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 372,003 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. Religare Finvest Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 2284/DEL/2013[2008-09]Status: DisposedITAT Delhi28 Apr 2017AY 2008-09

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2008-09 Vs. Acit, Circle-15(1), New Delhi Religare Finvest Ltd., D-3, P3B, District Centre, Saket, New Delhi Pan : Aafcs6801H (Appellant) (Respondent) Appellant By Sh. Rohit Garg, Adv. & Ms. Tejasvi Jain, Ca Respondent By Sh. F.R. Meena, Sr.Dr Date Of Hearing 28.03.2017 Date Of Pronouncement 28.04.2017 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-Xviii, New Delhi, Dated 28.02.2013, Raising The Following Grounds Of Appeal:

Section 28Section 36Section 37(1)Section 40A(2)(b)

…services, which is nothing but an expenditure u/s 37(1) of the Act. 10 9.2.8 Though discount on premium is nothing but an expenditure u/s 37(1), it is worth noting that the Hon'ble Supreme Court in the case of CIT v. Woodward Governor India (P.) Ltd. [2009] 312 ITR 254/179 Taxman 326 has gone to the extent of covering "loss" in certain circumstances within the purview of "expenditure" as used in section in 37(1). In that case, the assessee incurred additional liability due to exchange rate fluctuation on a revenue account. The Assessing Officer did not allow deduction u/s 37. When the matter finally reached the…

Rohda Specialtiy Chemicals India Ltd, Mumbai vs. Addl CIT Cir 6(1), Mumbai

Appeal stands dismissed for want of substantial question of law

ITA 830/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Apr 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Manish V ShahFor Respondent: Shri Rajguru M
Section 143(3)

…ot the credit balances payable to the creditors, the question of applicability of Section 41 (1) of the Act does not arise. 18. Ld Counsel in support of his above contentions placed reliance on the following cases 1. CIT Vs. Woodward Governor India (P) Ltd. [312 ITR 254] 2. CIT Vs. Mysore Sugar Co-Ltd [46 ITR 649] 3. Sterling Agro Products Processing Pvt. Ltd. Vs. ACIT [48 SOT 80] 19. The Ld. DR on the other hand vehemently supported the orders of the authorities below. 20. We have heard the rival submissions, perused the orders of the authorities below. The Assessing Officer disallowed this amount as the Asse…

DCIT 7(2), Mumbai vs. Albright & Wilson Chemicals India Ltd, Mumbai

Appeal stands dismissed for want of substantial question of law

ITA 622/MUM/2014[2009-10]Status: DisposedITAT Mumbai24 Apr 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri C.N. Prasadita No. 830/Mum/2014 : (A.Y : 2009-10) M/S Rhodia Specialty Chemicals Vs. Addl. Cit – Circle 6(1) India Ltd. (Formerly Known As Room No.511, Aayakar Bhawan M/S Albright & Wilson Chemicals Mk Road India Ltd.), Phoenix House, A Wing New Marine Lines 4Th Floor, 462 Senapati Bapat Marg Mumbai – 400 020 Lower Parel (West) Mumbai – 400 013 Pan : Aaaca3841L Ita No. 622/Mum/2014 : (A.Y : 2009-10) Dcit -7(2) Vs. M/S Rhodia Specialty Chemicals Room No.624, Mk Road India Ltd. (Formerly Known As Mumbai – 400 020 M/S Albright & Wilson Chemicals India Ltd.), Phoenix House, A Wing 4Th Floor, 462 Senapati Bapat Marg Lower Parel (West) Mumbai – 400 013 (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Manish V ShahFor Respondent: Shri Rajguru M
Section 143(3)

…ot the credit balances payable to the creditors, the question of applicability of Section 41 (1) of the Act does not arise. 18. Ld Counsel in support of his above contentions placed reliance on the following cases 1. CIT Vs. Woodward Governor India (P) Ltd. [312 ITR 254] 2. CIT Vs. Mysore Sugar Co-Ltd [46 ITR 649] 3. Sterling Agro Products Processing Pvt. Ltd. Vs. ACIT [48 SOT 80] 19. The Ld. DR on the other hand vehemently supported the orders of the authorities below. 20. We have heard the rival submissions, perused the orders of the authorities below. The Assessing Officer disallowed this amount as the Asse…

ACIT 4(2), Mumbai vs. Firmenich Aromatics (I) P. Tld, Mumbai

In the result, departmental ground no

ITA 3744/MUM/2011[2006-07]Status: DisposedITAT Mumbai24 Apr 2017AY 2006-07

Bench: Shri Dt Garasia, Jm & Shri Rajesh Kumar, Am

For Appellant: Shri Vipul JoshiFor Respondent: Mrs. Puja Swaroop
Section 145Section 145(3)Section 40A

…ncrease in liability as per the exchange rate prevailing on the last date of the financial year was allowable as deduction being not notional or contingent. This decision is also approved by the Hon'ble Supreme Court in Woodward Governor India Pvt. Ltd. (2009)21 DTR 106 (SC). Respectfully following the judgment of Hon’ble Apex Court, the disallowance of notional loss on account of foreign fluctuation is deleted. Appellant's appeal on this ground is allowed.” 20. We have heard the rival contention of both the parties we are of the view that issue is controversy is covered by the decision of Delhi High Court in the…

Motilal Oswal Securities Ltd, Mumbai vs. ACIT Cen Cir E (Erstwhile ACIT CC 22, Mumbai

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in part, in terms indicated hereinabove

ITA 633/MUM/2015[2011-12]Status: DisposedITAT Mumbai31 Mar 2017AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm M/S.Motilal Oswal Securities Vs. Acit Cc 3, Mumbai – 400 Ltd., Motilal Oswal Tower 020 Rahimtullah Sayani Road, Opposite Parel Ist Depot, Prabhadevi, Mumbai – 400 025 Pan/Gir No. Aaacd3654Q Appellant) .. Respondent) Acit- Cc-3(3), Mumbai - Vs. M/S.Motilal Oswal Securities 400020 Ltd., Motilal Oswal Tower Rahimtullah Sayani Road, Opposite Parel Ist Depot, Prabhadevi, Mumbai – 400 025 Pan/Gir No. Aaacd3654Q Appellant) .. Respondent) Assessee By Mr. Vijay Mehta Revenue By Mr. Saurabh Rai

Section 143(3)Section 14ASection 32Section 73

…ance with the Accounting Standard notified u/ s. 145 of the Income tax Act which is obligatory on part of the assessee to follow in order to compute the total income. f. The appellant relies on the following decisions ;- CIT v. Woodward Governor India P. Ltd. 312 ITR 254 (SC) Rotork Control India P. Ltd. vs. CIT (2009) 314 ITR 62 DCIT vs. Bank of Bahrain I.T.No. 4404 & 1883/Mum/2004. 9.3. The appellant further submitted that the said losses' has been incurred in the course of the business of trading in shares M/s. Motilal Oswal Securities Ltd., wherein it hedges position in the 'cash segment with that in the futu…

Trianz Holdings Private Limited, Bangalore vs. DCIT, Bangalore

In the result, the assessee’s appeal is partly allowed

ITA 1568/BANG/2012[2008-09]Status: DisposedITAT Bangalore21 Mar 2017AY 2008-09

Bench: Shri Sunil Kumar Yadav & Shri. S. Jayaramani.T(Tp).A No1568/Bang/2012 (Assessment Year : 2008-09)

For Appellant: Shri. Srinivas K P, CAFor Respondent: Smt. Neera Malhotra, CIT
Section 143(3)

…ted in AS-1 and placed reliance on the ratios in Mumbai Special Bench of the Income- tax Appellate Tribunal in the case of Bank of Bahrain & Kuwait [2010-TIOL-447-ITAT MUM-SB], the Apex Court decision in the case of Woodward Governor India (P) Ltd. [2009] 312 ITR 254 and Bharat Earth Movers [2000] 245 ITR 428, Para 11 of the Mumbai Tribunal decision in Reliance Industries Ltd in ITA No 7223/ Mum/2011 for ay 2008- 09 dt 20.11.2013 etc. We heard the rival contentions. It is seen from the DRP order that it has not considered the assessee’s submissions independently but held that that the view taken by the A…

Princewaterhousecoopers Pvt. Ltd., Kolkata vs. JCIT (OSD-CIT-I), Kolkata

In the result, assessee’s appeal stands allowed

ITA 1156/KOL/2014[2008-2009]Status: DisposedITAT Kolkata17 Mar 2017AY 2008-2009

Bench: Shri Aby.T Varke & Shri Waseem Ahmedassessment Year :2008-09

Section 143(3)Section 145Section 37(1)

…ges from 1 to 96 and submitted that the impugned loss was recognized in the books as per accounting standard 11 issued by the ICAI. The ld. AR also relied in the judgment of Hon’ble Apex Court in the case of CIT Vs. Woodward Governor India (P) Ltd reported in 312 ITR 254 (SC) and in the order of Hon’ble ITAT in the case of DCIT Vs. Asian Tea & Exports Ltd. in ITA No. 1241/Kol/2013. The ld. AR also submitted the banker’s certificate in respect to the losses incurred by the assessee which are placed on pages 7 to 13 of the paper book. On the other hand, Ld. DR submitted that the CBDT has issued instruction no. 3/20…

Mainetti India Pvt Ltd., Chennai vs. DCIT, Chennai

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

ITA 624/CHNY/2014[2009-10]Status: DisposedITAT Chennai15 Mar 2017AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.624/Mds/2014 "नधा"रण वष" /Assessment Year: 2009-10

Section 143(3)Section 144CSection 144C(13)Section 234BSection 37Section 43ASection 92C(2)

…of the assessee claimed that exchange rate fluctuation on re-statement of ECB loan to be added to the cost of fixed assets and allow the depreciation on the assets. The assessee relied on the following decisions: (i) CIT v Woodward Governor of India(P) Ltd.312 ITR 254(SC) (ii) CIT v Maruti Udyog Ltd 320 ITR 729 (SC) 5.2 On the other hand, the Learned Departmental Representative (hereinafter referred to as ‘Ld.DR’) argued that the assesse has borrowed the funds for the purpose of capital assets and the expenditure accrued on re-statement of foreign exchange loss is a capital loss which is not allowable as Re…

Aarti Industries Ltd, Mumbai vs. Addl CIT RG 10(3), Mumbai

The appeal of the AO is dismissed

ITA 7039/MUM/2014[2009-10]Status: DisposedITAT Mumbai09 Mar 2017AY 2009-10
For Appellant: Shri Vijay MehtaFor Respondent: Shri R.P. Meena & Dr. Kailash P. Gaikwad
Section 115JSection 143Section 143(3)Section 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण “ए” ” ” ” "यायपीठ मुंबई म"। आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI सव"ी राजे"", लेखा सद"य एवं संजय गग" ,"याियक सद"य Before S/Shri Rajendra, A.M. and Sanjay Garg,J.M. आयकर अपील सं आयकर अपील सं././././ITA No.7039/Mum/2014,िनधा"रण व आयकर अपील सं आयकर अपील सं िनधा"रण व िनधा"रण वष"ष"ष"ष" /Assessment Year: 2009-10 िनधा"रण व Aarti Industries Limited Addl. CIT-Range-10(3) 71, 2nd Floor, Udyog Kshetra, Mumbai. Mulund Goregaon Link Rd. Vs. Off, LBS Road, Mulund (W) Mumbai-400 080…

ITO 16(2)(4), Mumbai vs. Surya Gems, Mumbai

The appeal of the Revenue is dismissed

ITA 292/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Mar 2017AY 2009-10

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…change contract cannot be considered on the same footing on which foreign exchange currency being stock-in-trade is considered. In this regard, Ld CIT D.R. referred to the decision of the Hon‘ble Supreme Court in the case of CIT v. Woodward Governor of India, 312 ITR 254 (SC) and pointed out that in para 18, while 10 M/s Surya Gems considering the applicability of AS-11, the Hon‘ble Supreme Court noted that exchange difference arising on foreign currency transaction have to be recognized as income or as expenses in the period for which they arise, except as stated in paras 10 & 11, which deals with exchange diff…

Miltons P.Ltd, Mumbai vs. Asst CIT Cir 6(3), Mumbai

ITA 2307/MUM/2015[2009-10]Status: DisposedITAT Mumbai07 Mar 2017AY 2009-10
For Appellant: Shri Hiro Rai-ARFor Respondent: Shri M.C. Omi Ningshen-DR
Section 143Section 254(1)Section 43A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ एच मुंबई एच एच” खंडपीठ एच खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“H”Bench Mumbai सव"ी सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं, राम लाल नेगी राम लाल नेगी, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं राम लाल नेगी राम लाल नेगी "याियक "याियक सद"य सद"य Before S/Shri Rajendra,Accountant Member and Ram Lal Negi,Judicial Member आयकर अपील आयकर अपील संसंसंसं./I.T.A./2307/Mum/2015, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष…

Dbs Bank Ltd, Mumbai vs. DDIT (It) RG 1(2), Mumbai

In the result the appeal of the revenue is partly allowed

ITA 8671/MUM/2010[2005-06]Status: DisposedITAT Mumbai03 Mar 2017AY 2005-06

Bench: Shri D.Karunakar Rao & Shri Pawan Singh

For Appellant: Sh. Percy J. Pardiwalla
Section 254(1)Section 37Section 44C

…ontract had not matured and also held that it was notional. CIT(A ) has allowed the claim following some decision of tribunal. We find the issue is covered by the judgment of Hon’ble Supreme Court in case of CIT versus Woodward Governor India Private Limited (312 ITR 224) in which it has been held that adjustments on account of foreign exchange fluctuation can be made on each balance-sheet in respect of any forward foreign exchange contract pending actual payment and any loss arising therefrom has to be allowed as an item of expenditure under section 37(1). We, therefore, see no infirmity in the order of CIT(A) i…

Bongfiglioli Transmissions Pvt. Ltd., Chennai vs. DCIT, Chennai

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

ITA 2997/CHNY/2016[2011-12]Status: DisposedITAT Chennai22 Feb 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singh

For Appellant: Mr.N.Sundar, CA &For Respondent: Mr.A.V.Sreekanth, JCIT
Section 143(3)Section 92C

…आयकर अपील"य अ"धकरण, ’सी’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी "ड.एस. सु"दर "संह, लेखा सद"य के सम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2997/Mds/2016 "नधा"रण वष" /Assessment Year: 2011-12 M/s.Bonfiglioli Transmissions Pvt. Ltd., Vs. Dy. Commissioner of Income Plot AC7-AC11, SIDCO Industrial Tax, Corporate Circle-1(2), Estate, Thirumudivakkam, Chennai-600 Nungambakkam, 044. Chennai-34 [PAN: AABCB 1675 N] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ App…

DCIT 3(2)(1), Mumbai vs. Lavino Kapur Cottons P. Ltd, Mumbai

In the result, appeal of the Revenue is dismissed in terms indicated hereinabove

ITA 3273/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Feb 2017AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit – 3(2)(1), Mumbai Vs. M/S. Lavino Kapur Cottons Pvt. Ltd., 121-122, Mittal Chambers, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaaclo824C Appellant) .. Respondent)

Section 143(3)Section 37(1)Section 43(5)Section 43A

…2010 there was notional gain ofRs.95,31,151/-." The AO has brought to tax the notional gain on forward contract of Rs. 45,47,858/ - not offered by the assessee for taxation. He has relied on the decision in the case of Cl'T vs Woodward Governor India (P) Ltd. 312 ITR 254 (SC). I find that in the above case, the Hon'ble Supreme Court held that loss suffered by an assessee in respect of a revenue liability on account of exchange difference as on the date of balance sheet is an item of expenditure allowable u/s. 37(1). Thus, the case of the assessee is distinguishable from the above decision relied on by the AO. I f…

Bharat Serums and Vaccines Ltd, Mumbai vs. Addl CIT RG 3(1), Mumbai

Appeal of the AO stands dismissed

ITA 3091/MUM/2012[2008-09]Status: DisposedITAT Mumbai15 Feb 2017AY 2008-09
For Appellant: S/Shri Nitesh Joshi & Vipul Mody -ARFor Respondent: Shri Saurabh Kumar Rai-DR
Section 115Section 115JSection 143(3)Section 14ASection 254(1)

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “बी मुंबई बी बी” ” ” ” खंडपीठ बी खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./3091/Mum/2012,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" M/s. Bharat Serums & Vaccines Ltd. ACIT, Range-3(1) 27th Floor, Hoechst House, Nariman Point Aayakar Bhavan, M.K. Marg Vs. Mumbai-21. Mumbai-400 020. PAN:AAACB 2431 M (अपीलाथ" /Appellant)…

M/S. Swaro vs. Ki India Private Limited, New Delhi

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

ITA 5621/DEL/2014[2004-05]Status: DisposedITAT Delhi10 Feb 2017AY 2004-05

Bench: Shri R.S. Syal & Shri Kuldip Singhassessment Year : 2004-05

For Appellant: Shri Manoj PardasaniFor Respondent: Shri Amrendra Kumar, CIT, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : I : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessment Year : 2004-05 Swarovski India Private Limited, Vs. ACIT, 1A-1D, Vandhana Building, Circle-7(1), 11, Tolstoy Marg, New Delhi. New Delhi. PAN: AABCS4767J Assessment Year : 2004-05 DCIT, Vs. Swarovski India Private Circle-7(1), Limited, New Delhi. 1A-1D, Vandhana Building, 11, Tolstoy Marg, New Delhi. PAN: AABCS4767J (Appellant) (Respondent) Assessee By : Shri Manoj Pardasani, Shri S.K. Agarwal, CA Department By : Shri Amrendra Kumar, CIT, DR Shri Neeraj K…

DCIT, New Delhi vs. M/S. Swaroski India Pvt. Ltd., New Delhi

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

ITA 5496/DEL/2014[2004-05]Status: DisposedITAT Delhi10 Feb 2017AY 2004-05

Bench: Shri R.S. Syal & Shri Kuldip Singhassessment Year : 2004-05

For Appellant: Shri Manoj PardasaniFor Respondent: Shri Amrendra Kumar, CIT, DR

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : I : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessment Year : 2004-05 Swarovski India Private Limited, Vs. ACIT, 1A-1D, Vandhana Building, Circle-7(1), 11, Tolstoy Marg, New Delhi. New Delhi. PAN: AABCS4767J Assessment Year : 2004-05 DCIT, Vs. Swarovski India Private Circle-7(1), Limited, New Delhi. 1A-1D, Vandhana Building, 11, Tolstoy Marg, New Delhi. PAN: AABCS4767J (Appellant) (Respondent) Assessee By : Shri Manoj Pardasani, Shri S.K. Agarwal, CA Department By : Shri Amrendra Kumar, CIT, DR Shri Neeraj K…

Allahabad Bank, Kolkata vs. D.C.I.T Cir - 6, Kolkata.

In the result, Revenue’s appeal stands partly allowed for statistical purpose

ITA 306/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Feb 2017AY 2009-10

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 14ASection 14A(2)Section 36(1)(viia)Section 40

…et-to-market position. However, as per its submissions, if there is a gain, that is not considered in the accounts. It is a clear deviation from the principles laid down by the Hon'ble Supreme Court in the case of CIT v. Woodward Governor India P. Ltd. [2009] 312 ITR 254 (SC). However, provision for loss already booked in the earlier year is written back when the market rate is favourable and the amount so written back is offered for tax. The plea of the appellant that the amount so written back is offered for tax. The plea of the appellant that the investment are valued at cost or market price, whichever is lowe…

DCIT Cen Cir 2(3), Mumbai vs. Hagwood Commercial Developers P.Ltd, Mumbai

In the result appeal of the assessee in ITA no

ITA 1540/MUM/2015[2012-13]Status: DisposedITAT Mumbai08 Feb 2017AY 2012-13

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1306/Mum/2015 ("नधा"रण वष" / Assessment Year : 2012-13) M/S Hagwood Commercial Acit, Cc -13, बनाम/ Developers Pvt. Ltd., Old Cgo, V. 105/106, Provogue House, M.K. Road, Off. New Link Road, Churchgate, Andheri (West), Mumbai. Mumbai – 400 053. "थायी लेखा सं./Pan : Aabch7508Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri Rushabh MehtaFor Respondent: Dr. Santosh Mankaskar,DR
Section 132Section 143(3)Section 153ASection 153C

…आयकर अपील"य अ"धकरण “H” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1306/Mum/2015 ("नधा"रण वष" / Assessment Year : 2012-13) M/s Hagwood Commercial ACIT, CC -13, बनाम/ Developers Pvt. Ltd., Old CGO, v. 105/106, Provogue House, M.K. Road, Off. New Link Road, Churchgate, Andheri (West), Mumbai. Mumbai – 400 053. "थायी लेखा सं./PAN : AABCH7508Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.1540/Mum/2015 ("नधा"रण वष" / Assessment Year : 2012-13) DCIT, CC -2(3)…

DCIT Cen Cir 2(3), Mumbai vs. Alliance Mall Developers Co. P.Ltd, Mumbai

In the result appeal of the assessee in ITA no

ITA 1539/MUM/2015[2012-13]Status: DisposedITAT Mumbai08 Feb 2017AY 2012-13

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.1306/Mum/2015 ("नधा"रण वष" / Assessment Year : 2012-13) M/S Hagwood Commercial Acit, Cc -13, बनाम/ Developers Pvt. Ltd., Old Cgo, V. 105/106, Provogue House, M.K. Road, Off. New Link Road, Churchgate, Andheri (West), Mumbai. Mumbai – 400 053. "थायी लेखा सं./Pan : Aabch7508Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri Rushabh MehtaFor Respondent: Dr. Santosh Mankaskar,DR
Section 132Section 143(3)Section 153ASection 153C

…आयकर अपील"य अ"धकरण “H” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.1306/Mum/2015 ("नधा"रण वष" / Assessment Year : 2012-13) M/s Hagwood Commercial ACIT, CC -13, बनाम/ Developers Pvt. Ltd., Old CGO, v. 105/106, Provogue House, M.K. Road, Off. New Link Road, Churchgate, Andheri (West), Mumbai. Mumbai – 400 053. "थायी लेखा सं./PAN : AABCH7508Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.1540/Mum/2015 ("नधा"रण वष" / Assessment Year : 2012-13) DCIT, CC -2(3)…