Indian Overseas Bank Ltd. v. CIT

246 ITR 206High Court2002#7153 most cited
16

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2023.

Issues it is cited on

companysection 143(3)indiabusiness

Judgments citing Indian Overseas Bank Ltd. v. CIT

ADDL. CIT-(08), NEW DELHI vs. SOPRA INDIA PVT. LTD.,, NEW DELHI

In the result, appeal of the Revenue thus is dismissed

ITA 1175/DEL/2019[2012-13]Status: DisposedITAT Delhi16 Oct 2023AY 2012-13
Section 143(3)Section 145

…t. ACIT vs. Sopra India Pvt. Ltd. 6 v) Various decisions relied upon by ld CIT (A) relate to stock-in- trade and not to unsettled forward foreign exchange contract. vi) The issue is squarely covered by the following decisions:- a) Indian Overseas Bank Ltd., 246 ITR 206(Mad) b) Indian Overseas Bank Ltd., 151 ITR 446 (Mad) c) Kamani Metals & Alloys Ltd., 208 ITR 1017 (Bom) d) Bank of India, 218 ITR 371 (Bom) e) Eveready Industries (1) Ltd., 78 ITD175 (Cal) 1) Indian Molasses Co. Ltd., 37 ITR 66 (SC) 5.2.7.2 The Special Bench thereafter, has discussed in detail the entire set of arguments put forth by the Revenu…

ACIT, CHENNAI vs. M/S. PENTASOFT TECHNOLOGIES LTD., CHENNAI

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

ITA 449/CHNY/2011[2004-05]Status: DisposedITAT Chennai11 Nov 2022AY 2004-05

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.121/Chny/2011 िनधा"रण वष" /Assessment Year: 2004-05 M/S.Pentasoft Technologies Ltd., V. The Income Tax – No.1, First Main Road, Officer (Osd), United India Colony, Company Circle-V(2), Kodambakkam, Chennai. Chennai – 600 024. [Pan: Aaacp 1895 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mrs.Sree Lakshmi Valli, AdvFor Respondent: Dr.S.Palanikumar, CIT
Section 10ASection 143(3)

…Ld.Counsel for the assessee submitted that rental income derived by the assessee is assessable under the head ‘income from house property’ as held by the jurisdictional Hon’ble High Court of Madras in the case of Indian Overseas Bank Ltd. v. CIT reported in 246 ITR 206, 208 (Mad). Therefore, the Ld.CIT(A) is erred in not deciding the issue in light of above decision. 4.2 The Ld.DR, on the other hand, supporting the order of the Ld.CIT(A), submitted that there is no clarity on income derived by the assessee, whether it is from leasing of land & building or any other equipment. Therefore, the AO has rightly…

PENTASOFT TECHNOLOGIES LTD.,CHENNAI vs. ITO (OSD), CHENNAI

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

ITA 121/CHNY/2011[2004-05]Status: DisposedITAT Chennai11 Nov 2022AY 2004-05

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.121/Chny/2011 िनधा"रण वष" /Assessment Year: 2004-05 M/S.Pentasoft Technologies Ltd., V. The Income Tax – No.1, First Main Road, Officer (Osd), United India Colony, Company Circle-V(2), Kodambakkam, Chennai. Chennai – 600 024. [Pan: Aaacp 1895 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mrs.Sree Lakshmi Valli, AdvFor Respondent: Dr.S.Palanikumar, CIT
Section 10ASection 143(3)

…Ld.Counsel for the assessee submitted that rental income derived by the assessee is assessable under the head ‘income from house property’ as held by the jurisdictional Hon’ble High Court of Madras in the case of Indian Overseas Bank Ltd. v. CIT reported in 246 ITR 206, 208 (Mad). Therefore, the Ld.CIT(A) is erred in not deciding the issue in light of above decision. 4.2 The Ld.DR, on the other hand, supporting the order of the Ld.CIT(A), submitted that there is no clarity on income derived by the assessee, whether it is from leasing of land & building or any other equipment. Therefore, the AO has rightly…

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

…emical Works v CIT (266 ITR 47) (Guj) which held that a liability is said to be incurred only when Dispute between the parties is settled. The Id Assessing Officer relied upon the Madras High Court 10 2668/Mum/2018 decision of Indian Overseas Bank Ltd v CIT (246 ITR 206) (Mad) in which it was held that notional foreign exchange loss could not be allowed and it was to be allowed only on settlement. In view of the above, the Id Assessing Officer disallowed the mark to market loss of Rs 74,306/-. 22. Upon assessee’s appeal Ld.CIT(A) referred to several case laws and distinguished the decision referred by the asses…

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 4, GUWAHATI vs. M/S. A. T. C. REALTORS PVT. LTD., GUWAHATI

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

ITA 170/GTY/2018[2013-14]Status: DisposedITAT Guwahati10 Jul 2019AY 2013-14

Bench: Sri S.S. Godara, Jm & Dr. A.L. Saini, Am Aayakr Apila Sam./ Ita No. 169/Gau/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) Aayakr Apila Sam./ Ita No. 170/Gau/2018 (Inaqa-Arna Baya- / Assessment Year 2013-14) Dy. Commissioner Of Income-Tax, M/S Atc Realtors Pvt. Ltd. Circle-4, Aayakar Bhwawan, 5Th C/O. Atc Assam Ltd, Kedar Vs. Floor, Christanbasti, G.S. Road, Road, Machkhowa, Guwahati-781005 Guwahati-781001 (Apilaaqai- / Appellant) .. (P`%Yaqaai- / Respondent) स्थायी ऱेखा सं./Pan No. Aagca5209A

For Appellant: Shri Sandeep Sengupta, JCITFor Respondent: Shri Somnath Ghosh, Advocate
Section 143Section 22

…lahabad) Attukal Shopping Complex P. Ltd. vs. CIT 259 ITR 567 (Kerala) CIT vs. Mithila Properties Publication & Contractor Enterprises (P) Ltd 228 ITR 713 The following observation made by the Hon'ble Madras High Court in the case CIT vs. Indian Overseas Bank 246 ITR 206 makes the law very clear::- Under the provisions of the Income-tax Act each head of income is separate and distinct and if certain income of the assessee falls under a particular head, it is not possible for the assessee to take the income from one head of income to another head. Admittedly, the income from the letting out of the property is asse…

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 4, GUWAHATI vs. M/S. A. T. C. REALTORS PVT. LTD., GUWAHATI

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

ITA 169/GTY/2018[2012-13]Status: DisposedITAT Guwahati10 Jul 2019AY 2012-13

Bench: Sri S.S. Godara, Jm & Dr. A.L. Saini, Am Aayakr Apila Sam./ Ita No. 169/Gau/2018 (Inaqa-Arna Baya- / Assessment Year 2012-13) Aayakr Apila Sam./ Ita No. 170/Gau/2018 (Inaqa-Arna Baya- / Assessment Year 2013-14) Dy. Commissioner Of Income-Tax, M/S Atc Realtors Pvt. Ltd. Circle-4, Aayakar Bhwawan, 5Th C/O. Atc Assam Ltd, Kedar Vs. Floor, Christanbasti, G.S. Road, Road, Machkhowa, Guwahati-781005 Guwahati-781001 (Apilaaqai- / Appellant) .. (P`%Yaqaai- / Respondent) स्थायी ऱेखा सं./Pan No. Aagca5209A

For Appellant: Shri Sandeep Sengupta, JCITFor Respondent: Shri Somnath Ghosh, Advocate
Section 143Section 22

…lahabad) Attukal Shopping Complex P. Ltd. vs. CIT 259 ITR 567 (Kerala) CIT vs. Mithila Properties Publication & Contractor Enterprises (P) Ltd 228 ITR 713 The following observation made by the Hon'ble Madras High Court in the case CIT vs. Indian Overseas Bank 246 ITR 206 makes the law very clear::- Under the provisions of the Income-tax Act each head of income is separate and distinct and if certain income of the assessee falls under a particular head, it is not possible for the assessee to take the income from one head of income to another head. Admittedly, the income from the letting out of the property is asse…

ACIT, CIRCLE-4(1), , VISAKHAPATNAM vs. SRI VARALAKSHMI JUTE TWINE MILLS PVT. LTD,, RAJAM

In the result, appeals filed by the Revenue in ITA

ITA 458/VIZ/2017[2013-2014]Status: DisposedITAT Visakhapatnam09 Feb 2018AY 2013-2014

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bledcit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Ito, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L Acit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Dcit, Circle-4(1), Mills Pvt. Ltd., Bobbili Road, Visakhapatnam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L (Appellants) (Respondents)

For Appellant: Shri Yogesh A. Thar &For Respondent: Shri T. Satyanandam – Sr.DR
Section 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON’BLE ACCOUNTANT MEMBER DCIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167 L Sri Varalakshmi Jute Twine vs. ITO, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (PO), Srikakulam Dist. PAN No. AADCS 1167 L ACIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167…

SRI VARALAKSHMI JUTE TWINE MILLS PRIVATE LIMITED,,RAJAM vs. DCIT, CIRCLE-4(1),, VISAKHAPATNAM

In the result, appeals filed by the Revenue in ITA

ITA 404/VIZ/2017[2013-2014]Status: DisposedITAT Visakhapatnam09 Feb 2018AY 2013-2014

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bledcit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Ito, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L Acit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Dcit, Circle-4(1), Mills Pvt. Ltd., Bobbili Road, Visakhapatnam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L (Appellants) (Respondents)

For Appellant: Shri Yogesh A. Thar &For Respondent: Shri T. Satyanandam – Sr.DR
Section 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON’BLE ACCOUNTANT MEMBER DCIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167 L Sri Varalakshmi Jute Twine vs. ITO, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (PO), Srikakulam Dist. PAN No. AADCS 1167 L ACIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167…

SRI VARALAKSHMI JUTE TWINE MILLS PVT. LTD.,,RAJAM vs. THE ITO,, SRIKAKULAM

In the result, appeals filed by the Revenue in ITA

ITA 349/VIZ/2016[2012-2013]Status: DisposedITAT Visakhapatnam09 Feb 2018AY 2012-2013

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bledcit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Ito, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L Acit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Dcit, Circle-4(1), Mills Pvt. Ltd., Bobbili Road, Visakhapatnam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L (Appellants) (Respondents)

For Appellant: Shri Yogesh A. Thar &For Respondent: Shri T. Satyanandam – Sr.DR
Section 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON’BLE ACCOUNTANT MEMBER DCIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167 L Sri Varalakshmi Jute Twine vs. ITO, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (PO), Srikakulam Dist. PAN No. AADCS 1167 L ACIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167…

THE DCIT,, VISAKHAPATNAM vs. SRI VARALAKSHMI JUTE MILLS PVT LTD,, SRIKAKULAM

In the result, appeals filed by the Revenue in ITA

ITA 340/VIZ/2016[2012-2013]Status: DisposedITAT Visakhapatnam09 Feb 2018AY 2012-2013

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bledcit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Ito, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L Acit, Circle-4(1), Vs. M/S. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (Po), Srikakulam District. Pan No. Aadcs 1167 L Sri Varalakshmi Jute Twine Vs. Dcit, Circle-4(1), Mills Pvt. Ltd., Bobbili Road, Visakhapatnam. Rajam (Po), Srikakulam Dist. Pan No. Aadcs 1167 L (Appellants) (Respondents)

For Appellant: Shri Yogesh A. Thar &For Respondent: Shri T. Satyanandam – Sr.DR
Section 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON’BLE ACCOUNTANT MEMBER DCIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167 L Sri Varalakshmi Jute Twine vs. ITO, Ward-3, Mills Pvt. Ltd., Bobbili Road, Srikakulam. Rajam (PO), Srikakulam Dist. PAN No. AADCS 1167 L ACIT, Circle-4(1), vs. M/s. Sri Varalakshmi Jute Visakhapatnam. Twine Mills Pvt. Ltd., Bobbili Road, Rajam (PO), Srikakulam District. PAN No. AADCS 1167…

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

…s it cannot be allowed under I.T.Act. v) Various decisions relied upon by ld CIT (A) relate to stock-in-trade and not to unsettled forward foreign exchange contract. vi) The issue is squarely covered by the following decisions:- a) Indian Overseas Bank Ltd., 246 ITR 206(Mad) b) Indian Overseas Bank Ltd., 151 ITR 446 (Mad) c) Kamani Metals & Alloys Ltd., 208 ITR 1017 (Bom) d) Bank of India, 218 ITR 371 (Bom) e) Eveready Industries (I) Ltd., 78 ITD175 (Cal) f) Indian Molasses Co. Ltd., 37 ITR 66 (SC) 39. Shri F.V.Irani, ld Counsel for the assessee submitted that there is no dispute regarding allowability of asses…

D.C.I.T. CIR-12, KOLKATA,KOLKATA vs. USHA MARTIN TELEMATICS LIMITED, KOLKATA

In the result, the appeal filed by the assessee on this ground is dismissed

ITA 838/KOL/2009[2004-05]Status: DisposedITAT Kolkata21 Sept 2016AY 2004-05

Bench: Shri N.V.Vasudevan, J.M. &Dr.A.L.Saini, A.M.)

For Appellant: Shri Nageswar Rao, AdvocateFor Respondent: G. Mallikarjuna, CIT-DR
Section 115JSection 143(1)Section 143(3)

…d drawing inferences with reference to accrual of income is not in agreement with the legislative intent. What is to be taxed is ‘real income’ and not the ‘notional income’ as held by judicial forums. • With regard to case laws (viz. Indian overseas Bank Ltd. 246 ITR 206 and CIT Vs. IOB 151 ITR 446) relied upon by the appellant, the AO wrongly distinguished the cases with the present case on the subject of estimated profit/anticipated loss on unsettled contracts. In fact the referred cases are in favour of the appellant. On the other hand, the case law relied by the A.O. (viz.Coca cola Exp. Corp. 158 ITR 446) is…

ITO 27(3)(1), NAVI MUMBAI vs. RADIUM CREATION, NAVI MUMBAI

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

ITA 220/MUM/2015[2011-12]Status: DisposedITAT Mumbai16 Sept 2016AY 2011-12

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

For Appellant: Shri Jitendra JainFor Respondent: Shri Goli Srinivas Rao
Section 10ASection 10BSection 40

…a notional income is not taxable. In this context, he relied upon the following decisions:– i) Indian Overseas Bank v/s CIT, [2002] 250 ITR 146 (Mad.); ii) Indian Overseas Bank v/s CIT, [990] 183 ITR 200 (Mad.); iii) Indian Overseas Bank Ltd. v/s CIT, [2002] 246 ITR 206 (Mad.); iv) CIT v/s Wipro Finance Ltd. [2013] 351 ITR 153; and v) CIT vs. Woodward Governor India (P) Ltd. [1992] 312 ITR 254 (SC). 15. The learned Authorised Representative submitted, as the unrealised gain being a notional income is not taxable, the assessment order cannot be held to be erroneous for not bringing to tax the unrealised foreign…

ITO, WARD - 12(3), KOLKATA vs. UMT INVESTMENT LTD., KOLKATA

In the result, the appeal of the revenue is allowed subject to the direction contained hereinabove

ITA 554/KOL/2009[2004-05]Status: DisposedITAT Kolkata30 Dec 2015AY 2004-05

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

For Appellant: S/Shri Nageswar Rao, AdvocateFor Respondent: Shri G.Mallikarjun, CIT/ld. DR
Section 143(3)Section 145(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL, “C” BENCH, KOLKATA Before : Shri Mahavir Singh, Judicial Member, and Shri M. Balaganesh, Accountant Member ITA No. 554/Kol/2009 A.Y 2004-05 I.T.O Ward 12(3), Kolkata Vs. M/s. UMT Investment Ltd PAN: AACU6421G (Appellant) (Respondent) For the Appellant/Department: Shri G.Mallikarjun, CIT/ld. DR For the Respondent/Assessee: S/Shri Nageswar Rao, Advocate Amit Poddar, ld.ARs Date of Hearing: 16-11 -2015 Date of Pronouncement: 30 -12-2015 ORDER SHRI M.BALAGANESH, AM : This appeal of the revenue arises out of the order of the Learned CIT(A)-XII, Kolkata in Appeal…

DCIT, NEW DELHI vs. M/S GIVO LTD.,, DELHI

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

ITA 2887/DEL/2013[2006-07]Status: DisposedITAT Delhi06 Nov 2015AY 2006-07

Bench: Shri N.K. Saini, Am & Smt. Beena A. Pillai, Jm Assessment Year : 2006-07

For Appellant: Shri Vinod Bindal &For Respondent: Shri T. Vasanthan, Sr. DR
Section 143(1)Section 143(3)Section 37(1)

…ion to be considered for deduction, the loss must actually be suffered in the relevant previous year and actual suffering would arise only at the time of remittances and not before. The ld. AO relied upon the decisions of Indian Overseas Bank, reported in 246 ITR 206 (Mad.) and the Hon’ble Supreme Court decision in the case of Karam Chand Thapar and Bros (1969), disallowed the loss suffered on account of foreign exchange fluctuation amounting to Rs.28,45,070/- claimed by the assessee as revenue expenses. 3 Aggrieved by the order of the ld.AO, the assessee went in appeal before the ld.CIT(A). 3. Before the…

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

…lowed under I.T.Act. (v) Various decisions relied upon by ld Commissioner (Appeals) relate to stock-in-trade and not to unsettled forward foreign exchange contract. (vi) The issue is squarely covered by the following decisions:- (a) Indian Overseas bank Ltd., 246 ITR 206(Mad) Page 25 of 44 26 Assessment year: - 2009-10 (b) Indian Overseas bank Ltd., 151 ITR 446 (Mad) (c) Kamani Metals & Alloys Ltd., 208 ITR 1017 (Bom) (d) Bank of India, 218 ITR 371 (Bom) (e) Eveready Industries (I) Ltd., 78 ITD175 (Cal) (f) Indian Molasses Co. Ltd., 37 ITR 66 (SC) 39. Shri F.V.Irani, ld counsel for the assessee submitted that…

Indian Overseas Bank Ltd. v. CIT (246 ITR 206) — Cited in 16 Judgments | BharatTax