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.

How many judgments cite Sutlej Cotton Mills Ltd. v. CIT?

409 judgments on BharatTax cite Sutlej Cotton Mills Ltd. v. CIT (116 ITR 1), spanning 2007 to 2026.

Which sections of the Income Tax Act does Sutlej Cotton Mills Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 14A, Section 37(1), Section 115JB, Section 143(3), Section 32, Section 143(2).

Sutlej Cotton Mills Ltd. v. CIT (116 ITR 1)

Scott Edil Advance Research Laboratories and Education Limited, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 856/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16

Section 127Section 132Section 153ASection 153D

…he item given in books of accounts, rather, the same is to be decided as per the facts and underlying taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Scott Edil Advance Research Laboratories and Education Limited, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 845/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18

Section 127Section 132Section 153ASection 153DSection 2(22)(e)

…he item given in books of accounts, rather, the same is to be decided as per the facts and underlying taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Scott Edil Advance Research Laboratories and Education Limited, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 843/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh03 Mar 2025AY 2012-13

Section 127Section 132Section 153ASection 153D

…he item given in books of accounts, rather, the same is to be decided as per the facts and underlying taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Scott Edil Pharmacia Ltd., Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 833/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18

Section 127Section 132Section 153ASection 153D

…item given in books of accounts, rather, the same is to be decided as per the facts and underlying 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Scott Edil Pharmacia Ltd., Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 832/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17

Section 127Section 153DSection 2(22)(e)

…he item given in books of accounts, rather, the same is to be decided as per the facts and underlying taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Scott Edil Pharmacia Ltd., Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 829/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh03 Mar 2025AY 2013-14

Bench: Shri Sanjay Garg & Shri Krinwant Sahayआयकर अपील सं./Ita No. 579/Chd /2023 निर्धारण वर्ष / Assessment Year : 2017-18 & आयकर अपील सं./Ita Nos.582 To 584/Chd/ 2023 निर्धारण वर्ष / Assessment Years : 2014-15 To 2016-17 & आयकर अपील सं./Ita No. 591/Chd /2023 निर्धारण वर्ष / Assessment Year : 2018-19

Section 127Section 132Section 153ASection 153D

…ooks of accounts, rather, the same is to be decided as per the facts and underlying 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Shri Balram Krishan, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 732/CHANDI/2023[2018-19]Status: DisposedITAT Chandigarh03 Mar 2025AY 2018-19

Section 127Section 132Section 153ASection 153D

…oks of accounts, rather, the same is to be decided as per the facts and underlying ... ... ... ... 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Shri Balram Krishan, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 731/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18

Section 127Section 132Section 153ASection 153DSection 2(22)

…he item given in books of accounts, rather, the same is to be decided as per the facts and underlying taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Shri Balram Krishan, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 730/CHANDI/2023[2016-17]Status: DisposedITAT Chandigarh03 Mar 2025AY 2016-17

Section 127Section 132Section 153ASection 153DSection 2

…item given in books of accounts, rather, the same is to be decided as per the facts and underlying 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Shri Balram Krishan, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 728/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh03 Mar 2025AY 2014-15

Bench: Shri Sanjay Garg & Shri Krinwant Sahayआयकर अपील सं./Ita No. 579/Chd/2023 निर्धारण वर्ष / Assessment Year : 2017-18 & आयकर अपील सं./Ita Nos.582 To 584/Chd/2023 निर्धारण वर्ष / Assessment Years : 2014-15 To 2016-17 & आयकर अपील सं./Ita No. 591/Chd/2023 निर्धारण वर्ष / Assessment Year : 2018-19 Maxport India Pvt. Ltd. C/O Parikshit Aggarwal, Chartered Accountant, H. No. 3035, Sector 27D, Chandigarh- 160019. स्था.लेखा सं./Pan No: Aaicm9120E अपीलाथ/Appellant बनाम प्रथीय/Respondent Deputy Commissioner Of Income-Tax, Centre Circle-1, Chandigarh. & आयकर अपील सं./Ita Nos.482 & 483/Chd/2023 निर्धारण वर्ष / Assessment Years : 2017-18 & 2018-19 Vaishali Aggarwal C/O Parikshit Aggarwal, Chartered Accountant, H No. 3035, Sector 27D, Chandigarh- 160022. स्था.लेखा सं./Pan No: Aaqpa4025M अपीलाथ/Appellant बनाम प्रथीय/Respondent Deputy Commissioner Of Income-Tax, Centre Circle-1, Chandigarh. & आयकर अपील सं./Ita No. 846/Chd/2023

Section 127Section 132Section 153ASection 153DSection 2(22)(e)

…em given in books of accounts, rather, the same is to be decided as per the facts and underlying 89 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Shri Balram Krishan, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 726/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh03 Mar 2025AY 2012-13

Section 153A

…he item given in books of accounts, rather, the same is to be decided as per the facts and underlying taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Maxport India Private Limited, Chandigarh vs. Dy. Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 583/CHANDI/2023[2015-16]Status: DisposedITAT Chandigarh03 Mar 2025AY 2015-16

Section 127Section 132Section 153ASection 153DSection 2(22)(e)

…item given in books of accounts, rather, the same is to be decided as per the facts and underlying 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Maxport India Private Limited, Chandigarh vs. Dy. Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 582/CHANDI/2023[2014-15]Status: DisposedITAT Chandigarh03 Mar 2025AY 2014-15

Section 127Section 132Section 153ASection 153D

…item given in books of accounts, rather, the same is to be decided as per the facts and underlying 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Sanjeev Aggarwal, Chandigarh vs. Deputy Commissioner of Income Tax, Central Circle-1, Chandigarh

ITA 489/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh03 Mar 2025AY 2017-18

Section 127Section 132Section 153ASection 153D

…item given in books of accounts, rather, the same is to be decided as per the facts and underlying 88 taxation principles. He in this respect has further placed reliance upon the following case laws: i. Sutlej Cotton Mills Ltd. Vs. Commissioner Of Income Tax, 116 ITR 1, wherein it was held that : “It is settled that the way in which entries are made by the assessee is not determinative of the question whether the assessee earned any profit or suffered any loss. The assessee may, by making entries which are not in conformity with the proper accountancy principles, conceal profit or show loss and the entries made b…

Vgm Export, Vasco vs. Joint Commissioner of Income Tax, Margao

ITA 114/PAN/2023[2010-11]Status: DisposedITAT Panaji25 Feb 2025AY 2010-11

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliita Nos. 114/Pan/2023 Assessment Year : 2010-11 Vgm Export Suvarn Bandekar Building, Swatantra Path, Vasco, Goa Pan : Aaafv6197P . . . . . . . Applicant V/S Joint Commissioner Of Income Tax, Margao Range, Margao. . . . . . . . Respondent Appearances Assessee By : Mr P B Deshpande [‘Ld. Ar’] Revenue By : Mr Ravindra Hattalli [‘Ld. Dr’] सुनवाई की तारीख / Date Of Conclusive Hearing : 20/02/2025 घोषणा की तारीख / Date Of Pronouncement : 25/02/2025

For Appellant: Mr P B Deshpande [‘Ld. AR’]For Respondent: Mr Ravindra Hattalli [‘Ld. DR’]

Section 143(1)Section 143(2)Section 143(3)Section 14ASection 250Section 40

…gao ITA Nos.114/PAN/2023 AY: 2010-11 12. Now first coming to determination of nature of forex fluctuation loss as to capital or revenue, one can find an answer in the landmark decision of Hon’ble Apex Court rendered in ‘Sutlej Cotton Mills Ltd. Vs CIT’ [1979, 116 ITR 1 (SC)] wherein their Hon’ble lordship while settling the issue regarding nature of loss as revenue or capital has first formulated the question as; ‘Whether the loss suffered by the assessee was a trading loss or not would depend on whether the loss was in respect of a trading asset or a capital asset. In the former case, it would be a trading loss…