ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. E I D PARRY INDIA LIMITED, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowed the expenditure of loss on account of forward contracts entered into by the assessee to protect the forex fluctuation claimed under section 37 of the Act for the reason that hedging/forward contracts are speculative in nature. The CIT(A) has observed that the assessee is entitled to claim loss on forward contracts taken for the purpose of hedging

M/S. EID PARRY INDIA LTD.,CHENNAI vs. DCIT, LTU-1,, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowed the expenditure of loss on account of forward contracts entered into by the assessee to protect the forex fluctuation claimed under section 37 of the Act for the reason that hedging/forward contracts are speculative in nature. The CIT(A) has observed that the assessee is entitled to claim loss on forward contracts taken for the purpose of hedging

ABAN OFFSHORE LIMITED,CHENNAI vs. DCIT, INTL, TAX 1(1), CHENNAI

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

43A clearly referring to the Business\nIncome computation provisions. Reference is also invited to the\nmemorandum explaining the provisions of Finance Act. 2023 where-\nin while introducing sub-section 4 of Section 44BB, it is clearly\nmentioned that Section 44BB is a presumptive scheme for the\ncomputation of Business or Profession Income. Reference is also\ninvited to Section

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)

section 43A of the Act and disallowed the loss. The ld.counsel argued that section 43A of the Act has been

ABAN SINGAPORE PTE LIMITED ,CHENNAI vs. DCIT INTL TAX 1(1), CHENNAI

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

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1329/Chny/2023 (िनधा"रण वष" / Assessment Year: 2021-22) & 2. Stay Application No.9/Chny/2024 (In Ita No.1329/Chny/2023) (िनधा"रण वष"/Assessment Year:2021-22) M/S. Aban Singapore Pte. Limited Dcit बनाम/ 113, Pantheon Road, Egmore S.O International Taxation-1(1), Vs. Egmore, Chennai-600 008. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaqca-2845-Q (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ"कीओरसे/Appellant By : Shri P. Murali Mohan Rao (Ca)-Ld. Ar !"थ"कीओरसे/ Respondent By : Shri Nilay Baran Som (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 03-04-2024 घोषणाकीतारीख /Date Of Pronouncement : 17-05-2024

disallowance was made and the same was added to the income offered by the assessee u/s 44BB of the Act. Aggrieved, the assessee is in further appeal before us. Our findings and Adjudication 4. From the facts, it emerges that the assessee is a non-resident company. It has offered income u/s 44BB on presumptive basis @10% of gross receipts

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

Disallowance under Section 43A of the Act 4.1 Erred in law in disallowing the total Foreign Exchange (' forex') loss of INR 126,207,203 under

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

disallowance of forward premium treating the same as capital expenditure by applying the provisions of section 43A of the Act. For this

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

disallowance of forward premium treating the same as capital expenditure by applying the provisions of section 43A of the Act. For this

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

disallowance of forward premium treating the same as capital expenditure by applying the provisions of section 43A of the Act. For this

M/S EPIMONEY PRIVATE LIMITED,CHENNAI vs. ITO/ACIT, CORPORATE WARD-3(3), CHENNAI

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

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No.727/Chny/2023 िनधा"रण वष"/Assessment Year: 2018-19 M/S. Epimoney Private Limited, Vs. The Income Tax Officer/Acit, No. 119, 2Nd Floor, Greenways Towers, Corporate Ward 3(3), St. Mary’S Road, Abhiramapuram, Chennai. Chennai 600 018. [Pan:Aaacu1013A] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri R. Vijayaraghavan, Advocate ""थ" की ओर से/Respondent By : Shri V. Nandakumar, Cit सुनवाई की तारीख/ Date Of Hearing : 07.11.2023 घोषणा की तारीख /Date Of Pronouncement : 10.11.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Principal Commissioner Of Income Tax-Chennai 3, Chennai, Dated 30.03.2023 Relevant To The Assessment Year 2018-19 Passed Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short].

disallowed under section 43A & 43B of the Act as claimed by the assessee and if not, the same shall be allowed

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 :

section 43A with effect from 1-4-2003 and gain arising on account of exchange fluctuation is not liable to tax as it is on capital account. This case law is about external commercial borrowing for the purpose of acquiring capital asset. The Hon’ble Supreme Court held that foreign exchange rate fluctuation should be adjusted to the actual cost

JCIT (OSD) LTU 2, CHENNAI vs. SAINT GOBAIN GLASS INDIA INDIA LIMITED, SRIPERUMBUDUR

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

Bench: Shri Mahavir Singhand Shri Manjunatha.G

disallowance of interest on loan funds is not disputed by the appellant. However, the AR of the appellant has requested that depreciation on the same be allowed. It is observed from the assessment order that the AO had not considered the appellant's request for allowing depreciation for the reason that the appellant failed to furnish the details of assets

JCIT (OSD) LTU 2, CHENNAI vs. SAINT GOBAIN GLASS INDIA INDIA LIMITED, SRIPERUMBUDUR

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

Bench: Shri Mahavir Singhand Shri Manjunatha.G

disallowance of interest on loan funds is not disputed by the appellant. However, the AR of the appellant has requested that depreciation on the same be allowed. It is observed from the assessment order that the AO had not considered the appellant's request for allowing depreciation for the reason that the appellant failed to furnish the details of assets

SAINT GOBAIN INDIA PRIVATE LIMITED,CHENNAI vs. DCIT LTU 2, CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manjunatha.G

disallowance of interest on loan funds is not disputed by the appellant. However, the AR of the appellant has requested that depreciation on the same be allowed. It is observed from the assessment order that the AO had not considered the appellant's request for allowing depreciation for the reason that the appellant failed to furnish the details of assets

ACIT,NCC-8, CHENNAI vs. SAINT GOBAIN INDIA P LTD, CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manjunatha.G

disallowance of interest on loan funds is not disputed by the appellant. However, the AR of the appellant has requested that depreciation on the same be allowed. It is observed from the assessment order that the AO had not considered the appellant's request for allowing depreciation for the reason that the appellant failed to furnish the details of assets

T vs. MOTOR COMPANY LTD.,CHENNAIVS.ACIT, CHENNAI

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

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकरअपीलसं./Ita No.672/Chny/2017 िनधा"रणवष"/Assessment Year: 2012-13 M/S.Tvs Motor Co. Ltd., V. The Acit, No.29, Haddows Road, Corporate Circle – 3(1), Chennai-600 006. Chennai. [Pan: Aaacs 7032 B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of loss on actual re is against the disallowance of loss on actual re is against the disallowance of loss on actual re- payment of External Commercial Borrowings (hereinafter in short ‘ECB’) payment of External Commercial Borrowings (hereinafter in short ‘ECB’) payment of External Commercial Borrowings (hereinafter in short ‘ECB’) loan during the year. 8.1 The brief facts

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

disallowance of finance costs was restored to the CIT(A) for readjudication. Another issue regarding notional gains on derecognition of financial liabilities was also restored to the CIT(A). The Revenue's appeal regarding addition on account of closing stock was remitted back to AO for limited verification.", "result": "Partly Allowed", "sections": [ "14A", "8D", "43A

INDIAN BANK,CHENNAI vs. DCIT CORP CIRCLE 1(1), DCIT CORP CIRCLE 1(1)

In the result, the appeal filed by the assessee is partly allowed for\nstatistical purposes and the appeal filed by the Revenue is allowed

section 43A of the Act or Rule 115 of Income-\ntax Rules, 1962, as the case may be\nPara 7\nFinancial Statements of Foreign Operations\n7. The financial statements of a foreign operation shall be translated\nusing the principles and procedures in paragraphs 3 to 6 as if the\ntransactions of the foreign operation had been those of the person

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 3(3), CHENNAI., CHENNAI vs. M/S. CATERPILLAR INDIA PVT. LTD , CHENNAI

Appeal is dismissed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपीलसं./It(Tp)A No.: 42/Chny/2023 िनधा"रण वष" / Assessment Year: 2014-15 M/S.Caterpillar India Private Limited, The Deputy Commissioner Of 7Th Floor, International Tech Park, Income Tax, Taramani Road, Vs. Central Circle- 3(3), Chennai – 600 113. Chennai – 600 034. [Pan:Aabcc-4615-K] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपीलसं./Ita No.: 717/Chny/2023 िनधा"रण वष" / Assessment Year: 2014-15 The Deputy Commissioner Of Income M/S.Caterpillar India Private Tax, Limited, 7Th Floor, International Tech Park, Central Circle- 3(3), V. Chennai – 600 034. Taramani Road, Chennai – 600 113. [Pan:Aabcc-4615-K] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/Assessee By : Shri Harish Ramanathan, C.A. By Virtual ""थ" की ओर से/Department By : Shri A. Sasikumar, C.I.T. सुनवाई की तारीख/Date Of Hearing : 12.03.2025 घोषणा की तारीख/Date Of Pronouncement : 06.06.2025 आदेश /O R D E R Per S. R. Raghunatha, Am: These Cross Appeals Filed By The Assessee & The Revenue Are Arising Out Of Order Of Commissioner Of Income Tax (Appeals)-18, Chennai U/S. 143(3) R.W.S. 92Ca (3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) For The Assessment Year 2014-15 Dated 07.03.2023. Since, Facts Are Identical & Issues Are Common, For :-2-: It(Tp) A. No:42 /Chny/2023 & The Sake Of Convenience, The Appeal Filed By The Revenue & Assessee Are Being Heard Together & Disposed Off, By This Consolidated Order.

Section 43A of the Act was not attracted and moreover the assets were already put to use therefore, the forex loss on restatement is revenue expenditure. The CIT(A) by following the jurisdictional Tribunal decision in the case of DCIT Vs Green Star Fertilizers Ltd In ITA.No.34 & 35/2020 dated 31.12.2020 allowed the same. The Ld DR contended that Forex