THE MADRAS SILKS INDIA PVT. LTD.,,TIRUPPUR vs. DCIT, TIRUPPUR

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

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I T.A. No. 180/Mds/2017 "नधा"रण वष"/Assessment Year:2012-13 The Madras Silks India Pvt. Ltd., The Deputy Commissioner Of No. 68-A, College Road, Vs. Income Tax, Tirupur 641 602. Circle 1, Tirupur. [Pan: Aacct4954H] (Appellant) (Respondent) अपीलाथ" क" ओर से / Appellant By : Shri S. Swaminathan, C.A. ""यथ" क" ओर से/Respondent By : Shri Asish Tripathi, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 30.08.2017 घोषणा क" तार"ख /Date Of Pronouncement : 31.10.2017 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 3, Coimbatore Dated 27.10.2016 Relevant To The Assessment Year 2012-13. The Only Effective Ground Raised In The Appeal Of The Assessee Is That The Ld. Cit(A) Has Erred In Confirming The Addition Of Foreign Exchange Fluctuation Loss On Principal Repayment Of Wind Mill Loan.

section 43A of the Act, the actual loss of ₹.86,40,372/- incurred on repayment of loan was adjusted to the cost of asset and accordingly, the Assessing Officer allowed eligible depreciation

SUNDARAM FASTENERS LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 6(2), CHENNAI

In the result, appeal filed by the assessee is partly allowed for

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.3236/Chny/2017 िनधा"रण वष"/Assessment Year: 2013-14 V. M/S.Sundram Fasteners Ltd., The Dcit, 98-A, 7Th Floor, Corporate Circle-6(2), Dr.Radhakrishnan Salai, Chennai. Mylapore, Chennai-600 004. [Pan: Aaacs 8779 D] (अपीलाथ"/Appellant) (""यथ"/Respondent)

depreciation on such assets @15% being Plant & Building and allowed a sum of Rs.67,87,050/- and the balance amount of Rs.3,84,59,950/- was added back to the total income of the assessee. The DRP confirmed the same. The Ld.AR of the assessee submitted that the AO failed to appreciate that section 43A

DCIT CORPORATE CIRCLE-2(1), CHENNAI vs. GREENSTAR FERTILIZERS LTD., CHENNAI

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

Bench: Shri V.Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.34 & 35 /Chny/2020 ("नधा"रणवष" / Assessment Years: 2012-13 & 2013-14) The Deputy Commissioner Of Vs M/S. Green Star Fertilizers Ltd, Income Tax, No.8, Spic House, Corporate Circle-2(1), Mount Road, Guindy, Room No.511, Wanaparthy Block Chennai-600 032. Chennai-600 034. Pan: Aadcg 9451D (अपीलाथ"/Appellant) (""यथ"/Respondent)

43A cannot be applied to loss or gain arising from foreign currency loss utilized for purchase of indigenous assets. Needless to say, impugned currency fluctuation loss has emanated from foreign currency I loans. Besides AS-11, the claim of exchange fluctuation loss as revenue account is also founded on the argument that the aforesaid action was taken to save interest

DCIT CORPORATE CIRCLE-2(1), CHENNAI vs. GREENSTAR FERTILIZERS LTD., CHENNAI

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

Bench: Shri V.Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.34 & 35 /Chny/2020 ("नधा"रणवष" / Assessment Years: 2012-13 & 2013-14) The Deputy Commissioner Of Vs M/S. Green Star Fertilizers Ltd, Income Tax, No.8, Spic House, Corporate Circle-2(1), Mount Road, Guindy, Room No.511, Wanaparthy Block Chennai-600 032. Chennai-600 034. Pan: Aadcg 9451D (अपीलाथ"/Appellant) (""यथ"/Respondent)

43A cannot be applied to loss or gain arising from foreign currency loss utilized for purchase of indigenous assets. Needless to say, impugned currency fluctuation loss has emanated from foreign currency I loans. Besides AS-11, the claim of exchange fluctuation loss as revenue account is also founded on the argument that the aforesaid action was taken to save interest

MAINETTI INDIA PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the assessee allowed for statistical purposes

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.624/Mds/2014 "नधा"रण वष" /Assessment Year: 2009-10

depreciation on the assets. The assessee relied on the following decisions: (i) CIT v Woodward Governor of India(P) Ltd.312 ITR 254(SC) (ii) CIT v Maruti Udyog Ltd 320 ITR 729 (SC) 5.2 On the other hand, the Learned Departmental Representative (hereinafter referred to as ‘Ld.DR’) argued that the assesse has borrowed the funds for the purpose of capital

DCIT, CHENNAI vs. EMERALD RESILIENT TYRE MANUFACTURES PVT LTD., CHENNAI

In the result, the Revenue appeal is allowed

Bench: Shri Chandra Poojari & Shri. G. Pavan Kumar

43A cannot be applied to loss or gain arising from foreign currency loss utilized for purchase of indigenous assets. Needless to say, impugned currency fluctuation loss has emanated from foreign currency loans. Besides AS-I 1, the claim of exchange fluctuation loss as revenue account is also founded on the argument that the aforesaid action was taken to save interest

DAESUNG AUTOPARTS INDIA PRIVATE LIMITED,KANCHEEPURAM vs. ACIT (OSD) CORPORATE RANGE 1 , CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunatha

depreciation as per provisions of section 32(1)(iia) of the Act, on capitalized value of forex loss incurred on acquisition of plant & machinery during earlier financial years by taking clue from provisions of section 43A

ACIT, CHENNAI vs. TAMIL NADU NEWSPRINT & PAPERS LTD., CHENNAI

In the result, the appeals filed by the Revenue in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

Section 43A of the Act are fulfilled, it is mandatory to take the actual cost, capital expenditure or the cost of acquisition at a higher or lower figure for the purposes of depreciation

TAMILNADU NEWSPRINT AND PAPERS LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by the Revenue in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

Section 43A of the Act are fulfilled, it is mandatory to take the actual cost, capital expenditure or the cost of acquisition at a higher or lower figure for the purposes of depreciation

TAMILNADU NEWSPRINT AND PAPERS LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by the Revenue in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

Section 43A of the Act are fulfilled, it is mandatory to take the actual cost, capital expenditure or the cost of acquisition at a higher or lower figure for the purposes of depreciation

IL&FS TAMILNADU POWER COMPANY LTD,CHENNAI vs. DCIT CORP CIRCLE 1(1), CHENNAI

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaआयकर अपील सं./Ita No.1332/Chny/2024, Assessment Years: 2018-19 आयकर अपील सं./Ita No.1694/Chny/2024, Assessment Years: 2018-19 Il & Fs Tamil Nadu Power Company Deputy Commissioner Of Income Limited, Tax, Old No.21, New No.2, Kpr Tower, Corporate Circle-1(1), 4Th Floor, Greams Road, Chennai S.O, Nungambakkam Chennai-600 006. [Pan: Aabcf1176A] आयकर अपील सं./Ita No.1694/Chny/2024, Assessment Years: 2018-19 Deputy Commissioner Of Income Il & Fs Tamil Nadu Power Company Tax, Limited, Corporate Circle-1(1), Old No.21, New No.2, Kpr Tower, Chennai 4Th Floor, Greams Road, S.O, Nungambakkam Chennai-600 006. [Pan: Aabcf1176A] (प्रत्यर्थी/Respondent) (अपीलार्थी/Appellant) अपीलार्थी की ओर से/ Assessee By : Shri.Ashwin, Ca प्रत्यर्थी की ओर से /Revenue By : Shri Shivanand K Kalakeri, Cit सुनवाई की तारीख/Date Of Hearing : 26.03.2025 घोषणा की तारीख /Date Of Pronouncement : 25.04.2025 आदेश / O R D E R Per Amitabh Shukla, A.M :

depreciates on date of computation namely 31st March of relevant accounting year, thus, adjustment on account of foreign exchange rate fluctuation is required to be made to actual cost at end of every year after amendment to section 43A

ASSISTANT COMMISSIONER OF INCOME TAX CORPORATE CIRCLE 1 1, CHENNAI vs. IL AND FS TAMILNADU POWER COMPANY LIMITED, CHENNAI

In the result, the appeal of the revenue is partly allowed for\nstatistical purposes

depreciates on date of\ncomputation namely 31st March of relevant accounting year, thus, adjustment on\naccount of foreign exchange rate fluctuation is required to be made to actual cost\nat end of every year after amendment to section 43A

SUPER SALES INDIA LTD. ,COIMBATORE vs. DCIT CORPORATE CIRCLE 1 , COIMBATORE

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

depreciation at 80% on this foreign exchange loss. On verification of the details filed, it I seen that the assessee has acquired Vestas Wind Mill in India by using foreign currency loan. As per the provisions of Section 43A

ILJIN AUTOMOTIVE PRIVATE LIMITED,KANCHIPURAM vs. DCIT CORPORATE CIRCLE 2(2), CHENNAI

The appeal stand partly allowed in terms of our above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.1834/Chny/2017 (िनधा)रणवष) / Assessment Year: 2013-14) M/S. Iljin Automotive Private Limited Dcit बनाम/ Plot No.B1 & B2, Sipcot Industrial Park Corporate Circle-2(2), Irungattukottai, Sriperumbudur Chennai. Vs. Kanchipuram-602 105. "थायीलेखासं./जीआइआरसं./Pan/Gir No.Aaaci-2641-E (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Sandeep Bagmar (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Shri A. Sasikumar (Cit) - Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 19-11-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-12-2024 आदेश / O R D E R

depreciation in accordance with Explanation 5 to clause (1) of Section 32 of the Act irrespective of whether the Appellant has claimed the same in computing its income as per the return of income. 4. Disallowance under Section 43A

LEO FASTENERS,PONDICHERRY vs. DCIT, PONDICHERRY

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

43A of the Act is not applicable at all. The CIT(Appeals) also found that the loan was originally borrowed in Indian rupee for the purpose of acquiring capital asset. Subsequently, according to the Ld. Sr. counsel, the loan was converted into foreign currency, hence, the fluctuation in foreign currency has to be considered only as revenue loss. 3 I.T.A

ILJIN AUTOMOTIVE PRIVATE LIMITED,KANCHEEPURAM vs. DCIT, CHENNAI

In the result, the assessee’s appeal is partly allowed

Bench: Shri Sanjay Arora & Shri Duvvuru Rl Reddy

Section 43A is specific in nature. The capital asset acquired must be from outside India. Two, the foreign exchange fluctuation materialized up to the date of payment of the cost or of the borrowing made in foreign currency for meeting the liability on that count (or preoperative interest), shall be capitalized, i.e., included in or reduced from the cost

ABAN OFFSHORE LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 1(1), CHENNAI

In the result, appeal filed by the Revenue in ITA

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1812/Chny/2019 &

sections 43A are of revenue in nature and corresponding effect of exchange differences are to be accorded in the Profit and Loss Account. 17. The Ld. CIT (A) failed to appreciate that the method followed by the assessee being based on the guidance of the Institute of Chartered Accountants of India, is very scientific and considered every aspect

JCIT (OSD), CORPORATE CIRCLE - 1 (1),, CHENNAI vs. M/S. ABAN OFFSHORE LTD.,, CHENNAI

In the result, appeal filed by the Revenue in ITA

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1812/Chny/2019 &

sections 43A are of revenue in nature and corresponding effect of exchange differences are to be accorded in the Profit and Loss Account. 17. The Ld. CIT (A) failed to appreciate that the method followed by the assessee being based on the guidance of the Institute of Chartered Accountants of India, is very scientific and considered every aspect

DCIT CORPORATE CIRCLE 1(1), CHENNAI vs. ABAN OFFSHORE LIMITED, CHENNAI

In the result, appeal filed by the Revenue in ITA

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1812/Chny/2019 &

sections 43A are of revenue in nature and corresponding effect of exchange differences are to be accorded in the Profit and Loss Account. 17. The Ld. CIT (A) failed to appreciate that the method followed by the assessee being based on the guidance of the Institute of Chartered Accountants of India, is very scientific and considered every aspect