Cooper Corporation Pvt Ltd. v. DCIT

Egger Pumps India Pvt Ltd., Coimbatore vs. ITO, Coimbatore

In the result, the appeal of the assessee is dismissed

Bench: Shri Chandra Poojari

…previous years was taken to be on the revenue side, hence it is implied that the revenue accepted that the foreign exchange amounts amounted to income and proceeded to deal with it as such.” 2. in the case of Cooper Corporation (P.) Ltd. vs. DCIT reported in 159 ITD 165 (ITAT Pune Tribunal) wherein held that:- “In absence of applicability of section 43A to facts of case and in absence of any other provision of IT Act dealing with issue, claim of exchange fluctuation loss in revenue account by Assessee in accordance with generally accepted accounting practices and mandatory accounting standards notified by ICAI a…

Leo Fasteners, Pondicherry vs. DCIT, Pondicherry

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

…ssee has offered the same for taxation. For the first time, the Assessing Officer disallowed the claim of the assessee on the ground that there was a loss. Referring to the decision of Pune Bench of this Tribunal in Cooper Corporation (P.) Ltd. v. DCIT (2016) 159 ITD 165, the Ld. Sr. counsel submitted that in the case before the Pune Bench, the assessee, a private limited company, is engaged in foundry business, besides generation of electricity through windmills. The assessee claimed deduction of ` 1,39,98,948/- on account of devaluation of Indian currency qua foreign currency on outstanding foreign currency l…

DCIT, Chennai vs. Hyundai Motors India Ltd., Kancheepuram

In the result, while CO of the assessee is dismissed, all the three appeals filed by the assessee are partly allowed in the terms indicated above, all the three appeals filed by the revenue are dis...

…used 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, Chennai vs. Hyundai Motor India Ltd., Kancheepuram

In the result, while CO of the assessee is dismissed, all the three appeals filed by the assessee are partly allowed in the terms indicated above, all the three appeals filed by the revenue are dis...

…used 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…

Hyundai Motor India Limited, Kancheepuram vs. DCIT, Chennai

In the result, while CO of the assessee is dismissed, all the three appeals filed by the assessee are partly allowed in the terms indicated above, all the three appeals filed by the revenue are dis...

…used 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…

Hyundai Motor India Limited, Kancheepuram vs. DCIT, Chennai

In the result, while CO of the assessee is dismissed, all the three appeals filed by the assessee are partly allowed in the terms indicated above, all the three appeals filed by the revenue are dis...

…used 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, Chennai vs. Hyundai Motor India Limited, Kancheepuram

In the result, while CO of the assessee is dismissed, all the three appeals filed by the assessee are partly allowed in the terms indicated above, all the three appeals filed by the revenue are dis...

…used 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…