DCIT v. Bank of Bahrain & Kuwait

JCIT 16(3), Mumbai vs. Shree Ramkrishna Export, Mumbai

In the result, the appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…d by ICAI, at year end at the prevailing exchange rates as on year end. The assessee submitted that the assessee is following this accounting practice consistently . The assessee has relied upon the following decisions : (i) DCIT vs. Bank of Bahrain & Kuwait 132 TTJ 505 (Mumbai)(SB) (ii) Woodward Governor India (P) Ltd. 312 ITR 254(SC) (iii) ONGC 322 ITR 180(SC) (iv) Badridas Gauridu (P) Ltd. 261 ITR 256 (v) Soorajmul Nagarmull 129 ITR 169 (Cal.) The A.O. considered the submissions of the assessee and observed that the assessee has entered into forward foreign exchange contracts , which are outstanding as at t…

Shree Ramkrishna Export, Mumbai vs. Jtcit 16(3), Mumbai

In the result, the appeal filed by the assessee in ITA No

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7311/Mum/2012 ("नधा"रण वष" / Assessment Year : 2009-10) M/S Shree Ramkrishna The Jt. Commissioner Of बनाम/ Exports Pvt. Ltd., Income Tax – 16(3), V. (Earlier Shree Ramkrishna Matru Mandir, Exports) Mumbai – 400 007. Ee 6011, Bharat Diamond Bourse, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400 005. "थायी लेखा सं./Pan : Earlier Pan Aaafs6758D (Now Pan Aarcs2442Q) .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…d by ICAI, at year end at the prevailing exchange rates as on year end. The assessee submitted that the assessee is following this accounting practice consistently . The assessee has relied upon the following decisions : (i) DCIT vs. Bank of Bahrain & Kuwait 132 TTJ 505 (Mumbai)(SB) (ii) Woodward Governor India (P) Ltd. 312 ITR 254(SC) (iii) ONGC 322 ITR 180(SC) (iv) Badridas Gauridu (P) Ltd. 261 ITR 256 (v) Soorajmul Nagarmull 129 ITR 169 (Cal.) The A.O. considered the submissions of the assessee and observed that the assessee has entered into forward foreign exchange contracts , which are outstanding as at t…

Asst CIT 16(3), Mumbai vs. K.P. Sanghvi & Sons, Mumbai

In the result, the appeal of the revenue is dismissed

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Asst. Commissioner Of Vs. M/S K P Sanghvi & Sons, Income Tax -16(3), Matru 1301, Prasad Chambers, Mandir, Tardeo Road, Operahouse,Mumbai-4 Mumbai-400007 Pan:Aaafk8390F .. Appellant Respondent Appellant By .. Sri R P Meena Respondent By .. Sri K Shivram Date Of Hearing .. 29-09-2016 Date Of Pronouncement .. 29 -09- 2016 O R D E R Per Mahavir Singh, Jm: This Appeal By The Revenue Is Arising Out Of The Order Of The Cit (Appeals)-27, Mumbai In Appeal No.Cit(A)-27/Ac-16(3)/135/13-14 Dated 22.4.2014. Assessment Was Framed By The Acit- Circle 16(3), Mumbai For The Assessment Year 2009-10 Vide His Order Dated 28.3.2013 U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter “The Act”).

…appellant’s Governor India (I) P case claim is allowed Ltd. 13 Dy.CIT (International Held that, the loss Applicable to the taxation) V/s Bank of incurred by the assessee appellant on the basis of Baharain and Kuwait on account of evaluation same facts. (2010) 41 SOT 290 of the contracts on the (Mum) last day of the accounting year, ie. Before the date of maturity of the Forward contract, is allowable deduction, which exactly matches with this case. 14 Only the timing of The unmatured contracts The unmatured contracts taxation of profit / at the year end, forwards at the year end, forward loss contracts value date…

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

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) :

…d in favour of assessee by different judicial pronouncements as mentioned above and the CIT9A) has also passed order while following the decision of Oil and Natural Gas Corpn. Ltd. vs. CIT (2010) 322 ITR 180 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). 20.3 Order passed by CIT(A) are judicious and well reasoned therefore we see no reason to interfere or deviate hence we upheld the orders of CIT(A) and dismissed this ground of appeal. 20.4 Since the assessee has submitted that the additional grounds raised in view of amendment in Finance Act, 1999 and as per amended provisions of se…

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

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) :

…d in favour of assessee by different judicial pronouncements as mentioned above and the CIT9A) has also passed order while following the decision of Oil and Natural Gas Corpn. Ltd. vs. CIT (2010) 322 ITR 180 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). 20.3 Order passed by CIT(A) are judicious and well reasoned therefore we see no reason to interfere or deviate hence we upheld the orders of CIT(A) and dismissed this ground of appeal. 20.4 Since the assessee has submitted that the additional grounds raised in view of amendment in Finance Act, 1999 and as per amended provisions of se…

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

In the result the appeal of the revenue is dismissed

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) ..

…his appeal stands covered in favour of the assessee by the decision of Hon’ble Apex Court in the case of Woodward Governor India P Ltd (2009) 312 ITR 254, ONGC Limited (322 ITR 180(SC), Special Bench of the Tribunal in the case of Bank of Baharain and Kuwait (41 SOT 29) Mum (SB) and also by the following decisions: a) Osia Diamonds(Gems) - 2163/M/2013 b) Venus Jewels - 7328/7329/Mum/2013; c) Raj Gems -ITA No.4486/M/2012; d) D Chetan & Co. ITA No.4456/M/2012 ; e) Sutariaya Gems Private Limited -ITA No. 3361/M/2013; f) Munjani Bras. ITA No.7628/M/2011; g) Munjani Bras -ITA No.6065/M/2012; h) Gandhi Enterprises -ITA…

ADIT (It)-3(2), Mumbai vs. M/S. Barclays Bank Plc., Mumbai

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.2050/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.1728/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4654/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4668/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacb 4876G .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…guarantee had actually given or whether to be spread over for the period for which guarantee was given and fairly submits that this issue is decided against the assessee by the Special Bench, Mumbai in the case of DCIT Vs Bank of Bahrain & Kuwait reported in 41 SOT 290. 15. We have perused the decision of the Special Bench in the case of Bank of Bahrain & Kuwait (supra) and find that the issue has been decided against the assessee holding that the guarantee commission received by the assessee is to be taxed in the year in which the guarantee had actually been given irrespective of the period for which it was spr…

M/S. Barclays Bank Plc, Mumbai vs. DDIT (I.T) - 3(2), Mumbai

Bench: Shri Rajendra & Shri C.N. Prasadआयकर अपील सं /I.Ta No.2050/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.1728/Mum/2007 ("नधा"रण वष" / Assessment Year: 2002-03 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4654/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 The Adit(It)-3(2), Barclays Bank Plc, बनाम/ Scindia House, 21/23, Maker Chambers-Vi, Vs. N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 आयकर अपील सं /I.Ta No.4668/Mum/2007 ("नधा"रण वष" / Assessment Year: 2003-04 Barclays Bank Plc, The Adit(It)-3(2), बनाम/ 21/23, Maker Chambers- Scindia House, Vs. Vi, N.M. Road, Nariman Point, Mumbai-400 038 Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacb 4876G .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…guarantee had actually given or whether to be spread over for the period for which guarantee was given and fairly submits that this issue is decided against the assessee by the Special Bench, Mumbai in the case of DCIT Vs Bank of Bahrain & Kuwait reported in 41 SOT 290. 15. We have perused the decision of the Special Bench in the case of Bank of Bahrain & Kuwait (supra) and find that the issue has been decided against the assessee holding that the guarantee commission received by the assessee is to be taxed in the year in which the guarantee had actually been given irrespective of the period for which it was spr…

Asst CIT 16(3), Mumbai vs. Gem Star Company, Mumbai

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

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2009-10 Acit Cit 16(3), Gem Star Company, 2Nd Floor, Matru Mandir, 108 Mehta Bhavan बनाम/ Tardeo Rd. 311, Rmm Roy Rd, Vs. Mumbai-400007 Opera House, Mumbai (Revenue) (Revenue) P.A. No.Aaafg1178M Revenue By Shri A. Ramachandran (Dr) Respondent By Shri B.B. Jokhakar (Ar)

…te difference should be allowed to the assessee. It is further noted by us that similar view has been taken in various other judgments which have been discussed in detail and relied upon by the Ld. CIT(A) in its order viz: i. DCIT vs. Bank of Bahrain & Kuwait 41 SOT 290 ii. Bharat Earth Movers Ltd.245 ITR 428(SC) iii. ONGC vs. CIT, Dehradun 322 ITR 180(SC) iv. Rusabh Diamonds v. ACIT 34 taxmann.com 160 (Mumbai-Trib.) 3.6. It is further noted by us that after discussing the facts of the case and entire law, the Ld. CIT(A) has given detailed reasoning to decide this issue in favour of the assessee, the relevant ob…

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG 3(1)

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri D.Karunakara Rao & Shri Pawan Singhassessment Year: 1999-2000 Gujarat Ambuja Cements Limited, Dcit Range 3(1), 122, Maker Chambers, Iii, Aayakar Bhavan, M.K. Road, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent) Assessment Year: 1999-2000 Dcit Range 3(1), Gujarat Ambuja Cements Limited, Aayakar Bhavan, M.K. Road, 122, Maker Chambers, Iii, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent)

…see further argued that this issue (ground) is squarely covered in favour of assessee by the decision of CIT vs. Woodward Governor (I). Pvt. Ltd. 312 ITR 254, Oil and Natural Gas Corporation vs. CIT 322 ITR 18 (SC) and DCIT vs. Bank of Bahrain & Kuwait (2010) 41 SOT 290 (Mum) (SB). In case of Oil and Natural Gas Corporation(supra) the Hon’ble Apex Court has held as under: “Loss on account of fluctuation in the rate of foreign exchange as on the date of balance sheet in respect of loans taken for revenue purposes is allowable as expenditure u/s.37(1), notwithstanding the fact that liability has not been discharged…

Asst CIT 16(3), Mumbai vs. Navin Mehta & Co, Mumbai

In the result, appeal of revenue is dismissed

Bench: Shri R.C. Sharma, Am & Shri Mahavir Singh, Jm Assistant Commissioner Of Income Vs. Navin Mehta & Co. Tax-16(3), Mumbai 1602/A, Panchratna Opera Matru Mandir, 2Nd Floor, R. No. 206, House, Mumbai-400 004. Tardeo Road, Mumbai-700 007. (Pan:Aaafn1846P) (Appellant) (Respondent)

…he facts are identical and loss claimed by assessee was claimed as expenses and in earlier years gain was computed as income. 5. We also find that ITAT, Mumbai Bench in the case of DCIT Vs. Bank of Bahrain & Kuwait in ITA No. 4404 & 1883/Mum/2004 (reported in 41 SOT 29) has allowed Marked to Market loss on account of revaluation of outstanding forward contracts at the closing rate. Respectfully following the case laws and in the given facts of the case, we are of the view that the loss claimed by the assessee is allowable loss. The CIT(A) has rightly allowed the claim of the assessee and we confirm the same. Appe…

DCIT 8(1), Mumbai vs. Enercon India Ltd, Mumbai

In the result, both the appeals of the revenue are dismissed

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner Of Income Tax M/S Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “ई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री सी. एन.प्रसाद, न्याययक सदस्य एवं श्री राजेश कुमार, ऱेखा सदस्य के समक्ष BEFORE SHRI C.N. PRASAD, JM AND SHRI RAJESH KUMAR, AM आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner of Income Tax M/s Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : आमकय अऩीर सं./I.T.A. No.4089/Mum/…

A.C.I.T. 8(1), Mumbai vs. Enercon India Limited, Mumbai

In the result, both the appeals of the revenue are dismissed

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner Of Income Tax M/S Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ “ई” म ुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI श्री सी. एन.प्रसाद, न्याययक सदस्य एवं श्री राजेश कुमार, ऱेखा सदस्य के समक्ष BEFORE SHRI C.N. PRASAD, JM AND SHRI RAJESH KUMAR, AM आमकय अऩीर सं./I.T.A. No.6751/Mum/2011 (ननधधायण वषा / Assessment Years: 2007-08) Dy. Commissioner of Income Tax M/s Enercon India Limited, –Range 8(1), Enercon Tower, A-9, Room No.210, Veera Industrial Estate, फनधभ/ Aayakar Bhavan, Veera Desai Road, Vs. M.K.Road, Andheri (W), Mumbai-400020 Mumbai-400053 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : आमकय अऩीर सं./I.T.A. No.4089/Mum/…

Asst CIT 16(3), Mumbai vs. Vishinda Diamonds, Mumbai

In the result, Revenue’s appeal for assessment year 2009-10 is dismissed

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainthe Acit-16(3), Matru Mandir, 2Nd Floor, R.No.206,Tardeo Road, Mumbai 400007 ... Appellant Vs.

…ee’s claim is that the difference of Rs. 1 (Rs. 43 -42) as on 31st March, 1998 should be taken as loss and allowed deduction accordingly. The Special Bench of the Tribunal in the case of Dv. CIT (International 6 Taxation) v. Bank of Bah rain & Kuwait [2010] 41 SOT 290 (Mum.) has held that the loss incurred by the assessee on account of evaluation of the contract on the last day of the accounting year i.e. before the date of maturity of the forward contract, is allowable as deduction. In that view of the matter this loss of Rs. 7.14 crore representing difference of Re. 1 (Rs. 43 - 42) is liable to be allowed as…

Janam Corporation P.Ltd, Mumbai vs. DCIT 5(2), Mumbai

In the result, appeal of the assessee is partly allowed

Bench: Shri Sanjay Garg & Shri Ashwani Tanejaassessment Year: 2009-10 & Assessment Year: 2010-11 M/S. Janam Corporation P. Dcit 5(2), R.No.571, Ltd., 512-A, Pancharand 5Th Floor, Aayakar बनाम/ Marg, Opera House, Bhavan, M.K. Rd. Vs. Mumbai -400004 Mumbai (Assessee) (Revenue) P.A. No.Aacj1263H "नधा"रती क" ओर से / Assessee By Shri Nitesh Joshi (Ar) राज"व क" ओर से / Revenue By Shri Vinod Kumar (Dr)

…gets treated as a business transaction. Reliance was placed on the 8 Janam Corporation judgment of Hon’ble Bombay High Court in the case of Badridas Gauridu (P) Ltd reported at 261 ITR 256, and the judgments of Mumbai ITAT in the case of Intergold reported at 27 SOT 239 and Voltas International 31 DTR 432 in this regard. Accordingly, the assessee’s plea was that the Ld. AO was incorrect in treating this as a speculative loss. But the Ld. CIT(A) did not accept the claim of the assessee and held these transactions to be speculative in nature, and therefore, confirmed the disallowance made by the AO. 4.3. Before us…

The ADIT (I.T)3(1) vs. M/S. Honkong & Shanghani Banking Corpn. Ltd

In the result, ITA Nos.2519 and 2520/Mum/2004 by revenue stand dismissed, ITA No

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आयकर अपील सं./I.T.A. No.2519 & 2520/Mum/2004 ("नधा"रण वष" / Assessment Year:1999-2000 & 2000-01) M/S Hongkong & Shanghani Asstt.Direrctor Of Income Tax बनाम/ Banking Corporation Ltd., (International Taxation)-3(1), Vs. 52/60, M G Road, 136, Scindia House, Mumbai-400001 N M Marg, Ballard Estate, Mumbai-400038 .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ “एल” मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “L” BENCH, MUMBAI BEFORE S/SHRI B.R.BASKARAN, AM AND PAWAN SINGH, JM आयकर अपील सं./I.T.A. No.2519 and 2520/Mum/2004 ("नधा"रण वष" / Assessment Year:1999-2000 and 2000-01) M/s Hongkong and Shanghani Asstt.Direrctor of Income Tax बनाम/ Banking Corporation Ltd., (International Taxation)-3(1), Vs. 52/60, M G Road, 136, Scindia House, Mumbai-400001 N M Marg, Ballard Estate, Mumbai-400038 .. (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील सं./I.T.A. No.2679 and 2680/Mum/2004 ("नधा"रण वष" / Assessment Year:1999-2000 and 2000-01) M/s H…

Inventurus Knowledge Services P.Ltd, Navi Mumbai vs. ITO 5(2)(1), Mumbai

In the result appeal of the assessee company is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…loss. The assessee company relied upon the following judgments : 1. Shree Capital Services V. ACIT 318 ITR 1 2. CIT V. Woodward Governor India Pvt. Ltd. 312 ITR 254 3. Oil and Natural Gas Corporation Ltd. V. DCIT 261 ITR 1 4. DCIT V Bank of Bahrain & Kuwait 132 TTJ 505 The assessing officer held that these are speculative transactions and loss arising is in the nature of speculative loss. The assessing officer held that the turnover of the assessee company is only Rs. 5.83 crores for the assessment year and the receivables are Rs. 2.23 crores as at the end of the assessment year and the assessee company has i…