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 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 371,887 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 14A Section 115JB Section 147 Section 142(1)Section 43(5)Section 40(a)(ia)

Read the full judgment

Issues it is cited on

section 43a section 40(a)(i)mercantile system of accounting book profits section 37(1)section 115j revenue expenditure section 43 capital expenditure section 40(a)section 115jb section 32

Judgments citing CIT v. Woodward Governor India Pvt. Ltd.

Pr. Commissioner of Income Tax-06 vs. Nitrex Chemicals India Ltd

ITA/318/2016HC Delhi23 Aug 2016

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MS. JUSTICE DEEPA SHARMA

Section 14ASection 48

…8/2016, ITA No. 249/2016, ITA No. 318/2016, ITA No. 319/2016 Page 13 be claimed as revenue loss and rather had to be disallowed. This was on the basis of his understanding of the authority in CIT Vs Woodward Governor India (P) Ltd. 312 ITR 254 SC. The CIT(A) was of the opinion that the assessing officer’s reasoning was flawed. He held that Section 43A was applicable in the circumstances of the case and AS-11 (Accounting Standard) was relied upon to indicate that exchange fluctuation gains or losses would have to be shown in the profit and loss account. 16. The revenue urges t…

Pr. Commissioner of Income Tax-06 vs. Nitrex Chemicals India Ltd

ITA/319/2016HC Delhi23 Aug 2016

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MS. JUSTICE DEEPA SHARMA

Section 14ASection 48

M/S Tally Solutions Pvt. Ltd., Bangalore vs. ACIT, Bangalore

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

ITA 1364/BANG/2011[2007-08]Status: DisposedITAT Bangalore19 Aug 2016AY 2007-08

Bench: Shri A.K. Garodia & Shri Vijay Pal Rao

For Appellant: Shri Arvind Sonde, Senior CounselFor Respondent: Smt. Neera Malhotra, CIT-II (D.R)

Section 143(3)Section 928Section 92C

…ll as learned Departmental Representative and considered the relevant material on record. The issue of allowability of foreign exchange loss has to be considered in view of the Hon'ble Supreme Court in the case of CIT Vs. Woodward Governor India Pvt. Ltd. 312 ITR 254 (SC). Accordingly, we set aside this issue to the record of the Assessing Officer for reconsideration of the same in the light of the judgement of Hon'ble Supreme Court (supra). 27 IT(TP)A No.1364/Bang/2011 Tally Solutions Pvt. Ltd. 8.1 Ground No.7 is regarding disallowance of interest of capital work-in- progress. The Assessing Officer noted t…

Likproof India P. Ltd, Mumbai vs. Addl CIT WD (2), Mumbai

In the result, assessee company’s appeal in ITA No 986/Mum/2013 for the assessment year 2008-09 is dismissed

ITA 986/MUM/2013[2008-09]Status: DisposedITAT Mumbai17 Aug 2016AY 2008-09

Bench: Shri Mahavir Singh & Shri Ramit Kochar

For Respondent: Shri A. Ramachandran

Section 143Section 143(2)Section 143(3)Section 37(1)

…exchange gain/loss arising due to valuation of such items is required to be debited/ credited to the profit & loss account. The assessee company relied on the decision of the Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd., (2009)312 ITR 254(SC) and submitted that any loss arising on conversion of foreign currency liability at the year end is allowable as revenue loss . The assessee company has a trading interest in its foreign AE and hence the loan receivable from its foreign AE is a trade investment. The assessee company submitted that the foreign exchange loss accounted for in the…

M/S. Rolls Royce Industrial Power (India) Ltd, New Delhi vs. DDIT, New Delhi

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

ITA 801/DEL/2014[2006-07]Status: DisposedITAT Delhi11 Aug 2016AY 2006-07

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 801/Del/2014 : Asstt. Year : 2006-07 M/S Rolls Royce Industrial Power Vs Dy. Director Of Income Tax, (India) Ltd., C-37, Connaught Circle-2(1), International Taxation, Place, New Delhi-110001 New Delhi-110002 (Appellant) (Respondent) Pan No. Aaacr7629B Assessee By : Sh. Pradeep Dinodia, Adv. & Sh. R.K. Kapoor, Ca & Ms. Pallavi Dinodia, Ca Revenue By : Sh. Anand Kedia, Cit Dr Date Of Hearing : 13.05.2016 Date Of Pronouncement : 11.08.2016 Order Per N. K. Saini, Am:

For Appellant: Sh. Pradeep Dinodia, Adv. & Sh. R.KFor Respondent: Sh. Anand Kedia, CIT DR

Section 115ASection 143(3)Section 144CSection 144C(13)Section 44DSection 9(1)(vii)

…he U.K. Bank Accounts. It is exempt, as such. The Tribunal has held that the interest is exempt as per the DTAA between India and U.K. and therefore, the fluctuation will follow the same principle, as has also been held in “Woodward Governor India Pvt. Ltd.”, 312 ITR 254 (SC).” So, respectfully following the aforesaid referred to order, the AO is directed to decide this issue as per the aforesaid directions given in the said order dated 04.05.2012. 31 Rolls Royce Industrial Power (India) Ltd. 33. Other issue agitated by the assessee vide Ground No. 15(vi) relates to the taxing the interest on Income Tax Refund @…

The DCIT 3(1) vs. M/S. Gujarat Ambuja Cements Ltd

ITA 2654/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN, AM AND SHRI SANDEEP GOSAIN, JM आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner of 122, Maker Chambers III, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AAAPJ 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) : : Shri Soumen Adak अपीलाथ" क" ओर से / Appellant by : Shri P.R. Ghosh ""यथ" क" ओर से/Respondent by आयकर अपील सं./ I.T.A. No. 2654/Mum/2005 (…

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG3(1)

ITA 2524/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

For Appellant: Shri P.R. Ghosh

M/S Nagreeka Exports Limited, Kolkata vs. A.D.I.T RG - 6, Kolkata

In the result, both the appeals filed by the assessee and revenue on this issue are dismissed

ITA 455/KOL/2013[2008-2009]Status: DisposedITAT Kolkata03 Aug 2016AY 2008-2009

Bench: Shri N.V.Vasudevan, J.M. &Dr.A.L.Saini, A.M.)

For Appellant: Shri S.D. Verma, AdvocateFor Respondent: Shri G. Mallikarjuna, CIT,DR

Section 143(1)Section 143(3)Section 14ASection 37(1)

…e case of - Bank of Bahrain & Kuwait (J 32 TTJ 505) (Mumbai ITAT SB) wherein it has been held that Loss on account of valuation of forward contracts on the last day of accounting period is an allowable business loss. 2. Woodward Governor India (P) Ltd. (2009) 312 ITR 254 (SC). 5.2 The Ld. AR for the assessee stated that in view of detailed submissions made and case law cited above, it is clear that the business loss of Rs..1,58,94,8211- on account of Mark to Market of Unexpired Forex Derivatives Contracts is allowable and prayed that addition made on this account may be deleted. 6. On the other hand, the ld. De…

ITO 16(3)(1), Mumbai vs. Ankit Diamonds, Mumbai

In the result the appeal of the revenue is dismissed

ITA 246/MUM/2014[2009-10]Status: DisposedITAT Mumbai29 Jul 2016AY 2009-10

Bench: Hon’Ble S/Shri Joginder Singh (Jm) & Rajesh Kumar,(Am) आमकय अऩीर सं./I.T.A. No.246/Mum/2014 (ननधधायण वषा / Assessment Year : 2009-10) Income Tax Officer 16(3)(1), बनाम/ M/S Ankit Diamonds, Room No.219, 1219/1220, Prasad Chamber, Vs. Matru Mandir, Opera House, Mumbai-400007 Mumbai-400004 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

For Appellant: Shri Sachchidanand Dube

Section 143(2)Section 143(3)

…he submissions of the assessee in para 2.3. of the appeal order allowed the appeal of the assessee by following the decisions in the cases of DCIT V/s Bank of Bahrain and Kuwait (ITAT) Mumbai Bench ) 43 DTR-505, CIT V/s Woodward Governor India (P) Ltd (2009) 312 ITR 254 (SC) and various other decisions. Aggrieved by the order of ld.CIT(A) the revenue is inappeal before us. 5. We have heard the ld.DR, who strongly opposed the order passed by the ld.CIT(A) being wrong and contrary to the law as the ld. CIT(A) did not appreciate the fact in correct perspective and prayed for setting aside the order of CIT(A) and u…

DCIT Cen Cir 8(3), Mumbai vs. Walchand Industries Ltd, Mumbai

Appeal of the Revenue is dismissed

ITA 298/MUM/2015[2010-11]Status: DisposedITAT Mumbai22 Jul 2016AY 2010-11

Bench: Shri G.S. Pannu & Shri Amarjit Singh: (A.Y : 2010-11) Dcit, Central Circle-8(3), Vs. M/S. Walchandnagar Industries Ltd. Mumbai (Appellant) 3, Walchand Terraces, Tardeo Road, Tardeo, Mumbai 400 034. Pan : Aaacw0541M (Respondent)

For Appellant: Ms. Vasanti PatelFor Respondent: Shri Deepak Ripote

Section 143(3)

…g that the Tribunal in assessee’s own case for Assessment Year 2009-10 in ITA No. 3826/Mum/2013 dated 21.8.2014, by relying on the judgment of Hon'ble Supreme Court in the case of CIT v. 3 M/s. Walchandnagar Industries Ltd. Woodward Governor India Pvt. Ltd., 312 ITR 254 (SC), has since allowed the claim of the assessee. Against such a decision, Revenue is in appeal before us. 4. Before us, it was a common point between the parties that the order of Tribunal in assessee’s case for Assessment Year 2009-10 dated 21.8.2014 (supra) continues to hold the field and as a consequence we do not find any error on the part…

Asst CIT 15(1), Mumbai vs. R T Star Solitaires, Mumbai

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

ITA 4408/MUM/2013[2009-10]Status: DisposedITAT Mumbai22 Jul 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2009-10 Asst. Cit 15(1) R T Star Solitaires, R.No.104 Matru Mandir, 712M-A, Prasad बनाम/ 1St Floor, Tardeo Rd, Chambers, Tata Rd Vs. Mumbai-400007 No.2 Opera House, Mumbai-400004 (Assessee) (Revenue) P.A. No.Aagfr8565F Revenue By Capt. Pradeep S. Arya (Sr. Dr) Respondent By None 29/06/2016 सुनवाई क" तार"ख / Date Of Hearing : 22/07/2016 आदेश क" तार"ख /Date Of Order: आदेश / O R D E R Per Ashwani Taneja (): This Appeal Has Been Filed By The Revenue Against Order Of Ld. Commissioner Of Income Tax (Appeals) -26, Mumbai, {(In Short ‘Cit(A)’}, Passed Against Assessment Order U/S 143(3) Of The Act, For The A.Y 2009-10 On The Following Grounds:

Section 143(3)

…ith reasonable certainty even it the exact quantification is not feasible and (e) if the liability is discharged at a future date it will nevertheless be a liability which is certain and not contingent. The above decision has been approved Hon. Supreme Court (312 ITR 254). In conclusion the Hon'ble Bench stated that in order to find out if an expenditure is deductible the 6 R T Star Solitaires following have to be taken into account - (a) whether the system of accounting followed by the assessee is mercantile - which brings into debit the expenditure amount for which a legal liability has been incurred before it…

Mc Nally Bharat Engineering Company Limited, Kolkata vs. C.I.T Kol - 1, Kolkata

In the result the appeal of the assessee is allowed

ITA 840/KOL/2013[2008-2009]Status: DisposedITAT Kolkata15 Jul 2016AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No. 840/Kol/2013 Assessment Year : 2008-09 Mc.Nally Bharat Engineering -Vs.- C.I.T., Circle-1, Company Limited, Kolkata Kolkata. [Pan : Aabcm 9443 R] (Respondent) (Appellant)

For Appellant: Shri Soumen Adak, FCA

Section 142(1)Section 263

…account of foreign exchange fluctuation was correct. 10. The CIT however, was not convinced with the reply given by the assessee. He was of the view that as per the decision of the Hon’ble Supreme Court in the case of CIT vs Woodward Governor India Pvt. Ltd. 312 ITR 254 (SC) it has been laid down that loss due to foreign exchange fluctuation is allowable as revenue expenditure provided the foreign currency transaction is on account of revenue item. According to CIT in the case of the assessee the loss due to foreign exchange fluctuation in foreign currency relate to transactions on capital item and therefore exp…

Price Waterhouse Coppers Private Limited, Kolkata vs. Addl C.I.T RG - 2, Kolkata

In the result, to sum up, the appeals of the revenue in ITA No

ITA 2033/KOL/2013[2003-04]Status: DisposedITAT Kolkata13 Jul 2016AY 2003-04

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri K. M. Gupta, ARFor Respondent: Shri A. K. Pandey, JCIT, Sr. DR

Section 143(3)

…and fair view the said debtors/bill has to be restated at the exchange rate on the last date of the accounting year. The assessee placed reliance on the decision of the Hon’ble Supreme Court in the case of Woodward Governor of India P Ltd. vs CIT reported in 312 ITR 254 (SC) in support of its contentions . The ld CITA duly appreciated the contentions of the assessee and deleted the disallowance by observing as under:- “10.2. I have perused the assessment order and considered the submission of the appellant. The fact of the case is that the A.O. noted that the expenses claimed by the appellant towards foreign cu…

D.C.I.T, Cir-2, Kolkata vs. M/S Price Water House Coopers Pvt., Kolkata

In the result, to sum up, the appeals of the revenue in ITA No

ITA 1523/KOL/2013[2005-2006]Status: DisposedITAT Kolkata13 Jul 2016AY 2005-2006

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri K. M. Gupta, ARFor Respondent: Shri A. K. Pandey, JCIT, Sr. DR

Section 143(3)

D.C.I.T, Cir-2, Kolkata vs. M/S Pricewaterhouse Coopers Pvt, Kolkata

In the result, to sum up, the appeals of the revenue in ITA No

ITA 1521/KOL/2013[2003-2004]Status: DisposedITAT Kolkata13 Jul 2016AY 2003-2004

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri K. M. Gupta, ARFor Respondent: Shri A. K. Pandey, JCIT, Sr. DR

Section 143(3)

Maruti Suzuki India Ltd., New Delhi vs. Addl. CIT, New Delhi

Appeal is allowed

ITA 5720/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Jul 2016AY 2007-08

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2007-08 Assessment Year: 2007-08 Maruti Suzuki India Ltd., Vs. Additional Cit, Plot No.1, Nelson Mandela Road, Range-6, Vasant Road, New Delhi. New Delhi. (Pan: Aaacm0829Q) (Appellant) (Respondent) Assessee By: S/Shri Ajay Vohra, Sr. Adv. Neeraj Jain, Rohit Jain, Adv. Romit Katyal & Ms. Tejasvi Jain, Cas Department By:Shri Amrendra Kumar, Cit(Dr)

For Appellant: S/Shri Ajay Vohra, Sr. Adv. NeerajFor Respondent: Shri Amrendra Kumar, CIT(DR)

…R 1 confirmed by SC in 320 ITR 561 g) CIT v. Vinitec Corpn. (P) Ltd. : 278 ITR 337 (Del.) h) National Mineral Development Corporation Ltd. v. JCIT : 98 ITD 278 (Hyd. ITAT) 26.3.9 The Hon’ble Supreme Court in the case of CIT vs Woodward Governor India (P) Ltd. 312 ITR 254 has held that:- “21. In conclusion, we may state that in order to find out if an expenditure is deductible the following have to be taken into account (i) whether the system of accounting followed by the assessee is mercantile system, which brings into debit the expenditure amount for which a legal liability has been incurred before it is actual…

Mrs. Sashi Sadh, New Delhi vs. ITO, New Delhi

In the result, appeal of the Revenue is dismissed

ITA 6203/DEL/2013[2010-11]Status: DisposedITAT Delhi30 Jun 2016AY 2010-11

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2010-11 Mrs. Sashi Sadh, 52/12, C.R. Park, Vs. Income Tax Officer, Ward-23(2), New Delhi New Delhi Gir/Pan : Amlps4154L (Appellant) (Respondent)

Section 10Section 10BSection 143(1)Section 143(2)

…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 principle laid down in the Special Bench decision in International Reserarch Park laboratories v. ACIT (supra). In the assessee IS 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…

DCIT 8(2), Mumbai vs. Parekh Platinum Ltd, Mumbai

ITA 4676/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Jun 2016AY 2009-10

For Appellant: NoneFor Respondent: Shri M. Dayasagar –CIT-DR

Section 143(3)Section 254(1)Section 36(1)(vii)Section 37(1)

…आयकर अपीलीय आयकर अपीलीय अिधकरण अिधकरण, मुंबई मुंबई “सी सी ” खंडपीठ खंडपीठ आयकर आयकर अपीलीय अपीलीय अिधकरण अिधकरण मुंबई मुंबई सी सी खंडपीठ खंडपीठ Income-tax Appellate Tribunal “ C ”Bench Mumbai सव"ी जोिग"दर "सह, "याियक सद"य एवं राजे"", लेखा सद"य Before S/ShJoginder Singh,Judicial Member & Rajendra,Accountant Member आयकर आयकर आयकर अपील आयकर अपील अपील संसंसंसं./I.T.A./4676/Mum/2013,िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2009-10 वष" The DCIT, Circle-8(2) M/s. Parekh Platinum Ltd. 50, Bank of India Building, 2nd Floor Room No.216-A, Aayakar Bhavan, M.K. Road Vs. 185, Sheikh Menon Street…

Asst CIT 16(1), Mumbai vs. Vinodkumar Jain (HUF), Mumbai

ITA 3735/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Jun 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 Acit-16(1), Vinodkumar Jain (Huf), 2Nd Floor, Matru Mandir, 1306, Panchratna, Vs. Tardeo Road, Opera House, Mumbai - 400007 Mumbai – 400 004 Pan: Aabhv 7626Q (Appellant) (Respondent) Present For: Assessee By : Shri Anuj Kisnadwala, A.R. Revenue By : Shri S. Senthil Kumaran, D.R. Date Of Hearing : 09.06.2016 Date Of Pronouncement : 29.06.2016

For Appellant: Shri Anuj Kisnadwala, A.RFor Respondent: Shri S. Senthil Kumaran, D.R

Section 37(1)Section 43A

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER Assessment Year: 2009-10 ACIT-16(1), Vinodkumar Jain (HUF), 2nd Floor, Matru Mandir, 1306, Panchratna, Vs. Tardeo Road, Opera House, Mumbai - 400007 Mumbai – 400 004 PAN: AABHV 7626Q (Appellant) (Respondent) Present for: Assessee by : Shri Anuj Kisnadwala, A.R. Revenue by : Shri S. Senthil Kumaran, D.R. Date of Hearing : 09.06.2016 Date of Pronouncement : 29.06.2016 O R D E R Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the Revenue against…

ACIT, New Delhi vs. M/S. Timex Group India Ltd., New Delhi

ITA 259/DEL/2013[2006-07]Status: DisposedITAT Delhi21 Jun 2016AY 2006-07

Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C

For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR

…the matter to the ld. CIT(A) and submitted that the allowability of foreign exchange fluctuation loss was no more res-integra and the issue was covered by the judgment of the Hon’ble Apex Court in the case of CIT Vs Woodward Governor India P. Ltd. reported at 312 ITR 254. It was also stated that in the instant year there was foreign exchange fluctuation gain of Rs.1,02,82,000/- which had been brought to tax as income and thus there was an inconsistent stand of the AO. 8. The ld. CIT(A) after considering the submissions of the assessee deleted the addition by observing as under: “The appellant is following mercan…