Shree Capital Services Ltd. v. ACIT

121 ITD 498Income Tax Appellate Tribunal2009#6633 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2025.

Sections most often in play

Section 143(3)Section 147 Section 43(5)Section 139 Section 148 Section 250

Issues it is cited on

speculation loss section 43(5)speculative transaction statutory dues right to receive icds kelvinator mere change of opinion rule of consistency enduring benefit mercantile system of accounting change of opinion

Judgments citing Shree Capital Services Ltd. v. ACIT

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LTD, CHENNAI

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

ITA 2836/CHNY/2024[2014-15]Status: DisposedITAT Chennai28 Apr 2025AY 2014-15

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Ble

For Appellant: Mr. Ajith Kumar Jain CA & Mr. Kunal Shah, CAFor Respondent: Mr. R. Clement Ramesh Kumar, CIT &

Section 143(3)Section 250Section 43(5)

…ed to the assessee’s account • Premium cost is forex derivative and speculative in nature • Classified it as a commodity by relying on the judgment of the Hon’ble Special Bench of the Calcutta Tribunal in the case of Shree Capital Services Ltd vs. ACIT (2009) 121 ITD 498 (Kol.). • Considered this transaction as a speculative bet on the currency, thereby categorizing it as a wager contract. :-10-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Concluded that these transactions do not settle on actual delivery stated that the transactions undertaken resulted in huge losses to the assessee and hence cannot be consi…

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

ITA 2835/CHNY/2024[2014-15]Status: DisposedITAT Chennai28 Apr 2025AY 2014-15

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. R. Raghunatha, Hon'Bleआयकर अपीलसं./Ita Nos.: 2613 & 2732/Chny/2024 निर्धारणवर्ष / Assessment Years: 2013-14 & 2014-15 Cholamandalam Investment & Finance Company Limited, Chola Crest, C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Guindy Industrial Estate S.O., Chennai - 600 032. [Pan: Aaacc-1226-H] (अपीलार्थी/Appellant) & The Deputy Commissioner Of Income Tax, V. Corporate Circle -1(1), Chennai - 600 034. (प्रत्यर्थी/Respondent) आयकर अपीलसं./Ita Nos.: 2835, 2836 & 2820/Chny/2024 निर्धारणवर्ष / Assessment Years: 2014-15, 2014-15 & 2015-16 The Assistant Commissioner Of Income Tax, Corporate Circle -1(1), Chennai - 600 034 Cholamandalam Investment & Finance Company V. Limited, (अपीलार्थी/Appellant) Chola Crest, C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Guindy Industrial Estate S.O., Chennai - 600 032. [Pan: Aaacc-1226-H] (प्रत्यर्थी/Respondent) Assessee By Department By : Mr. Ajith Kumar Jain Ca & Mr. Kunal Shah, Ca & Ms. Aashna Dhila, Ca : Mr. R. Clement Ramesh Kumar, Cit & Ms. Anitha, Addl.Cit सुनवाई की तारीख/Date Of Hearing : 12.02.2025 घोषणा की तारीख/Date Of Pronouncement : 28.04.2025 :-2-:

For Respondent: Mr. Ajith Kumar Jain CA & Mr. Kunal Shah, CA

Section 143(3)Section 250Section 43(5)

…ed to the assessee's account • Premium cost is forex derivative and speculative in nature • Classified it as a commodity by relying on the judgment of the Hon'ble Special Bench of the Calcutta Tribunal in the case of Shree Capital Services Ltd vs. ACIT (2009) 121 ITD 498 (Kol.). • Considered this transaction as a speculative bet on the currency, thereby categorizing it as a wager contract. :-10-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Concluded that these transactions do not settle on actual delivery stated that the transactions undertaken resulted in huge losses to the assessee and hence cannot be consid…

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

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

ITA 2820/CHNY/2024[2015-16]Status: DisposedITAT Chennai28 Apr 2025AY 2015-16

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Ble

For Appellant: Mr. Ajith Kumar Jain CA & Mr. Kunal Shah, CAFor Respondent: Mr. R. Clement Ramesh Kumar, CIT &

Section 143(3)Section 250Section 43(5)

CHOLAMANDALAM INVESTMENT AND FIANANCE CO. LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(1), CHENNAI

ITA 2732/CHNY/2024[2014-15]Status: DisposedITAT Chennai28 Apr 2025AY 2014-15

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. R. Raghunatha, Hon'Bleआयकर अपीलसं./Ita Nos.: 2613 & 2732/Chny/2024 निर्धारणवर्ष / Assessment Years: 2013-14 & 2014-15 Cholamandalam Investment & Finance Company Limited, Chola Crest, C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Guindy Industrial Estate S.O., Chennai - 600 032. [Pan: Aaacc-1226-H] (अपीलार्थी/Appellant) & The Deputy Commissioner Of Income Tax, V. Corporate Circle -1(1), Chennai - 600 034. (प्रत्यर्थी/Respondent) आयकर अपीलसं./Ita Nos.: 2835, 2836 & 2820/Chny/2024 निर्धारणवर्ष / Assessment Years: 2014-15, 2014-15 & 2015-16 The Assistant Commissioner Of Income Tax, Corporate Circle -1(1), Chennai - 600 034 Cholamandalam Investment & Finance Company V. Limited, (अपीलार्थी/Appellant) Assessee By Department By Chola Crest, C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Guindy Industrial Estate S.O., Chennai - 600 032. [Pan: Aaacc-1226-H] (प्रत्यर्थी/Respondent) : Mr. Ajith Kumar Jain Ca & Mr. Kunal Shah, Ca & Ms. Aashna Dhila, Ca : Mr. R. Clement Ramesh Kumar, Cit & Ms. Anitha, Addl.Cit सुनवाई की तारीख/Date Of Hearing : 12.02.2025 घोषणा की तारीख/Date Of Pronouncement : 28.04.2025 :-2-:

Section 143(3)Section 250Section 43(5)

…ed to the assessee's account • Premium cost is forex derivative and speculative in nature • Classified it as a commodity by relying on the judgment of the Hon'ble Special Bench of the Calcutta Tribunal in the case of Shree Capital Services Ltd vs. ACIT (2009) 121 ITD 498 (Kol.). • Considered this transaction as a speculative bet on the currency, thereby categorizing it as a wager contract. Concluded that these transactions do not settle on actual delivery stated that the transactions undertaken resulted in huge losses to the assessee and hence cannot be considered hedging. 5.7 Theld.AR thus submitted that the Id.…

CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED,CHENNAI, TAMIL NADU vs. DEPUTY COMMISSIONER OF INCOME-TAX (DCIT), CHENNAI-1, CHENNAI, TAMIL NADU

ITA 2613/CHNY/2024[2013-2014]Status: DisposedITAT Chennai28 Apr 2025AY 2013-2014

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. R. Raghunatha, Hon'Bleआयकर अपील सं./Ita Nos.: 2613 & 2732/Chny/2024 निर्धारण वर्ष / Assessment Years: 2013-14 & 2014-15 Cholamandalam Investment & Finance Company Limited, Chola Crest, C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Guindy Industrial Estate S.O., Chennai - 600 032. [Pan: Aaacc-1226-H] (अपीलार्थी/Appellant) & आयकर अपील सं./Ita Nos.: 2835, 2836 & 2820/Chny/2024 निर्धारण वर्ष / Assessment Years: 2014-15, 2014-15 & 2015-16 The Assistant Commissioner Of Income Tax, Corporate Circle -1(1), Chennai - 600 034 (अपीलार्थी/Appellant) The Deputy Commissioner Of Income Tax, V. Corporate Circle -1(1), Chennai - 600 034. (प्रत्यर्थी/Respondent) Cholamandalam Investment & Finance Company V. Limited, Chola Crest, C 54 & C 55, Super B-4, Thiru Vi Ka Industrial Estate, Guindy, Guindy Industrial Estate S.O., Chennai - 600 032. [Pan: Aaacc-1226-H] (प्रत्यर्थी/Respondent) Assessee By : Mr. Ajith Kumar Jain Ca & Mr. Kunal Shah, Ca & Ms. Aashna Dhila, Ca Department By : Mr. R. Clement Ramesh Kumar, Cit & Ms. Anitha, Addl.Cit सुनवाई की तारीख/Date Of Hearing : 12.02.2025 घोषणा की तारीख/Date Of Pronouncement : 28.04.2025 :-2-:

For Appellant: Mr. Ajith Kumar Jain CA & Mr. Kunal Shah, CAFor Respondent: Mr. R. Clement Ramesh Kumar, CIT &

Section 143(3)Section 250Section 43(5)

…ed to the assessee's account • Premium cost is forex derivative and speculative in nature • Classified it as a commodity by relying on the judgment of the Hon'ble Special Bench of the Calcutta Tribunal in the case of Shree Capital Services Ltd vs. ACIT (2009) 121 ITD 498 (Kol.). • Considered this transaction as a speculative bet on the currency, thereby categorizing it as a wager contract. :-9-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Concluded that these transactions do not settle on actual delivery stated that the transactions undertaken resulted in huge losses to the assessee and hence cannot be conside…

NAGREEKA EXPORTS LTD,KOLKATA vs. DCIT, CIRCLE - 6, KOLKATA , KOLKATA

In the result, the appeal filed by the assessee in I

ITA 906/KOL/2018[2009-10]Status: DisposedITAT Kolkata08 Feb 2019AY 2009-10

Bench: Shri A.T.Varkey, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.947/Kol/2016 आयकरअपीलसं./Ita No.906/Kol/2018 ("नधा"रणवष" / Assessment Years: 2010-11 & 2009-10 )

For Appellant: ShriS.D. Verma, Advocate & Shri Sanjeev Kadel, FCAFor Respondent: Shri Saurabh Kumar, Addl. CIT DR

Section 143(3)Section 37(1)

…see entered into foreign exchange contract to cover up the losses and differences in exchange valuation, the transaction is not a speculative transaction. 15. We note that the Special Bench of ITAT Kolkata in the case of Shree Capital Services Ltd. v. ACIT, (121 ITD 498) has held that derivatives with underlying as shares and securities should be also considered as commodities as the underlying Nagreeka Exports Ltd. ITA Nos.947/Kol/2016 Assessment Years:2010-11 & 2009-10 shares and securities as specifically included within the term commodities. Accordingly, transactions in security derivatives are subject to th…

NAGREEKA EXPORTS LTD.,KOLKATA vs. DCIT, CIR-6, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee in I

ITA 947/KOL/2016[2010-2011]Status: DisposedITAT Kolkata08 Feb 2019AY 2010-2011

For Appellant: ShriS.D. Verma, Advocate & Shri Sanjeev Kadel, FCAFor Respondent: Shri Saurabh Kumar, Addl. CIT DR

Section 143(3)Section 37(1)

ACIT - 4(2)(1), MUMBAI vs. PROGRESSIVE SHARE BROKERS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

ITA 5317/MUM/2016[2009-10]Status: DisposedITAT Mumbai07 Jun 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Acit-4(2)(1), M/S Progressive Share Room No.642, 6Th Floor, Brokers Pvt. Ltd. बनाम/ Aayakar Bhavan, B, 1St Floor, Fort Chambers, Vs. M. K. Road, Homi Modi Cross Street, Mumbai-400020 Off. Hamam Street, Fort, Mumbai-400001 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaacp6712H

Section 14ASection 43(5)Section 73

…No. 5631/M/12, dated October 17, 2014 (Mumbai)) for the assessment year 2009-10 ; 4. Asst. CIT v. Sucham Finance and Investments (I) Ltd. [2007] 290 ITR (AT) 379 (Mumbai) ; 5. Shree Capital Services Ltd. v. Asst. CIT [2009] 318 ITR (AT) 1 (Kol) [SB] ; [2009] 121 ITD 498 (Kol) [SB] ; 6. C. Bharath Kumar v. Deputy CIT [2005] 4 SOT 593 (Bang.) ; 7. Deputy CIT v. SSKI Investors Services (P.) Ltd. [2008] 113 TTJ (Mumbai) 511; and 8. Apollo Tyres Ltd. v. CIT [2002] 255 ITR 273 (SC)." 20. The learned counsel for the assessee, on the other hand, has submitted that the assessee is in the business of cash future arbitr…

ESSEL PROPACK LTD,MUMBAI vs. DCIT RG 6(2), MUMBAI

In the result, appeal of the assessee is allowed whereas appeal of the Revenue is dismissed

ITA 5312/MUM/2015[2009-10]Status: DisposedITAT Mumbai08 Jan 2018AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Essel Propack Ltd., Vs. Dcit Rg 6(2) R.No.563, 5Th Floor Top Floor, Times Tower Kamala City, Aayakar Bhavan Senapati Bapat Marg Mumbai – 400 020 Lower Parel, Mumbai – 400013 Pan/Gir No.Aaace1568L Appellant) .. Respondent) Dcit Cir 6(3)(2) Vs. M/S. Essel Propack Ltd., R.No.522, 5Th Floor Top Floor, Times Tower Aayakar Bhavan Kamala City, Mumbai – 400 020 Senapati Bapat Marg Lower Parel, Mumbai – 400013 Pan/Gir No. Aaace1568L Appellant) .. Respondent) Assessee By Shri Madhur Agarwal & Shri Jay Bhansali Revenue By Shri V. Justin

Section 143(3)Section 14ASection 36(1)(iii)Section 43(5)

…culative transaction is, therefore, directly rebutted in view of the legal impossibility and in view of the fact that foreign currency was neither commodity nor shares." (f) The Special Bench of ITAT Kolkata in the case of Shree Capital Services Ltd. v. ACIT 121 ITD 498 has held that derivatives with M/s. Essel Propack Ltd., underlying as shares and securities should be also considered as commodities as the underlying shares and securities as specifically included within the term commodities. Accordingly, transactions in security derivatives are subject to the provisions of S. 43(5). However, a currency cannot b…

DCIT, CHENNAI vs. EMERALD RESILIENT TYRE MANUFACTURES PVT LTD., CHENNAI

In the result, the Revenue appeal is allowed

ITA 371/CHNY/2014[2008-2009]Status: DisposedITAT Chennai21 Jun 2017AY 2008-2009

Bench: Shri Chandra Poojari & Shri. G. Pavan Kumar

For Appellant: Shri. Supriyo Pal, JCITFor Respondent: Shri. Vikram

Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 43(5)

…to the facts of this case since the above decisions were rendered in the context as to whether foreign currency is a commodity for the purpose of sec. 43(5) of the Act. 2.5 It is submitted that the decision in the case of Shree Capital Services Ltd., Vs ACIT (121 ITD 498)(Kol) is also rendered in the context as to whether derivates would fall within the definition commodity in sec. 43(5) of the Act. :- 3 -: 3. The Brief facts of the case are that the assessee is in the Business of manufacture of solid & industrial pneumatic tyres and filed, the Return of income on 23.09.2008 with total income of Rs. 1,20,98,800/…

ACIT, CC-XX, KOLKATA, KOLKATA vs. M/S. PAHARPUR COOLING TOWERS LIMITED, KOLKATA

In the result, this ground is allowed

ITA 1370/KOL/2010[2001-02]Status: DisposedITAT Kolkata15 Mar 2017AY 2001-02

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri Sallong Yaden, Addl. CITFor Respondent: Shri Navin Verma & Nitin Agarwal, ARs

Section 143(3)

…hall not be deemed to be a speculative transaction , was applicable only from Asst Year 2006-07 and onwards and not earlier. He placed reliance on the Special Bench decision of this tribunal in the case of Shree Capital Services Ltd vs ACIT reported in (2009) 121 ITD 498 (Kol) (SB). 12.2. We have heard the rival submissions and perused the materials available on record. We find that the ld CITA had granted relief to the assessee by observing as under :- “I have gone through the submission made by the appellant and perused the assessment order. The contention of the AO that the transaction carried out by the ap…

ITO 16(2)(4), MUMBAI vs. SURYA GEMS, MUMBAI

The appeal of the Revenue is dismissed

ITA 292/MUM/2014[2009-10]Status: DisposedITAT Mumbai08 Mar 2017AY 2009-10

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2009-10 Income Tax Officer-16(2)(4), M/S Surya Gems, बनाम/ 02Nd Floor, Matru Mandir, Flat No.4, 02Nd Floor, Tardeo Road, Bhaveshwar Sgar Patel Vs. Mumbai-400007 Compound 20 Napean Sea Road, Mumbai-400020 (याजस्व /Revenue) (यनधाारयती /Assessee) P.A. No. Aakfs6513Q याजस्व की ओर से / Revenue By Shri B.S. Bist-Dr यनधाारयती की ओर से / Assessee By None ुनवाई की तायीख / Date Of Hearing : 14/02/2017 आदेश की तायीख /Date Of Order: 08/03/2017

…tional profit on unsettled forward exchange contract had been taxed the loss claimed by the assessee on the same count was held allowable. iv) Deutsche Bank A.G. v DCIT, 86 ITD 431(Mum), wherein also, similar view was taken. v) Shree Capital Services Limited, 121 ITD 498(Kol)(SB), wherein, it has been observed that the derivative derives its value from the underlying assets. In other words, the underlying assets are represented by derivatives. When the underlying asset of any derivative is share or stock for all practical purposes, the treatment given to such derivatives should be similar to stock and securities.…

JM FINANCIAL SERVICES LTD,MUMBAI vs. JCIT (OSD) 4(3), MUMBAI

Accordingly dismissed. However, in view of our findings given above, the appeal of the assessee is treated as partly allowed

ITA 3654/MUM/2014[2009-10]Status: DisposedITAT Mumbai28 Dec 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 M/S. J.M. Financial Services The Joint Commissioner Of Ltd., Income-Tax (Osd)-4(3), (Formerly Jm Financial Room No.635, Services Pvt. Ltd.), Aayakar Bhavan, Vs. 7Th Floor, Cnergy, M.K. Road, Appasaheb Marathe Marg, Mumbai - 400020 Prabhadevi, Mumbai – 400 025 Pan: Aaacj5977A (Appellant) (Respondent) Assessment Year: 2009-10

For Appellant: Shri K. Shivaram, A.RFor Respondent: Shri Alok Johri, D.R

Section 14A

…d Investments Ltd. – (1991) 192 ITR 365 3. Araksa Diamond Pvt. Ltd. vs. ACIT 5(1), Mumbai – ITA No.5631/M/12 for A.Y. 2009-10 (ITAT-Mumbai) 4. ACIT vs. Sucham Finance & Investment – (2007) 290 ITR 379 (ITAT Mum.) 5. Shree Capital Services Ltd. vs. ACIT (2009) 121 ITD 498 (Kol. ITAT) (SB) 6. C. Bharath Kumar vs. DCIT (2005) 4 SOT 593 (Bang.) (ITAT) 7. DCIT vs. Sski Investors Services (P) Ltd. – (2008) 113 TTJ 511 (ITAT)(Mum) 8. Apollo Tyres Ltd. vs. CIT (2002) 255 ITR 273 (SC)” 20. The Ld. Counsel for the assessee, on the other hand, has submitted that the assessee is in the business of cash future arbitrage. The…

INVENTURUS KNOWLEDGE SERVICES P.LTD,NAVI MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result appeal of the assessee company is partly allowed

ITA 5922/MUM/2013[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

…onal profit on unsettled forward exchange contract had been taxed the loss claimed by the assessee on the same count was held allowable. (iv) Deutsche bank A.G. v DCIT, 86 ITD 431(Mum), wherein also, similar view was taken. (v) Shree Capital Services Limited, 121 ITD 498(Kol)(SB), wherein, it has been observed that the derivative derives its value from the underlying assets. In other words, the underlying assets are represented by derivatives. When the underlying asset of any derivative is share or stock for Page 29 of 44 30 Assessment year: - 2009-10 all practical purposes, the treatment given to such derivati…

INDO SHELL CAST (P) LTD.,COIMBATORE vs. ACIT, COIMBATORE

Accordingly. This ground is allowed as indicated above’’

ITA 209/CHNY/2013[2009-10]Status: DisposedITAT Chennai28 Aug 2015AY 2009-10

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. No.209/Mds/2013 ("नधा"रण वष" / Assessment Year : 2009-2010)

For Appellant: Shri. G. Baskar, AdvocateFor Respondent: Dr. B. Nischal, IRS, JCIT

…. Therefore, it was evident that derivative will form part of commodity mentioned u/s 43(5). The Commissioner of Income Tax (Appeals) placed reliance on the order of Special Bench of Calcutta Tribunal in the case of Shree Capital Services Ltd vs. ACIT (2009) 121 ITD 498, it was clarified that derivatives are commodities for the purpose of Section 43(5)(d). It was also held that where the assessee suffer loss on account of futures and options i.e., a form of derivative in which underlying asset was share, said loss was rightly disallowed by revenue authorities by invoking provisions of Section 43(5). According t…

MAJESTIC EXPORTS,TIRUPPUR vs. ACIT, TIRUPPUR

In the result, the appeals of the assessee are partly allowed

ITA 3072/CHNY/2014[2010-2011]Status: DisposedITAT Chennai24 Jul 2015AY 2010-2011

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1336 & 3072/Mds/2014 ("नधा"रण वष" / Assessment Years : 2009-2010 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.A ""For Respondent: Shri. Krishnamurthy, IRS, CIT

Section 43Section 43(5)Section 73Section 8

…आयकर अपील"य अ"धकरण, ’ डी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, CHENNAI "ी चं" पूजार", लेखा सद"य एवं "ी वी. दुगा" राव, "या"यक सद"य के सम" BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER & SHRI V. DURGA RAO, JUDICIAL MEMBER आयकर अपील सं./ I.T.A. Nos.1336 & 3072/Mds/2014 ("नधा"रण वष" / Assessment Years : 2009-2010 & 2010-2011) M/s. Majestic Exports, The Joint Commissioner of No.9, College Road, Vs Income Tax, Tirupur 641 602 Tirupur Range, Tirupur [PAN: AAEFM 8827F] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant by : Shri. T. Banusekar, C.A ""यथ" क" ओर से / Respond…

MAJESTIC EXPORTS,TIRUPPUR vs. JCIT, TIRUPPUR

In the result, the appeals of the assessee are partly allowed

ITA 1336/CHNY/2014[2009-2010]Status: DisposedITAT Chennai24 Jul 2015AY 2009-2010

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1336 & 3072/Mds/2014 ("नधा"रण वष" / Assessment Years : 2009-2010 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.A ""For Respondent: Shri. Krishnamurthy, IRS, CIT

Section 43Section 43(5)Section 73Section 8