedITAT Delhi19 Sept 2018AY 2003-04

Bench: Shri Amit Shukla & Shri Prashant Maharishiacit, Vs. Escorts Mahle Ltd. Circle-9(1), (Now Known As M/S. Federal New Delhi Mogul Goetze India Ltd), A-26/3, Mohan Cooperative, Industrial Estate, Mathura Road, New Delhi Pan: Aaace1749F (Appellant) (Respondent)

For Appellant: NoneFor Respondent: Shri Sanjai Kumar Yadav, Sr. DR
Section 115J

…ency is not a notional loss but an actual loss. It is not the case of the AO that accounting standard pertaining to foreign currency translation is not applicable to the assessee despite being a company. In view of the decision of the Hon'ble Supreme Court in 312 ITR 254, wherein, it is held that loss suffered by the assessee on account of fluctuation in the rate of foreign exchange as on the date of balance sheet is a item of expenditure u/s 37(1) of the Act, we do not find any infirmity in the order of the ld CIT(A) in deleting the above addition. Accordingly, ground No. 2 of the appeal of the revenue is dismis…

DCIT 3(2)(1), Mumbai vs. Mangalore Refinery and Petrochemicals Ltd, Mumbai

In the result the appeal filed by the revenue is dismissed

ITA 7241/MUM/2014[2009-10]Status: DisposedITAT Mumbai07 Sept 2018AY 2009-10

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2009-10 Mangalore Refinery & Addl. Cit-3(2), Mumbai Petrochemicals Ltd. 15Th Vs. Floor, Maker Tower, Ewing, Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Respondent Appellant Assessment Year: 2009-10 Dcit-3(2) Room No. Mangalore Refinery & 674, 6Th Floor, Petrochemicals Ltd. 15Th Vs. Aayakarbhavan, M. K. Floor, Maker Tower, Ewing, Road, Mumbai-400020. Cuffe Parade, Mumbai- 400005. Pan No. Aaacm5132A Appellant Respondent Assessee By : Mr. J.D.J. Mistri, Senior Advocate & Mr. Madhur Agrawal, Advocate Revenue By : Mr.Samuel Darse, Cit(Dr) Date Of Hearing : 12/06/2018 Date Of Pronouncement: 07/09/2018

For Appellant: Mr. J.D.J. Mistri, Senior AdvocateFor Respondent: Mr.Samuel Darse, CIT(DR)
Section 143(3)Section 195Section 40Section 44B

….11.2008 issued by CBDT disallowed the claim of loss of Rs.22,63,79,918/- made by the assessee on account of provision of mark to market losses. 30. Before us, the Ld. counsel of the assessee relies on the decision in CIT v. Woodward Governor India (P.) Ltd. (312 ITR 254) (SC), PCIT v. M/s Bhargovi (ITA No. 1022 of 2015) (Bom), CIT v. D. Chetan & Co. (390 ITR 36) (Bom), DCIT v. Bank of Bahrain & Kuwait (41 SOT 290) (Mum) (SB). Mangalore Refinery On the other hand, the Ld. DR relies on the order passed by the Ld. CIT(A). 31. We have heard the rival submissions and perused the relevant materials on record. We are…