Oil & Natural Gas Corporation Ltd vs. CIT 322 ITR 180 (SC), CIT v. Woodward Governor India P. Ltd.

Sitac Re Pvt. Ltd., New Delhi vs. DCIT Circle-23(2), New Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri Yogesh Kumar U.S & Shri Manish Agarwal[Assessment Year : 2013-14] M/S. Sitac Re Pvt.Ltd., Vs Dcit, 27B, Prithviraj Road, Circle-23(2), New Delhi-110002 New Delhi Pan-Aaccn2500M Appellant Respondent Appellant By Shri G.C.Srivastava, Adv., Shri Anil Kumar Chopra, Fca & Ms. Kannopriya Gupta, Adv. Respondent By Shri Manish Gupta, Sr.Dr Date Of Hearing 29.05.2025 Date Of Pronouncement 20.08.2025 Order

…aid disallowance of exchange fluctuation loss as confirmed by the Ld.CIT(A) is against the binding precedents of the Apex court and Jurisdictional Delhi High Court in the cases reported in [2009] 312 ITR 0254 (SC) - CIT Vs. Woodward Governor India P. Ltd. and 311 ITR 475 (Del.) CIT vs. Taiko Chander Nagar Chemicals P. Ltd. wherein such exchange fluctuation loss has been held allowable as business expenditure u/s 37(1) of the Act. 1.2 That while confirming the disallowance of exchange fluctuation loss of Rs. 23,71,973/- the Ld. CIT(A) has erred on facts and in law in treating the business advance of Rs. 11.25 Cror…

Sitae Re Pvt. Ltd., New Delhi vs. ITO, Ward-23(4), New Delhi

In the result, the appeal of the assessee is allowed

Bench: Ms. Sushma Chowla, V.P & Shri Prashant Maharishi, Am

…Ld.CIT(A) is against the binding precedents of the Apex court and jurisdictional Delhi High Court in the cases reported in 322 ITR 180 (SC) - Oil and Natural Gas Corporation Ltd. Vs. CIT, [2009] 312 ITR 0254 (SC) - CIT Vs. Woodward Governor India P. Ltd. and 311 ITR 475 (Del.) - CIT vs. Taiko Chander Nagar Chemicals P. Ltd. wherein such exchange fluctuation loss has been held allowable as business expenditure u/s 37(1) of the Act. 1.2 That the disallowance as confirmed by the Ld. CIT(A) is against the consistency principle in as much as in prior years i.e. in AY 2012-13, 2011-12, 2009-10 and 2008-09 similar clai…

ACIT, New Delhi vs. M/S Theolia Wind Power Pvt. Ltd., New Delhi

Bench: Shri R.K. Panda & Shri Kuldip Singh

…r contended that exchange fluctuation loss is allowable as business loss and relied upon the cases of Oil & Natural Gas Corporation Ltd vs. CIT 322 ITR 180 (SC), CIT vs. Woodward Governor India P. Ltd. 312 ITR 254 (SC), Taiko Chander Nagar Chemicals P. Ltd. 311 ITR 475, Diamonds ‘R’ US vs. DCIT (2011) 9 taxmann.com 67 (Mum.) and Hon’ble Delhi High Court in Pr.CIT vs. Samwon Precision Mould Mfg. India P. Ltd. ITA No.72/2018. 9. Undisputedly, assessee company has received business advance of Euro 20,00,000 equivalent to Rs.11,25,00,000/- from Natural Energy Corporation GmbH against consultancy services. It is als…

M/S. Theolia Wind Power Pvt. Ltd., New Delhi vs. ACIT, New Delhi

Bench: Shri R.K. Panda & Shri Kuldip Singh

…r contended that exchange fluctuation loss is allowable as business loss and relied upon the cases of Oil & Natural Gas Corporation Ltd vs. CIT 322 ITR 180 (SC), CIT vs. Woodward Governor India P. Ltd. 312 ITR 254 (SC), Taiko Chander Nagar Chemicals P. Ltd. 311 ITR 475, Diamonds ‘R’ US vs. DCIT (2011) 9 taxmann.com 67 (Mum.) and Hon’ble Delhi High Court in Pr.CIT vs. Samwon Precision Mould Mfg. India P. Ltd. ITA No.72/2018. 9. Undisputedly, assessee company has received business advance of Euro 20,00,000 equivalent to Rs.11,25,00,000/- from Natural Energy Corporation GmbH against consultancy services. It is als…