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 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.

Royal Sundaram General Insurance Company Ltd, Chennai vs. DCIT, Ltu, Chennai

In the result, the appeals of the assesse and Revenue are dealt as under:-

ITA 92/CHNY/2018[2013-14]Status: DisposedITAT Chennai08 Jan 2025AY 2013-14

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos.86, 87, 88, 89, 90, 91, 92 & 93 /Chny/2018 निर्धारण वर्ा /Assessment Years: 2008-09, 2009-10, 2010-11, 2011-12, 2011-12, 2012-13, 2013-14, 2014-15, M/S.Royal Sundaram General Dy. Commissioner Of Income Tax, Insurance Company Limited, Large Tax Payer Unit, Vishranthi Melaram Towers, Chennai. No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] आयकर अपील सं./Ita Nos.491, 492, 493, 494, 495 & 496 /Chny/2018 निर्धारण वर्ा /Assessment Years: 2008-09, 2010-11, 2011-12, 2012-13, 2013-14, 2014-15 Dy. Commissioner Of Income Tax, M/S.Royal Sundaram General Large Tax Payer Unit, Insurance Company Limited, Chennai. Vishranthi Melaram Towers, No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) : Shri Vikaram Vijayaraghavan, Advocate अपीलार्थी की ओर से/ Assessee By प्रत्यर्थी की ओर से /Revenue By : Shri A.Sanjay For Ms V.Pushpa, Sr.Standing Counsel For It Dept. सुनवाई की तारीख/Date Of Hearing : 15.10.2024 घोषणा की तारीख /Date Of Pronouncement : 08.01.2025

For Respondent: Shri A.Sanjay for Ms V.Pushpa
Section 143(3)Section 148

…y also point out at this stage itself that the Supreme Court distinguished the judgments in Sajjan Mills (supra) as well as Indian Molasses Co. (supra). We would also like to refer to the judgment of the Supreme Court in CIT Vs.Woodward Governor India P. Ltd. 312 ITR 254 wherein it was held that the accounting method followed by the assessee continuously for a given period of time has to be presumed to be correct till the AO comes to the conclusion for the reasons to be given that the estimate does not reflect to be true and correct profits.” 19. Upon due consideration of the principles enunciated in the aforenot…

Royal Sundaram General Insurance Company Ltd, Chennai vs. DCIT, Ltu, Chennai

ITA 87/CHNY/2018[2009-10]Status: DisposedITAT Chennai08 Jan 2025AY 2009-10

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos.86, 87, 88, 89, 90, 91, 92 & 93 /Chny/2018 निर्धारण वर्ष /Assessment Years: 2008-09, 2009-10, 2010-11, 2011-12, 2011-12, 2012-13, 2013-14, 2014-15, M/S.Royal Sundaram General Insurance Company Limited, Vishranthi Melaram Towers, No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] Dy. Commissioner Of Income Tax, Large Tax Payer Unit, Chennai. आयकर अपील सं./Ita Nos.491, 492, 493, 494, 495 & 496 /Chny/2018 निर्धारण वर्ष /Assessment Years: 2008-09, 2010-11, 2011-12, 2012-13, 2013-14, 2014-15 Dy. Commissioner Of Income Tax, M/S.Royal Sundaram General Large Tax Payer Unit, Insurance Company Limited, Chennai. Vishranthi Melaram Towers, No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से / Assessee By : Shri Vikaram Vijayaraghavan, Advocate प्रत्यर्थी की ओर से /Revenue By : Shri A.Sanjay For Ms V.Pushpa, सुनवाई की तारीख/Date Of Hearing : Sr.Standing Counsel For It Dept. 15.10.2024 घोषणा की तारीख /Date Of Pronouncement : 08.01.2025 आदेश / Order Per Bench: The Following Appeals Have Been Raised By The Appellant Assessee & Appellant Revenue Contesting Assessment / Appellate Orders For Ays 2008-09 To Ay 2014-15. As The Grounds Of Appeal In Respective Appeals Of Assessee & Revenue Are Largely Common, All The Appeals Are Adjudicated Through This Common Orders. S. No. Appeal Nos. Ays Appellate Cit(A) Order Details Revenue A B C D E F 1 2 3

For Appellant: Shri Vikaram Vijayaraghavan, AdvocateFor Respondent: Shri A.Sanjay for Ms V.Pushpa
Section 148

…y also point out at this stage itself that the Supreme Court distinguished the judgments in Sajjan Mills (supra) as well as Indian Molasses Co. (supra). We would also like to refer to the judgment of the Supreme Court in CIT Vs.Woodward Governor India P. Ltd. 312 ITR 254 wherein it was held that the accounting method followed by the assessee continuously for a given period of time has to be presumed to be correct till the AO comes to the conclusion for the reasons to be given that the estimate does not reflect to be true and correct profits.” 19. Upon due consideration of the principles enunciated in the aforenot…

DCIT Ltu 1, Chennai vs. M/S Royal Sundaram General Insurance Company Limited, Chennai

In the result, the appeals of the assesse and Revenue are dealt as under:-

ITA 495/CHNY/2018[2013-14]Status: DisposedITAT Chennai08 Jan 2025AY 2013-14

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos.86, 87, 88, 89, 90, 91, 92 & 93 /Chny/2018 निर्धारण वर्ा /Assessment Years: 2008-09, 2009-10, 2010-11, 2011-12, 2011-12, 2012-13, 2013-14, 2014-15, M/S.Royal Sundaram General Dy. Commissioner Of Income Tax, Insurance Company Limited, Large Tax Payer Unit, Vishranthi Melaram Towers, Chennai. No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] आयकर अपील सं./Ita Nos.491, 492, 493, 494, 495 & 496 /Chny/2018 निर्धारण वर्ा /Assessment Years: 2008-09, 2010-11, 2011-12, 2012-13, 2013-14, 2014-15 Dy. Commissioner Of Income Tax, M/S.Royal Sundaram General Large Tax Payer Unit, Insurance Company Limited, Chennai. Vishranthi Melaram Towers, No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) : Shri Vikaram Vijayaraghavan, Advocate अपीलार्थी की ओर से/ Assessee By प्रत्यर्थी की ओर से /Revenue By : Shri A.Sanjay For Ms V.Pushpa, Sr.Standing Counsel For It Dept. सुनवाई की तारीख/Date Of Hearing : 15.10.2024 घोषणा की तारीख /Date Of Pronouncement : 08.01.2025

For Respondent: Shri A.Sanjay for Ms V.Pushpa
Section 143(3)Section 148

…y also point out at this stage itself that the Supreme Court distinguished the judgments in Sajjan Mills (supra) as well as Indian Molasses Co. (supra). We would also like to refer to the judgment of the Supreme Court in CIT Vs.Woodward Governor India P. Ltd. 312 ITR 254 wherein it was held that the accounting method followed by the assessee continuously for a given period of time has to be presumed to be correct till the AO comes to the conclusion for the reasons to be given that the estimate does not reflect to be true and correct profits.” 19. Upon due consideration of the principles enunciated in the aforenot…

DCIT Ltu 1, Chennai vs. M/S Royal Sundaram General Insurance Company Limited, Chennai

In the result, the appeals of the assesse and Revenue are dealt as under:-

ITA 494/CHNY/2018[2012-13]Status: DisposedITAT Chennai08 Jan 2025AY 2012-13

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita Nos.86, 87, 88, 89, 90, 91, 92 & 93 /Chny/2018 निर्धारण वर्ा /Assessment Years: 2008-09, 2009-10, 2010-11, 2011-12, 2011-12, 2012-13, 2013-14, 2014-15, M/S.Royal Sundaram General Dy. Commissioner Of Income Tax, Insurance Company Limited, Large Tax Payer Unit, Vishranthi Melaram Towers, Chennai. No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] आयकर अपील सं./Ita Nos.491, 492, 493, 494, 495 & 496 /Chny/2018 निर्धारण वर्ा /Assessment Years: 2008-09, 2010-11, 2011-12, 2012-13, 2013-14, 2014-15 Dy. Commissioner Of Income Tax, M/S.Royal Sundaram General Large Tax Payer Unit, Insurance Company Limited, Chennai. Vishranthi Melaram Towers, No.2/319, Rajiv Gandhi Salai(Omr), Karapakkam, Chennai-600 097. [Pan: Aabcr7106G] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) : Shri Vikaram Vijayaraghavan, Advocate अपीलार्थी की ओर से/ Assessee By प्रत्यर्थी की ओर से /Revenue By : Shri A.Sanjay For Ms V.Pushpa, Sr.Standing Counsel For It Dept. सुनवाई की तारीख/Date Of Hearing : 15.10.2024 घोषणा की तारीख /Date Of Pronouncement : 08.01.2025

For Respondent: Shri A.Sanjay for Ms V.Pushpa
Section 143(3)Section 148

…y also point out at this stage itself that the Supreme Court distinguished the judgments in Sajjan Mills (supra) as well as Indian Molasses Co. (supra). We would also like to refer to the judgment of the Supreme Court in CIT Vs.Woodward Governor India P. Ltd. 312 ITR 254 wherein it was held that the accounting method followed by the assessee continuously for a given period of time has to be presumed to be correct till the AO comes to the conclusion for the reasons to be given that the estimate does not reflect to be true and correct profits.” 19. Upon due consideration of the principles enunciated in the aforenot…

Devidayal Aluminium Industries (P) Ltd., New Delhi vs. DCIT, Ghaziabad

ITA 4610/DEL/2016[2008-09]Status: DisposedITAT Delhi08 Jan 2025AY 2008-09

Bench: Shri Satbeer Singh Godara & Shri M. Balaganesh

Section 143(3)Section 147Section 2(47)Section 221(1)

…of sale for the purpose of computing capital gain u/s 45 (2) of the Act. In the circumstances it is submitted that the AO did not appreciate that the decision in the case of Realest Builder and Services Pvt Ltd (307 ITR 202) (SC) & CIT vs. Wood World Governor 312 ITR 254 (SC) fully applied.- PB No.2 - Page 126-129 The AO in adopting cash method of accounting in respect of a part of business of the appellant has not followed the mandate of law and has also not followed the mandate w/s 145 (3) of the Act. In support of the above contention reliance is placed on following decisions: 10 | P a g e . (d) (2008) 307…

Devidayal Aluminium Industries (P) Ltd., New Delhi vs. DCIT, Ghaziabad

ITA 4609/DEL/2016[2007-08]Status: DisposedITAT Delhi08 Jan 2025AY 2007-08

Bench: Shri Satbeer Singh Godara & Shri M. Balaganesh

Section 143(3)Section 147Section 2(47)Section 221(1)

…of sale for the purpose of computing capital gain u/s 45 (2) of the Act. In the circumstances it is submitted that the AO did not appreciate that the decision in the case of Realest Builder and Services Pvt Ltd (307 ITR 202) (SC) & CIT vs. Wood World Governor 312 ITR 254 (SC) fully applied.- PB No.2 - Page 126-129 The AO in adopting cash method of accounting in respect of a part of business of the appellant has not followed the mandate of law and has also not followed the mandate w/s 145 (3) of the Act. In support of the above contention reliance is placed on following decisions: 10 | P a g e . (d) (2008) 307…

DCIT, Ghaziabad vs. M/S. Devidayal Aluminium Industries Pvt. Ltd., Ghaziabad

In the result, appeal filed by the assessee is partly allowed as indicated above

ITA 3851/DEL/2016[2008-09]Status: DisposedITAT Delhi08 Jan 2025AY 2008-09

Bench: Shri S. Rifaur Rahman & Ms. Madhumita Roysony India Private Limited, Vs. Acit, Circle 22 (2), A – 18, Mohan Cooperative Indl. Area, New Delhi. Mathura Road, New Delhi – 110 044. (Pan :Aabcs1571Q) (Appellant) (Respondent) Assessee By : Shri Nageshwar Rao, Advocate Shri Parth, Advocate Revenue By : Shri S.K. Jadhav, Cit Dr Date Of Hearing : 23.09.2025 Date Of Order : 12.11.2025 O R D E R Per S. Rifaur Rahman: 1. This Appealpreferred By The Assesseeis Directed Against The Assessment Order Dated 30.07.2024Passed By The Assessment Unit, Income Tax Department Under Section 143(3) Read With Section 144C(13) R.W.S. 144Bof The Income-Tax Act, 1961 (For Short ‘The Act”) For Assessment Year 2020- 21Pursuant To The Directions Of The Dispute Resolution Panel U/S 144C(5) Of The Act Raising Following Grounds Of Appeal :-

For Appellant: Shri Nageshwar Rao, AdvocateFor Respondent: Shri S.K. Jadhav, CIT DR
Section 143(3)Section 144C(13)Section 144C(5)

…ing stock and closing stock – on the basis of cost or realisable value, whichever is lower. 16 The aforesaid basis is well accepted for valuation of stock. The said basis was also noted by the Supreme Court in CIT v. Woodword Governor India (P.) Ltd.: (2009) 312 ITR 254. The learned counsel for the Revenue also does not dispute that if the aforesaid basis is followed consistently, the assessee’s income for the year would be fully captured as the element of profit would also not be included in the opening stock. 20. The finding of the Tribunal cannot be faulted. Clearly, no substantial question of law arises from…

Shree Chandi Maa Mahakali Prachin Mandir Sidh Peeth Samiti, Sonipat vs. CPC, Banglore

ITA 4791/DEL/2024[2022-23]Status: DisposedITAT Delhi07 Jan 2025AY 2022-23

Bench: Shri Prakash Chand Yadav & Shri Brajesh Kumar Singh

For Appellant: Shri Ajay Vohra, Sr. A.RFor Respondent: Shri Bhopal Singh, Sr. D.R
Section 92C

…, which provisions are held to be prospective by the Hon'ble Delhi High Court in the case of Woodward Governor reported in 294 ITR 451, which decision has been further affirmed by the Hon'ble Supreme Court in the case of CIT Vs. Woordward Governor reported in 312 ITR 254 (SC). Therefore, we allow this ground of appeal of the assessee. 17. The next issue in the assessee's appeal is the disallowance of Rs.10,67,000/- being doubtful debts written off as irrecoverable by the assessee during the relevant assessment year. The case of the AO is that the assessee has made a mere provision of the doubtful debts and has f…

Indian Overseas Bank, Chennai vs. ACIT, Ltu-2, Chennai

In the result, both the appeals filed by the assessee are allowed

ITA 1571/CHNY/2024[2017-18]Status: DisposedITAT Chennai18 Dec 2024AY 2017-18

Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:

For Appellant: Shri. C. Naresh, CA
Section 143(3)Section 147Section 148Section 263

…currency translation reserve account, the assessee's contention that it is only a notional gain and therefore, cannot be charged to tax, is not acceptable since as per the decision of the Hon'ble Supreme Court in the case of Woodword Governor India (P) Ltd. (312 ITR 254), it has been held that an assessee has to report the outstanding liability as per the closing rate of foreign exchange and any difference, loss or gain, arising on conversion of the said liability at closing rate should be recognised in Profit & Loss account for the reporting period. Just as the loss is being claimed as a deduction, similarly wh…

Indian Overseas Bank, Chennai vs. DCIT, Ltu-2, Chennai

In the result, both the appeals filed by the assessee are allowed

ITA 1570/CHNY/2024[2016-17]Status: DisposedITAT Chennai18 Dec 2024AY 2016-17

Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:

For Appellant: Shri. C. Naresh, CA
Section 143(3)Section 147Section 148Section 263

…currency translation reserve account, the assessee's contention that it is only a notional gain and therefore, cannot be charged to tax, is not acceptable since as per the decision of the Hon'ble Supreme Court in the case of Woodword Governor India (P) Ltd. (312 ITR 254), it has been held that an assessee has to report the outstanding liability as per the closing rate of foreign exchange and any difference, loss or gain, arising on conversion of the said liability at closing rate should be recognised in Profit & Loss account for the reporting period. Just as the loss is being claimed as a deduction, similarly wh…

Flsmidth Private Limited, Chennai vs. PCIT- 1, Chennai

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

ITA 1636/CHNY/2024[2014-15]Status: DisposedITAT Chennai10 Dec 2024AY 2014-15

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.1636/Chny/2024 िनधा:रण वष: /Assessment Year: 2014-15 M/S. Flsmidth Pvt. Ltd., The Principal Commissioner Of No.34, Egatoor, Kelambakkam Vs. Income Tax-1, Rajiv Gandhi Salai, Chennai. Chennai – 603 103. [Pan: Aaacf 4997N]

For Appellant: Shri S.P. Chidambaram, AdvocateFor Respondent: Shri Nilay Baran Som, CIT
Section 143(3)Section 147Section 14ASection 263

…आयकर अपीलीय अिधकरण, ‘ए’ "ायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद! एवं "ी जगदीश, लेखा सद! के सम( BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI JAGADISH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.1636/Chny/2024 िनधा:रण वष: /Assessment Year: 2014-15 M/s. FLsmidth Pvt. Ltd., The Principal Commissioner of No.34, Egatoor, Kelambakkam Vs. Income Tax-1, Rajiv Gandhi Salai, Chennai. Chennai – 603 103. [PAN: AAACF 4997N] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" की ओर से/ Appellant by : Shri S.P. Chidambaram, Advocate HIथ" की ओर से /Respondent by : Shri Nilay…

Inocme Tax Officer, Ward 1(5), Nagpur vs. Vidarbha Konkan Gramin Bank, Nagpur

In the result, appeals filed by the Revenue for A

ITA 5/NAG/2019[2015-16]Status: DisposedITAT Nagpur06 Dec 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke
Section 1Section 143(1)Section 36(1)(vii)Section 41(4)

…s justified in deleting the addition made on account of disallowance of deduction claimed under the head "interest accrued but not due on securities" ignoring the ratio laid down by Supreme Court in the case of CIT vs Woodward Governor India (P.) Ltd. [(2009) 312 ITR 254] which states that under mercantile system of accounting what is receivable is brought into credit before its actually received. 3. Any other ground which may be raised with the permission of the Hon'ble ITAT. Nagpur.” Assessment Year – 2015–16 “1. Whether under the facts and circumstances of the case, the Ld. CIT(Appeals), Nagpur is justified in…

Inocme Tax Officer, Ward 1(5), Nagpur vs. Vidarbha Konkan Gramin Bank, Nagpur

In the result, appeals filed by the Revenue for A

ITA 4/NAG/2019[2014-15]Status: DisposedITAT Nagpur06 Dec 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke
Section 1Section 143(1)Section 36(1)(vii)Section 41(4)

…s justified in deleting the addition made on account of disallowance of deduction claimed under the head "interest accrued but not due on securities" ignoring the ratio laid down by Supreme Court in the case of CIT vs Woodward Governor India (P.) Ltd. [(2009) 312 ITR 254] which states that under mercantile system of accounting what is receivable is brought into credit before its actually received. 3. Any other ground which may be raised with the permission of the Hon'ble ITAT. Nagpur.” Assessment Year – 2015–16 “1. Whether under the facts and circumstances of the case, the Ld. CIT(Appeals), Nagpur is justified in…

ACIT., Circle-2(1), Hyderabad vs. Hsbc Electronic Data Processing Centre Private Limited, Hyderabad

The appeal of the Revenue is dismissed

ITA 347/HYD/2023[2017-18]Status: DisposedITAT Hyderabad29 Nov 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Rajan Vora, C.A. &For Respondent: : Shri Kumar Pranav, CIT-DR
Section 115Section 115JSection 143(3)Section 43A

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B’ Bench, Hyderabad BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA No.293/Hyd/2023 (निर्धारण वर्ा/Assessment Year:2017-18) M/s. HSBC Electronic Data Vs. Asst. Commissioner of Income Tax, Processing India Pvt. Ltd., Circle-2(2), Hyderabad. Hyderabad-500 081 PAN: AAACH8235M (Appellant) (Respondent) आ.अपी.सं /ITA No.347/Hyd/2023 (निर्धारण वर्ा/Assessment Year:2017-18) Asst. Commissioner of Income Tax, M/s. HSBC Electronic Data Vs. Circle-2(2), Hyderabad. Processing India Pvt. L…

Hsbc Electronic Data Processing India Private Limited, Hyderabad vs. ACIT, Circle-2(2), Hyderabad

The appeal of the Revenue is dismissed

ITA 293/HYD/2023[2017-18]Status: DisposedITAT Hyderabad29 Nov 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri Rajan Vora, C.A. &For Respondent: : Shri Kumar Pranav, CIT-DR
Section 115Section 115JSection 143(3)Section 43A

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B’ Bench, Hyderabad BEFORE SHRI VIJAY PAL RAO, VICE PRESIDENT AND SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं /ITA No.293/Hyd/2023 (निर्धारण वर्ा/Assessment Year:2017-18) M/s. HSBC Electronic Data Vs. Asst. Commissioner of Income Tax, Processing India Pvt. Ltd., Circle-2(2), Hyderabad. Hyderabad-500 081 PAN: AAACH8235M (Appellant) (Respondent) आ.अपी.सं /ITA No.347/Hyd/2023 (निर्धारण वर्ा/Assessment Year:2017-18) Asst. Commissioner of Income Tax, M/s. HSBC Electronic Data Vs. Circle-2(2), Hyderabad. Processing India Pvt. L…

M/S. Coastal Energy Private Limited Represented by Liquidator, Chennai vs. DCIT, Corporate Circle-1(2), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1366/CHNY/2023[2013-14]Status: DisposedITAT Chennai25 Oct 2024AY 2013-14

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

…, being the difference between the purchase price and the value as on the valuation date. Further, this issue is :-18-: ITA. Nos:1363 to 1366 /Chny/2023 squarely covered by the decision of Supreme Court in the case of CIT vs. Woodward Governor India (P.) Ltd: 312 ITR 254 wherein, the Apex Court dismissed the appeal filed by the Department and affirming the decision of High Court has held that: loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. 6.9 Therefore…

M/S. Coastal Energy Private Limited Represented by Liquidator, Chennai vs. DCIT, Corporate Circle-1(2), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1365/CHNY/2023[2012-13]Status: DisposedITAT Chennai25 Oct 2024AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

…, being the difference between the purchase price and the value as on the valuation date. Further, this issue is :-18-: ITA. Nos:1363 to 1366 /Chny/2023 squarely covered by the decision of Supreme Court in the case of CIT vs. Woodward Governor India (P.) Ltd: 312 ITR 254 wherein, the Apex Court dismissed the appeal filed by the Department and affirming the decision of High Court has held that: loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. 6.9 Therefore…

M/S. Coastal Energy Private Limited Represented by Liquidator, Chennai vs. DCIT, Corporate Circle-1 (2), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1364/CHNY/2023[2011-12]Status: DisposedITAT Chennai25 Oct 2024AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

…, being the difference between the purchase price and the value as on the valuation date. Further, this issue is :-18-: ITA. Nos:1363 to 1366 /Chny/2023 squarely covered by the decision of Supreme Court in the case of CIT vs. Woodward Governor India (P.) Ltd: 312 ITR 254 wherein, the Apex Court dismissed the appeal filed by the Department and affirming the decision of High Court has held that: loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. 6.9 Therefore…

Assistant Commissioner of Income Tax, Chennai vs. Coastal Energy Private Limited (Under Official Liquidator), Chennai

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

ITA 1363/CHNY/2023[2008-09]Status: DisposedITAT Chennai25 Oct 2024AY 2008-09

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

For Respondent: Shri. A. Sasikumar, CIT
Section 139(1)Section 143(3)Section 148

…, being the difference between the purchase price and the value as on the valuation date. Further, this issue is :-18-: ITA. Nos:1363 to 1366 /Chny/2023 squarely covered by the decision of Supreme Court in the case of CIT vs. Woodward Governor India (P.) Ltd: 312 ITR 254 wherein, the Apex Court dismissed the appeal filed by the Department and affirming the decision of High Court has held that: loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the balance sheet would be an item of expenditure allowable under section 37(1) in the year of accrual. 6.9 Therefore…

Assistant Commissioner of Income Tax, Circle-2(1), Hyderabad vs. Hsbc Electronic Data Processing India Pvt. Ltd., Madhapur

In the result, appeal of the Revenue is dismissed, and the appeal of the assessee is allowed in part

ITA 337/HYD/2024[2016-17]Status: DisposedITAT Hyderabad17 Oct 2024AY 2016-17

Bench: Shri K.Narasimha Chary & Shri Madhusudan Sawdiaआ.अपी.सं / Ita No.302/Hyd/2024 (निर्धारण वर्ा / Assessment Year: 2016-17) Hsbc Electronic Data Processing Vs. Assistant Commissioner Of India Pvt. Ltd., Income Tax Hyderabad Circle-2(1) [Pan : Aaach8235M] Hyderabad अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Ms.Nusrath Farheen, Ld.ARFor Respondent: Mr.Kumar Pranav, CIT-DR
Section 115Section 115JSection 143(3)Section 80G

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “B”, HYDERABAD BEFORE SHRI K.NARASIMHA CHARY, JUDICIAL MEMBER & SHRI MADHUSUDAN SAWDIA, ACCOUNTANT MEMBER आ.अपी.सं / ITA No.302/Hyd/2024 (निर्धारण वर्ा / Assessment Year: 2016-17) HSBC Electronic Data Processing Vs. Assistant Commissioner of India Pvt. Ltd., Income Tax Hyderabad Circle-2(1) [PAN : AAACH8235M] Hyderabad अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / ITA No.337/Hyd/2024 (निर्धारण वर्ा / Assessment Year: 2016-17) Assistant Commissioner of Vs. HSBC Electronic Data Processing Income Tax India Pvt.…