Foods and Inns Limited v. ACIT

159 ITD 1007Income Tax Appellate Tribunal2016#19416 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2021.

Judgments citing Foods and Inns Limited v. ACIT

DCIT - 4(2)(2), MUMBAI vs. GBTL LTD. (FORMERLY KNOWN AS M/S. GRASIM BHIWANI TEXTILES LTD.), MUMBAI

In the result, Revenue’s appeal is partly allowed

ITA 2668/MUM/2018[2013-14]Status: DisposedITAT Mumbai28 May 2021AY 2013-14

Bench: Shri Shamim Yahya, Am & Amarjit Singh, Jm Dcit-4(2)(2) M/S. Gbtl Ltd. Room No.640, 6Th Floor (Formerly Known As M/S. Grasim Aaykar Bhawan, Bhiwani Textiles Ltd.) Vs. M.K.Road 409, Cotton Exchange Building Mumbai-400 020 Kalbadevi Road, Mumbai-400 002 Pan/Gir No. Aaccg9347F (Appellant) : (Respondent)

For Appellant: Shri T.S.Khalsa-DRFor Respondent: Dr. K.Shivaram-AR
Section 43B

…and was done to cover up losses on account difference in foreign exchange valuation, same would not be speculative activity but a business activity. He further relied upon the decision of the jurisdictional Tribunal in the case of Foods and Inns Ltd. v. ACIT 159 ITD 1007, where it was held that where assessee engaged in 11 2668/Mum/2018 manufacture and export of processed food products, in order to safeguard itself against fluctuations in exchange rates of foreign currency, entered into foreign exchange forward contracts with banks against confirmed export order, hedging loss suffered by assessee in respect of s…

ACIT, NEW DELHI vs. M/S. FIEM INDUSTRIES LTD., NEW DELHI

In the result appeal of the revenue is dismissed

ITA 5720/DEL/2015[2012-13]Status: DisposedITAT Delhi13 May 2019AY 2012-13

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2012-13

For Appellant: Shri Salil AgarwalFor Respondent: Shri J.K. Mishra, CIT(DR) and Shri
Section 143(3)

…ntracts. Therefore, it is purely on revenue account thus has to be allowed as business loss. In support of its contention it is relied upon the following decisions: 1. Copy of order of Hon’ble ITAT Mumbai in the case of Foods and Inns Ltd. vs AC1T reported in 159 ITD 1007. 2. Copy of order of Honble ITAT Mumbai in the case of DOT vs Mahendra Brothers Exports Pvt. Ltd. reported in 161 fl'D 772. ^ ^ 3. Copy of order of Hon’ble ITAT Chennai in the case of SMC Garments (P) Ltd. vs DOT reported in 69 SOT 397. 4. Copy of order of Hon’ble ITAT Ahmedabad in the case of Adani Enterprise (P) Ltd. vs DOT reported in 68 SO P…

ANSH MERCHANDISE P.LTD,MUMBAI vs. DCIT 5(2), MUMBAI

ITA 411/MUM/2013[2008-09]Status: DisposedITAT Mumbai19 Sept 2016AY 2008-09

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.411/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-08) Ansh Merchandise Private Dcit – 5(2), बनाम/ Limited, 11, 2Nd Floor, Aayakar Bhavan, V. 84, Appollo House, Mumbai – 400 020. Bombay Samachar Marg, Fort, Mumbai-400 023 "थायी लेखा सं./Pan : Aabcn8176E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri A. Ramachandran
Section 143(3)

…sessee's appeal is allowed.” The proposition of the assessee that the disallowance u/s 14A of the Act cannot exceed dividend income came for adjudication before the Mumbai, Tribunal in a very recent appeal in the case of Foods and Inns Limited v. ACIT (2016) 159 ITD 1007(Mum. Trib.) , wherein the Tribunal held as under: “3.3.1 For assessment years 2009-10 and 2010-11 The assessee had earned exempt dividend income of Rs. 41,126/- and Rs. 40,003/- respectively, but suo moto disallowed an amount of Rs. 40,000/-as expenditure incurred for earning exempt income only in A.Y. 2010-11. The AO invoking the provisions o…

ANSH MERCHANDISE P.LTD,MUMBAI vs. ADDL CIT 5(2), MUMBAI

ITA 398/MUM/2013[2009-10]Status: DisposedITAT Mumbai19 Sept 2016AY 2009-10

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.411/Mum/2013 ("नधा"रण वष" / Assessment Year : 2008-08) Ansh Merchandise Private Dcit – 5(2), बनाम/ Limited, 11, 2Nd Floor, Aayakar Bhavan, V. 84, Appollo House, Mumbai – 400 020. Bombay Samachar Marg, Fort, Mumbai-400 023 "थायी लेखा सं./Pan : Aabcn8176E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri A. Ramachandran
Section 143(3)

…sessee's appeal is allowed.” The proposition of the assessee that the disallowance u/s 14A of the Act cannot exceed dividend income came for adjudication before the Mumbai, Tribunal in a very recent appeal in the case of Foods and Inns Limited v. ACIT (2016) 159 ITD 1007(Mum. Trib.) , wherein the Tribunal held as under: “3.3.1 For assessment years 2009-10 and 2010-11 The assessee had earned exempt dividend income of Rs. 41,126/- and Rs. 40,003/- respectively, but suo moto disallowed an amount of Rs. 40,000/-as expenditure incurred for earning exempt income only in A.Y. 2010-11. The AO invoking the provisions o…

Foods and Inns Limited v. ACIT (159 ITD 1007) — Cited in 4 Judgments | BharatTax