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.

M/S. Sga News Ltd.(Now Merged With M/S.Rrb Investment Pvt.Ltd.), New Delhi vs. DCIT, New Delhi

In the result, the appeal of assessee is partly allowed

ITA 4920/DEL/2013[2009-10]Status: DisposedITAT Mumbai08 Jun 2018AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri G Manjunatha, Am Aayakr Apila Sam./ Ita No. 4920/Del/2013 (Inaqa-Arna Baya- / Assessment Year 2009-10)

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri C.S. Gulati, DR
Section 143(3)

…t of creditors and by no stretch of imagination same can be considered as speculation loss and/or forex derivative loss. Furthermore, the 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) wherein the Hon'ble supreme court has held that loss suffered by the assessee on account of exchange difference on account as on balance sheet is an allowable expenditure u/s 37 of the Act. Accordingly, the expense is allowable and we allow the same. 15. The next issue in this appeal of assessee is against the order of CIT(A) enhancing the inco…

Bayer Cropscience Ltd, Mumbai vs. Addl CIT RG 10(3), Mumbai

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

ITA 7619/MUM/2013[2008-09]Status: DisposedITAT Mumbai07 Jun 2018AY 2008-09

Bench: Shri Saktijit Dey & Shri Rajesh Kumarassessment Year: 2008-09

For Appellant: Shri Paras S. Savla, A.R. &For Respondent: Ms. Pooja Swarup, D.R
Section 143(2)Section 14ASection 40Section 40A(2)

…otional loss which was provided in the books of accounts on marked to market basis, therefore, cannot be allowed as deduction. The Ld. CIT(A), by following the ratio laid down by the Hon’ble Apex Court in the case of CIT V/s. Woodward Governor India Pvt. Ltd. 312 ITR 254 (SC), directed the AO to verify whether the said amount of unrealized foreign exchange was related to trading items and allow as per the judgments of the Hon’ble Supreme Court. The Ld. A.R. for the assessee submitted that in respect of unrealized foreign exchange loss of Rs.1,68,39,128/- the AO while giving effect to the order of the Ld. CIT(A) h…

DCIT, Cir-12(1), Kolkata vs. M/S. Hindustan Gum & Chemicals Ltd., Kolkata

Appeal is dismissed

ITA 891/KOL/2017[2012-13]Status: DisposedITAT Kolkata31 May 2018AY 2012-13

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2012-13

Section 143(3)

…ue as to whether the loss arising on account of restatement of liabilities arising from exchange rate variation is a contingent loss or ascertained was considered by the Hon'ble Apex Court in its judgment in the case of Woodward Governor of India Ltd vs. CIT (312 ITR 254) as also in the case of CIT Vs. ONGC Ltd in these 2 decisions the Supreme Court categorically held that the loss debited in the P & L account by an assessee on account of restatement of liabilities pursuant to exchange rate variation is defined or ascertained loss and not contingent loss and hence allowable is incurred in relation to trading liab…

Mtandt Rentals Limited, Thiruvallur vs. ITO Corporate Ward 4(3), Chennai

In the result, the appeal of the assessee is allowed

ITA 2410/CHNY/2017[2014-15]Status: DisposedITAT Chennai30 May 2018AY 2014-15

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.2410/Chny/2017 "नधा"रण वष" /Assessment Year : 2014-2015. M/S. Mtandt Rentals Ltd, Vs. The Income Tax Officer, No.62/2B, New No.99, Old No.144, Corporate Ward 4(3) Padur Village, Chennai. Poonamallee Taluk. Tiruvallur - 602 105. [Pan Aagcm 2269J (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. M. Karunakaran, AdvocateFor Respondent: Dr. S. Pandiyan, Addl. CIT
Section 143(1)

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी अ"ाहम पी. जॉज", लेखा सद"य के सम" । [BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER] आयकर अपील सं./I.T.A. No.2410/CHNY/2017 "नधा"रण वष" /Assessment year : 2014-2015. M/s. MTANDT Rentals Ltd, Vs. The Income Tax Officer, No.62/2B, New No.99, Old No.144, Corporate Ward 4(3) Padur Village, Chennai. Poonamallee Taluk. Tiruvallur - 602 105. [PAN AAGCM 2269J (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Shri. M. Ka…

Dishman Pharmaceuticals & Chemicals Limited, Ahmedabad vs. The ACIT, (OSD), Range-1, Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 3086/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…arch 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 of P.R. Prabhakar; 284 ITR 584 had approved the . A.Y. 2007-08 principle ITA No.692 /Ahd/2011 and 7 Others ACIT Vs. Dishman Pharmaceuticals & Chemicals 35 laid down in the Special Bench decision in International Reserarch Park Laboratories v. ACIT (supra). In the asses see's own case the I.T.A.T. in the preceding years, after considering the decision in the case of Liberty In…

The ACIT, (OSD)Range-1, Ahmedabad vs. M/S. Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 2957/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…arch 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 of P.R. Prabhakar; 284 ITR 584 had approved the . A.Y. 2007-08 principle ITA No.692 /Ahd/2011 and 7 Others ACIT Vs. Dishman Pharmaceuticals & Chemicals 35 laid down in the Special Bench decision in International Reserarch Park Laboratories v. ACIT (supra). In the asses see's own case the I.T.A.T. in the preceding years, after considering the decision in the case of Liberty In…

The DCIT(OSD)Range-1, Ahmedabad vs. Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 817/AHD/2011[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…arch 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 of P.R. Prabhakar; 284 ITR 584 had approved the . A.Y. 2007-08 principle ITA No.692 /Ahd/2011 and 7 Others ACIT Vs. Dishman Pharmaceuticals & Chemicals 35 laid down in the Special Bench decision in International Reserarch Park Laboratories v. ACIT (supra). In the asses see's own case the I.T.A.T. in the preceding years, after considering the decision in the case of Liberty In…

Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad vs. The ACIT., (OSD)Range-1, Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 773/AHD/2011[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…arch 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 of P.R. Prabhakar; 284 ITR 584 had approved the . A.Y. 2007-08 principle ITA No.692 /Ahd/2011 and 7 Others ACIT Vs. Dishman Pharmaceuticals & Chemicals 35 laid down in the Special Bench decision in International Reserarch Park Laboratories v. ACIT (supra). In the asses see's own case the I.T.A.T. in the preceding years, after considering the decision in the case of Liberty In…

The DCIT(OSD)Range-1, Ahmedabad vs. Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 692/AHD/2011[2005-06]Status: DisposedITAT Ahmedabad23 May 2018AY 2005-06

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…arch 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 of P.R. Prabhakar; 284 ITR 584 had approved the . A.Y. 2007-08 principle ITA No.692 /Ahd/2011 and 7 Others ACIT Vs. Dishman Pharmaceuticals & Chemicals 35 laid down in the Special Bench decision in International Reserarch Park Laboratories v. ACIT (supra). In the asses see's own case the I.T.A.T. in the preceding years, after considering the decision in the case of Liberty In…

Sterlite Technologies Ltd, Pune vs. CIT Ltu 1, Mumbai

ITA 4020/MUM/2017[2012-13]Status: DisposedITAT Mumbai23 May 2018AY 2012-13
For Appellant: Shri B.V. Jhaveri-ARFor Respondent: Shri Manjunath Swamy (CIT-DR)
Section 115Section 143(3)Section 254(1)Section 263Section 43Section 43A

…आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण मुंबई “ई ” ” ” ” खंडपीठ खंडपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई खंडपीठ खंडपीठ Income-tax Appellate Tribunal “E”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"", लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं पवन "सह एवं पवन "सह पवन "सह, "याियक पवन "सह "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Sh. Rajendra,Accountant Member & Pawan Singh, Judicial Member आयकर अपील आयकर अपील संसंसंसं./ITA/4020/Mum/2017, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2012-13 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Sterlite Technologies Lim…

Asst CIT 5(2)(2), Mumbai vs. Mehta Brothers Gems P.Ltd, Mumbai

In the result, this ground of appeal is

ITA 590/MUM/2016[2009-10]Status: DisposedITAT Mumbai22 May 2018AY 2009-10

Bench: Shri Pawan Singh & Shri Rajesh Kumaracit Range-5(2)(2) M/S Mehta Brothers Gems Pvt. R. No. 571, Aayakar Bhavan, Ltd. 635, Pancharatna, M.K. Road, Mumbai-20. Vs. Opera House, Mumbai -400004. Pan: Aaecm1130C Dcit Range-5(2)(2) M/S Mehta Brothers Gems Pvt. R.No. 571, Aayakar Bhavan, Ltd. 635, Pancharatna, M.K. Road, Mumbai-20. Vs. Opera House, Mumbai -400004. Pan: Aaecm1130C Appellant Respondent Appellant By : Shri T.A. Khan (Dr) Respondent By : Ms. Arati Vissanji (Ar) Date Of Hearing : 22.05.2018 Date Of Pronouncement : 22.05.2018 Order Under Section 254(1) Of Income–Tax Act Per Pawan Singh;

For Appellant: Shri T.A. Khan (DR)For Respondent: Ms. Arati Vissanji (AR)
Section 143(3)Section 254(1)Section 36Section 36(1)(ii)Section 36(1)(iii)

…at loss incurred without delivery on transfer of 7 ITA No.590 & 4452/M/16- M/s Mehta Brothers Gems Pvt. Ltd. commodity is speculative in nature. The ld. CIT(A) while relying upon the decision of Hon’ble Supreme Court in case of Woodward Governor Pvt. Ltd. 312 ITR 254 held that when the assessee while following AS-11 and not closing forward contracts permanently but simply rolling over to the next date, the Net loss claimed should be allowed during the year. The ld. CIT(A) also examined the detailed of loss claimed on forward contract during the relevant period and noted that the assessee closed the forward…

M/S. Labvantage Solutions Pvt. Ltd., Kolkata vs. Assistant Commissioner of Income Tax, Cir- 2(1), Kolkata

In the result, the appeal of the assessee for the Asst Year 2013-14 in ITA No

ITA 927/KOL/2017[2012-13]Status: DisposedITAT Kolkata11 May 2018AY 2012-13

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 927 & 2400/Kol/2017 Assessment Years : 2012-13 & 2013-14

For Appellant: Shri Manoneet Dalal &For Respondent: Shri G.Mallikarjuna, CIT, DR
Section 144C(5)

…he assessee had borne the foreign exchange risk as part and parcel of its trading transactions with its AE which is on revenue account and hence the ratio laid down by the Hon’ble Supreme Court in the case of CIT vs Woodward Governor India (P) Ltd reported in 312 ITR 254 (SC). We also find that the Hon’ble Delhi High Court in the case of PCIT vs M/s Rampgreen Solutions Pvt ltd in ITA No. 340/2016 dated 27.5.2016 had held as under:- “4. As regards the other issue concerning foreign exchange fluctuation loss. being considered as part of the operative expenses, the issue stands covered against the Revenue and in fa…

M/S. Labvantage Solutions Private Limited, Kolkata vs. ACIT, Circle - 2(1), Kolkata

In the result, the appeal of the assessee for the Asst Year 2013-14 in ITA No

ITA 2400/KOL/2017[2013-14]Status: DisposedITAT Kolkata11 May 2018AY 2013-14

Bench: Hon’Ble Shri A.T.Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 927 & 2400/Kol/2017 Assessment Years : 2012-13 & 2013-14

For Appellant: Shri Manoneet Dalal &For Respondent: Shri G.Mallikarjuna, CIT, DR
Section 144C(5)

…he assessee had borne the foreign exchange risk as part and parcel of its trading transactions with its AE which is on revenue account and hence the ratio laid down by the Hon’ble Supreme Court in the case of CIT vs Woodward Governor India (P) Ltd reported in 312 ITR 254 (SC). We also find that the Hon’ble Delhi High Court in the case of PCIT vs M/s Rampgreen Solutions Pvt ltd in ITA No. 340/2016 dated 27.5.2016 had held as under:- “4. As regards the other issue concerning foreign exchange fluctuation loss. being considered as part of the operative expenses, the issue stands covered against the Revenue and in fa…

M/S Tea Promoters (India) Pvt. Ltd., Kolkata vs. ACIT, Circle-4, Kolkata

Appeal is allowed

ITA 2442/KOL/2016[2002-03]Status: DisposedITAT Kolkata09 May 2018AY 2002-03

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2002-03

For Appellant: Mrs. Arati Debnath, CAFor Respondent: Shri Sallong Yaden,Addl. CIT
Section 10ASection 10BSection 143(3)Section 147

…aforesaid Circular, held that straight jacket formula given in ITA No.2442/Kol/2016 M/s Tea Promoter (India) (P)Ltd. A.Y.2002-03 sub-section (3) has to be followed to determine the eligible deduction. The Hon'ble Supreme Court in the case of P.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 80lA wherein no…

ACIT 8(1), Mumbai vs. Afcons Infrastructure Ltd, Mumbai

The appeals of the AO stands dismissed

ITA 8127/MUM/2011[2008-09]Status: DisposedITAT Mumbai02 May 2018AY 2008-09
For Appellant: Shri J.D. Mistry and Shri Nitesh JoshiFor Respondent: Shri Samuel Darse-CIT-DR
Section 14Section 14ASection 254(1)

…iness of the assessee. When the raw materials were not received on such advances, it would definitely be a loss to the assessee and such loss would lie in revenue field only. As held by Hon'ble Apex Court in the case of CIT v. Woodward Governor India P. Ltd. (312 ITR 254), the expression “any expenditure” used in Section 37 of the Act cover both “expenses incurred” as well as loss even if the “loss” amount had not gone out of the pocket of the assessee. Hon'ble Apex Court also observed that business losses are deductible u/s. 37(1) of the Act on the basis of ordinary principles of commercial accounting. We are of…

Afcons Infrastructure Ltd, Mumbai vs. Asst CIT RG 8(1), Mumbai

The appeals of the AO stands dismissed

ITA 7098/MUM/2011[2008-09]Status: DisposedITAT Mumbai02 May 2018AY 2008-09
For Appellant: Shri J.D. Mistry and Shri Nitesh JoshiFor Respondent: Shri Samuel Darse-CIT-DR
Section 14Section 14ASection 254(1)

…iness of the assessee. When the raw materials were not received on such advances, it would definitely be a loss to the assessee and such loss would lie in revenue field only. As held by Hon'ble Apex Court in the case of CIT v. Woodward Governor India P. Ltd. (312 ITR 254), the expression “any expenditure” used in Section 37 of the Act cover both “expenses incurred” as well as loss even if the “loss” amount had not gone out of the pocket of the assessee. Hon'ble Apex Court also observed that business losses are deductible u/s. 37(1) of the Act on the basis of ordinary principles of commercial accounting. We are of…

Investmentor Securities Limited, Ahmedabad vs. The Jt. CIT, Range-3, Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 1724/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad30 Apr 2018AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadassessment Year: 2010-11

For Appellant: Shri Marmik Shah, A.RFor Respondent: Shri R.P. Mourya, Sr. D.R
Section 143(3)Section 14ASection 37

…ITA No.1724/Ahd/2015 A.Y. 2010-11 Page 1 of 4 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH, AHMEDABAD BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER AND SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Assessment Year: 2010-11 Investmentor Securities Limited vs. J.C.I.T., Range – 3, 38/B, Ajanta Commercial Center, Ahmedabad. Ashram Road, Ahmedabad. [PAN – AAACI 4334A] (Appellant) (Respondent) Appellant by : Shri Marmik Shah, A.R. Respondent by : Shri R.P. Mourya, Sr. D.R. Date of hearing : 25.04.2018 Date of pronouncement : 01.05.2018 O R D E R PER PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER The captioned a…

DCIT 12(2)(1), Mumbai vs. First Flight Couriers P.Ltd, Mumbai

In the result, the appeals for the AY 2011-12 and AY 2012-13 are dismissed

ITA 5399/MUM/2016[2011-12]Status: DisposedITAT Mumbai26 Apr 2018AY 2011-12

Bench: Shri C.N. Prasad () & Shri N.K. Pradhan () Assessment Year: 2011-12 & Assessment Year: 2012-13 Dy. Commissioner Of M/S First Flight Couriers Pvt. Income Tax-12(2)(1), Room Vs. Ltd. G 1001/02, Lotus No. 223, 2Nd Floor, Aayakar Corporation Park, Off Jay Coach Bhavan, M.K. Road Flyover, Western Exp. Highway, Mumbai-400020. Graham Firth Steel Comp, Goregaon (East), Mumbai-400064. Pan No. Aaacf0841R (Appellant) (Respondent) Revenue By : Ms. Pooja Swaroop, Dr Assessee By : Mr. Brijmohan Pooranmal Agarwal, Ar Date Of Hearing : 05/04/2018 Date Of Pronouncement: 26/04/2018

For Appellant: Mr. Brijmohan PooranmalFor Respondent: Ms. Pooja Swaroop, DR
Section 143(3)

…of the appellant vide para 6.3 of my appellate order dated 10.06.2016. Therefore, following the reasoning given in the same and also keeping in view of the decision of Hon’ble Supreme Court in M/s First Flight Couriers Pvt. Ltd. the case of Woodward Governor 312 ITR 254 (SC) as well as decision of jurisdictional ITAT, Mumbai Special Bench judgment in the case of DCIT v. Bank of Bahrain and Kuwait (2010) 132 TTJ (Mumbai) (SB) 505, similar decision is being taken in this AY also. The AO is directed to delete the disallowance of Rs.1,50,00,000/- & Rs.2,61,260/- disallowed by AO in the Assessment order in para 7 & p…

Virgo Engineers Ltd, Mumbai vs. Addl CIT 10(3)

In the result, the appeal filed by the assessee is partly allowed

ITA 685/MUM/2014[2008-09]Status: DisposedITAT Mumbai20 Apr 2018AY 2008-09

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

Section 143(3)Section 144C(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” Bench, Mumbai Before S/Shri B.R. Baskaran (AM) & Sandeep Gosain (JM) I.T.A. No. 685/Mum/2014 (Assessment Year 2008-09) M/s. Virgo Engineering Ltd. Addl. CIT 10(3) (Now merged with Virgo Vs. Aayakar Bhavan Valves & Controls Pvt. Ltd.) M.K. Road 7B, 3rd Floor, Sambhava Mumbai-400020. Chambers, Sir P.M. Road Fort, Mumbai-400 001. PAN:AAACV1586H (Appellant) (Respondent) Assessee by Shri Hiro Rai Department by Shri Saurabh Deshpande Date of Hearing 14.3.2018 Date of Pronouncement 20.4.2018 O R D E R Per B.R. Baskaran (AM) :- The appeal filed by the assessee is directed…

M/S Karnataka Vidyuth Kharkane Ltd vs. DCIT

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

ITA 1581/BANG/2013[2010-11]Status: DisposedITAT Bangalore11 Apr 2018AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Arun Kumar Garodiaassessment Year :2010-11

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri B.R. Ramesh, JCIT (DR)
Section 234BSection 37

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER Assessment Year :2010-11 M/s. Karnataka Vidyuth Kharkane Ltd., The Deputy Commissioner of Post Box No. 2610, Income Tax, Mysore Road, Vs. Circle 11 (5), Bangalore – 560 026. Bangalore. PAN: AAACK6760C APPELLANT RESPONDENT Appellant by : Smt. Sheetal Borkar, Advocate Respondent by : Shri B.R. Ramesh, JCIT (DR) Date of hearing : 03.04.2018 Date of Pronouncement : 11.04.2018 O R D E R Per Shri A.K. Garodia, Accountant Member This appeal is filed by the assessee wh…