How many judgments cite Indian Overseas Bank v. CIT?

28 judgments on BharatTax cite Indian Overseas Bank v. CIT (183 ITR 200), spanning 2015 to 2023.

Indian Overseas Bank v. CIT

183 ITR 200High Court1990#4314 most cited

What is Indian Overseas Bank v. CIT authority for?

Forward contracts in foreign currency that have not been settled do not represent actual profits or losses for tax purposes; they are considered notional or hypothetical income/loss.

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

Also referred to as

Indian Overseas Bank v CIT · 183 ITR 200 · notional profit · foreign exchange contracts · un-settled forward contracts · contingent liability · hypothetical income · actual profit · taxability

Also reported as

51 Taxmann 283

Judgments citing Indian Overseas Bank 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

…e sale, it is only a contingent liability as the assessee could not foresee the rate of exchange which would prevail on the date of maturity of the contract. The AO referred to the decision of the Hon'ble Madras High Court in the case of Indian Overseas Bank (183 ITR 200), wherein, similar issue was examined and it was held that before settlement of contracts in foreign currency, no actual profit could accrue. It was held that the amounts in question represented notional profits only. Drawing analogy from this decision, the AO disallowed the loss of Rs.12,42,648/- treating the same as notional loss. The AO, howev…

DDIT (IT)-2(1), MUMBAI vs. STANDARD CHARTERED BANK, MUMBAI

Accordingly, Ground No. 11 raised by the Revenue is dismissed

ITA 884/MUM/2003[1993-94]Status: DisposedITAT Mumbai27 Jul 2023AY 1993-94

For Appellant: Shri P. J. Pardiwala, Sr. AdvocateFor Respondent: Shri Shri Soumendu Kumar Dash

Section 143(3)Section 15Section 37(2)Section 46Section 58B

…he assessment. 7.2. In appeal, the CIT(A) deleted the above said addition holding as under: “5.3 I have carefully considered the facts of the case and arguments of the learned counsel. The Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT 183 ITR 200 on similar facts has held that the amounts in question were only estimated 12 CO No. 161/Mum/2003 (Assessment Year 1993-94) anticipated income arrived at on the basis of the rates of exchange which prevailed, presumably on the last day of the accounting year, without an actual settlement of the forward contracts in foreign currencies having been…

THE COMMISSIONER OF INCOME-TAX vs. M/S. CANARA BANK

ITA/268/2018HC Karnataka13 Sept 2022

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

Section 260Section 45(2)

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 13TH DAY OF SEPTEMBER, 2022 PRESENT THE HON’BLE MR. JUSTICE P.S.DINESH KUMAR AND THE HON’BLE MR. JUSTICE UMESH M ADIGA INCOME TAX APPEAL No.268 OF 2018 C/W INCOME TAX APPEAL No.269 OF 2018 In I.T.A.No.268/2018: BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX LTU, 7TH FLOOR, BMTC BUILDING 80 FEET ROAD, KORMANGALA BENGALURU - 560 095. 2. THE JOINT COMMISSIONER OF INCOME-TAX LTU, 7TH FLOOR, BMTC BUILDING 80 FEET ROAD, KORMANGALA BENGALURU - 560 095. ..…

M/S SARAF EXPORT PALACE vs. THE COMMISSIONER OF INCOME TAX

ITA/268/2018HC Rajasthan19 Mar 2021

Bench: SABINA,MANOJ KUMAR VYAS

Section 260Section 45(2)

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BANGALORE vs. M/S. ABB GLOBAL INDUSTRIES AND SERVICES PVT LTD, BANGALORE

In the result, the appeal by the assessee is partly allowed, while the appeal by the revenue is dismissed

ITA 1660/BANG/2017[2010-11]Status: DisposedITAT Bangalore31 Dec 2020AY 2010-11

Bench: Shri N V Vasudevan & Shri Chandra Poojariassessment Year: 2010-11

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri Gopalan Guruswamy, CIT(DR)(ITAT), Bengaluru

…ce. The Board therefore opined that such losses would be contingent in nature and cannot be allowed to be set off against taxable income. The AO also made a reference to the decision of the Hon’ble Madras High Court in the case of Indian Overseas Bank v. CIT, 250 ITR 146 (Mad) wherein it took the view that a mere credit entry in the books of account will not constitute income. In that case, the bank took credit for estimated profit on exchange ITA No.1488 & 1660/Bang/2017 Page 4 of 16 holdings. The Hon’ble High Court held that income was hypothetical and cannot be taxed. The AO also took the view that the natur…

ABB GLOBAL INDUSTRIES AND SERVICES PVT LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), BANGALORE

In the result, the appeal by the assessee is partly allowed, while the appeal by the revenue is dismissed

ITA 1488/BANG/2017[2010-11]Status: DisposedITAT Bangalore31 Dec 2020AY 2010-11

Bench: Shri N V Vasudevan & Shri Chandra Poojariassessment Year: 2010-11

For Appellant: Shri T. Suryanarayana, AdvocateFor Respondent: Shri Gopalan Guruswamy, CIT(DR)(ITAT), Bengaluru

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1)(1), BANGALORE vs. M/S. ANSALDO STS TRANSPORATION SYSTEMS PVT. LTD., BANGALORE

In the result appeal is filed by assessee and revenue stands allowed for statistical purposes

ITA 213/BANG/2017[2011 - 12]Status: DisposedITAT Bangalore27 Oct 2020

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiit(Tp)A No.213/Bang/2017 Assessment Year : 2011 – 12

For Appellant: Shri Padamchand Khincha, C.AFor Respondent: Shri Pradeep Kumar, CIT (DR)

…raft assessment order further disallowed a sum of Rs.3,17,96,698/- being notional forex loss computed by Ld. TPO/AO while passing the draft assessment order by relying on decision of Hon’ble Madras High Court in case of Indian overseas bank vs CIT reported in 250 ITR 146. 8. Aggrieved by proposed adjustment, assessee raised objection before Ld.CIT(A) who upheld action of Ld.TPO of aggregating the expenses to manufacturing segment. Ld. CIT (A) however deleted the addition amounting to Rs.3,17,96,698/- being notional forex loss computed by Ld. TPO/AO. 9. Aggrieved by addition confirmed/deleted by Ld.CIT(A), assesse…

THE HONGKONG & SHANGHAI BANKING CORPORATION LTD,NAVI MUMBAI vs. ADIT (IT) RG-3(1), MUMBAI

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

ITA 3996/MUM/2009[2003-04]Status: DisposedITAT Mumbai27 Nov 2019AY 2003-04

Bench: Shri M.Balaganesh, Am & Shri Ravish Sood, Jm & Adit (It) 3(1) Vs. The Hongkong & Scindia House, Shanghai Banking R.No.132, 1St Floor Corporation Ltd N.M.Road, 52/60, Mahatma Gandhi Mumbai – 38 Road Mumbai – 400 001 Pan/Gir No. Aaact2786P (Appellant) .. (Respondent) & The Hongkong & Vs. Adit (It) 3(1) Shanghai Banking Scindia House, R.No.132, 1St Floor Corporation Ltd 52/60, Mahatma Gandhi N.M.Road, Road Mumbai – 38 Mumbai – 400 001 Pan/Gir No. Aaact2786P (Appellant) .. (Respondent)

Section 143(3)Section 192Section 37Section 44C

…reign exchange forward contracts. The assessee made a detailed submission in support of its contention vide reply letter dated 17/12/2004 and also placed reliance on the decision of the Hon’ble Madras High Court in the case of Indian Overseas Bank reported in 183 ITR 200. 4.1. The assessee also pleaded before the ld. AO that since the revenue was consistently having a stand that loss arising out of unmatured foreign exchange contracts as valued at the year end was not a permissible deduction, the amount of loss which was disallowed in earlier year amounting to Rs.15,16,14,000/- should be allowed as a deduction du…

CANARA BANK,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, LTU,, BANGALORE

In the result, Revenue’s appeal for Assessment Year 2014-15 is partly allowed for statistical purposes

ITA 1899/BANG/2017[2014-15]Status: DisposedITAT Bangalore28 Sept 2018AY 2014-15

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boaz

For Appellant: Shri S. Ananthan, C.AFor Respondent: Smt. Neera Malhotra, CIT (D.R)

Section 115JSection 143(3)Section 14ASection 36(1)(vii)Section 36(1)(viia)Section 40

…cision of the Hon'ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon'ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee.” 10.4.2 Respectfully following the aforesaid decision of the co- ordinate bench of this Tribunal in the assessee's own case (supra), we hold that the unrealized gains on revaluation of foreign exchange con…

CANARA BANK ,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX LTU , BANGALORE

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

ITA 865/BANG/2017[2012-13]Status: DisposedITAT Bangalore23 Mar 2018AY 2012-13

Bench: Shri Sunil Kumar Yadav & Shri Inturi Rama Raom/S.Canara Bank, Bsca Section, Head Office, J C Road, Bengaluru-560 002. Pan: Aaacc 6106 G … Appellant Vs. Joint Commissioner Of Income-Tax, Ltu, Bengaluru. … Respondent

For Appellant: Shri S.Ananathan, CAFor Respondent: Shri Sanjay Kumar, CIT(DR)

Section 115JSection 143(3)Section 36(1)(viia)Section 40

…cision of the Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee.” Respectfully following the decision of the co-ordinate bench in the assessee’s own case (supra), we allow this ground of appeal. 11. In the result, the appeal filed by the assessee is partly allowed for s…

DBS BANK LTD,MUMBAI vs. ADIT (IT) 1(2), MUMBAI

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

ITA 9067/MUM/2010[2006-07]Status: DisposedITAT Mumbai12 Feb 2018AY 2006-07

Bench: Shri B.R. Baskaran (Am) & Shri Ravish Sood(Jm)

Section 143(3)Section 144C(13)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “L” Bench, Mumbai Before Shri B.R. Baskaran (AM) & Shri Ravish Sood(JM) I.T.A. No. 9067/Mum/2010 (Assessment Year 2006-07) DBS Bank Limited ACIT (International Vs. 3rd Floor, Fort House Taxation)-1(2) 221, Dr.D.N.Road Sciendia House Fort, Mumbai-400001. N.M. Marg PAN : AAACT4652J Mumbai. (Appellant) (Respondent) Assessee by Shri P.J. Pardiwala & Shri Madhur Agarwal Department by Shri Samuel Darse Date of Hearing 12.2.2018 Date of Pronouncement 12.2.2018 O R D E R Per B.R. Baskaran (AM) :- The appeal filed by the assessee is directed against the order dated 28.10.2010 p…

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 931/BANG/2016[2011-12]Status: DisposedITAT Bangalore15 Sept 2017AY 2011-12

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)

Section 143(3)Section 36(1)(vii)

…cision of the Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee. 29. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. 30. The revenue raised the following grounds of appeal for the assessment year 2010-11: ITA Nos.979 & 1035/…

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1493/BANG/2014[2010-11]Status: DisposedITAT Bangalore15 Sept 2017AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)

Section 143(3)Section 36(1)(vii)

…cision of the Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee. 29. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. 30. The revenue raised the following grounds of appeal for the assessment year 2010-11: ITA Nos.979 & 1035/…

JOINT COMMISSIONER OF INCOME TAX,, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, the appeal filed by the revenue is dismissed

ITA 1440/BANG/2014[2010-11]Status: DisposedITAT Bangalore15 Sept 2017AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)

Section 143(3)Section 36(1)(vii)

…cision of the Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee. 29. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. 30. The revenue raised the following grounds of appeal for the assessment year 2010-11: ITA Nos.979 & 1035/…

CANARA BANK vs. ADDL.C.I,.T,

In the result, the appeal filed by the revenue is dismissed

ITA 979/BANG/2013[2009-10]Status: DisposedITAT Bangalore15 Sept 2017AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)

Section 143(3)Section 36(1)(vii)

…cision of the Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee. 29. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. 30. The revenue raised the following grounds of appeal for the assessment year 2010-11: ITA Nos.979 & 1035/…

J.C.I.T vs. M/S CANARA BANK,

In the result, the appeal filed by the revenue is dismissed

ITA 1035/BANG/2013[2009-10]Status: DisposedITAT Bangalore15 Sept 2017AY 2009-10

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri G.Sarangan, Senior Advocate and Shri S.Ananthan, CAFor Respondent: Shri G.R. Reddy, CIT(DR)

Section 143(3)Section 36(1)(vii)

…cision of the Hon’ble Supreme Court in the case of CIT vs. Shoorji Vallabhdas & Co. (46 ITR 144)(SC) and Godhra Electricity Co. Ltd vs. CIT (225 ITR 746)(SC). This issue was settled by the Hon’ble Madras High Court in the case of Indian Overseas Bank vs. CIT (183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee. 29. In the result, the appeal filed by the assessee is partly allowed for statistical purposes. 30. The revenue raised the following grounds of appeal for the assessment year 2010-11: ITA Nos.979 & 1035/…

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

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ, ई, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E”, MUMBAI श्री जोगगन्दय स िंह, न्मायमक दस्म एवुं श्री एन. के. प्रधान, रेखा दस्म, के भक्ष Before Shri Joginder Singh, Judicial Member, and Shri N.K. Pradhan, Accountant Member Assessment 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 ओ…

DCIT 3(2)(1), MUMBAI vs. LAVINO KAPUR COTTONS P. LTD, MUMBAI

In the result, appeal of the Revenue is dismissed in terms indicated hereinabove

ITA 3273/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Feb 2017AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit – 3(2)(1), Mumbai Vs. M/S. Lavino Kapur Cottons Pvt. Ltd., 121-122, Mittal Chambers, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaaclo824C Appellant) .. Respondent)

Section 143(3)Section 37(1)Section 43(5)Section 43A

…n item of expenditure allowable u/s. 37(1). Thus, the case of the assessee is distinguishable from the above decision relied on by the AO. I find that a similar issue arose before the Hon'ble Madras High Court in the case of Indian Overseas Bank vs CIT (1990) 183 ITR 200 (Mad). The head note of the above case is produced as under: "The levy of income-tax is on income and though the Income-tax Act has taken note of the twin points of time at which the liability to tax is attracted, viz., the accrual of income or its receipt, yet, the substance of the matter is income and if income does not result at all, there can…

ALLAHABAD BANK,KOLKATA vs. D.C.I.T CIR - 6,KOLKATA., KOLKATA

In the result, Revenue’s appeal stands partly allowed for statistical purpose

ITA 306/KOL/2013[2009-10]Status: DisposedITAT Kolkata08 Feb 2017AY 2009-10

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 14ASection 14A(2)Section 36(1)(viia)Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “A” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member ITA No.306 & 649/Kol/2013 Assessment Years:2009-10 Allahabad Bank बनाम DCIT, Circle-6, 2, N.S. Road, Aayakar Bhawan, P7, / V/s. Kokata-700 001 Chowringhee Square, Kolkata-69 DCIT, Circle-6, M/s Allahabad Bank बनाम Room No. 17, 6th Floor, 2, N.S. Road, / V/s. Aayakar Bhawan, P-7, Kolkata-01 Chowringhe Square, Kolkata-69 .. अपीलाथ" /Appellant ""यथ" /Respondent Shri B.K.Ghosh, FCA आवेदक क" ओर से/By Assessee Shri Anand Rajeshwar Baiwar, CIT-DR राज"व क" ओर से/By R…

ITO 3(2)(1), MUMBAI vs. LAVINO KAPUR COTTONS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed in terms indicated hereinabove

ITA 3157/MUM/2015[201-12]Status: DisposedITAT Mumbai31 Jan 2017

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Ito – 3(2)(1), Mumbai Vs. M/S. Lavino Kapur Cottons Pvt. Ltd., 121-122, Mittal Chambers, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaaclo824C Appellant) .. Respondent)

Section 143(3)Section 43(5)Section 43A

…Rs. 45.47.858/- on forward contracts which was not offered to tax by assessee" 2. "Whether on the facts and in the circumstances of the case and in law. the Ld. CIT(A) was justified in relying on the decision in the case of Indian Overseas Bank Vs. CIT(1990) 183 ITR 200 (Mad) even though the same is distinguishable from the facts of the assessee's case?" 3. "Whether on the facts and in the circumstances of the case and in law. the Ld. CIT(A ) was right in treating the gain on 2 M/s. Lavino Kapur Cottons Pvt. Ltd., forward contract as notional gain and thus not taxable ignoring the fact that the A.O. had treated…

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