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

The Commissioner of Income Tax - International Taxation -3 vs. Technip France Sas

In the result the writ petition fails and is dismissed with no

ITA/56/2023HC Delhi05 Feb 2024

Bench: Us It Has Been Conceded That Insofar As The Issues Emanating From Section 9(1)(Vii) Read With Section 44Da Of The Income Tax Act, 1961 [“Act”] Are Concerned, The Same Stands Conclusively Answered By The Supreme Court In Its Judgment Rendered In Oil & Natural Gas Corporation Vs. Commissioner Of Income Tax & Anr. [(2015) 376 Itr 306]. 2. Having Gone Through The Detailed Order Which Was Penned By Us On 22 February 2023, We Note That The Solitary Issue Which Now This Is A Digitally Signed Order. The Authenticity Of The Order Can Be Re-Verified From Delhi High Court Order Portal By Scanning The Qr Code Shown Above. The Order Is Downloaded From The Dhc Server On 13/12/2024 At 15:00:35

Section 115Section 293Section 32Section 42Section 44Section 44BSection 44DSection 72Section 9(1)(vii)

…ection 9(1)(vii) read with Section 44DA of the Income Tax Act, 1961 [“Act”] are concerned, the same stands conclusively answered by the Supreme Court in its judgment rendered in Oil and Natural Gas Corporation vs. Commissioner of Income Tax & Anr. [(2015) 376 ITR 306]. 2. Having gone through the detailed order which was penned by us on 22 February 2023, we note that the solitary issue which now This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 13/12/2024 a…

DCIT, Circle- 2, International Taxation, Dehradun vs. Gaia Ship Management As, Mumbai

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

ITA 5304/DEL/2018[2015-16]Status: DisposedITAT Dehradun22 Dec 2023AY 2015-16

Bench: Shri M. Balaganesh & Shri Yogesh Kumar Us(Through Video Conferencing)

For Appellant: Ms. Ananya Kapoor, AdvFor Respondent: Sh. Mayank Kumar, Adit CIT DR
Section 143(3)

…Ld. DR relied upon the decision of Tribunal in case of DDIT vs. Technip Offshore Contracting (29 SOT 33 Del.) and Ruling of AAR in case of Siem Offshore (337 ITR 207). The Ld. DR also relied upon the decision of the Hon‟ble Apex Court in case of ONGC vs. CIT 376 ITR 306. 9. The Ld. AR submitted that the CIT(A) has rightly deleted this additions. The Ld. AR relied upon the decision of the Hon‟ble Delhi High Court in case of DIT vs. Mitchell Drilling International (P.) Ltd. 380 ITR 130. 10. We have heard both the parties and perused all the relevant material available on record. The Hon‟ble Delhi High Court in cas…

DCIT, Circle- 1, International Taxation, Dehradun vs. Gaia Ship Management As, Mumbai

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

ITA 7476/DEL/2017[2014-15]Status: DisposedITAT Dehradun22 Dec 2023AY 2014-15

Bench: Shri M. Balaganesh & Shri Yogesh Kumar Us(Through Video Conferencing)

For Appellant: Ms. Ananya Kapoor, AdvFor Respondent: Sh. Mayank Kumar, Adit CIT DR
Section 143(3)

…Ld. DR relied upon the decision of Tribunal in case of DDIT vs. Technip Offshore Contracting (29 SOT 33 Del.) and Ruling of AAR in case of Siem Offshore (337 ITR 207). The Ld. DR also relied upon the decision of the Hon‟ble Apex Court in case of ONGC vs. CIT 376 ITR 306. 9. The Ld. AR submitted that the CIT(A) has rightly deleted this additions. The Ld. AR relied upon the decision of the Hon‟ble Delhi High Court in case of DIT vs. Mitchell Drilling International (P.) Ltd. 380 ITR 130. 10. We have heard both the parties and perused all the relevant material available on record. The Hon‟ble Delhi High Court in cas…

Dsd Noell Gmbh, New Delhi vs. DCIT Circle-1(2)(2) International Taxation, New Delhi

In the result, the appeals of the assessee are allowed

ITA 1619/DEL/2022[2018-19]Status: DisposedITAT Delhi21 Nov 2023AY 2018-19

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

Dsd Noell Gmbh, New Delhi vs. DCIT Circle -1(2)(2), International Taxation, New Delhi

In the result, the appeals of the assessee are allowed

ITA 115/DEL/2021[2017-18]Status: DisposedITAT Delhi21 Nov 2023AY 2017-18

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), Circle-1(2)(2), New Delhi

In the result, the appeals of the assessee are allowed

ITA 7282/DEL/2019[2016-17]Status: DisposedITAT Delhi21 Nov 2023AY 2016-17

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), Circle-1(2)(2), New Delhi

In the result, the appeals of the assessee are allowed

ITA 7070/DEL/2018[2015-16]Status: DisposedITAT Delhi21 Nov 2023AY 2015-16

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), Circle-1(2)(2), New Delhi

In the result, the appeals of the assessee are allowed

ITA 6190/DEL/2017[2014-15]Status: DisposedITAT Delhi21 Nov 2023AY 2014-15

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), New Delhi

In the result, the appeals of the assessee are allowed

ITA 255/DEL/2017[2012-13]Status: DisposedITAT Delhi21 Nov 2023AY 2012-13

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

Dsd Noell Gmbh, New Delhi vs. DCIT (International Taxation), New Delhi

In the result, the appeals of the assessee are allowed

ITA 3186/DEL/2016[2011-12]Status: DisposedITAT Delhi21 Nov 2023AY 2011-12

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…DIT vs Ericsson AB reported in 204 Taxman 192 (Del); g) Decision of Hon’ble Jurisdictional High Court in the case of CIT vs Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that we…

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 is seen that loss on revaluation of unmatured forward contracts is allowable (if any arises on such revaluation). It is further seen that the judgment of the Hon'ble High Court in CIT vs ONGC relied upon by the AO has been over ruled by the Supreme Court in 322 ITR 180. The relevant extract of the judgment in the case of ONGC vs CIT of the Hon'ble Supreme Court vide their order dated 15.03.2010:322 ITR 180 is as under: “10. Having carefully perused the decision of this Court in Woodward's case (supra), we are of the opinion that both the issues stand concluded by the said decision. Dealing with the said issues…

DCIT, Circle- 2, Intl. Taxation, Dehradun vs. Schlumberger Asia Services Ltd., Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 5305/DEL/2018[2015-16]Status: DisposedITAT Dehradun15 Sept 2023AY 2015-16

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…THE INCOME TAX APPELLATE TRIBUNAL DEHRADUN BENCH, DEHRADUN Before Shri Saktijit Dey, Vice President and Shri M. Balaganesh, Accountant Member ITA No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. DCIT, 14th Floor, Tower-C, Building Circle-2, No. 1, DLF City, Phase-II, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J ITA No. 5305/Del/2018 (A.Y.: 2015-16) DCIT, Vs. Schlumberger Asia Services Ltd, 14th Floor, Tower-C, Building No. Circle-2, International Taxation, 1, DLF City, Phase-II, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J Assessee by : Shr…

Schlumberger Asia Services Ltd., Dehradun vs. DCIT, Circle- 2, Intl. Taxation, Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 5223/DEL/2018[2015-16]Status: DisposedITAT Dehradun15 Sept 2023AY 2015-16

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…THE INCOME TAX APPELLATE TRIBUNAL DEHRADUN BENCH, DEHRADUN Before Shri Saktijit Dey, Vice President and Shri M. Balaganesh, Accountant Member ITA No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. DCIT, 14th Floor, Tower-C, Building Circle-2, No. 1, DLF City, Phase-II, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J ITA No. 5305/Del/2018 (A.Y.: 2015-16) DCIT, Vs. Schlumberger Asia Services Ltd, 14th Floor, Tower-C, Building No. Circle-2, International Taxation, 1, DLF City, Phase-II, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J Assessee by : Shr…

DCIT (International Taxation), Circle-1, Dehradun vs. Baker Hughes Singapore Pte, Mumbai

In the result, appeal is dismissed

ITA 1883/DEL/2018[2014-15]Status: DisposedITAT Dehradun15 Sept 2023AY 2014-15

Bench: Shri Saktijit Dey, Vice- & Shri M. Balaganeshassessment Year: 2013-14 Baker Hughes Singapore Pte., Versus Dcit (International Taxation) C/O Nangla & Co., A-109, Circle-1, Dehradun. Sector 136, Noida. Pan: Aaacb8516F (Appellant) (Respondent) Assessment Year: 2014-15 Dcit (International Taxation) Versus Baker Hughes Singapore Pte., Circle-1, Dehradun. C/O Nangla & Co., A-109, Sector 136, Noida. (Appellant) (Respondent) C.O. No. 132/Del/2018 (In Ita No.1883/Del/2018) Assessment Year: 2014-15 Baker Hughes Singapore Pte., Versus Dcit (International Taxation) C/O Nangla & Co., A-109, Circle-1, Dehradun. Sector 136, Noida. (Appellant) (Respondent) Assessee By : Sh. Amit Arora, C.A. & Sh. Itesh Dodhi, C.A. Revenue By : Sh. Mayank Kumar, Jcit-Dr Date Of Hearing : 23.06.2023 Date Of Pronouncement: 15.09.2023

For Appellant: Sh. Amit Arora, C.A. &For Respondent: Sh. Mayank Kumar, JCIT-DR
Section 44BSection 44DSection 9(1)(vii)

…rious decisions of the coordinate Bench including in assessee’s own case in assessment years 2007-08, 2008-09 and 2011-12. Further, he strongly relied upon the decision of Hon’ble Supreme Court in case of Oil and Natural Gas Corporation Ltd. vs. CIT (2015) 376 ITR 306 (SC) and decision of the Tribunal in case of MI Overseas Ltd. vs. ADIT (ITA No. 2956/Del/2013 & Ors. dated 08.06.2021). 7 ITA No. 5897/Del/2017, 1883/Del/2018 & C.O. No. 132/Del/2018 9. Per contra, strongly relying upon the observations of the Assessing Officer and learned first appellate authority, learned Departmental Representative submit…

DCIT, Circle- 2, Intl. Taxation, Dehradun vs. Schlumberger Asia Services Ltd., Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 6173/DEL/2017[2014-15]Status: DisposedITAT Dehradun15 Sept 2023AY 2014-15

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…THE INCOME TAX APPELLATE TRIBUNAL DEHRADUN BENCH, DEHRADUN Before Shri Saktijit Dey, Vice President and Shri M. Balaganesh, Accountant Member ITA No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. DCIT, 14th Floor, Tower-C, Building Circle-2, No. 1, DLF City, Phase-II, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J ITA No. 5305/Del/2018 (A.Y.: 2015-16) DCIT, Vs. Schlumberger Asia Services Ltd, 14th Floor, Tower-C, Building No. Circle-2, International Taxation, 1, DLF City, Phase-II, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J Assessee by : Shr…

Schlumberger Asia Services Ltd., Dehradun vs. DCIT, Circle- 2, Intl. Taxation, Dehradun

In the result, the appeal of the assessee for the Asst Year 2015-16 is partly allowed and that of the revenue is dismissed

ITA 6126/DEL/2017[2013-14]Status: DisposedITAT Dehradun15 Sept 2023AY 2013-14

Bench: Shri Saktijit Dey & Shri M. Balaganeshita No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. Dcit, 14Th Floor, Tower-C, Building Circle-2, No. 1, Dlf City, Phase-Ii, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) Pan: Aadcs1107J

For Appellant: Shri P. J. Pardiwalla, Sr. AdvFor Respondent: Shri Mayank Kumar, JCIT, DR
Section 143(3)Section 44BSection 9(1)(vii)

…THE INCOME TAX APPELLATE TRIBUNAL DEHRADUN BENCH, DEHRADUN Before Shri Saktijit Dey, Vice President and Shri M. Balaganesh, Accountant Member ITA No. 5223/Del/2018 (A. Y.: 2015-16) Schlumberger Asia Services Ltd, Vs. DCIT, 14th Floor, Tower-C, Building Circle-2, No. 1, DLF City, Phase-II, International Taxation, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J ITA No. 5305/Del/2018 (A.Y.: 2015-16) DCIT, Vs. Schlumberger Asia Services Ltd, 14th Floor, Tower-C, Building No. Circle-2, International Taxation, 1, DLF City, Phase-II, Gurgaon Dehradun (Appellant) (Respondent) PAN: AADCS1107J Assessee by : Shr…

Baker Hughes Singapore Pte, Noida vs. DCIT (International Taxation), Circle-1, Dehradun

In the result, appeal is dismissed

ITA 5897/DEL/2017[2013-14]Status: DisposedITAT Dehradun15 Sept 2023AY 2013-14

Bench: Shri Saktijit Dey, Vice- & Shri M. Balaganeshassessment Year: 2013-14 Baker Hughes Singapore Pte., Versus Dcit (International Taxation) C/O Nangla & Co., A-109, Circle-1, Dehradun. Sector 136, Noida. Pan: Aaacb8516F (Appellant) (Respondent) Assessment Year: 2014-15 Dcit (International Taxation) Versus Baker Hughes Singapore Pte., Circle-1, Dehradun. C/O Nangla & Co., A-109, Sector 136, Noida. (Appellant) (Respondent) C.O. No. 132/Del/2018 (In Ita No.1883/Del/2018) Assessment Year: 2014-15 Baker Hughes Singapore Pte., Versus Dcit (International Taxation) C/O Nangla & Co., A-109, Circle-1, Dehradun. Sector 136, Noida. (Appellant) (Respondent) Assessee By : Sh. Amit Arora, C.A. & Sh. Itesh Dodhi, C.A. Revenue By : Sh. Mayank Kumar, Jcit-Dr Date Of Hearing : 23.06.2023 Date Of Pronouncement: 15.09.2023

For Appellant: Sh. Amit Arora, C.A. &For Respondent: Sh. Mayank Kumar, JCIT-DR
Section 44BSection 44DSection 9(1)(vii)

…rious decisions of the coordinate Bench including in assessee’s own case in assessment years 2007-08, 2008-09 and 2011-12. Further, he strongly relied upon the decision of Hon’ble Supreme Court in case of Oil and Natural Gas Corporation Ltd. vs. CIT (2015) 376 ITR 306 (SC) and decision of the Tribunal in case of MI Overseas Ltd. vs. ADIT (ITA No. 2956/Del/2013 & Ors. dated 08.06.2021). 7 ITA No. 5897/Del/2017, 1883/Del/2018 & C.O. No. 132/Del/2018 9. Per contra, strongly relying upon the observations of the Assessing Officer and learned first appellate authority, learned Departmental Representative submit…

Sabre Travel Network (India) P.Ltd, Mumbai vs. DCIT 6(1)(1), Mumbai

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

ITA 1056/MUM/2017[2008-09]Status: DisposedITAT Mumbai25 Jul 2023AY 2008-09

Bench: Vikas Awasthy () & Ms. Padmavathy S. ()

Section 143(3)Section 144C(13)Section 234BSection 234CSection 271(1)Section 92C

…e annual accounts, that the approval was given by the RBI for receiving the ECB loan, that the loan was taken for working capital requirements. He relied upon the cases of Woodward Governer India Private Ltd.(312 ITR 254) Oil and Natural Gas Corporation Ltd. (322 ITR 180). The DR left the issue to the discretion of the Bench. 5.2.We have heard the rival submissions and perused the material before us. We find that the AO on one hand would tax gain on FE earnings but would not allow loss arising on FE loss. In our opinion ,the stand taken by the AO is not justified in any manner. If the gains of FE fluctuation had…

DCIT, Circle- 10(1), New Delhi vs. Global Green Company Ltd., New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 7541/DEL/2019[2011-12]Status: DisposedITAT Delhi20 Jun 2023AY 2011-12

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…er of the Assessing Officer on the grounds that the basic fact relating to the cancellation of forward contract pertaining to which the losses claimed have not been submitted. Keeping in 20 view, the judgments of Hon’ble Apex Court in the case of ONGC Vs. CIT 322 ITR 180 and CIT Vs. Woodward Governor 312 ITR 254, we hold that the Loss on Foreign Exchange Fluctuation is an allowable expenditure. Set off of C/F Business Loss: 45. The ld. CIT(A) has dismissed the grounds taken up holding that the appeal memo for the year doesn’t elaborate or shed any light on said matter. However, we find that the assessee has tak…

Global Green Company Ltd., New Delhi vs. DCIT, Circle- 10(1), New Delhi

In the result, the appeals of the assessee are partly allowed for statistical purpose and the appeals of the revenue are dismissed

ITA 6940/DEL/2019[2011-12]Status: DisposedITAT Delhi20 Jun 2023AY 2011-12

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Yogesh Thar, CAFor Respondent: Sh. Mrinal Kumar Das, Sr. DR
Section 37(1)Section 92CSection 92C(2)

…er of the Assessing Officer on the grounds that the basic fact relating to the cancellation of forward contract pertaining to which the losses claimed have not been submitted. Keeping in 20 view, the judgments of Hon’ble Apex Court in the case of ONGC Vs. CIT 322 ITR 180 and CIT Vs. Woodward Governor 312 ITR 254, we hold that the Loss on Foreign Exchange Fluctuation is an allowable expenditure. Set off of C/F Business Loss: 45. The ld. CIT(A) has dismissed the grounds taken up holding that the appeal memo for the year doesn’t elaborate or shed any light on said matter. However, we find that the assessee has tak…