Deutsche Bank A.G v. DCIT

86 ITD 431Income Tax Appellate Tribunal2003#6417 most cited

What is Deutsche Bank A.G v. DCIT authority for?

Anticipated or contingent profits from foreign exchange forward contracts, to the extent not settled at the close of the accounting year, cannot be brought to tax if not accounted for in the financial statements. However, any losses on such contracts should be provided for by a charge in the profit and loss account on the best estimate basis.

18

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

Deutsche Bank A.G vs. DCIT · valuation of foreign exchange forward contracts · contingent profits · anticipated profits · accounting year · profit and loss account · best estimates

Sections most often in play

Section 14ASection 244ASection 36(1)(vii)Section 36(1)(viia)Section 40(a)(ia)Section 43BSection 80-IA

Issues it is cited on

depreciation on leased assetssection 36(2)(v)section 41(4)section 80hsection 36(2)section 36(1)(viia)section 80hhcright to receivesection 80hhsection 36(1)(vii)section 41mercantile system of accounting

Judgments citing Deutsche Bank A.G v. DCIT

Asst CIT 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3882/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…we are not concerned with a I.T.A. No. 3680/Mum/2017 I.T.A. No. 3882/Mum/2017 scenario where in the later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

ITA 3680/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

Bench: Smt. Beena Pillai () & Shri Jagadish ()

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…we are not concerned with a I.T.A. No. 3680/Mum/2017 I.T.A. No. 3882/Mum/2017 scenario where in the later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

Asst CIT Cir 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

ITA 4564/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Jun 2023AY 2009-10

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: S/Shri P.J. Pardiwala a/w Ninad PatadeFor Respondent: Ms. Surabhi Sharma
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 36(1)Section 36(1)(vii)Section 36(1)(viia)

…erned with a scenario where in the State Bank of India ITA no.3645/Mum./2016 ITA no.4564/Mum./2016 later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

ITA 3645/MUM/2016[2009-10]Status: DisposedITAT Mumbai06 Jun 2023AY 2009-10

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: S/Shri P.J. Pardiwala a/w Ninad PatadeFor Respondent: Ms. Surabhi Sharma
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 250Section 36(1)Section 36(1)(vii)Section 36(1)(viia)

…erned with a scenario where in the State Bank of India ITA no.3645/Mum./2016 ITA no.4564/Mum./2016 later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

Deputy Commissioner of Income Tax, Circle- 4(1)(1), Bangalore vs. M/S. Lifestyle International Private Limited, Bangalore

In the result, the assessee’s appeal stands allowed and revenue’s appeal stands dismissed

ITA 93/BANG/2020[2013-14]Status: DisposedITAT Bangalore18 Nov 2022AY 2013-14

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2013-14 M/S. Lifestyle International Pvt. Ltd., 77, Town Centre, The Deputy Building No. 3, Commissioner Of West Wing, Income Tax, Off Hal Airport Road, Circle – 4(1)(1), Yamlur, Vs. Bengaluru. Bengaluru – 560 037. Pan: Aaacl2937J Appellant Respondent & Assessment Year : 2013-14 (By Revenue)

Section 2Section 37Section 43(6)(c)Section 50B

…rejected the revenue’s contention that, the transaction was speculative in nature in view of CBDT Instruction No. 3/2010. The Ld.AR placed reliance on following decisions in support.  Decision of Mumbai Tribunal in case of Deutsche Bank AG reported in (2003) 86 ITD 431  Decision of Mumbai Tribunal in case of ABN Ambro Securities India (P) Ltd. reported in (2011) 133 ITD 343 5.7 The Ld.AR further submitted that assessee’s own case for A.Ys. 2011-12 and 2012-13, Coordinate Bench of this Tribunal has considered this issue. 5.8 The Ld.DR on the contrary relied on the orders passed by authorities below. 5.9 We have…

DCIT 2(2), Mumbai vs. State Bank of India, Mumbai

ITA 4951/MUM/2013[2005-06]Status: DisposedITAT Mumbai22 Mar 2022AY 2005-06

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Anand Mohan, D.R
Section 14Section 14ASection 36Section 41(4)

…r valuing the closing stock. In the present case, we are not concerned with a scenario where in the later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

State Bank of India, Mumbai vs. DCIT Cir 2(2), Mumbai

ITA 3685/MUM/2013[2005-06]Status: DisposedITAT Mumbai22 Mar 2022AY 2005-06

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Anand Mohan, D.R
Section 14Section 14ASection 36Section 41(4)

…r valuing the closing stock. In the present case, we are not concerned with a scenario where in the later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result, appeal of the Revenue in ITA No

ITA 3779/MUM/2012[2003-04]Status: DisposedITAT Mumbai30 Sept 2021AY 2003-04
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘G‘ BENCH MUMBAI BEFORE: SHRI SAKTIJIT DEY, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER & State Bank of India Vs. The Asst. Commissioner of Financial Reporting & Income Tax Taxation Dept., Circle- 2(2) 3rd Floor, Corporate Centre Mumbai Madam Cama Road Nariman Point Mumbai – 400 021 PAN/GIR No.AAACS8577K (Appellant) .. (Respondent) & The Asst. Commissioner Vs. State Bank of India of Income Tax Financial Reporting & Taxation Circle- 2(2) Dept., 3rd Floor, Corporate Centre Mumbai Madam Cama Road Nariman Point Mumbai – 400 021 PAN/GIR No.AAACS8577K (Appellant) .. (…

State Bank of India (Successor to State Bank of Bikaner & Jaipur), Mumbai vs. ACIT -Circle 2(2)(1), Mumbai

Appeal stand allowed for statistical purposes

ITA 2824/MUM/2018[2014-15]Status: DisposedITAT Mumbai03 Mar 2021AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri C.Naresh-Ld.ARFor Respondent: Shri Jayant Jhaveri-Ld.CIT-DR
Section 143(3)Section 14A

…r valuing the closing stock. In the present case, we are not concerned with a scenario where in the later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

ITA 3644/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Feb 2020AY 2008-09

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

For Appellant: Shri P.J. Pardiwalla &For Respondent: Shri Anadi Varma, CIT-DR&
Section 143(3)Section 147

…76 | P a g e State Bank of India ITA Nos.3644&4563/Mum/2016 concerned with a scenario where in the later year the depreciation provided in earlier years is reduced. Further, the decision of the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO is in connection with valuation of foreign exchange forward contracts. In this case the assessee did not account for in the financial statement the anticipated/contingent profits from the contracts to the extent not settled as on the last day of the accounting year whereas any loss on such contracts was provided for by a…

Asst CIT 19(1), Mumbai vs. Dharamchand Paraschand Exports, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 6743/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 Aug 2018AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Assistant Commissioner Of Vs. M/S. Dharamchand Paraschand Income Tax- 19(1) Exports, Room No.203, 2Nd Floor Ce/3011-3012, Bharat Matru Mandir, Tardeo Road Diamond Bourse, Bkc Mumbai – 400 007 Bandra (E), Mumbai – 400 051 Pan/Gir No. Aaafd1078M Appellant) .. Respondent)

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI SANDEEP GOSAIN, JM Assistant Commissioner of Vs. M/s. Dharamchand Paraschand Income Tax- 19(1) Exports, Room No.203, 2nd Floor CE/3011-3012, Bharat Matru Mandir, Tardeo Road Diamond Bourse, BKC Mumbai – 400 007 Bandra (E), Mumbai – 400 051 PAN/GIR No. AAAFD1078M Appellant) .. Respondent) Assessee by Shri Chaitanya Anjaria Revenue by Ms. Aarti Vissanji Date of Hearing 08/08/2018 Date of Pronouncement 27/08/2018 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the Revenue against the order of CIT(A)- 30,…

Madhu Jayanti International Limited, Kolkata vs. DCIT, Circle - 4(1), Kolkata

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 214/KOL/2016[2011-2012]Status: DisposedITAT Kolkata01 Dec 2017AY 2011-2012

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A No. 214/Kol/2016 Assessment Year : 2011-12 Madhu Jayanti International Ltd. -Vs- Dcit, Cc-4(1), Kolkata [Pan: Aabcm 7502 R] (Appellant) (Respondent)

For Appellant: Shri Akash Mansinka, ARFor Respondent: Shri G. Mallikarjune, CIT DR
Section 139(5)Section 143(3)Section 144C(5)Section 92CSection 92D

…ctio12s with the AEs of the assessee. Our view in this behalf is fortified by the decisions of the Bangalore Bench of the Tribunal in the case of SAP Labs India Ltd. (supra) and Bombay Bench of the Tribunal in the case of Deutsche Bank A.G. vs. Dy. CIT (2003) 86 ITD 431 (Mumbai)." • M/s Trilogy E- Business Software India Private Limited V Deputy Commissioner of Income-tax (47 SOT 45) "As far as foreign exchange gain/loss being considered as not forming part of the operating cost, the reasoning of the revenue is that such loss or gain cannot be said to be one realized from international transaction though they ma…

ITO 16(2)(4), Mumbai vs. Surya Gems, Mumbai

The appeal of the Revenue is dismissed

ITA 292/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Mar 2017AY 2009-10

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…as and when they so arise and the AO had never objected to the profits which was shown on revaluation of outstanding foreign exchange forward contracts. In this regard, ld CIT (A) relied on the decision of ITAT Mumbai in the case of Deutsche Bank A.G v DCIT, 86 ITD 431, wherein, it has been held that income/loss on revaluation of forward foreign exchange contracts is not notional in nature and, therefore, needs to be considered in preparing computation of total income of the assessee. He also pointed out that in this case the decision of the Hon‘ble Madras High Court in the case of Indian Overseas Bank (supra) h…

ITO 10(2)(2), Mumbai vs. Lionbridge Technologies P.Ltd, Navi Mumbai

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

ITA 290/MUM/2015[2010-11]Status: DisposedITAT Mumbai18 Nov 2015AY 2010-11

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…anyan Chemicals (P) Ltd.”, 310 ITR 384 15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446…

Lionbridge Technologies P.Ltd, Navi Mumbai vs. ITO 8(2)(2), Mumbai

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

ITA 7415/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Nov 2015AY 2010-11

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…anyan Chemicals (P) Ltd.”, 310 ITR 384 15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446…

Lionbridge Technologies P. Ltd, Navi Mumbai vs. ITO RG 8(2)(2), Mumbai

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

ITA 668/MUM/2014[2009-10]Status: DisposedITAT Mumbai18 Nov 2015AY 2009-10

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…anyan Chemicals (P) Ltd.”, 310 ITR 384 15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446…

ITO 8(2)(2), Mumbai vs. Lionbridge Technologies P.Ltd, Navi Mumbai

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

ITA 1375/MUM/2014[2009-10]Status: DisposedITAT Mumbai18 Nov 2015AY 2009-10

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…anyan Chemicals (P) Ltd.”, 310 ITR 384 15 ITA No.668(Asr)/2014 10. “Livingstones Jewellery (P) Ltd.”, 31 SOT 323 11. DCIT vs. Accentures Services (P) Ltd.” ITA No.4540/M/08 (Mum. ITAT) 12. “Sujata Grover”, 74 TTJ 347 (Del.) 13. “Deutsche Bank A.G. vs. DCIT”, 86 ITD 431 14. “Bestobell (India) Ltd”, 117 ITR 789 (Cal.) 15. “Khandelwal Brothers Pvt. Ltd. v. CIT”, 117 ITR 452 (Cal. 16. “CIT vs. Oil India Ltd.” 143 ITR 848 (Cal.) 17. “CIT vs. Martin and Harris P. Ltd.” 154 ITR 460 (Cal.) 18. “Oil and Natural Gas Corpn. Ltd. vs. DCIT”, (2003) 261 ITR 1 (SB) (Delhi ITAT) 19. “DCIT VS. Sony India Pvt. Ltd.”. 114 ITD 446…

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

In the result appeal of the assessee company is partly allowed

ITA 5922/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

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

…the assessing officer had never objected to the profits which was shown on revaluation of outstanding foreign exchange forward contracts. In this regard, ld Commissioner (Appeals) relied on the decision of ITAT Mumbai in the case of Deutsche bank A.G v DCIT, 86 ITD 431, wherein, it has been held that income/loss on revaluation of forward foreign exchange contracts is not notional in nature and, therefore, needs to be considered in preparing computation of total income of the assessee. He also pointed out that in this case the decision of the Hon'ble Madras High Court in the case of Indian Overseas bank (supra) h…

Deutsche Bank A.G v. DCIT (86 ITD 431) — Cited in 18 Judgments | BharatTax