Vinodkumar Diamonds (P) Ltd. v. Addl. CIT (ITAT, MUM)

Assistant Commissioner of Income Tax, Corporate Circle 1(1), Chennai vs. M/S Cholamandalam Investment & Finance Company Ltd, Chennai

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

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

…t, para 6) - • It was stated that the transaction was a restatement of the loan borrowed. • No provision in respect of the said expense was created in the earlier years • Placing reliance on the case of S. Vinodkumar Diamonds (P) Ltd Vs. Addl. CIT (ITAT, MUM) 89 DTR 129, it was stated that there was no actual delivery of foreign exchange loss, and such loss is speculative in nature. :-7-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Additionally, the transaction is not covered under the exceptions of section 43(5), i.e., Section 43(5)(a) and 43(5)(d) of the Act, hence it is considered speculative in nature. As…

Assistant Commissioner of Income Tax, Corporate Circle 1(1), Chennai vs. M/S Cholamandalam Investment and Finance Company Limited, Chennai

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-:

…t, para 6) - • It was stated that the transaction was a restatement of the loan borrowed. • No provision in respect of the said expense was created in the earlier years • Placing reliance on the case of S. Vinodkumar Diamonds (P) Ltd Vs. Addl. CIT (ITAT, MUM) 89 DTR 129, it was stated that there was no actual delivery of foreign exchange loss, and such loss is speculative in nature. :-7-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Additionally, the transaction is not covered under the exceptions of section 43(5), i.e., Section 43(5)(a) and 43(5)(d) of the Act, hence it is considered speculative in nature. As…

Assistant Commissioner of Income Tax, Corporate Circle 1(1), Chennai vs. Cholamandalam Investment and Finance Company Limited, Chennai

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

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

…t, para 6) - • It was stated that the transaction was a restatement of the loan borrowed. • No provision in respect of the said expense was created in the earlier years • Placing reliance on the case of S. Vinodkumar Diamonds (P) Ltd Vs. Addl. CIT (ITAT, MUM) 89 DTR 129, it was stated that there was no actual delivery of foreign exchange loss, and such loss is speculative in nature. :-7-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Additionally, the transaction is not covered under the exceptions of section 43(5), i.e., Section 43(5)(a) and 43(5)(d) of the Act, hence it is considered speculative in nature. As…

Cholamandalam Investment and Fianance Co. Ltd., Chennai vs. DCIT, Corporate Circle-1(1), Chennai

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-:

…t, para 6) - • It was stated that the transaction was a restatement of the loan borrowed. • No provision in respect of the said expense was created in the earlier years • Placing reliance on the case of S. Vinodkumar Diamonds (P) Ltd Vs. Addl. CIT (ITAT, MUM) 89 DTR 129, it was stated that there was no actual delivery of foreign exchange loss, and such loss is speculative in nature. Additionally, the transaction is not covered under the exceptions of section 43(5), i.e., Section 43(5)(a) and 43(5)(d) of the Act, hence it is considered speculative in nature. As per Section 43(5) of the Act, `speculative transactio…

Cholamandalam Investment and Finance Company Limited, Chennai, Tamil Nadu vs. Deputy Commissioner of Income-Tax (DCIT), Chennai-1, Chennai, Tamil Nadu

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-:

…t, para 6) - • It was stated that the transaction was a restatement of the loan borrowed. • No provision in respect of the said expense was created in the earlier years • Placing reliance on the case of S. Vinodkumar Diamonds (P) Ltd Vs. Addl. CIT (ITAT, MUM) 89 DTR 129, it was stated that there was no actual delivery of foreign exchange loss, and such loss is speculative in nature. :-6-: ITA. Nos:2613,2732,2820, 2835&2836/Chny/2024 • Additionally, the transaction is not covered under the exceptions of section 43(5), i.e., Section 43(5)(a) and 43(5)(d) of the Act, hence it is considered speculative in nature. As…