Cooper Corporation Pvt Ltd. v. DCIT

159 ITD 165Income Tax Appellate Tribunal2016#3870 most cited

What is Cooper Corporation Pvt Ltd. v. DCIT authority for?

The restatement of borrowings, excluding those used for importing machinery, should be allowed as a revenue reduction.

30

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2025.

Also referred to as

Cooper Corporation Pvt Ltd v DCIT · 159 ITD 165 · restatement of borrowings · revenue reduction · foreign exchange variations · section 43AA

Sections most often in play

Section 14ASection 250Section 40(a)(i)Section 131Section 132Section 143(3)Section 144CSection 147

Issues it is cited on

buyback of sharessection 43awaiver of loanretention moneysection 145(1)section 145(2)section 35(1)section 43(1)section 28(iv)section 35dsection 271(l)(c)section 14a(2)

Judgments citing Cooper Corporation Pvt Ltd. v. DCIT

ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. E I D PARRY INDIA LIMITED, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 3251/CHNY/2024[2012-13]Status: DisposedITAT Chennai21 Apr 2025AY 2012-13

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(1)Section 143(2)Section 250Section 92BSection 92C

…ed into to hedge in the course of normal business activities of import and export done to cover up losses on account of foreign exchange variations. By relying upon the order of Pune Benches of the Tribunal in the case of Cooper Corporation (P.) Ltd. v. DCIT (159 ITD 165), wherein, it has been held that restatement of borrowings, except the borrowings utilized for the purpose of importing machinery should be allowed as a revenue reduction and the same has been incorporated under section 43AA of the Act, the ld. Counsel for the assessee prayed that the Assessing Officer may be directed to decide the issue in accor…

M/S. EID PARRY INDIA LTD.,CHENNAI vs. DCIT, LTU-1,, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 3113/CHNY/2024[2014-15]Status: DisposedITAT Chennai21 Apr 2025AY 2014-15

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(1)Section 143(2)Section 250Section 92BSection 92C

…ed into to hedge in the course of normal business activities of import and export done to cover up losses on account of foreign exchange variations. By relying upon the order of Pune Benches of the Tribunal in the case of Cooper Corporation (P.) Ltd. v. DCIT (159 ITD 165), wherein, it has been held that restatement of borrowings, except the borrowings utilized for the purpose of importing machinery should be allowed as a revenue reduction and the same has been incorporated under section 43AA of the Act, the ld. Counsel for the assessee prayed that the Assessing Officer may be directed to decide the issue in accor…

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

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

ITA 1617/DEL/2023[2018-19]Status: DisposedITAT Delhi14 Aug 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Section 115JSection 145(2)Section 32Section 36Section 36(1)(iii)Section 37Section 43ASection 46ASection 80I

…eld that loss suffered by the assessee on account of foreign exchange difference as on the date of Balance Sheet is an item of expenditure u/s 37(1) of the Act. x) Assessee is also relying upon following judgements:- Cooper cooperation (P) Ltd. vs DCIT (2016) 159 ITD 165 (ITAT- Pune) DCIT vs Maddi Lakshmaiah & Co. Ltd. (2017) 166 ITD 69 (Vizag) (ITAT-Vishakhapatnam) Baby Memorial Hospital Ltd. vs ACIT Circle-1(1), Kozhikode (2019) 111 Taxmann.com 189 (ITAT-Cochin) MFAR Hotels & Resorts Ltd. vs ACIT, Circle-1(1), Kochi (2019) 105 taxmann.com 335 (ITAT-Cochin) ACIT Circle-5(1) vs KEI Industries Ltd. (2020) 12 TMI…

HINDUSTAN PETROLEUM CORP LTD,MUMBAI vs. DCIT 1(1)(2), MUMBAI

ITA 3195/MUM/2019[2014-15]Status: DisposedITAT Mumbai16 Jan 2024AY 2014-15

Bench: us. 2.

For Appellant: Shri P.J. PardiwalaFor Respondent: Shri Biswanath Das
Section 143(3)Section 14ASection 14A(2)Section 154Section 250

…of Assessing Officer for adjudication after verification of facts as averred on behalf of the Assessee and after taking into consideration the decision of the Tribunal in the case of Cooper Corporation Pvt. Ltd. Vs. Deputy Commissioner of Income Tax, Satara: 159 ITD 165. In terms of the aforesaid, Additional Ground No. 1 raised by the Assessee is allowed for statistical purposes. Additional Ground No. 2 raised by the Assessee 6. Additional Ground No. 2 raised by the Assessee does not require separate adjudication and the same is dismissed as being general in nature. Appeal by Revenue (ITA No. 3913/Mum/2019, AY 2…

EVEREST INDUSTRIES LTD.,NOIDA vs. DY CIT CIRCLE- 1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 715/MUM/2020[2008-09]Status: DisposedITAT Mumbai31 Jan 2023AY 2008-09

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…Bench of Tribunal in the other decisions including decision of Pune Bench of Tribunal in the Everest Industries Limited ITA Nos. 715, 718/M/2020, 7793, 7794/M/2020 & 1423, 1418, 654, 653/M/2020 1423, 1418, 654, 653/M/2020 case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored the matter back to the Assessing Officer for the matter back to the Assessing Officer for deciding afresh deciding afresh. The relevant finding of the relevant finding of the Tribunal (supra) is reproduced as…

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 654/MUM/2020[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…Bench of Tribunal in the other decisions including decision of Pune Bench of Tribunal in the Everest Industries Limited ITA Nos. 715, 718/M/2020, 7793, 7794/M/2020 & 1423, 1418, 654, 653/M/2020 1423, 1418, 654, 653/M/2020 case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored the matter back to the Assessing Officer for the matter back to the Assessing Officer for deciding afresh deciding afresh. The relevant finding of the relevant finding of the Tribunal (supra) is reproduced as…

DCIT CIRCLE-1 , THANE vs. M/S EVEREST INDUSTRIES LTD. , DELHI

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 653/MUM/2020[2013-14]Status: DisposedITAT Mumbai31 Jan 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…Bench of Tribunal in the other decisions including decision of Pune Bench of Tribunal in the Everest Industries Limited ITA Nos. 715, 718/M/2020, 7793, 7794/M/2020 & 1423, 1418, 654, 653/M/2020 1423, 1418, 654, 653/M/2020 case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored the matter back to the Assessing Officer for the matter back to the Assessing Officer for deciding afresh deciding afresh. The relevant finding of the relevant finding of the Tribunal (supra) is reproduced as…

DCIT, CIRCLE-1 ,, THANE vs. EVEREST INDUSTRIES LTD., MUMBAI

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 1423/MUM/2020[2008-09]Status: DisposedITAT Mumbai31 Jan 2023AY 2008-09

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…Bench of Tribunal in the other decisions including decision of Pune Bench of Tribunal in the Everest Industries Limited ITA Nos. 715, 718/M/2020, 7793, 7794/M/2020 & 1423, 1418, 654, 653/M/2020 1423, 1418, 654, 653/M/2020 case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored the matter back to the Assessing Officer for the matter back to the Assessing Officer for deciding afresh deciding afresh. The relevant finding of the relevant finding of the Tribunal (supra) is reproduced as…

EVEREST INDUSTRIES LTD, NOIDA vs. DY CIT CIRLCE-1 , THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 7794/MUM/2019[2013-14]Status: DisposedITAT Mumbai31 Jan 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…Bench of Tribunal in the other decisions including decision of Pune Bench of Tribunal in the Everest Industries Limited ITA Nos. 715, 718/M/2020, 7793, 7794/M/2020 & 1423, 1418, 654, 653/M/2020 1423, 1418, 654, 653/M/2020 case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored the matter back to the Assessing Officer for the matter back to the Assessing Officer for deciding afresh deciding afresh. The relevant finding of the relevant finding of the Tribunal (supra) is reproduced as…

EVEREST INDUSTRIES LTD,NOIDA vs. DY CIT CIRLCE-1, THANE

In the result, the In the result, the assessee and Revenue are are educated as under:

ITA 7793/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jan 2023AY 2012-13

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14 Everest Industries Limited, Dcit, Circle-1, D-206, Sector-63, Noida- Ashar I.T. Park, 6Th Floor, B- 201301, Vs. Wing, 16-Z, Wagle Industrial Uttar Pradesh Estate, Thane(W)- 400 604. Pan No. Aaace 7550 N Appellant Respondent Assessment Year: 2008-09 & Assessment Year: 2009-10 & Assessment Year: 2012-13 & Assessment Year: 2013-14

For Appellant: Mr. Yogesh Thar/
Section 115J

…Bench of Tribunal in the other decisions including decision of Pune Bench of Tribunal in the Everest Industries Limited ITA Nos. 715, 718/M/2020, 7793, 7794/M/2020 & 1423, 1418, 654, 653/M/2020 1423, 1418, 654, 653/M/2020 case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored case Cooper Corporation Ltd (2016) 159 ITD 165 Pune, restored the matter back to the Assessing Officer for the matter back to the Assessing Officer for deciding afresh deciding afresh. The relevant finding of the relevant finding of the Tribunal (supra) is reproduced as…

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S DEEPAK INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue and CO of the assessee in A

ITA 264/KOL/2020[2015-16]Status: DisposedITAT Kolkata23 Jun 2022AY 2015-16

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 143(3)Section 32(1)(iia)Section 80ISection 92C

…arrangement was facilitated by the bank and is not covered u/s 43A of the Act and the said charges are bank charges recovered by the bank from the assessee by relying on the decision of co-ordinate bench in the case of Cooper Corporation (P) Ltd. vs. DCIT in 159 ITD 165 (Pune). 19. After hearing both the parties and perusing the material on record and minutely analyzing the provisions of Section 43A, we find that an amount debited by the bank of Rs. 1,65,65,143/- as bank charges is in fact the loss on account of forex fluctuations. In our considered opinion though the assessee did not have any direct exposure o…

D.C.I.T.,CIRCLE-6(1), KOLKATA vs. M/S DEEPAK INDUSTRIES LTD., KOLKATA

In the result, the appeal of the revenue and CO of the assessee in A

ITA 263/KOL/2020[2014-15]Status: DisposedITAT Kolkata23 Jun 2022AY 2014-15

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 143(3)Section 32(1)(iia)Section 80ISection 92C

…arrangement was facilitated by the bank and is not covered u/s 43A of the Act and the said charges are bank charges recovered by the bank from the assessee by relying on the decision of co-ordinate bench in the case of Cooper Corporation (P) Ltd. vs. DCIT in 159 ITD 165 (Pune). 19. After hearing both the parties and perusing the material on record and minutely analyzing the provisions of Section 43A, we find that an amount debited by the bank of Rs. 1,65,65,143/- as bank charges is in fact the loss on account of forex fluctuations. In our considered opinion though the assessee did not have any direct exposure o…

DCIT, NEW DELHI vs. M/S. PARAMOUNT COMMUNICATION PVT. LTD., NEW DELHI

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 2288/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…s cost of the assets or repayment of money borrowed has not increased or decreased during the year. 23.2. He submitted that Section 43A has no applicability in a case such as the present one, as has been held in Cooper Corporation (P) Ltd. v. Dy. CIT (2016) 159 ITD 165 (Pune), however, the conclusion that the liability due to exchange fluctuation has not increased during the year because the assets were acquired in earlier years runs contrary to the decision of the Hon’ble Supreme Court in CIT vs Tata Iron & Steel Co. Ltd. reported in 231 ITR 285, wherein it was laid down that transaction of loans was disti…

PARAMOUNT COMMUNICATIONS LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 1378/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…s cost of the assets or repayment of money borrowed has not increased or decreased during the year. 23.2. He submitted that Section 43A has no applicability in a case such as the present one, as has been held in Cooper Corporation (P) Ltd. v. Dy. CIT (2016) 159 ITD 165 (Pune), however, the conclusion that the liability due to exchange fluctuation has not increased during the year because the assets were acquired in earlier years runs contrary to the decision of the Hon’ble Supreme Court in CIT vs Tata Iron & Steel Co. Ltd. reported in 231 ITR 285, wherein it was laid down that transaction of loans was disti…

M/S. PARAMOUNT COMMUNICTIONS LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 767/DEL/2014[2009-10]Status: DisposedITAT Delhi15 Jun 2021AY 2009-10

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…s cost of the assets or repayment of money borrowed has not increased or decreased during the year. 23.2. He submitted that Section 43A has no applicability in a case such as the present one, as has been held in Cooper Corporation (P) Ltd. v. Dy. CIT (2016) 159 ITD 165 (Pune), however, the conclusion that the liability due to exchange fluctuation has not increased during the year because the assets were acquired in earlier years runs contrary to the decision of the Hon’ble Supreme Court in CIT vs Tata Iron & Steel Co. Ltd. reported in 231 ITR 285, wherein it was laid down that transaction of loans was disti…

DCIT CORPORATE CIRCLE-2(1), CHENNAI vs. GREENSTAR FERTILIZERS LTD., CHENNAI

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

ITA 34/CHNY/2020[2012-13]Status: DisposedITAT Chennai31 Dec 2020AY 2012-13

Bench: Shri V.Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.34 & 35 /Chny/2020 ("नधा"रणवष" / Assessment Years: 2012-13 & 2013-14) The Deputy Commissioner Of Vs M/S. Green Star Fertilizers Ltd, Income Tax, No.8, Spic House, Corporate Circle-2(1), Mount Road, Guindy, Room No.511, Wanaparthy Block Chennai-600 032. Chennai-600 034. Pan: Aadcg 9451D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. B.Ramakrishnan,FCA &
Section 37Section 37(1)Section 50B

…rused the material on record and duly considered facts of the case in the light of the applicable legal position. 74. We find that the issue in appeal is squarely covered by a coordinate bench decision in the case of Cooper Corporation Pvt Ltd Vs DCIT [(2016) 159 ITD 165 (Pune)], wherein the coordinate bench, in a very well reasoned and analytical order, has, inter alia, observed as follows: 10. …. The central issue involved in the present case is whether provision for loss in the hands of assessee on account of restatement of outstanding foreign currency loans necessitated by fluctuation in foreign exchange wou…

DCIT CORPORATE CIRCLE-2(1), CHENNAI vs. GREENSTAR FERTILIZERS LTD., CHENNAI

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

ITA 35/CHNY/2020[2013-14]Status: DisposedITAT Chennai31 Dec 2020AY 2013-14

Bench: Shri V.Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.34 & 35 /Chny/2020 ("नधा"रणवष" / Assessment Years: 2012-13 & 2013-14) The Deputy Commissioner Of Vs M/S. Green Star Fertilizers Ltd, Income Tax, No.8, Spic House, Corporate Circle-2(1), Mount Road, Guindy, Room No.511, Wanaparthy Block Chennai-600 032. Chennai-600 034. Pan: Aadcg 9451D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. B.Ramakrishnan,FCA &
Section 37Section 37(1)Section 50B

…rused the material on record and duly considered facts of the case in the light of the applicable legal position. 74. We find that the issue in appeal is squarely covered by a coordinate bench decision in the case of Cooper Corporation Pvt Ltd Vs DCIT [(2016) 159 ITD 165 (Pune)], wherein the coordinate bench, in a very well reasoned and analytical order, has, inter alia, observed as follows: 10. …. The central issue involved in the present case is whether provision for loss in the hands of assessee on account of restatement of outstanding foreign currency loans necessitated by fluctuation in foreign exchange wou…

M/S. KEI INDUSTRIES LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, Ground No.3

ITA 528/DEL/2016[2012-13]Status: DisposedITAT Delhi03 Dec 2020AY 2012-13

Bench: Shri Bhavnesh Saini, J.M. & Shri Anil Chaturvedi, A.M.

For Appellant: Shri Satyan Sethi, AdvocateFor Respondent: Ms. Parul Singh, Sr. D.R

…to the fact when the assets are acquired from a Country outside India and that it does not apply to acquisition of indigenous assets. Learned Counsel for the Assessee relied upon the following decisions : 9.6.1. Cooper Corporation (P) Ltd., vs., DCIT [2016] 159 ITD 165 (Pune) in which it was held as under : “A bare reading of the aforesaid provision of Section 43A, which opens with a non obstante and overriding clause, would show that it comes into play only when the assets are acquired from a country outside India and does not apply to acquisition of indigenous assets. Another notable feature is that S.43A pr…

ACIT, NEW DELHI vs. M/S. K.E.I. INDUSTRIES LTD., NEW DELHI

In the result, Ground No.3

ITA 1433/DEL/2014[2009-10]Status: DisposedITAT Delhi03 Dec 2020AY 2009-10

Bench: Shri Bhavnesh Saini, J.M. & Shri Anil Chaturvedi, A.M.

For Appellant: Shri Satyan Sethi, AdvocateFor Respondent: Ms. Parul Singh, Sr. D.R

…to the fact when the assets are acquired from a Country outside India and that it does not apply to acquisition of indigenous assets. Learned Counsel for the Assessee relied upon the following decisions : 9.6.1. Cooper Corporation (P) Ltd., vs., DCIT [2016] 159 ITD 165 (Pune) in which it was held as under : “A bare reading of the aforesaid provision of Section 43A, which opens with a non obstante and overriding clause, would show that it comes into play only when the assets are acquired from a country outside India and does not apply to acquisition of indigenous assets. Another notable feature is that S.43A pr…

M/S. HIMADRI CHEMICALS & INDUSTRIES LTD., [NOW KNOWN AS HIMADRI SPECIALITY CHEMICAL LTD.,],KOLKATA vs. PR.CIT, CENTRAL - 1, KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

ITA 813/KOL/2018[2012-13]Status: DisposedITAT Kolkata05 Sept 2018AY 2012-13

Bench: Hon’Ble Shri S.S. Godara, Jm & Shri M.Balaganesh, Am ] I.T.A No. 813/Kol/2018 Assessment Year : 2012-13 M/S Himadri Chemicals & Industries Ltd. -Vs- Pr. Cit, Circle-1, Kolkata (Now Known As Himadri Speciality Chemical Ltd) [Pan: Aaach 7475 H] (Appellant) (Respondent)

For Appellant: Shri Ravi Tulsiyan, FCAFor Respondent: Shri Md. Usman, CIT DR
Section 115JSection 143(3)Section 14ASection 263

…ion of fact which does not exist in the materials available on record. 6.4. In any case, we find that this issue has been the subject matter of adjudication by the co-ordinate bench of Pune Tribunal in the case of Cooper Corporation P Ltd vs DCIT reported in 159 ITD 165 (Pune Trib.) and by the co-ordinate bench of Chennai Tribunal in the case of Hyundai Motor India Limited in ITA Nos. 853/Chny/2014 and 563/Chny/2015; ITA Nos. 739/Chny/2014 and 614/Chny/2015 ; ITA No. 842/Chny/2016 ; ITA No. 761/Chny/2016 ; CO No. 73/Chny/2016 dated 27.4.2017 for Asst Years 2009-10 , 2010-11 and 2011-12. Admittedly, these two ord…

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Cooper Corporation Pvt Ltd. v. DCIT (159 ITD 165) — Cited in 30 Judgments | BharatTax