“income computation disclosure standards”

ICDS & AccountingSection 145(2)Section 145(2)2 judgments

BSR INFRATECH INDIA LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(1), BANGALORE

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

ITA 697/BANG/2022[2017-18]Status: DisposedITAT Bangalore27 Oct 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2017-18

For Appellant: Shri Madhusudhan, A.RFor Respondent: Shri Praveen Karanth, D.R

Section 199Section 234ASection 270ASection 43Section 43C

requested to consider above case laws while adjudicating this appeal 4.4 He submitted that Central Board of Direct Taxes notified Income Computation Disclosure Standards (ICDS) vide Notification no 87/2016 dated 29th September, 2016 mandating all the assessees following mercantile system of accounting to follow ICDS

BELLISSIMO PROPERTIES DEVELOPMENT P. LTD,MUMBAI vs. DY CIT, CENTRAL RANGE-7(3), MUMBAI

In the result, appeal filed by the assessee is allowed

ITA 1348/MUM/2021[2017-18]Status: DisposedITAT Mumbai28 Jun 2022AY 2017-18

Bench: Shri Amarjit Singh () & Kavitha Rajagopal ()

Section 115JSection 143(3)Section 250Section 37(1)Section 43A

accordance with the method of accounting followed by the assessee and the provisions of section 43AA of the I.T. Act read with Income Computation Disclosure Standards (ICDS)-VI thereby incurred foreign exchange loss of Rs.2,69,59,466/-. The same was claimed as deduction while computing the total income ... assessee to claim as per method of accounting followed and the provisions of section 43AA of the I.T. Act, 1961 read with Income Computation Disclosure Standard (ICDS)-VI has been countered by the assessee stating that assessee has been following AS-11 which states that unrealised foreign exchange gain / loss