PCIT v. Simon India Ltd.

DCIT, Gurgaon vs. Orient Craft Ltd., New Delhi

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

…Cra" Ltd. The ld AR stated that the ITAT in assessee’s own case in AY 2013-14 in ITA No. 3310, 5037/Del/2019 has decided the issue in favour of the assessee. He also relied on the decision of Delhi High Court in the cases PCIT vs Simon India Ltd. reported in 450 ITR 316 and Bechtel India Pvt. Ltd. vs ACIT in ITA No. 930/2017. 8. On various issues at dispute for various years, the Ld. DR filed written submissions, which are reproduced as under: “ITA No.- 3625, 3626/Del/2015 (2009-10 and 2010-11) “ In the above case, it is humbly submitted that the following submission may kindly be considered with regard to tre…

DCIT, New Delhi vs. M/S. Orient Craft Ltd., New Delhi

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

…Cra" Ltd. The ld AR stated that the ITAT in assessee’s own case in AY 2013-14 in ITA No. 3310, 5037/Del/2019 has decided the issue in favour of the assessee. He also relied on the decision of Delhi High Court in the cases PCIT vs Simon India Ltd. reported in 450 ITR 316 and Bechtel India Pvt. Ltd. vs ACIT in ITA No. 930/2017. 8. On various issues at dispute for various years, the Ld. DR filed written submissions, which are reproduced as under: “ITA No.- 3625, 3626/Del/2015 (2009-10 and 2010-11) “ In the above case, it is humbly submitted that the following submission may kindly be considered with regard to tre…

M/S. Orient Craft Ltd., New Delhi vs. DCIT, New Delhi

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

…Cra" Ltd. The ld AR stated that the ITAT in assessee’s own case in AY 2013-14 in ITA No. 3310, 5037/Del/2019 has decided the issue in favour of the assessee. He also relied on the decision of Delhi High Court in the cases PCIT vs Simon India Ltd. reported in 450 ITR 316 and Bechtel India Pvt. Ltd. vs ACIT in ITA No. 930/2017. 8. On various issues at dispute for various years, the Ld. DR filed written submissions, which are reproduced as under: “ITA No.- 3625, 3626/Del/2015 (2009-10 and 2010-11) “ In the above case, it is humbly submitted that the following submission may kindly be considered with regard to tre…

M/S. Orient Craft Ltd., New Delhi vs. DCIT, New Delhi

Bench: Shri Satbeer Singh Godara & Shri Naveen Chandra

…Cra" Ltd. The ld AR stated that the ITAT in assessee’s own case in AY 2013-14 in ITA No. 3310, 5037/Del/2019 has decided the issue in favour of the assessee. He also relied on the decision of Delhi High Court in the cases PCIT vs Simon India Ltd. reported in 450 ITR 316 and Bechtel India Pvt. Ltd. vs ACIT in ITA No. 930/2017. 8. On various issues at dispute for various years, the Ld. DR filed written submissions, which are reproduced as under: “ITA No.- 3625, 3626/Del/2015 (2009-10 and 2010-11) “ In the above case, it is humbly submitted that the following submission may kindly be considered with regard to tre…

DCIT, New Delhi vs. M/S Fiem Industries Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

Bench: Shri Vikas Awasthy & Shri M. Balaganeshdcit, Vs. M/S. Fiem Industries Ltd, Circle-9(1), D-34, Dsidc Packaging New Delhi Complex, Kirti Nagr, New Delhi-110015 (Appellant) (Respondent) Pan: Aaacf1034E Assessee By : Shri Shailesh Gupta, Ca Revenue By: Ms. Namita Khurana, Cit-Dr (On Rotational Duty) Date Of Hearing 13/07/2025 Date Of Pronouncement 08/10/2025

…e. It is to be noted that the underlying asset is confirmed export orders available with the assessee. We find further that the issue in dispute is settled by the decision of Hon‟ble Jurisdictional High Court in the case of PCIT vs Simon India Ltd reported in 450 ITR 316 (Del) wherein it was held that where assessee claimed loss against forward contracts, entered into so as to hedge risk against foreign exchange fluctuations to cover its exports and imports, since assessee was reinstating its debtors and creditors in connection with execution of contracts and had submitted necessary details in regards to same, di…

Subros Limited, Delhi vs. DCIT Circle 22(2), Delhi

In the result, the appeal being ITA No

Bench: Shri S.Rifaur Rahman & Shri Vimal Kumar

…ase and brought to our notice the relevant decision filed in the paper book (ITA 930/2017 dated 15.03.2024). He brought to our notice the relevant findings. Further he relied on the decision of Hon’ble Delhi High Court in the case of PCIT vs. Simon India Ltd. 450 ITR 316. 10. On the other hand, ld. DR for the Revenue relied on the orders of the lower authorities. 11. Considered the rival submissions and material placed on record. We observed that assessee is having exposure of foreign exchange and in order to mitigate the same, assessee has booked forward contracts against the foreign currency fluctuations. Simil…

Subros Limited, Delhi vs. DCIT Circle 24(2) New Delhi, Delhi

In the result, the appeal being ITA No

Bench: Shri S.Rifaur Rahman & Shri Vimal Kumar

…ase and brought to our notice the relevant decision filed in the paper book (ITA 930/2017 dated 15.03.2024). He brought to our notice the relevant findings. Further he relied on the decision of Hon’ble Delhi High Court in the case of PCIT vs. Simon India Ltd. 450 ITR 316. 10. On the other hand, ld. DR for the Revenue relied on the orders of the lower authorities. 11. Considered the rival submissions and material placed on record. We observed that assessee is having exposure of foreign exchange and in order to mitigate the same, assessee has booked forward contracts against the foreign currency fluctuations. Simil…

Subros Limited, Delhi vs. JCIT Range 24 New Delhi, Delhi

In the result, the appeal being ITA No

Bench: Shri S.Rifaur Rahman & Shri Vimal Kumar

…ase and brought to our notice the relevant decision filed in the paper book (ITA 930/2017 dated 15.03.2024). He brought to our notice the relevant findings. Further he relied on the decision of Hon’ble Delhi High Court in the case of PCIT vs. Simon India Ltd. 450 ITR 316. 10. On the other hand, ld. DR for the Revenue relied on the orders of the lower authorities. 11. Considered the rival submissions and material placed on record. We observed that assessee is having exposure of foreign exchange and in order to mitigate the same, assessee has booked forward contracts against the foreign currency fluctuations. Simil…

Subros Limited, Delhi vs. Addl CIT Rang 24 New Delhi, Delhi

In the result, the appeal being ITA No

Bench: Shri S.Rifaur Rahman & Shri Vimal Kumar

…ase and brought to our notice the relevant decision filed in the paper book (ITA 930/2017 dated 15.03.2024). He brought to our notice the relevant findings. Further he relied on the decision of Hon’ble Delhi High Court in the case of PCIT vs. Simon India Ltd. 450 ITR 316. 10. On the other hand, ld. DR for the Revenue relied on the orders of the lower authorities. 11. Considered the rival submissions and material placed on record. We observed that assessee is having exposure of foreign exchange and in order to mitigate the same, assessee has booked forward contracts against the foreign currency fluctuations. Simil…