ACIT, NEW DELHI vs. M/S. TIMEX WATCHES LTD., NEW DELHI
ITA 2769/DEL/2012[2004-05]Status: DisposedITAT Delhi21 Jun 2016AY 2004-05
Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C
For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR
…due to exchange rate difference was provided in the books of accounts which was an ascertained provision and not a contingent liability. Therefore, it was an allowable expenditure. The reliance was placed on the following case laws: " Indag Rubber Ltd. Vs CIT 174 CTR 636 (Del) " Jain Tube Co. Ltd. Vs CIT 254 ITR 570 (Del) " Atlas Cycle Ind. Ltd. Vs CIT 270 ITR 108 (P & H) " CIT VS Paper Product Ltd. 271 ITR 472 (Del) " CIT Vs Oil India Co. Ltd. 137 ITR 156 (Cal) " CIT Vs International Combustion (I) Pvt. Ltd. 137 ITR (Cal) " CIT Vs ES Dempo & Co. Ltd. 206 ITR 293 (Bom) " State Bank of Travancore Vs CIT, Kerala 15…
