ONGC v. CIT

376 ITR 306Supreme Court of India2015#363 most cited

What is ONGC v. CIT authority for?

Income derived by a non-resident for services related to mineral oil operations, falling under the presumptive taxation regime of Section 44BB, cannot simultaneously be treated as fees for technical services under Section 9(1)(vii). The specific presumptive provisions override the general FTS definition, particularly when DTAA applies.

241

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2015 to 2026.

Also referred to as

ONGC v. CIT · Section 44BB · Section 44DA · Section 9(1)(vii) · fees for technical services · FTS · presumptive taxation · non-resident income · DTAA · permanent establishment

Also reported as

59 Taxmann.com 1

Sections most often in play

Section 44BBSection 143(3)Section 44DASection 9(1)(vii)Section 43ASection 115ASection 147Section 148

Issues it is cited on

section 44dasection 44bbsection 44dsection 44bsection 115asection 92c(2)section 42section 9(1)(vii)section 9(1)fees for technical servicessection 9(1)(vi)permanent establishment

Judgments citing ONGC v. CIT

ADIT, Dehradun vs. Oil & Natural Gas Corporation Ltd. As Representative Assessee of M/S. Gx Technology Eame Ltd., Uk, Dehradun

ITA 1195/DEL/2012[2008-09]Status: DisposedITAT Delhi26 Jul 2016AY 2008-09

Bench: Shri J. Sudhakar Reddy & Shri C.M. Gargay: 2008-09 Adit, International Taxation Vs. Ongc As Representative Assessee 13 A, Subash Road Of M/S Gx Technology Eame Ltd., Uk Aayakar Bhawan Corporate Tax Divn. Dehradun 248 001 Room No.244, Tel Bhavan Dehradun Pan: Aaaco 1598 A Cross Objection No. 192/Del/12 (In Ita No. 1195/Del/2012) Ay: 2008-09 Ongc Ltd. Vs. Adit (International Taxation) Dehradun Dehradun (Appellant) (Respondent) Appellant By : Sh.Anuj Arora, Cit, D.R (International Taxation) Respondent By : Sh. Kavish Syal, Adv.

For Appellant: Sh.Anuj Arora, CIT, D.RFor Respondent: Sh. Kavish Syal, Adv
Section 143(3)Section 44Section 44BSection 44DSection 9(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’, NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI C.M. GARG, JUDICIAL MEMBER AY: 2008-09 ADIT, International Taxation vs. ONGC as representative assessee 13 A, Subash Road of M/s GX Technology EAME Ltd., UK Aayakar Bhawan Corporate Tax Divn. Dehradun 248 001 Room no.244, Tel Bhavan Dehradun PAN: AAACO 1598 A Cross Objection No. 192/Del/12 (In ITA No. 1195/Del/2012) AY: 2008-09 ONGC Ltd. vs. ADIT (International Taxation) Dehradun Dehradun (Appellant) (Respondent) Appellant by : Sh.Anuj Arora, CIT, D.R (International Taxation) Responden…

Asst CIT 15(1), Mumbai vs. R T Star Solitaires, Mumbai

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

ITA 4408/MUM/2013[2009-10]Status: DisposedITAT Mumbai22 Jul 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2009-10 Asst. Cit 15(1) R T Star Solitaires, R.No.104 Matru Mandir, 712M-A, Prasad बनाम/ 1St Floor, Tardeo Rd, Chambers, Tata Rd Vs. Mumbai-400007 No.2 Opera House, Mumbai-400004 (Assessee) (Revenue) P.A. No.Aagfr8565F Revenue By Capt. Pradeep S. Arya (Sr. Dr) Respondent By None 29/06/2016 सुनवाई क" तार"ख / Date Of Hearing : 22/07/2016 आदेश क" तार"ख /Date Of Order: आदेश / O R D E R Per Ashwani Taneja (): This Appeal Has Been Filed By The Revenue Against Order Of Ld. Commissioner Of Income Tax (Appeals) -26, Mumbai, {(In Short ‘Cit(A)’}, Passed Against Assessment Order U/S 143(3) Of The Act, For The A.Y 2009-10 On The Following Grounds:

Section 143(3)

…ee the minute it entered into a forward contract; g) The forward contracts have all the trappings of stock-in- trade; h) In ultimate analysis, there is no revenue effect and it is only the timing of the taxation of loss/profit. xii)In the case of ONGC Vs. CIT 322 ITR 180 the Hon'ble Supreme Court has reiterated the principles laid down above while answering the question in favour of the assessee. xiii) Further, the liabilities in foreign exchange were incurred during the normal course of business and the restatement of the forward contract obligation was done as per AS- 11 in a consistent manner over the years. I…

Addl. DIT, Dehradun vs. Petroleum International Pte. Ltd., New Delhi

In the result, both the appeals of the Revenue stand

ITA 1157/DEL/2014[2009-10]Status: DisposedITAT Delhi11 Jul 2016AY 2009-10

Bench: Shri G.D. Agrawal. & Shri Chandra Mohan Gargassessment Year: 2009-10 Addl. Dit Vs. International Technical Services Llc International Taxation, C/O. S.P. Puri &”Co., Cas, Aayakar Bhawan, 4/18, Asaf Ali Road 13A-Subhash Road New Delhi – 110 002. Pan Aabc18736K Dehradun – 248001 (Appellant) (Respondent) Assessment Year: 2009-10 Addl. Dit Vs. Petroleum International Pte. Ltd. International Taxation, C/O. S.P. Puri &”Co., Cas, Aayakar Bhawan, 4/18, Asaf Ali Road 13A-Subhash Road New Delhi – 110 002. Pan Aaecp6377J Dehradun – 248001 (Appellant) (Respondent)

For Appellant: Shri Vidur Puri, CAFor Respondent: Shri Anuj Arora, CIT(DR)
Section 144BSection 144C(5)Section 44BSection 44D

…NGC.” 2 3. We have heard the rival contentions and have perused the relevant material on record. The ld AR submitted that the issue is squarely covered in favour of the assessee by the order of the Hon’ble Supreme Court in the case of ONGC VS. CIT reported at 376 ITR 306 [SC] wherein it has been held that the payments for providing various services in connection with prospecting, extraction and production of oil would be assessed u/s 144BB and not u/s 44DA of the Act. 4. Per contra, the ld. CIT-DR strongly supported the impugned order and vehemently contended that the DRP was not justified in directing the AO…

Addl. DIT, Dehradun vs. International Technical Services Llc, New Delhi

In the result, both the appeals of the Revenue stand

ITA 1156/DEL/2014[2009-10]Status: DisposedITAT Delhi11 Jul 2016AY 2009-10

Bench: Shri G.D. Agrawal. & Shri Chandra Mohan Gargassessment Year: 2009-10 Addl. Dit Vs. International Technical Services Llc International Taxation, C/O. S.P. Puri &”Co., Cas, Aayakar Bhawan, 4/18, Asaf Ali Road 13A-Subhash Road New Delhi – 110 002. Pan Aabc18736K Dehradun – 248001 (Appellant) (Respondent) Assessment Year: 2009-10 Addl. Dit Vs. Petroleum International Pte. Ltd. International Taxation, C/O. S.P. Puri &”Co., Cas, Aayakar Bhawan, 4/18, Asaf Ali Road 13A-Subhash Road New Delhi – 110 002. Pan Aaecp6377J Dehradun – 248001 (Appellant) (Respondent)

For Appellant: Shri Vidur Puri, CAFor Respondent: Shri Anuj Arora, CIT(DR)
Section 144BSection 144C(5)Section 44BSection 44D

…NGC.” 2 3. We have heard the rival contentions and have perused the relevant material on record. The ld AR submitted that the issue is squarely covered in favour of the assessee by the order of the Hon’ble Supreme Court in the case of ONGC VS. CIT reported at 376 ITR 306 [SC] wherein it has been held that the payments for providing various services in connection with prospecting, extraction and production of oil would be assessed u/s 144BB and not u/s 44DA of the Act. 4. Per contra, the ld. CIT-DR strongly supported the impugned order and vehemently contended that the DRP was not justified in directing the AO…

ADIT, Dehradun vs. M/S. Halliburton Offshore Services Inc., Dehradun

ITA 1332/DEL/2012[2005-06]Status: DisposedITAT Delhi30 Jun 2016AY 2005-06

Bench: Shri I.C.Sudhir & Shri Prashant Maharishiadit, Halliburton Offshore Services International Taxation, Inc. , Vs. 13-A,Subhash Road, C/O. Nangia & Company, Ca, Aayakar Bhawan, 75/7, Rajpur Road, Dehradun Dehradun Pan:Aaach5154M (Appellant) (Respondent) Halliburton Offshore Services Addl. Cit, Inc. , International Taxation, Vs. C/O. Nangia & Company, Ca, Subhash Road, Suite-4A, Plaza M-6, Jasola, Dehradun New Delhi Pan:Aaach5154M (Appellant) (Respondent) Halliburton Offshore Services Inc. , Adit, C/O. Nangia & Company, Ca, International Taxation, Vs. Suite-4A, Plaza M-6, Jasola, 13-A,Subhash Road, New Delhi Aayakar Bhawan, Pan:Aaach5154M Dehradun (Appellant) (Respondent) Halliburton Offshore Services Inc. Vs Ddit (International Taxation)

Section 144CSection 44Section 44BSection 9

…nnection with contracts for prospecting etc. of mineral oil though effectively connected with the PE will fall outside the scope of section 44DA and would be assessed u/s 44BB of the Act. He further submitted that Hon’ble Supreme court in case of ONGC Vs. CIT 376 ITR 306 has held that services in connection with exploration, production of mineral oil shall fall within the purview of section 44BB of the Act and are not fees for technical services. He further submitted that coordinate bench in 167 TTJ 304 has held that renting of equipment in connection with services specified u/s 44BB are liable to be taxed under…

ADIT, Dehradun vs. M/S. Tidewater Marine International Inc., Dehradun

ITA 5927/DEL/2013[2010-11]Status: DisposedITAT Delhi29 Jun 2016AY 2010-11

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri Amit Arora, CAFor Respondent: Ms. Anupama Anand, CIT DR
Section 44BSection 44DSection 5Section 9Section 9(1)(vi)Section 9(1)(vii)

…ded this issue. Further this decision of Coordinate bench has also been upheld by honourable Uttarakhand High court vide order dated 6.8.2015 in ITA No 36/2015 applying judgement of Honourable Supreme court in case of Oil And natural Gas Coorp. Limited V CIT [376 ITR 306 ( SC)]. There is no contradictory decision of any high court placed before us. Therefore we are duty bound to follow the decision approved by Honourable Uttarakhand high court. Coordinate bench has held as under :- ‘23. Further, there is no requirement of a direct contract or agreement with the person actually engaged in prospecting for, or extr…

Tidewater Marine International Inc, New Delhi vs. ADIT, Dehradun

ITA 5864/DEL/2013[2010-11]Status: DisposedITAT Delhi29 Jun 2016AY 2010-11

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri Amit Arora, CAFor Respondent: Ms. Anupama Anand, CIT DR
Section 44BSection 44DSection 5Section 9Section 9(1)(vi)Section 9(1)(vii)

…ded this issue. Further this decision of Coordinate bench has also been upheld by honourable Uttarakhand High court vide order dated 6.8.2015 in ITA No 36/2015 applying judgement of Honourable Supreme court in case of Oil And natural Gas Coorp. Limited V CIT [376 ITR 306 ( SC)]. There is no contradictory decision of any high court placed before us. Therefore we are duty bound to follow the decision approved by Honourable Uttarakhand high court. Coordinate bench has held as under :- ‘23. Further, there is no requirement of a direct contract or agreement with the person actually engaged in prospecting for, or extr…

ADIT, Dehradun vs. M/S. Oil & Natural Gas Corporation Ltd. As Representative Assessee of M/S. Asset Management Solutions Inc, Usa, Dehradun

In the result, appeals filed by the Revenue in I

ITA 4654/DEL/2013[2010-11]Status: DisposedITAT Delhi23 Jun 2016AY 2010-11

Bench: Shri N. K. Saini & Smt. Beena A. Pillai

For Appellant: Sh. P. Dam Kanunjna, Sr. DRFor Respondent: Sh. Kavish Syal, CA
Section 44Section 44BSection 44DSection 9

…bons deep inside the earth and helps to identify where to drill for the same. 3.2 Ld. A.R. submits that the issue stands covered in favour of the assessee vide order passed by Hon'ble Supreme Court in assessee’s own case , reported in (2015) 59 Taxman.com 01/ 376 ITR 306. 3.3 We have perused the orders passed by the authorities below, arguments advanced by both the side and the decision passed by Hon'ble Supreme Court in the assessee’s own case. The only issue that arises from the grounds of appeal filed by the Revenue is in respect of the taxability of the amount paid to the non-resident / foreign companies unde…

ADIT, Dehradun vs. M/S. Oil & Natural Gas Corporation Ltd. As Representative Assessee of M/S. Gaffney Cline & Associates, Uk, Dehradun

In the result, appeals filed by the Revenue in I

ITA 4652/DEL/2013[2010-11]Status: DisposedITAT Delhi23 Jun 2016AY 2010-11

Bench: Shri N. K. Saini & Smt. Beena A. Pillai

For Appellant: Sh. P. Dam Kanunjna, Sr. DRFor Respondent: Sh. Kavish Syal, CA
Section 44Section 44BSection 44DSection 9

…bons deep inside the earth and helps to identify where to drill for the same. 3.2 Ld. A.R. submits that the issue stands covered in favour of the assessee vide order passed by Hon'ble Supreme Court in assessee’s own case , reported in (2015) 59 Taxman.com 01/ 376 ITR 306. 3.3 We have perused the orders passed by the authorities below, arguments advanced by both the side and the decision passed by Hon'ble Supreme Court in the assessee’s own case. The only issue that arises from the grounds of appeal filed by the Revenue is in respect of the taxability of the amount paid to the non-resident / foreign companies unde…

DCIT, New Delhi vs. M/S. Sarvshaktiman Traders Pvt. Ltd., Delhi

ITA 2033/DEL/2013[2008-09]Status: DisposedITAT Delhi20 Jun 2016AY 2008-09

Bench: Shri I.C. Sudhir & Shri O.P. Kant Assessment Year: 2008-09 Deputy Cit, Vs. Sarvshaktiman Traders Pvt. Ltd., Circle-7(1), 17-Kucha Choudhary (Opp.Sbi), New Delhi. Chandni Chowk, Delhi. (Pan: Aaecs7085C) (Appellant) (Respondent) Assessee By: Shri Ved Jain, Adv. Department By : Shri Syed Nasir, Dr Date Of Hearing : 19.04.2016 Date Of Pronouncement: 20:06.2016 Order Per I.C. Sudhir:This Is An Appeal Filed By The Revenue Against The First Appellate Order Deleting The Addition Of Rs.17,63,24,155/- Made By The Assessing Officer On Account Of Foreign Exchange Loss.

For Appellant: Shri Ved Jain, AdvFor Respondent: Shri Syed Nasir, DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH “G” NEW DELHI) BEFORE SHRI I.C. SUDHIR AND SHRI O.P. KANT Assessment Year: 2008-09 Deputy CIT, Vs. Sarvshaktiman Traders Pvt. Ltd., Circle-7(1), 17-Kucha Choudhary (opp.SBI), New Delhi. Chandni Chowk, Delhi. (PAN: AAECS7085C) (Appellant) (Respondent) Assessee by: Shri Ved Jain, Adv. Department by : Shri Syed Nasir, DR Date of hearing : 19.04.2016 Date of pronouncement: 20:06.2016 ORDER PER I.C. SUDHIR: JUDICIAL MEMBER This is an appeal filed by the Revenue against the first appellate order deleting the addition of Rs.17,63,24,155/- made by the Assessing Officer on…

Asst CIT 16(3), Mumbai vs. Gem Star Company, Mumbai

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

ITA 6667/MUM/2014[2009-10]Status: DisposedITAT Mumbai03 Jun 2016AY 2009-10

Bench: Shri Amit Shukla & Shri Ashwani Tanejaassessment Year: 2009-10 Acit Cit 16(3), Gem Star Company, 2Nd Floor, Matru Mandir, 108 Mehta Bhavan बनाम/ Tardeo Rd. 311, Rmm Roy Rd, Vs. Mumbai-400007 Opera House, Mumbai (Revenue) (Revenue) P.A. No.Aaafg1178M Revenue By Shri A. Ramachandran (Dr) Respondent By Shri B.B. Jokhakar (Ar)

Section 143(3)Section 37

…ability and hence cannot be allowed as deductible expenditure u/s 37 of the IT. Act 1961. 3.On the facts and circumstances of the case and in law, the Ld.CIT(A) erred in relying upon the decisions of Hon’ble Supreme Court in the case of ONGC vs CIT, Dehradun (322 ITR 180) and CIT vs. Woodward Governor India (P) Ltd (312 ITR 254) without appreciating that the facts of that case are entirely different from facts of the instant case. 4.The appellant craves leave to amend or alter any ground or add a new ground which may be necessary.” 2. During the course of hearing, arguments were made by Shri B.B. Jokhakar, (AR)…

ADIT, Dehradun vs. M/S. Oil and Natural Gas Corporation Ltd., Dehradun

ITA 176/DEL/2013[2009-10]Status: DisposedITAT Delhi24 May 2016AY 2009-10

Bench: Shri N.K. Saini & Shri Kuldip Singh

For Appellant: Shri Kaveesh Syal, CAFor Respondent: Shri P. Dam Kanunjna, Senior DR
Section 142(1)Section 234BSection 44BSection 44DSection 9

…llenging the impugned order relied upon the order passed by the AO. However, on the other hand, the ld. AR for the assessee by relying upon the law laid down by Hon’ble Supreme Court in judgment cited as Oil & Natural Gas Corporation Ltd. vs. CIT - (2015) 376 ITR 306 (SC) contended the issue in controversy is squarely covered. 8. Undisputedly, the non-resident assessee/foreign company was engaged by Oil & Natural Gas Corporation Ltd. vide contract dated 20.12.2007 to deploy expert to help establish the supply chain for 10 Blow Out Preventers (BOPs), (ii) train ONGC shop labour for dis-assembly and cleani…

ACIT, Dehradun vs. Westerm Geco International Ltd., Gurgaon

In the result, all the appeals preferred by the assessee are allowed

ITA 5400/DEL/2013[2010-11]Status: DisposedITAT Delhi13 May 2016AY 2010-11

Bench: Shri S. V. Mehrotra & Smt. Beena Pillaii.T.A .No.5602/Del/2013 (Assessment Year 2010-11)

Section 44

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: 'H' NEW DELHI BEFORE SHRI S. V. MEHROTRA ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER I.T.A .No.5602/Del/2013 (ASSESSMENT YEAR 2010-11) Western Geco Inernaional Ltd., Vs. ACIT, International 14th Floor, Tower C, Building No.10, Taxation, Dehradun DLF Cyber City Phase II, Gurgaon PAN; AAACW4324J I.T.A .No.5400/Del/2013 (ASSESSMENT YEAR 2010-11) ACIT, International Taxation V Western Geco Inernaional Ltd., 13A, Subhash Road, s 14th Floor, Tower C, Building No.10, Aayakar Bhawan, Dehradun DLF Cyber City Phase II, Gurgaon PAN; AAACW4324J Appellant by…

Viking Maritime Inc., New Delhi vs. DDIT, New Delhi

In the result, all the appeals preferred by the assessee are allowed

ITA 5363/DEL/2012[2006-07]Status: DisposedITAT Delhi25 Apr 2016AY 2006-07

Bench: Shri S.V. Mehrotra : & Smt. Beena A. Pillai :

For Appellant: Shri Amit Arora CA &
Section 142(1)Section 143(3)Section 144CSection 144C(5)Section 263Section 44BSection 44DSection 9(1)(vii)

…urisdiction. 11. That, without prejudice to Ground No. 10, the provisions of section 27l(1)(c) of the Act are not attracted on facts of the case. 8. Ld. counsel further referred to the decision of Hon’ble Supreme Court in the case of ONGC Ltd. Vs. CIT (2015) 376 ITR 306 (SC), wherein it has been held that wherein dominant purpose of agreement is for prospecting, extraction or production of mineral oil, though there may be certain ancillary works contemplated thereunder, then the payments received by the non- resident assessee or foreign companies under the said contracts are assessable under the provisions of…

Subex Limited, Bangalore vs. DCIT, Bangalore

In the result, Revenue’s appeal is partly allowed

ITA 373/BANG/2015[2010-11]Status: DisposedITAT Bangalore18 Mar 2016AY 2010-11

Bench: Shri B. Ramakotaiah & Shri Narendra Kumar Choudhury

For Appellant: Shri Raghunathan S., AdvocateFor Respondent: Ms. Neera Malhotra, CIT-II(DR)
Section 10ASection 143(3)Section 35D

…ables over a period of time, assessee hedged foreign exchange risk by entering into above contracts. It was submitted that judicial precedents as laid down by the Hon’ble Supreme Court in the case of CIT v. Woodward Governor (P) Ltd. (supra) and ONGC v. DCIT, 322 ITR 180 in fact support the assessee’s contentions that these transactions are not contingent in nature. It was further submitted that these are also not speculative in nature. 16.6 The ld. DR, however, relied on the order of AO and read out the Instruction as issued by the Board and analysed that transactions entered into by the assessee are both specul…

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)

…resultant foreign exchange gain arising out of restatement of foreign currency loan at the end of the year is to be brought to tax in the light of decision rendered by the Hon’ble Apex Court in the case of Oil & Natural Gas Corporation Ltd vs CIT reported in 322 ITR 180 (SC) which had followed the previous decision of the apex court in the case of Woodward Governor of India Ltd reported in 312 ITR 254 (SC). b. He further argued that the assessee is engaged in the investment and financing activity and this lending to subsidiary company had been made as part of its business activities and hence the foreign currenc…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 910/CHNY/2015[2010-11]Status: DisposedITAT Chennai28 Dec 2015AY 2010-11

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…rculating capital earmarked in business. The Id. AR has clarified that the forward contract was on revenue account and not for capital assets. The decision so rendered in Woodward Governor India (supra) was applied and the law was reiterated in ONGC vs CIT, 322 ITR 180 (SC) reversing the decision of the Uttarakhand High Court in the same case reported in 301 ITR 415 (Uttarakhand), which had treated the exchange loss both relating to current and capital account as a contingent liability. Supreme Court in CIT v. Maruti Udyog, 320 ITR 729 (SC) decided that depreciation on cost enhanced by capitalization of foreig…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1643/CHNY/2014[2009-10]Status: DisposedITAT Chennai28 Dec 2015AY 2009-10

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…rculating capital earmarked in business. The Id. AR has clarified that the forward contract was on revenue account and not for capital assets. The decision so rendered in Woodward Governor India (supra) was applied and the law was reiterated in ONGC vs CIT, 322 ITR 180 (SC) reversing the decision of the Uttarakhand High Court in the same case reported in 301 ITR 415 (Uttarakhand), which had treated the exchange loss both relating to current and capital account as a contingent liability. Supreme Court in CIT v. Maruti Udyog, 320 ITR 729 (SC) decided that depreciation on cost enhanced by capitalization of foreig…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1436/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2015AY 2008-09

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…rculating capital earmarked in business. The Id. AR has clarified that the forward contract was on revenue account and not for capital assets. The decision so rendered in Woodward Governor India (supra) was applied and the law was reiterated in ONGC vs CIT, 322 ITR 180 (SC) reversing the decision of the Uttarakhand High Court in the same case reported in 301 ITR 415 (Uttarakhand), which had treated the exchange loss both relating to current and capital account as a contingent liability. Supreme Court in CIT v. Maruti Udyog, 320 ITR 729 (SC) decided that depreciation on cost enhanced by capitalization of foreig…

Ongc As Representative Assessee of, Dehradun vs. ADIT, Dehradun

In the result, the appeal of the Assessee is partly allowed

ITA 4469/DEL/2013[2010-11]Status: DisposedITAT Delhi03 Dec 2015AY 2010-11

Bench: Shri H.S. Sidhu & Shri Prashant Maharishi

For Appellant: Sh. Kaveesh Syal, CAFor Respondent: Sh. P. Dam Kanunjna, Sr. DR
Section 44BSection 44D

…und no. 1 is dismissed, as not pressed. 3.1 With regard to issue involved in Ground No. 2 is concerned, he stated that the said issue has already been decided in favour of the assessee by the Hon’ble Supreme Court of India in assessee’s own case reported in 376 ITR 306 (SC). Therefore, he requested that the issue involved in Ground No. 2 may be decided by following the judgment of the Hon’ble Supreme Court of India in assessee’s own case. 2 4. On the other hand, Ld. DR did not controvert the submission made by the Ld. A.R. 5. We have heard the both parties and perused and considered the relevant record avai…