Quality Engineering & Software Technologies (P.) Ltd. v. DCIT

52 Taxmann.com 515Income Tax Appellate Tribunal2014#4530 most cited

What is Quality Engineering & Software Technologies (P.) Ltd. v. DCIT authority for?

A forward contract entered into to protect against foreign currency fluctuations on consideration receivable for exports is not a speculative transaction, and provisions for losses on such derivative contracts are allowable expenditures.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2018 to 2025.

Also referred to as

Quality Engineering & Software Technologies Pvt. Ltd. v. DCIT · section 43(5) · speculative transaction · speculation loss · forward contract · foreign exchange loss · allowable expenditure · derivative contracts · export consideration

Sections most often in play

Section 143(3)Section 147Section 43(5)Section 139Section 148Section 250Section 115JBSection 145
Read the full judgment

Issues it is cited on

section 43(5)speculative transactionspeculation lossstatutory duesright to receiveicdsenduring benefitkelvinatormere change of opinionrule of consistencymercantile system of accountingchange of opinion

Judgments citing Quality Engineering & Software Technologies (P.) Ltd. v. DCIT

Deputy Commissioner of Income Tax Circle-1(1)(1), Bangalore vs. M/S Avesthagen Limited, Bangalore

In the result appeal filed by revenue stands dismissed

ITA 2962/BANG/2018[2011-12]Status: DisposedITAT Bangalore07 Feb 2020AY 2011-12

Bench: Shri. A. K. Garodia & Smt. Beena Pillai

For Appellant: Sri. GururajanFor Respondent: Mr. Muzaffar Hussain, CIT - DR
Section 14

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SHRI. A. K. GARODIA, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA 2962/Bang/2018 Assessment Year : 2011 – 12 Deputy Commissioner of M/s. Avesthagen Ltd., Income – Tax, Discoverer, 9th Floor, Vs. Circle – 1(1) (1), International Tech Park, Bangalore. Whitefield Road, Bangalore – 560 066. PAN NO : AABCA7217K APPELLANT RESPONDENT : Mr. Muzaffar Hussain, CIT - DR Appellant by : Sri. Gururajan, Respondent by Finance Manager of ‘A’ Co., Date of Hearing : 04-02-2020 Date of Pronouncement : 07-02-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER…

M/S Slk Software Services Private Limited, Bangalore vs. Assistant Commissioner of Income Tax Circle-6(1)(1), Bangalore

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

ITA 2175/BANG/2018[2012-13]Status: DisposedITAT Bangalore06 Feb 2020AY 2012-13

Bench: Shri B.R.Baskaran, Am & Shri Pavan Kumar Gadale, Jm Asst. Year : 2012-2013 M/S.Slk Software Services The Asst.Commissioner Of Private Limited Vs. Income-Tax, Circle 6(1)(1) Slk Green Park, Tower-A Bangalore. 7Th Floor, Amin Properties Llp Sez Survey No.19,20,21/1, Pujanhalli Village, Devanhalli Taluk Bangalore – 562 110. Pan :Aaecs7548E. (Appellant) (Respondent) Appellant By :Sri.Ankur Pai, Advocate Respondent By :Sri.Vilas S.Shinde, Cit-Dr Date Of Date Of Hearing :04.02.2020 Pronouncement : 06.02.2020 O R D E R Per B.R.Baskaran, Am :

For Appellant: Sri.Ankur Pai, AdvocateFor Respondent: Sri.Vilas S.Shinde, CIT-DR
Section 10ASection 10JSection 14ASection 3Section 80ASection 80J

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “C”, BANGALORE Before Shri B.R.Baskaran, AM & Shri Pavan Kumar Gadale, JM Asst. Year : 2012-2013 M/s.SLK Software Services The Asst.Commissioner of Private Limited Vs. Income-tax, Circle 6(1)(1) SLK Green Park, Tower-A Bangalore. 7th Floor, Amin Properties LLP SEZ Survey No.19,20,21/1, Pujanhalli Village, Devanhalli Taluk Bangalore – 562 110. PAN :AAECS7548E. (Appellant) (Respondent) Appellant by :Sri.Ankur Pai, Advocate Respondent by :Sri.Vilas S.Shinde, CIT-DR Date of Date of Hearing :04.02.2020 Pronouncement : 06.02.2020 O R D E R Per B.R.Baskaran, AM : T…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Mundra International Container Terminal Pvt. Ltd., Kutch

In the result, the appeal of the revenue is dismissed

ITA 2171/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2013-14
For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Shri Alok Singh, CIT-D.R
Section 143(2)Section 14ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 1117, 2171 & 2172 /Ahd/2017 Assessment Year 2011-12 to 2013-14 The ACIT, Mundra International Circle-2(1)(2), Container Terminal Pvt. Ahmedabad Vs Ltd. New Mundra Port, (Appellant) Navinal Island, Post Box No. 8, Mundra, Kutch PAN: AADCA0917C (Respondent) Revenue by: Shri Alok Singh, CIT-D.R. Assessee by: Shri S.N. Soparkar, A.R. Date of hearing : 18-06-2019 Date of pronouncement : 28-06-2019 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- All the…

The ACIT, Circle-2(1)(2), Ahmedabad vs. M/S. Mundra International Container Terminal Pvt. Ltd., Kutch

In the result, the appeal of the revenue is dismissed

ITA 1117/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad28 Jun 2019AY 2012-13
For Appellant: Shri S.N. Soparkar, A.RFor Respondent: Shri Alok Singh, CIT-D.R
Section 143(2)Section 14ASection 32

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “B” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member ITA Nos. 1117, 2171 & 2172 /Ahd/2017 Assessment Year 2011-12 to 2013-14 The ACIT, Mundra International Circle-2(1)(2), Container Terminal Pvt. Ahmedabad Vs Ltd. New Mundra Port, (Appellant) Navinal Island, Post Box No. 8, Mundra, Kutch PAN: AADCA0917C (Respondent) Revenue by: Shri Alok Singh, CIT-D.R. Assessee by: Shri S.N. Soparkar, A.R. Date of hearing : 18-06-2019 Date of pronouncement : 28-06-2019 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- All the…

M/S Udupi Power Corporation Limited, Bangalore vs. The Deputy Commissioner of Income Tax Circle-7(1)(1), Bangalore

In the result, both the appeals of the assessee are treated as partly allowed for statistical purposes

ITA 1202/BANG/2017[2012-13]Status: DisposedITAT Bangalore26 Jun 2019AY 2012-13

Bench: Shri N.V Vasudevan, Vice Presidnet & Shri B.R Baskaran

For Appellant: Shri Vijay Ranjan, AdvocateFor Respondent: Shri Pradeep Kumar, CIT
Section 14A

…laim in both the years. The ld CIT(A) also confirmed the same. 4. The ld AR submitted that claim of the assessee is supported by the decision rendered by coordinate bench in the case of Quality Engineering and Software Technologies Pvt. Ltd., Vs. DCIT (2014) 52 Taxmann.com 515, wherein the Tribunal has held that the forward contract entered in order to protect the interest of the assessee against fluctuations in foreign currency in respect of consideration receivable for exports made would not qualified to be called as speculative transaction and hence the provision for losses incurred on derivative contracts is…

Toshiba Embedded Software (India) Private Limited, Bangalore vs. DCIT, Bangalore

In the result, appeal by the Assessee is partly allowed

ITA 1431/BANG/2013[2008-09]Status: DisposedITAT Bangalore06 Apr 2018AY 2008-09

Bench: Shri N.V Vasudevan & Shri A.K Garodia

For Appellant: Shri K.R Vasudevan, AdvocateFor Respondent: Shri B.R Ramesh, JCIT
Section 10ASection 10A(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH ‘A’ BEFORE SHRI N.V VASUDEVAN, JUDICIAL MEMBER AND SHRI A.K GARODIA, ACCOUNTANT MEMBER IT(TP)A Nos.1431 & 1415/Bang/2013 (Asst. Year – 2008-09) Toshiba Embedded Software (India) Pvt. Ltd., Bengaluru. . Appellant PAN – AAGCS4693C Vs. The Dy. Commissioner of Income-tax, Circle-12(4), Bengaluru. . Respondent Appellant by : Shri K.R Vasudevan, Advocate Respondent by : Shri B.R Ramesh, JCIT Date of Hearing : 27-03-2018 Date of Pronouncement : 06-04-2018 O R D E R PER SHRI N.V VASUDEVAN, JUDICIAL MEMBER : IT(TP)A.No.1415/Bang/2013 is an appeal by the Re…