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.

How many judgments cite CIT v. Woodward Governor India Pvt. Ltd.?

968 judgments on BharatTax cite CIT v. Woodward Governor India Pvt. Ltd. (312 ITR 254), spanning 2008 to 2026.

Which sections of the Income Tax Act does CIT v. Woodward Governor India Pvt. Ltd. come up under?

It is most often cited in judgments turning on Section 37(1), Section 143(3), Section 14A, Section 115JB, Section 147, Section 142(1).

CIT v. Woodward Governor India Pvt. Ltd. (312 ITR 254)

Alliance Mall Developers Co. P. Ltd, Mumbai vs. ACIT Cen Cir 13, Mumbai

In the result appeal of the assessee in ITA no

ITA 1308/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)…

Higwood Commerical Developers P.Ltd, Mumbai vs. ACIT Cen Cir 13, Mumbai

In the result appeal of the assessee in ITA no

ITA 1306/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 Cir 6(1), Mumbai vs. Aegis Ltd, Mumbai

In the result, whereas appeal of the assessee is partly allowed, that of the Revenue is dismissed

ITA 1209/MUM/2015[2010-11]Status: DisposedITAT Mumbai08 Feb 2017AY 2010-11

Bench: Shri G.S.Pannu & Shri Sandeep Gosainaegis Limited, Essar Techno Park, Old Swan Mill Compound, Lbs Marg, Kurla (W), Mumbai 400 070 Pan:Aaace 8354Q ...... Appellant

For Appellant: S/Shri Rajan Vora/For Respondent: Shri N.K.Chand

Section 143(3)Section 92CSection 92C(2)

…where no such power, express or implied, is conferred on him by the Act. d. The learned AO failed to follow the law laid down by the Hon'ble Supreme Court in the case of Sutlej Cotton Mills Ltd. vs CIT (116 ITR 1) and CIT vs Woodward Governor India P. Ltd. (312 ITR 254) that where gain accrues on foreign currency held as a capital asset, the same would be of capital nature. 23. The learned AO I DRP have erred in charging interest under section 234B and section 234C of the Act. 24. The learned AO I DRP have erred in giving short credit of TDS deposited to the appellant, which was claimed by the appellant in it…

Aegis Ltd, Mumbai vs. DCIT RG 5(1), Mumbai

In the result, whereas appeal of the assessee is partly allowed, that of the Revenue is dismissed

ITA 7694/MUM/2014[2010-11]Status: DisposedITAT Mumbai08 Feb 2017AY 2010-11

Bench: Shri G.S.Pannu & Shri Sandeep Gosainaegis Limited, Essar Techno Park, Old Swan Mill Compound, Lbs Marg, Kurla (W), Mumbai 400 070 Pan:Aaace 8354Q ...... Appellant

For Appellant: S/Shri Rajan Vora/For Respondent: Shri N.K.Chand

Section 143(3)Section 92CSection 92C(2)

…where no such power, express or implied, is conferred on him by the Act. d. The learned AO failed to follow the law laid down by the Hon'ble Supreme Court in the case of Sutlej Cotton Mills Ltd. vs CIT (116 ITR 1) and CIT vs Woodward Governor India P. Ltd. (312 ITR 254) that where gain accrues on foreign currency held as a capital asset, the same would be of capital nature. 23. The learned AO I DRP have erred in charging interest under section 234B and section 234C of the Act. 24. The learned AO I DRP have erred in giving short credit of TDS deposited to the appellant, which was claimed by the appellant in it…

Asst CIT 16(3), Mumbai vs. Shree Balkrishna Exports, Mumbai

In the result, both the appeals filed by the Revenue and both the cross objections filed by the assessee are dismissed

ITA 4185/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Feb 2017AY 2009-10

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 43(5)(c)

…rk to market revaluation of forward contracts as per rupee value of US dollar as on 31.3.2009. The assessee placed reliance on account of Accounting Standard 11 issued by ICAI and also on the decision rendered in the case of Woodward Governor India Pvt. Ltd. (312 ITR 254)(SC) and DCIT Vs. Bank of Bahrain & Kuwait (ITA No. 4404 & 1883/Mum/2004) in order to contend that the loss arisen on account of mark to market revaluation forward contracts is an ascertained liability eligible for deduction. 3. However, the Assessing Officer took the view that the ratio of decision rendered in the above said cases would apply o…

ITO 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 3157/MUM/2015[201-12]Status: DisposedITAT Mumbai31 Jan 2017

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Ito – 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 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 4 M/s. Lavino Kapur Cottons Pvt. Ltd., 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…

Kuntal Granites P.Ltd, Mumbai vs. DCIT 5(2), Mumbai

In the result the appeal filed by the assessee is allowed

ITA 3106/MUM/2015[2011-12]Status: DisposedITAT Mumbai27 Jan 2017AY 2011-12

Bench: Shri Saktijit Dey () & Shri N.K. Pradhan () Assessment Year: 2011-12

For Appellant: Shri Rajan A Ruvala, ARFor Respondent: Shri Swapan Kumar Bepari, DR

Section 143(3)Section 37(1)

…rial on record. We find that a similar issue arose before the Co- ordinate Bench in the case of the assessee for the A.Y. 2010-11. The Tribunal followed the judgement of the Hon'ble Supreme Court in the case of CIT Vs. Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254 and held as under: ‘’We therefore, held that the said amount may be allowed as deduction u/s 37(1) of the Income Tax Act. The assessee has been consistently following the similar accounting pattern in the previous years. There has been consideration whether the assessee as showing gain due to exchange fluctuations on the pending bills which has b…

Linfox Logistics (India) P.Ltd, Mumbai vs. Asst CIT 10(1), Mumbai

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

ITA 5704/MUM/2013[2009-10]Status: DisposedITAT Mumbai24 Jan 2017AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm M/S. Linfox Logistics (India) Vs. Acit – 10 (1), Mumbai Pvt. Ltd., B-403, Universal Business Park, Chandivali Farm Road, Chandivali, Andheri-East, Mumbai – 400 072 Pan/Gir No. Aabcl1515H Appellant) Respondent) .. Dcit – 10 (1), Mumbai Vs. M/S. Linfox Logistics (India) Pvt. Ltd., B-403, Universal Business Park, Chandivali Farm Road, Chandivali, Andheri-East, Mumbai – 400 072 Pan/Gir No. Aabcl1515H Appellant) .. Respondent) Assessee By Shri Rajan Vora Revenue By Shri R.P.Meena

Section 143(3)Section 195Section 40Section 40aSection 68

…M/s. Linfox Logistics India Pvt. Ltd., ground before the CIT(A), however, CIT(A) has not disposed of this ground. 13. This issue was discussed in great detail in the recent landmark ruling of Supreme Court in the case of ClT vs Woodward Governor India P. Ltd (312 ITR 254) where in the SC relied on the earlier judgment in the case of Sutlej Cotton Mills Ltd vs. CIT (116 ITR 1) which observed as follows :- "The law may, therefore, now be taken to be well settled that where profit or loss arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it, on conversion into…

DCIT 10(1), Mumbai vs. Linfox Logistics (I) P.Ltd, Mumbai

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

ITA 5643/MUM/2013[2009-10]Status: DisposedITAT Mumbai24 Jan 2017AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm M/S. Linfox Logistics (India) Vs. Acit – 10 (1), Mumbai Pvt. Ltd., B-403, Universal Business Park, Chandivali Farm Road, Chandivali, Andheri-East, Mumbai – 400 072 Pan/Gir No. Aabcl1515H Appellant) Respondent) .. Dcit – 10 (1), Mumbai Vs. M/S. Linfox Logistics (India) Pvt. Ltd., B-403, Universal Business Park, Chandivali Farm Road, Chandivali, Andheri-East, Mumbai – 400 072 Pan/Gir No. Aabcl1515H Appellant) .. Respondent) Assessee By Shri Rajan Vora Revenue By Shri R.P.Meena

Section 143(3)Section 195Section 40Section 40aSection 68

…M/s. Linfox Logistics India Pvt. Ltd., ground before the CIT(A), however, CIT(A) has not disposed of this ground. 13. This issue was discussed in great detail in the recent landmark ruling of Supreme Court in the case of ClT vs Woodward Governor India P. Ltd (312 ITR 254) where in the SC relied on the earlier judgment in the case of Sutlej Cotton Mills Ltd vs. CIT (116 ITR 1) which observed as follows :- "The law may, therefore, now be taken to be well settled that where profit or loss arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it, on conversion into…

DCIT RG. - 3(1), Mumbai vs. M/S. Gujarat Ambuja Cements Ltd., Mumbai

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 4374/MUM/2005[2001-2002]Status: DisposedITAT Mumbai18 Jan 2017AY 2001-2002

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: S/Shri Soumen Adak & HarishFor Respondent: Shri K B Shukla

…ision of CIT vs. Bank of India 218 ITR 371 and CIT vs. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon‟ble Apex Court has held as under: 29 and 4374/Mum/2005 “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of…

M/S. Gujarat Ambuja Cements Ltd., Mumbai vs. DCIT RG. 3(1), Mumbai

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 3360/MUM/2005[2001-2002]Status: DisposedITAT Mumbai18 Jan 2017AY 2001-2002

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Gujarat Ambuja Cements Limited, The Dy. Commissioner Of 122, Maker Chambers, Iii, Income-Tax- Range 3(1), फनधभ/ Nariman Point, Aayakar Bhavan, Vs. Mumbai-400021. M K Marg, Mumbai-400020 Dy. Commissioner Of Income- Gujarat Ambuja Cements Tax-Range 3(1), Limited, 122, Maker फनधभ/ Room No.607, 6Th Floor, Chambers, Iii, Nariman Point, Aayakar Bhavan, Mumbai-400021 Vs. M K Marg, Mumbai-400020 स्थधमी रेखध सं./ Pan : Aaacg0569P (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: S/Shri Soumen Adak & HarishFor Respondent: Shri K B Shukla

…ision of CIT vs. Bank of India 218 ITR 371 and CIT vs. V.S. Dempo & Co. deleted the disallowance. Ld. AR for assessee further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon‟ble Apex Court has held as under: 29 and 4374/Mum/2005 “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of…

Sanofi Pasteur India P.Ltd, Mumbai vs. Asst CIT 8(3), Mumbai

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

ITA 769/MUM/2013[2008-09]Status: DisposedITAT Mumbai11 Jan 2017AY 2008-09

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 143(3)

…the impugned order of the ITAT on the point of allowability of advertisement expenses of Rs. 77,16,120/ -. We also do not find any error in the aforesaid findings recorded by the ITAT. In the case of CIT vs Woodward Governor India (P.) Ltd. (2009) 312 1TR 254/179 Taxmann 326 (SC) vide paragraph no. 24, 25 and 33, the Hon'ble Supreme Court has held that Section 37 enjoins that any expenditure not being expenditure of the nature described in Sections 30 to 36 laid out or expended wholly and exclusively for the purposes of business or profession should be allowed in computing the income chargeable under the head "pr…

DCIT 8(3), Mumbai vs. Sanofi Pasteur India P. Ltd, Mumbai

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

ITA 647/MUM/2013[2008-09]Status: DisposedITAT Mumbai11 Jan 2017AY 2008-09

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 143(3)

…the impugned order of the ITAT on the point of allowability of advertisement expenses of Rs. 77,16,120/ -. We also do not find any error in the aforesaid findings recorded by the ITAT. In the case of CIT vs Woodward Governor India (P.) Ltd. (2009) 312 1TR 254/179 Taxmann 326 (SC) vide paragraph no. 24, 25 and 33, the Hon'ble Supreme Court has held that Section 37 enjoins that any expenditure not being expenditure of the nature described in Sections 30 to 36 laid out or expended wholly and exclusively for the purposes of business or profession should be allowed in computing the income chargeable under the head "pr…

M/S. Religare Commodities Ltd., New Delhi vs. ACIT, New Delhi

In the result the disallowance made by the Ld

ITA 2283/DEL/2013[2008-09]Status: DisposedITAT Delhi04 Jan 2017AY 2008-09

Bench: Ms Suchitra Kamble & Shri Prashant Maharishireligare Commodities Ltd, Acit, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi Pan:Aaacf8356R (Appellant) (Respondent) Religare Commodities Ltd, Dcit, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi Pan:Aaacf8356R (Appellant) (Respondent)

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. FR Meena, Sr. DR

Section 28Section 36(1)(ii)Section 37(1)

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE MS SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Religare Commodities Ltd, ACIT, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi PAN:AAACF8356R (Appellant) (Respondent) Religare Commodities Ltd, DCIT, D3, P3B, District Centre, Saket, Circle-15(1), Vs. New Delhi New Delhi PAN:AAACF8356R (Appellant) (Respondent) Assessee by : Sh. Ajay Vohra, Sr. Adv Sh. Rohit Garg, Adv Ms. Tejasvi Jain, CA Revenue by: Sh. FR Meena, Sr. DR Date of Hearing 05/10/2016 Date of pronouncement 04/01/2017 O R D E R PER…

Huntsman International (India) P.Ltd, Mumbai vs. Addl CIT RG 10(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 2161/MUM/2015[2008-09]Status: DisposedITAT Mumbai07 Dec 2016AY 2008-09

Bench: Shri D.Karunakara Rao & Shri Pawan Singh

For Appellant: Mr. Bandish Soparkar (AR)For Respondent: Mr. B.C.S. Naik (CIT-DR)

Section 253Section 254(1)Section 32(1)(ii)Section 35DSection 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “I”,MUMBAI BEFORE SHRI D.KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA No.2161/Mum/2015 for (Assessment Year : 2008-09) M/s Huntsman International Addl. CIT, Range-(10)(3), (India) Pvt. Ltd., Lighthall B- (Currently Dy.CIT, Range- 15(2)(1), Mumbai). Wing, Hiranandani Business Park, Vs. Saki Vihar Road, Andheri (East), Mumbai-400072 PAN: AAACH9149J (Appellant) (Respondent) Appellant by : Mr. Bandish Soparkar (AR) Revenue by : Mr. B.C.S. Naik (CIT-DR) Date of hearing : 05.12.2016 Date of Pronouncement : 05.12.2016 Order Under Section…

ITO 8(2)(4), Mumbai vs. Phoenix Mecano (I) P.Ltd, Pune

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

ITA 6773/MUM/2014[2009-10]Status: DisposedITAT Mumbai16 Nov 2016AY 2009-10

Bench: Shri B.R. Baskaran (Am) & Shri Pawan Singh (Jm)

Section 37(1)Section 43A

…High Court in the case of Hindustan Aluminium Corporation Ltd (supra) and other decisions. The loss on revaluation cannot be considered to be notional loss in view of the decision rendered by Hon’ble Supreme Court in the case of Woodward Governor India P Ld (312 ITR 254)(SC). In view of the foregoing, we are of the view that the Ld CIT(A) has taken a conscious view of the matter by considering the legal position surrounding the issue. Hence we do not find any reason to interfere with the order passed by Ld CIT(A) on this issue. 5. In the result, the appeal filed by the revenue is dismissed. Order has been prono…

DCIT (OSD)8(2), Mumbai vs. Priority Jewels P.Ltd, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 1640/MUM/2014[2010-11]Status: DisposedITAT Mumbai16 Nov 2016AY 2010-11

Bench: Shri B.R. Baskaran (Am) & Shri Pawan Singh (Jm)

…ss ` 33,04,768/-. The Assessing Officer disallowed the loss holding that the same is notional in nature and the learned CIT(A) has deleted the loss by following decision rendered by Hon'ble Supreme Court in the case of Woodward Governor India Pvt. Ltd. (2009) 312 ITR 254. The Revenue is aggrieved by the decision of the learned CIT(A). 2 M/s. Priority Jewels Pvt. Ltd. 3. Having heard the rival submissions, we are of the view that the order passed by the learned CIT(A) on the impugned issue does not call for any interference, since the learned CIT(A) has followed the decision rendered by Hon'ble Supreme Court in…

Watson Wyatt India P.Ltd, Mumbai vs. ACIT RG 8(3), Mumbai

In the result, the assessee’s appeal for the assessment year 2004-05 and 2007-08 are allowed

ITA 4523/MUM/2013[2007-08]Status: DisposedITAT Mumbai16 Nov 2016AY 2007-08

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./Ita No.26/Mum/2012 ("नधा"रण वष" / Assessment Year: 2004-05) Tower Watson India Pvt. Ltd. Vs. The Dy. Cit Range 8(3), (Formerly Watson Wyatt India Aayakar Bhavan, Pvt. Ltd.) M.K.Road, Solitaire Corporate Park, Mumbai- 400020. Bldg. No. 5, 1St Floor, Andheri Kurla Road, Andheri (E), Mumbai- 400 093. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacg2955K (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri. M.SubramanianFor Respondent: Shri. O.P.Meena

Section 143(3)Section 147Section 148Section 36(1)(vii)Section 43A

…to the proceedings under Income Tax Act and the A.O has rightly reopened the assessment. Since the Ld. CIT(A) has confirmed the action of the AO in accordance with the ratio laid down by the Hon’ble Supreme Court in CIT vs. Woodward Governor India Pvt. (2009) 312 ITR 254 (SC), the order under challenge is neither illegal nor beyond jurisdiction. 7. We have heard the rival submissions and also perused the documents on record including the cases relied upon by the parties in support of their respective contentions. We notice that during the original assessment proceedings u/s 143(3) of the Act., the A.O asked the a…

Towers Watson India Pvt. Ltd., Mumbai vs. D.C.I.T. RG. 8(3), Mumbai

In the result, the assessee’s appeal for the assessment year 2004-05 and 2007-08 are allowed

ITA 26/MUM/2012[2004-05]Status: DisposedITAT Mumbai16 Nov 2016AY 2004-05

Bench: Shri Rajendra, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./Ita No.26/Mum/2012 ("नधा"रण वष" / Assessment Year: 2004-05) Tower Watson India Pvt. Ltd. Vs. The Dy. Cit Range 8(3), (Formerly Watson Wyatt India Aayakar Bhavan, Pvt. Ltd.) M.K.Road, Solitaire Corporate Park, Mumbai- 400020. Bldg. No. 5, 1St Floor, Andheri Kurla Road, Andheri (E), Mumbai- 400 093. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacg2955K (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Appellant: Shri. M.SubramanianFor Respondent: Shri. O.P.Meena

Section 143(3)Section 147Section 148Section 36(1)(vii)Section 43A

…to the proceedings under Income Tax Act and the A.O has rightly reopened the assessment. Since the Ld. CIT(A) has confirmed the action of the AO in accordance with the ratio laid down by the Hon’ble Supreme Court in CIT vs. Woodward Governor India Pvt. (2009) 312 ITR 254 (SC), the order under challenge is neither illegal nor beyond jurisdiction. 7. We have heard the rival submissions and also perused the documents on record including the cases relied upon by the parties in support of their respective contentions. We notice that during the original assessment proceedings u/s 143(3) of the Act., the A.O asked the a…

JCIT 16(3), Mumbai vs. Shree Ramkrishna Export, Mumbai

In the result, the appeal filed by the assessee in ITA No

ITA 112/MUM/2013[2009-10]Status: DisposedITAT Mumbai07 Nov 2016AY 2009-10

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Manjunatha Swamy

Section 143(2)Section 143(3)

…ar end. The assessee submitted that the assessee is following this accounting practice consistently . The assessee has relied upon the following decisions : (i) DCIT vs. Bank of Bahrain & Kuwait 132 TTJ 505 (Mumbai)(SB) (ii) Woodward Governor India (P) Ltd. 312 ITR 254(SC) (iii) ONGC 322 ITR 180(SC) (iv) Badridas Gauridu (P) Ltd. 261 ITR 256 (v) Soorajmul Nagarmull 129 ITR 169 (Cal.) The A.O. considered the submissions of the assessee and observed that the assessee has entered into forward foreign exchange contracts , which are outstanding as at the end of the previous year which has been valued by the assesse…

CIT v. Woodward Governor India Pvt. Ltd.