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.

Titan Company Limited 9Earstwhile Known As Titan Industries Limited), Krishnagiri vs. ACIT Ltu 1, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 507/CHNY/2018[2012-13]Status: DisposedITAT Chennai29 May 2024AY 2012-13

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘डी’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी अिमताभ शु"ला, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 518, 505, 506 & 507/CHNY/2018 िनधा"रण वष"/Assessment Years:2009-10, 2010-11, 2011-12 & 2012-13 Titan Company Ltd., 1. The Assistant (Erstwhile known as Titan Vs. Commissioner of Income Tax, Industries Ltd.,) Circle III(2), #3, SIPCOT Indl. Complex, Chennai. Hosur, Krishnagiri – 635 126. 2. The Joint / Assistant Commissioner of Income Tax, Large Taxpayer…

Titan Company Limited 9Earstwhile Known As Titan Industries Limited), Krishnagiri vs. ACIT Ltu 1, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 506/CHNY/2018[2011-12]Status: DisposedITAT Chennai29 May 2024AY 2011-12

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘डी’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी अिमताभ शु"ला, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 518, 505, 506 & 507/CHNY/2018 िनधा"रण वष"/Assessment Years:2009-10, 2010-11, 2011-12 & 2012-13 Titan Company Ltd., 1. The Assistant (Erstwhile known as Titan Vs. Commissioner of Income Tax, Industries Ltd.,) Circle III(2), #3, SIPCOT Indl. Complex, Chennai. Hosur, Krishnagiri – 635 126. 2. The Joint / Assistant Commissioner of Income Tax, Large Taxpayer…

Titan Company Limited 9Earstwhile Known As Titan Industries Limited), Krishnagiri vs. ACIT Ltu 1, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 505/CHNY/2018[2010-11]Status: DisposedITAT Chennai29 May 2024AY 2010-11

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

…आयकर अपीलीय अिधकरण,‘डी’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘D’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी अिमताभ शु"ला, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.: 518, 505, 506 & 507/CHNY/2018 िनधा"रण वष"/Assessment Years:2009-10, 2010-11, 2011-12 & 2012-13 Titan Company Ltd., 1. The Assistant (Erstwhile known as Titan Vs. Commissioner of Income Tax, Industries Ltd.,) Circle III(2), #3, SIPCOT Indl. Complex, Chennai. Hosur, Krishnagiri – 635 126. 2. The Joint / Assistant Commissioner of Income Tax, Large Taxpayer…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1223/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…e absence of any provisions to the contrary, the accounting standards have to be mandatorily followed for ensuring that the books are prepared according to the established accounting principles. The Apex Court in CIT vs. Woodward Governor India (P) Ltd[(2009) 312 ITR 254/2009-TIOL-50-SC-IT] mentioned that ".... profits for income tax purposes are to be computed in accordance with the ordinary principles of commercial accounting, unless such principles stand superseded or modified by legislative enactments. I agree with the submission of the AR in the matter. In view of above, the assessing officer is directed to…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1222/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…e absence of any provisions to the contrary, the accounting standards have to be mandatorily followed for ensuring that the books are prepared according to the established accounting principles. The Apex Court in CIT vs. Woodward Governor India (P) Ltd[(2009) 312 ITR 254/2009-TIOL-50-SC-IT] mentioned that ".... profits for income tax purposes are to be computed in accordance with the ordinary principles of commercial accounting, unless such principles stand superseded or modified by legislative enactments. I agree with the submission of the AR in the matter. In view of above, the assessing officer is directed to…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1166/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…e absence of any provisions to the contrary, the accounting standards have to be mandatorily followed for ensuring that the books are prepared according to the established accounting principles. The Apex Court in CIT vs. Woodward Governor India (P) Ltd[(2009) 312 ITR 254/2009-TIOL-50-SC-IT] mentioned that ".... profits for income tax purposes are to be computed in accordance with the ordinary principles of commercial accounting, unless such principles stand superseded or modified by legislative enactments. I agree with the submission of the AR in the matter. In view of above, the assessing officer is directed to…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1068/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…e absence of any provisions to the contrary, the accounting standards have to be mandatorily followed for ensuring that the books are prepared according to the established accounting principles. The Apex Court in CIT vs. Woodward Governor India (P) Ltd[(2009) 312 ITR 254/2009-TIOL-50-SC-IT] mentioned that ".... profits for income tax purposes are to be computed in accordance with the ordinary principles of commercial accounting, unless such principles stand superseded or modified by legislative enactments. I agree with the submission of the AR in the matter. In view of above, the assessing officer is directed to…

DCIT, New Delhi vs. M/S. J.K. Technosoft Ltd., New Delhi

In the result, the Appeal of the Revenue in ITA No

ITA 6160/DEL/2016[2009-10]Status: DisposedITAT Delhi30 Apr 2024AY 2009-10

Bench: Sh. Pradip Kumar Kedia & Sh. Yogesh Kumar U.S.Dcit Vs. J. K. Techno Soft Ltd. Circle 13(2) A-2, Shopping Complex, C. R. Building Masjid Moth, Greater New Delhi Kailsah Part-Ii New Delhi Pan: Aaacj0381L Appellant Respondent Assessee By Shri Neeraj Jain, Adv & Sh. Himanshu Goel, Ca Revenue By Shri Rajesh Mahajan, Sr. Dr Date Of Hearing 18/04/2024 Date Of Pronouncement 30/04/2024 Order

Section 115J

…it is a contingent and un-crystallized loss. Thus, the same was not allowed. 8.2 The appellant has relied upon various decisions wherein the same issue was discussed and decided. It has been stated that in the case of CIT vs. Woodward Governor India P. Ltd. 312 ITR 254, the Hon'ble Supreme Court has elaborately discussed this issue and held that loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the date balance sheet would be allowable as expenditure under section 37(1) of the Act, in the year of accrual. The appellant has also mentioned the decision of Hon'…

Ups Jetair Express Private Limited, Mumbai vs. ACIT - 11(1)(2), Mumbai

Appeal are dismissed, the ground no

ITA 1622/MUM/2015[2010-11]Status: DisposedITAT Mumbai08 Apr 2024AY 2010-11

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआ.अ.सं.1622/मुं/2015 (नि.व. 2010-11)

For Appellant: Shri Nitesh Joshi, AdvocateFor Respondent: Shri Rignesh Das, Sr. DR
Section 144C(1)Section 234BSection 32Section 40

…CIT Vs. Rampgreen Solutions Pvt. Ltd. (supra) has held that foreign exchange fluctuation losses are part of operating expenses and to hold so, the Hon'ble High Court in turn placed reliance on the decision in case of CIT Vs. Woodward Governor India Pvt. Ltd. [312 ITR 254(SC)]. We find no merits in ground no.1 of appeal hence, the same is dismissed. 17. In ground no.2 of appeal, the Revenue has assailed the findings of DRP with respect to excess provisions written back. The ld. DR submits that provisions written back is not part of operating income. 18. Per contra, the Ld. Counsel placed reliance on decision in ca…

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

In the result, the appeal of the assessee in ITA No

ITA 4081/DEL/2010[2003-04]Status: PendingITAT Delhi12 Mar 2024AY 2003-04

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Rajesh Kumar, CIT-DR

…256 ITR 1 confirmed by SC in 320 ITR 561 f) CIT v Vinitec Corpn. (P) Ltd.: 278 ITR 337 (Delhi) g) National Mineral Development Corporation Ltd. v. JCIT : 98 ITD 278 (Hyd. ITAT) The Hon’ble Supreme Court in the case of CIT v. Woodward Governor India (P) Ltd. 312 ITR 254 has held that:- g) “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 act…

Concentrix Daksh Services India Pvt. Ltd., Gurgaon vs. ACIT, Circle-4(2), New Delhi

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

ITA 485/DEL/2021[2016-17]Status: DisposedITAT Delhi05 Mar 2024AY 2016-17

Bench: Sh. Saktijit Dey, Vice-Dr. B. R. R. Kumar

For Appellant: Sh. Ankul Goyal, AdvFor Respondent: Sh. Rajesh Kumar, CIT(DR)
Section 143(3)Section 92C

…re to be taken as correct, unless there are strong and sufficient reasons to indicate that they are unreliable. 3.5 Reliance in this regard is placed, amongst others, on the Supreme Court decision in the case of CIT vs. Woodward Governor India (P) Ltd (2009J 312 ITR 254. Therefore, there cannot be any case for the learned AO to re-allocate direct expenses which are specifically related to and incurred in relation to the identified units and are confirmed/ certified by the statutory auditor. 3.6 The indirect expenses/ common costs have been consistently allocated on turnover basis, which has been duly accepted b…

Asst CIT (Ltu) 1, Mumbai vs. Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1248/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…n consonance with the accounting standards while assessing taxable income if there is no explicit & contrary provision in the income-tax laws. We note that this principle was reiterated by the Supreme Court in the case of CIT v. Woodword Governor (P) L (20091 312 ITR 254/179 Taxman 326 wherein it was held that the profits for income-tax purpose are to be computed in accordance with ordinary principles of commercial accounting unless such principles stand superseded or modified by legislative enactments concerning assessment of total income. Applying the ratio laid down by the Supreme Court in the above cited judg…

Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1065/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…n consonance with the accounting standards while assessing taxable income if there is no explicit & contrary provision in the income-tax laws. We note that this principle was reiterated by the Supreme Court in the case of CIT v. Woodword Governor (P) L (20091 312 ITR 254/179 Taxman 326 wherein it was held that the profits for income-tax purpose are to be computed in accordance with ordinary principles of commercial accounting unless such principles stand superseded or modified by legislative enactments concerning assessment of total income. Applying the ratio laid down by the Supreme Court in the above cited judg…

Deputy Commissioner of Income Tax, Central Circle -3(2), Mumbai vs. Viraj Profiles Private Limited, Mumbai

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

ITA 2164/MUM/2023[2020-21]Status: DisposedITAT Mumbai20 Dec 2023AY 2020-21

Bench: Shri Narender Kumar Choudhry, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleviraj Profiles Pvt Ltd V. Dy. Cit - Central Circle- 3(2) (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building Jn Of Andheri Kurla Road Nariman Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Dy. Cit - Central Circle- 3(2) V. Viraj Profiles Pvt Ltd (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building, Nariman Jn Of Andheri Kurla Road Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Assessee Represented By : Shri. Mani Jain Department Represented By : Shri. Ujjawal Kumar Chavan

Section 250Section 37Section 80G

…ome tax is claimed as deduction. The same principle is applicable for HTM securities by the bank which requires different account treatment as per Banking Regulation Act/RBI Guidelines and as per Income Tax Act. The case of M/s Woodward Governor India Pvt Ltd 312 ITR 254 was decided on April 2009. CBDT issued circular 03/2010 on 23/03/2010. The circular clarifies the revenue implication transaction involving Mark to Market Losses. This does not conflict or overrides the accounting standards as assessee can keep on maintaining books accordingly. The circular had limited and specific purposes of treatment of such l…

Viraj Profiles Private Limited, Mumbai vs. Dy. Commissioner of Income Tax, Central Circle-3(2), Mumbai

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

ITA 1213/MUM/2023[2020-21]Status: DisposedITAT Mumbai20 Dec 2023AY 2020-21

Bench: Shri Narender Kumar Choudhry, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleviraj Profiles Pvt Ltd V. Dy. Cit - Central Circle- 3(2) (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building Jn Of Andheri Kurla Road Nariman Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Dy. Cit - Central Circle- 3(2) V. Viraj Profiles Pvt Ltd (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building, Nariman Jn Of Andheri Kurla Road Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Assessee Represented By : Shri. Mani Jain Department Represented By : Shri. Ujjawal Kumar Chavan

Section 250Section 37Section 80G

…ome tax is claimed as deduction. The same principle is applicable for HTM securities by the bank which requires different account treatment as per Banking Regulation Act/RBI Guidelines and as per Income Tax Act. The case of M/s Woodward Governor India Pvt Ltd 312 ITR 254 was decided on April 2009. CBDT issued circular 03/2010 on 23/03/2010. The circular clarifies the revenue implication transaction involving Mark to Market Losses. This does not conflict or overrides the accounting standards as assessee can keep on maintaining books accordingly. The circular had limited and specific purposes of treatment of such l…

Indiabullas Housing Finance Limited, Mumbai vs. DCIT, Central Circle-6(4), Mumbai

ITA 821/MUM/2023[2018-2019]Status: DisposedITAT Mumbai18 Dec 2023AY 2018-2019
For Appellant: Shri K. Gopal &For Respondent: Shri Rakesh Garg
Section 143(1)Section 143(3)Section 14ASection 37(1)

…by the tribunal in paragraphs 9.2.7 to 9.2.8 of the tribunal and reliance has been placed on decisions in 'Madras Industrial Investment Corpn. Ltd. v. CIT [1997] 91 Taxman 340/225 ITR 802 (SC), CIT v. Woodward Governor (India) (P.) Ltd., [2009] 179 Taxman 326/312 ITR 254 (SC). It is also urged that discount on issue of ESOPs is only a form of compensation paid to the employee and if not a short capital receipt. It is also urged that deduction of discount on ESOP over the vesting period is in accordance with the accounting in the books of account, which were prepared in Securities and Exchange Board of India (Empl…

DCIT, Circle- 27(1), New Delhi vs. Ufo Moviez India Ltd., New Delhi

The appeal of the Revenue is dismissed and that of the assessee is allowed

ITA 3728/DEL/2018[2013-14]Status: DisposedITAT Delhi11 Dec 2023AY 2013-14

Bench: Shri N.K.Billaiya & Shri Anubhav Sharmadcit, Vs. Ufo Moviez India Ltd. Circle-27(1), 1-B, Sagar Apartments, New Delhi 6, Tilak Marg, New Delhi-110001 Pan : Aabcv8900E Ufo Moviez India Ltd. Vs. Dcit, 1-B, Sagar Apartments, Circle-27(1), 6, Tilak Marg, New Delhi New Delhi-110001 Pan : Aabcv8900E (Appellants) (Respondents) Appellant By : Shri Vishal Kalra, Adv., Shri Ankit Sahni, Adv. & Shri Yishu Goel, Ar Revenue By : Shri Vivek Kumar Upadhyay, Sr. Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 11.12.2023 Order

For Appellant: Shri Vishal Kalra, AdvFor Respondent: Shri Vivek Kumar Upadhyay, Sr. DR
Section 115BSection 115JSection 143(3)Section 14ASection 15JSection 36(1)(va)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI (DELHI BENCH: ‘B’ : NEW DELHI) BEFORE SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER DCIT, Vs. UFO Moviez India Ltd. Circle-27(1), 1-B, Sagar Apartments, New Delhi 6, Tilak Marg, New Delhi-110001 PAN : AABCV8900E UFO Moviez India Ltd. Vs. DCIT, 1-B, Sagar Apartments, Circle-27(1), 6, Tilak Marg, New Delhi New Delhi-110001 PAN : AABCV8900E (APPELLANTS) (RESPONDENTS) Appellant by : Shri Vishal Kalra, Adv., Shri Ankit Sahni, Adv. & Shri Yishu Goel, AR Revenue by : Shri Vivek Kumar Upadhyay, Sr. DR Date of hearing: 13.09.2023 Date of Pro…

Ufo Moviez India Ltd., Mumbai vs. Addl.CIT-27(1), New Delhi

The appeal of the Revenue is dismissed and that of the assessee is allowed

ITA 1942/DEL/2018[2013-14]Status: DisposedITAT Delhi11 Dec 2023AY 2013-14

Bench: Shri N.K.Billaiya & Shri Anubhav Sharmadcit, Vs. Ufo Moviez India Ltd. Circle-27(1), 1-B, Sagar Apartments, New Delhi 6, Tilak Marg, New Delhi-110001 Pan : Aabcv8900E Ufo Moviez India Ltd. Vs. Dcit, 1-B, Sagar Apartments, Circle-27(1), 6, Tilak Marg, New Delhi New Delhi-110001 Pan : Aabcv8900E (Appellants) (Respondents) Appellant By : Shri Vishal Kalra, Adv., Shri Ankit Sahni, Adv. & Shri Yishu Goel, Ar Revenue By : Shri Vivek Kumar Upadhyay, Sr. Dr Date Of Hearing: 13.09.2023 Date Of Pronouncement: 11.12.2023 Order

For Appellant: Shri Vishal Kalra, AdvFor Respondent: Shri Vivek Kumar Upadhyay, Sr. DR
Section 115BSection 115JSection 143(3)Section 14ASection 15JSection 36(1)(va)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI (DELHI BENCH: ‘B’ : NEW DELHI) BEFORE SHRI N.K.BILLAIYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER DCIT, Vs. UFO Moviez India Ltd. Circle-27(1), 1-B, Sagar Apartments, New Delhi 6, Tilak Marg, New Delhi-110001 PAN : AABCV8900E UFO Moviez India Ltd. Vs. DCIT, 1-B, Sagar Apartments, Circle-27(1), 6, Tilak Marg, New Delhi New Delhi-110001 PAN : AABCV8900E (APPELLANTS) (RESPONDENTS) Appellant by : Shri Vishal Kalra, Adv., Shri Ankit Sahni, Adv. & Shri Yishu Goel, AR Revenue by : Shri Vivek Kumar Upadhyay, Sr. DR Date of hearing: 13.09.2023 Date of Pro…

Dy.CIT -5(2)(1), Mumbai vs. M/S. Kec International Ltd, Mumbai

In the result appeal filed by the assessee is partly allowed and appeal of the learned assessing officer is dismissed

ITA 1883/MUM/2022[2014-15]Status: DisposedITAT Mumbai04 Dec 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Dy. Commissioner Of Income Kec International Ltd. Tax 463, Rpg House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5Th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aacck5599H Dy. Commissioner Of Income Kec International Ltd. Tax 463, Rpg House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5Th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Assessee By : Shri Vijay Mehta, Ar Revenue By : Shri Akhtar Hussain Ansari, Dr Date Of Hearing: 07.09.2023 Date Of Pronouncement : 04.12.2023

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri Akhtar Hussain Ansari, DR
Section 115JSection 143(3)Section 147(3)Section 14ASection 92BSection 92F

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM Dy. Commissioner of Income KEC International Ltd. Tax 463, RPG House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. road, Mumbai-400 020 (Appellant) (Respondent) PAN No. AACCK5599H Dy. Commissioner of Income KEC International Ltd. Tax 463, RPG House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. road, Mumbai-400 020 (Appellant) (Respondent) Assessee by : Shri Vijay Mehta, AR Revenue by : Shri Akhtar…

Kec International Ltd, Mumbai vs. Deputy Commissioner of Income Tax, Mumbai

In the result appeal filed by the assessee is partly allowed and appeal of the learned assessing officer is dismissed

ITA 1852/MUM/2022[2014-15]Status: DisposedITAT Mumbai04 Dec 2023AY 2014-15

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Dy. Commissioner Of Income Kec International Ltd. Tax 463, Rpg House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5Th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aacck5599H Dy. Commissioner Of Income Kec International Ltd. Tax 463, Rpg House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5Th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Assessee By : Shri Vijay Mehta, Ar Revenue By : Shri Akhtar Hussain Ansari, Dr Date Of Hearing: 07.09.2023 Date Of Pronouncement : 04.12.2023

For Appellant: Shri Vijay Mehta, ARFor Respondent: Shri Akhtar Hussain Ansari, DR
Section 115JSection 143(3)Section 147(3)Section 14ASection 92BSection 92F

…IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS. KAVITHA RAJAGOPAL, JM Dy. Commissioner of Income KEC International Ltd. Tax 463, RPG House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. road, Mumbai-400 020 (Appellant) (Respondent) PAN No. AACCK5599H Dy. Commissioner of Income KEC International Ltd. Tax 463, RPG House, Circle 5(2)(1) Dr. Annie Besant Road, Vs. 5th Floor, Aaykar Bhavan, Worli, Mumbai-400 030 M.K. road, Mumbai-400 020 (Appellant) (Respondent) Assessee by : Shri Vijay Mehta, AR Revenue by : Shri Akhtar…