Sutlej Cotton Mills Ltd. v. CIT

116 ITR 1Supreme Court of India1979#177 most cited

What is Sutlej Cotton Mills Ltd. v. CIT authority for?

A gain arising from the cancellation of a forward exchange contract entered into for the acquisition of a capital asset constitutes a capital receipt. Income-tax liability for such transactions is determined by the specific provisions of the Income Tax Act, independent of the accounting treatment in the books of account.

409

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2007 to 2026.

Also referred to as

Sutlej Cotton Mills Ltd · 116 ITR 1 · capital receipt · foreign exchange gain · forward contract · capital asset · Section 43A · income tax liability · accounting treatment · capital gains

Sections most often in play

Section 14ASection 37(1)Section 115JBSection 143(3)Section 32Section 143(2)Section 142(1)Section 250
Read the full judgment

Issues it is cited on

section 43aeligible businessbook profitssection 115jsection 115jbrevenue expendituresection 80iamercantile system of accountingamalgamationsection 37(1)section 80isection 43

Judgments citing Sutlej Cotton Mills Ltd. v. CIT

Ashok Leyland Ltd., Chennai vs. DCIT, Chennai

In the result, the appeal of the Revenue in ITA

ITA 2834/CHNY/2014[1995-96]Status: DisposedITAT Chennai23 Sept 2016AY 1995-96

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…e mere intention of the assessee to utilize the proceeds to future purchase of plant and machinery will not make the deposit a: capital asset. The assessee has relied on the Supreme Court decision in the case of CIT vs. Tata Locomotive & Engineering Co. Ltd 60 ITR 405. However in another decision of the Supreme Court in the case of CIT vs Canara Bank 63 ITR 328, the Apex Court has held that foreign exchange gains are assessable as revenue receipt. Both the decisions of the Apex Court are delivered before the insertion of Section 43A of the I. T. Act. The Jurisdictional Madras High Court discussed the import…

DCIT, Chennai vs. Ashok Leyland Ltd., Chennai

In the result, the appeal of the Revenue in ITA

ITA 2827/CHNY/2014[2007-08]Status: DisposedITAT Chennai23 Sept 2016AY 2007-08

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…e mere intention of the assessee to utilize the proceeds to future purchase of plant and machinery will not make the deposit a: capital asset. The assessee has relied on the Supreme Court decision in the case of CIT vs. Tata Locomotive & Engineering Co. Ltd 60 ITR 405. However in another decision of the Supreme Court in the case of CIT vs Canara Bank 63 ITR 328, the Apex Court has held that foreign exchange gains are assessable as revenue receipt. Both the decisions of the Apex Court are delivered before the insertion of Section 43A of the I. T. Act. The Jurisdictional Madras High Court discussed the import…

DCIT, Chennai vs. Ashok Leyland Ltd., Chennai

In the result, the appeal of the Revenue in ITA

ITA 2825/CHNY/2014[2005-06]Status: DisposedITAT Chennai23 Sept 2016AY 2005-06

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2825, 2826 & 2827/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06, 2006-07 & 2007-2008. The Deputy Commissioner Of M/S. Ashok Leyland Ltd, Income Tax, Vs. No.1, Sardar Patel Road, Large Taxpayer Unit -Ii, Guindy, Chennai 600 101. Chennai 600 032. [Pan Aaaca 4651L] (Department) (Assessee )

For Appellant: Shri. Vikram Vijayaraghavan, AdvocateFor Respondent: Shri. Arun C. Bharath, IRS, CIT
Section 35D(2)Section 35D(2)(c)

…e mere intention of the assessee to utilize the proceeds to future purchase of plant and machinery will not make the deposit a: capital asset. The assessee has relied on the Supreme Court decision in the case of CIT vs. Tata Locomotive & Engineering Co. Ltd 60 ITR 405. However in another decision of the Supreme Court in the case of CIT vs Canara Bank 63 ITR 328, the Apex Court has held that foreign exchange gains are assessable as revenue receipt. Both the decisions of the Apex Court are delivered before the insertion of Section 43A of the I. T. Act. The Jurisdictional Madras High Court discussed the import…

D.C.I.T. Cir-12, Kolkata vs. Usha Martin Telematics Limited, Kolkata

In the result, the appeal filed by the assessee on this ground is dismissed

ITA 838/KOL/2009[2004-05]Status: DisposedITAT Kolkata21 Sept 2016AY 2004-05

Bench: Shri N.V.Vasudevan, J.M. &Dr.A.L.Saini, A.M.)

For Appellant: Shri Nageswar Rao, AdvocateFor Respondent: G. Mallikarjuna, CIT-DR
Section 115JSection 143(1)Section 143(3)

…the appellant. ITA No. 838 & 815 /Kol/2009 A.Y.2004-05 Usha Martin Telematics Limited • The case on which reliance placed by the AO on the principle of revenue recognition ( CITVs.Mysore 63 ITR 328) can be distinguished on facts. • Sutlej Cotton Mills Ltd. 116 ITR 1, the case on which A.O. placed reliance to distinguish capital account with that of revenue account, the Apex Court only laid down the general principles for deciding the nature of ‘gain’ and the facts can be distinguished. • Foreign exchange gain is on account of fixed capital and not circulating capital. • The gain is only contingent and notional…

M/S Ilc Industries Ltd., Hospet vs. DCIT, Bangalore

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

ITA 1009/BANG/2015[2007-08]Status: DisposedITAT Bangalore20 Sept 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Zain Ahmed Khan, CAFor Respondent: Shri Sanjay Kumar, CIT(DR)
Section 143(3)Section 263Section 40aSection 80Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No.767 to 771/Bang/2014 (Assessment years: 2007-08 to 2011-12) AND ITA Nos.1008 & 1009/Bang/2015 (Assessment year: 2004-05 & 2007-08) M/s.ILC Industries Ltd. D 6/7, Near Industrial Estate, Dam Road, Hospet-583203 … Appellant PAN:AABCI0361A Vs. Deputy Commissioner of Income-tax, Circle 11(4), Bangalore. … Respondent Appellant by : Zain Ahmed Khan, CA. Respondent by : Shri Sanjay Kumar, CIT(DR) Date of hearing : 20/07/2016 Date of pronouncement : 20/09/2016 O R D…

M/S Ilc Industries Ltd., Hospet vs. DCIT, Bangalore

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

ITA 1008/BANG/2015[2004-05]Status: DisposedITAT Bangalore20 Sept 2016AY 2004-05

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Zain Ahmed Khan, CAFor Respondent: Shri Sanjay Kumar, CIT(DR)
Section 143(3)Section 263Section 40aSection 80Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No.767 to 771/Bang/2014 (Assessment years: 2007-08 to 2011-12) AND ITA Nos.1008 & 1009/Bang/2015 (Assessment year: 2004-05 & 2007-08) M/s.ILC Industries Ltd. D 6/7, Near Industrial Estate, Dam Road, Hospet-583203 … Appellant PAN:AABCI0361A Vs. Deputy Commissioner of Income-tax, Circle 11(4), Bangalore. … Respondent Appellant by : Zain Ahmed Khan, CA. Respondent by : Shri Sanjay Kumar, CIT(DR) Date of hearing : 20/07/2016 Date of pronouncement : 20/09/2016 O R D…

M/S Ilc Industries Ltd., Hospet vs. DCIT, Bangalore

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

ITA 767/BANG/2014[2007-08]Status: DisposedITAT Bangalore20 Sept 2016AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Zain Ahmed Khan, CAFor Respondent: Shri Sanjay Kumar, CIT(DR)
Section 143(3)Section 263Section 40aSection 80Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER and SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No.767 to 771/Bang/2014 (Assessment years: 2007-08 to 2011-12) AND ITA Nos.1008 & 1009/Bang/2015 (Assessment year: 2004-05 & 2007-08) M/s.ILC Industries Ltd. D 6/7, Near Industrial Estate, Dam Road, Hospet-583203 … Appellant PAN:AABCI0361A Vs. Deputy Commissioner of Income-tax, Circle 11(4), Bangalore. … Respondent Appellant by : Zain Ahmed Khan, CA. Respondent by : Shri Sanjay Kumar, CIT(DR) Date of hearing : 20/07/2016 Date of pronouncement : 20/09/2016 O R D…

The DCIT 3(1) vs. M/S. Gujarat Ambuja Cements Ltd

ITA 2654/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…(1993) 45 ITD 22 (Cal.)(SB), Oswal Agro Mills Ltd. -vs.- Dy. CIT (1994) 51 ITD 447 (Del), CIT -vs.- India Discount Company Ltd. [1970] 75 ITR 191(SC), CIT -vs.- Mis Shoorji Vallabhdas & Co. (1962) 46 ITR 144 (SC) and Sutlej Cotton Mills Ltd. -vs.- CIT (1979} 116 ITR 1 (SC). As regards the decision relied upon by the A.O., the appellant submitted that the said decision was in relation to an investment company, which has no application in the case of the appellant. 16.3 I have perused the submission made by the appellant and the relevant provisions of the Act. Provision of Sec.115JA specifies the items to be adde…

M/S. Gujarat Ambuja Cements Ltd vs. The Dy CIT RG3(1)

ITA 2524/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…(1993) 45 ITD 22 (Cal.)(SB), Oswal Agro Mills Ltd. -vs.- Dy. CIT (1994) 51 ITD 447 (Del), CIT -vs.- India Discount Company Ltd. [1970] 75 ITR 191(SC), CIT -vs.- Mis Shoorji Vallabhdas & Co. (1962) 46 ITR 144 (SC) and Sutlej Cotton Mills Ltd. -vs.- CIT (1979} 116 ITR 1 (SC). As regards the decision relied upon by the A.O., the appellant submitted that the said decision was in relation to an investment company, which has no application in the case of the appellant. 16.3 I have perused the submission made by the appellant and the relevant provisions of the Act. Provision of Sec.115JA specifies the items to be adde…

ACIT Cir 12(3), Mumbai vs. Lake View Developers, Mumbai

In the result, the Revenue’s appeal is allowed

ITA 4495/MUM/2013[2009-10]Status: DisposedITAT Mumbai28 Jul 2016AY 2009-10

Bench: Shri Sanjay Arora, Am & Shri Ram Lal Negi, Jm आयकर अपील सं./I.T.A. No.3409/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Lake View Developers Addl. Cit, Range 12(3), बनाम/ 514, Dalamal Towers, Mumbai 211 F.P.J. Marg, Nariman Point, Vs. Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaafl 0589 R (Assessee) : (Revenue) & आयकर अपील सं./I.T.A. No. 4495/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) बनाम/ Addl. Cit, Range 12(3), Lake View Developers Mumbai Mumbai-400 021 Vs. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaafl 0589 R (Revenue) (Assessee) : & आयकर अपील सं./I.T.A. No. 4496/Mum/2013 ("नधा"रण वष" / Assessment Year: 2009-10) Addl. Cit, Range 12(3), Omega Associates, बनाम/ Mumbai 514, Dalamal Tower, 211-F.P.J. Marg, Nariman Point, Vs. Mumbai-400 021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaafl 0589 R (Revenue) : (Assessee) : Shri Chetan Karia Revenue By Assessee By : Shri R. P. Rastogi सुनवाई क" तार"ख / : 03.5.2016 Date Of Hearing घोषणा क" तार"ख / : 28.7.2016 Date Of Pronouncement

For Appellant: Shri R. P. Rastogi
Section 143(3)Section 22

…rent assets’. The treatment accorded in books, though un-evidenced, would not, in our view, be determinative of the matter, as is trite law (Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT [1997] 227 ITR 172 (SC); Sutlej Cotton Mills Ltd. vs. CIT [1979] 116 ITR 1 (SC), etc). On the contrary, the said treatment is contradicted by the assessee claiming depreciation on a part of the leased assets, i.e., furniture and fixture, which is leased out along with the house property. Forming part of the assets under lease, claimed as trading assets, how could, one may ask, depreciation be claimed thereon, implying the…

Korn Ferry International P.Ltd, Mumbai vs. ACIT (OSD) Cir 3(2), Mumbai

ITA 7367/MUM/2014[2011-12]Status: DisposedITAT Mumbai27 Jul 2016AY 2011-12

Bench: Shri Amit Shukla () & Shri Ashwani Taneja (Acountant Member)

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND SHRI ASHWANI TANEJA (ACOUNTANT MEMBER) I.T.A. No. 7367/Mum/2014 (Assessment Year: 2011-12) Korn Ferry International Pvt Ltd vs ACIT (OSD) Piramal Tower, Peninsula Corporate Mumbai Park, Lower Parel, Mumbi-13 PAN : AAACW0557B (Appellant) (Respondent) I.T.A. No. 7139/Mum/2014 (Assessment Year: 2011-12) Dy.CIT 3 (2)(2) vs Korn Ferry International Pvt Ltd Mumbai Piramal Tower, Peninsula Corporate Park, Lower Parel, Mumbi-13 (Appellant) (Respondent) Appellant by Shri Milind Thakore Respondent by Shri Gane…

DCIT 3(2)(2), Mumbai vs. Korn Ferry International P.Ltd, Mumbai

ITA 7139/MUM/2014[2011-12]Status: DisposedITAT Mumbai27 Jul 2016AY 2011-12

Bench: Shri Amit Shukla () & Shri Ashwani Taneja (Acountant Member)

Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A”, MUMBAI BEFORE SHRI AMIT SHUKLA (JUDICIAL MEMBER) AND SHRI ASHWANI TANEJA (ACOUNTANT MEMBER) I.T.A. No. 7367/Mum/2014 (Assessment Year: 2011-12) Korn Ferry International Pvt Ltd vs ACIT (OSD) Piramal Tower, Peninsula Corporate Mumbai Park, Lower Parel, Mumbi-13 PAN : AAACW0557B (Appellant) (Respondent) I.T.A. No. 7139/Mum/2014 (Assessment Year: 2011-12) Dy.CIT 3 (2)(2) vs Korn Ferry International Pvt Ltd Mumbai Piramal Tower, Peninsula Corporate Park, Lower Parel, Mumbi-13 (Appellant) (Respondent) Appellant by Shri Milind Thakore Respondent by Shri Gane…

Renault India Private Limited, Sriperambudur vs. DCIT, Chennai

ITA 361/CHNY/2014[2009-10]Status: DisposedITAT Chennai15 Jul 2016AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.361/Mds/2014 "नधा"रण वष" / Assessment Year : 2009-10 M/S Renault India Pvt. Ltd., The Deputy Commissioner Of No.37 & 38, Fourth Floor, V. Income Tax, Asv Ramana Towers, Company Circle V(3), Venkatanarayana Road, Chennai - 600 034. T.Nagar, Chennai - 600 017. Pan : Aadcr 2042 M (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri Sriram Seshadri, CAFor Respondent: Smt. Vijayalakshmi, CIT

…would definitely go to reduce the cost of the plant and machinery. Therefore, the gain arising out of foreign exchange fluctuation is not liable for taxation. Referring to the judgment of Apex Court in CIT v. Tata Locomotive and Engineering Co. Ltd. (1966) 60 ITR 405, the Ld. representative submitted that the Dispute Resolution Panel failed to appreciate that even though no plant and machinery was imported due to cancellation of the unit in Tamil Nadu, the forward contract was taken in the course of import of plant and machinery, 4 I.T.A. No.361/Mds/14 which is a capital asset, hence, the gain has to be c…

Price Waterhouse Coppers Private Limited, Kolkata vs. Addl C.I.T RG - 2, Kolkata

In the result, to sum up, the appeals of the revenue in ITA No

ITA 2033/KOL/2013[2003-04]Status: DisposedITAT Kolkata13 Jul 2016AY 2003-04

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

For Appellant: Shri K. M. Gupta, ARFor Respondent: Shri A. K. Pandey, JCIT, Sr. DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA [Before Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM] I.T.A No.1521/Kol/2013 Assessment Year: 2003-04 Deputy Commissioner of Income-tax, Vs. M/s. Pricewaterhouse Coopers Pvt. Ltd. Circle-2, Kolkata. (PAN: AABCP9181H) (Appellant) (Respondent) & I.T.A No.2033/Kol/2013 Assessment Year: 2003-04 M/s. Pricewaterhouse Coopers Pvt. Ltd. Vs. Asstt. Commissioner of Income-tax, Range-2, Kolkata. (Appellant) (Respondent) & I.T.A No.1523/Kol/2013 Assessment Year: 2005-06 Deputy Commissioner of Income-tax, Vs. M/s. Pricewaterhouse Coopers Pvt. Ltd. Circle-…

D.C.I.T, Cir-2, Kolkata vs. M/S Price Water House Coopers Pvt., Kolkata

In the result, to sum up, the appeals of the revenue in ITA No

ITA 1523/KOL/2013[2005-2006]Status: DisposedITAT Kolkata13 Jul 2016AY 2005-2006

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

For Appellant: Shri K. M. Gupta, ARFor Respondent: Shri A. K. Pandey, JCIT, Sr. DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA [Before Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM] I.T.A No.1521/Kol/2013 Assessment Year: 2003-04 Deputy Commissioner of Income-tax, Vs. M/s. Pricewaterhouse Coopers Pvt. Ltd. Circle-2, Kolkata. (PAN: AABCP9181H) (Appellant) (Respondent) & I.T.A No.2033/Kol/2013 Assessment Year: 2003-04 M/s. Pricewaterhouse Coopers Pvt. Ltd. Vs. Asstt. Commissioner of Income-tax, Range-2, Kolkata. (Appellant) (Respondent) & I.T.A No.1523/Kol/2013 Assessment Year: 2005-06 Deputy Commissioner of Income-tax, Vs. M/s. Pricewaterhouse Coopers Pvt. Ltd. Circle-…

D.C.I.T, Cir-2, Kolkata vs. M/S Pricewaterhouse Coopers Pvt, Kolkata

In the result, to sum up, the appeals of the revenue in ITA No

ITA 1521/KOL/2013[2003-2004]Status: DisposedITAT Kolkata13 Jul 2016AY 2003-2004

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

For Appellant: Shri K. M. Gupta, ARFor Respondent: Shri A. K. Pandey, JCIT, Sr. DR
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA [Before Shri M. Balaganesh, AM & Shri S. S. Viswanethra Ravi, JM] I.T.A No.1521/Kol/2013 Assessment Year: 2003-04 Deputy Commissioner of Income-tax, Vs. M/s. Pricewaterhouse Coopers Pvt. Ltd. Circle-2, Kolkata. (PAN: AABCP9181H) (Appellant) (Respondent) & I.T.A No.2033/Kol/2013 Assessment Year: 2003-04 M/s. Pricewaterhouse Coopers Pvt. Ltd. Vs. Asstt. Commissioner of Income-tax, Range-2, Kolkata. (Appellant) (Respondent) & I.T.A No.1523/Kol/2013 Assessment Year: 2005-06 Deputy Commissioner of Income-tax, Vs. M/s. Pricewaterhouse Coopers Pvt. Ltd. Circle-…

Mill Consultants & Investment P.Ltd, Mumbai vs. DCIT Cir 4(3), Mumbai

In the result, the assessee’s appeal is allowed

ITA 2792/MUM/2012[2008-09]Status: DisposedITAT Mumbai01 Jun 2016AY 2008-09
For Appellant: Shri K. GopalFor Respondent: Shri D. Prabhakar Reddy
Section 143(3)Section 145(2)

…r formed part of the current assets, i.e., held on revenue account, or as a trading asset. The same is, in terms of the decisions by the Apex Court in CIT vs. Woodward Governor India (P) Ltd. [2009] 312 ITR 254 (SC) and Sutlej Cotton Mills Ltd. vs. CIT [1979] 116 ITR 1 (SC), liable to allowed. In Woodward Governor India (P) Ltd. (supra), wherein the liability under reference was a foreign exchange denominated liability, the Hon’ble Court had held that where forming part of the circulating capital, it as in that case, is to be stated by converting the same at the rate obtaining as at the year-end; whether restatin…

DCIT, Circle - 5, Kolkata vs. M/S. Essel Mining & Industries Ltd., Kolkata

In the result the appeal of the revenue is dismissed

ITA 589/KOL/2011[2007-08]Status: DisposedITAT Kolkata20 May 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2007-08

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT(DR)
Section 143(3)Section 147

…educed from the assessee’s total income. The assessee pointed out before CIT(A) that the AO ought to have excluded the same from the total income. The assessee relied on the decision of the Hon’ble Supreme Court in the case of Sutlej Cotton Mills Ltd. Vs. CIT 116 ITR 1 (SC) wherein the Hon’ble Supreme Court held that profit or loss that arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss would ordinarily be trading profit or loss if the foreign currency is held by the assessee on revenue account or a…

Essel Mining & Industries Ltd., Kolkata vs. Addl. CIT, Range - 5, Kolkata

In the result the appeal of the revenue is dismissed

ITA 352/KOL/2011[2007-08]Status: DisposedITAT Kolkata20 May 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2007-08

For Appellant: Shri D.S.Damle, FCAFor Respondent: Shri Rajat Subhra Biswas, CIT(DR)
Section 143(3)Section 147

…educed from the assessee’s total income. The assessee pointed out before CIT(A) that the AO ought to have excluded the same from the total income. The assessee relied on the decision of the Hon’ble Supreme Court in the case of Sutlej Cotton Mills Ltd. Vs. CIT 116 ITR 1 (SC) wherein the Hon’ble Supreme Court held that profit or loss that arises to an assessee on account of appreciation or depreciation in the value of foreign currency held by it, on conversion into another currency, such profit or loss would ordinarily be trading profit or loss if the foreign currency is held by the assessee on revenue account or a…

Addl CIT Cen Cir IX, Mumbai vs. Prism Cement Ltd, Mumbai

Appeals are disposed of in terms

ITA 8503/MUM/2010[2007-08]Status: DisposedITAT Mumbai16 May 2016AY 2007-08

Bench: Shri Joginder Singh & Shri Rajendra

Section 143(3)Section 147Section 35E

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, सी,मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी राजे"", लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Rajendra, Accountant Member ITA NO 5751/Mum/ 2009 Assessment Year: 2005-06 DCIT, CC-34, M/s Prism Cement Ltd. R. No.104, First Floor, 2nd Floor, Rahejas, Main बनाम/ Aayakar Bhavan, Avenue, V.P. Road, Vs. Mumbai-400020 Santacruz (W), Mumbai-400054 (राज"व /Revenue) ("नधा"रती /Assessee) PAN No.AAACP6224L Assessment Year : 2005-06 M/s Prism Cement Ltd. DCIT, CC-34, 2nd Floor, Rahejas, Main R.…