DCIT, CHENNAI vs. SICAL LOGISTICS LTD., CHENNAI

Bench: Shri Chandra Poojari & Shri Duvvuru Rl Reddy

capital assets, that 72 - - ITA 1695 to 1697 & CO 84/Mds/14 the amount received by the assessee on account of forward contract in foreign currency was a capital receipt and not exigible to tax. According to the CIT(Appeals), the same view has been held in the case of M/s. Sutlej Cotton Mills

M/S PRICOL LIMITED ,COIMBATORE vs. CIT(A) , NFAC , DELHI

The appeal stand dismissed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.642/Chny/2022 (िनधा)रण वष) / Assessment Year: 2016-17) M/S. Pricol Limited Dcit बनाम 109, Cpm Towers, Race Course, Corporate Circle-2, / Vs. Coimbatore-641 018. Coimbatore. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aagcp-0139-E (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri T.Banusekar (Ca) & Shri Suraj Nahar (Ca)-Ld.Ars " थ"कीओरसे/Respondent By : Shri R.Mohan Reddy (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 24-04-2023 घोषणाकीतारीख /Date Of Pronouncement : 20-07-2023 आदेश / O R D E R

115J, shall be permitted so long as the Profit and loss account has been prepared in accordance with Schedule VI to the Companies Act and the same has been certified by the Statutory Auditors. The Learned CIT(A) has erred in ignoring the principle upheld by the Hon'ble Supreme Court. (3) The Learned CIT(A) failed to note that

PROCON INSTRUMENTATION PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

Section 115J. In that case, the assessee-company had sold certain land and made certain gains out of the sale. The surplus on sale of land was transferred by the assessee-company directly to its “Capital