OCEAN SPARKLE LIMITED,HYDERABAD vs. DCIT., CIRCLE 5(1), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

section 43A of the Income Tax Act, 1961. Learned Counsel for the Assessee further referring to the chart submitted by the assessee submitted that, although, the assessee has treated forex gain on account of restatement of liabilities existed as on the balance-sheet date as income or expenses in the books of accounts, but, by following the CBDT Circular 3/2010

M/S COUNTRY CLUB INDIA LIMITED,HYDERABAD vs. DCIT, CIRCLE-3(2), HYDERABAD, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmancountry Club Hospitality & Vs Dy. Commissioner Of Income Holidays Ltd (Formerly Tax, Circle 3 (2) Known As Country Club Hyderabad India Ltd) Hyderabad Pan: Aaacc8276B (Appellant) (Respondent)

43A, which deals with such adjustments in the Capital account). According to the learned counsel, the essence of deductibility under Section 37 is that the increase in liability due to foreign exchange fluctuations must fulfill the twin requirements of "expenditure" and the factum of such expenditure having been "laid out or expended". According to the learned counsel, the expression "expenditure

M/S. COUNTRY CLUB INDIA LTD.,,HYDERABAD vs. ACIT, CIRCLE-1(2), HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

43A, which deals with such adjustments in the Capital account). According to the 17 ITA.Nos.1689 & 1735 /Hyd/2012, M/s Country Club Hospitality and Holidays Ltd., Hyderabad. learned counsel, the essence of deductibility under Section 37 is that the increase in liability due to foreign exchange fluctuations must fulfill the twin requirements of "expenditure" and the factum of such expenditure having

DY.CIT, CIR-1(2), HYDERABAD vs. M/S CUNTRY CLUB (I) LIMITED,, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

43A, which deals with such adjustments in the Capital account). According to the 17 ITA.Nos.1689 & 1735 /Hyd/2012, M/s Country Club Hospitality and Holidays Ltd., Hyderabad. learned counsel, the essence of deductibility under Section 37 is that the increase in liability due to foreign exchange fluctuations must fulfill the twin requirements of "expenditure" and the factum of such expenditure having

COUNTRY CLUB HOSPITALITY & HOLIDAYS LIMITED,HYDERABAD vs. DCIT., CIRCLE-1(1), HYDERABAD

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

43A, which deals with such adjustments in the Capital account). According to the 17 ITA.Nos.1689 & 1735 /Hyd/2012, M/s Country Club Hospitality and Holidays Ltd., Hyderabad. learned counsel, the essence of deductibility under Section 37 is that the increase in liability due to foreign exchange fluctuations must fulfill the twin requirements of "expenditure" and the factum of such expenditure having

KAMINENI HEALTH SERVICES PRIVATE LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2013-14 Kamineni Health Services Vs. Dy. C. I. T. (P) Ltd, Hyderabad Circle 2(1) Pan:Aaack8313R Hyderabad (Appellant) (Respondent) Assessee By: Advocate Sashank Dundu Revenue By: Shri Kumar Aditya, Dr Date Of Hearing: 22/02/2023 Date Of Pronouncement: 31/03/2023 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 7Th Nov.2017 Of The Learned Cit (A)-2, Hyderabad Relating To A.Y.2013-14. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Healthcare. It Filed Its Return Of Income For The Impugned A.Y Declaring Nil Income After Setting Off Of Business Loss Of Rs.48,33,667/- Under The Normal Provision & Book Profits U/S 115Jb Amounting To Rs. 1,38,45,489/-. The Case Was Selected For Scrutiny Through Cass & Statutory Notices U/S 143(2) & 142(1) Were Issued To The Assessee To Page 1 Of 16

gain or loss in its profit and loss account regardless of the nature of underlying asset or liability whether capital or revenue. 7.2 In his second plank of argument, the learned Counsel for the assessee submitted that even if the argument of the Revenue that the loan is taken for purchasing a capital asset and therefore, even the foreign exchange

ZUARI CEMENT LIMITED, KADAPA,KADAPA vs. ACIT, CIRCLE-1, KADAPA, KADAPA

Accordingly, this issue is allowed for statistical purposes

Bench: Shri Laliet Kumar & Shri Laxmi Prasad Sahusl.

gains of business or profession.” In the given case, it is clear that the cash discount is expected to provide benefit to the Company (in terms of extended sales). Further, the Company provides various kinds of discount such as incentives, trade discount, price cards, special rebates, dealer incentives, service dealer commission, service commission to commission agent and quantity discounts depending

ZUARI CEMENT LIMITED, KADAPA,KADAPA vs. ACIT, CIRCLE-1, KADAPA, KADAPA

Accordingly, this issue is allowed for statistical purposes

Bench: Shri Laliet Kumar & Shri Laxmi Prasad Sahusl.

gains of business or profession.” In the given case, it is clear that the cash discount is expected to provide benefit to the Company (in terms of extended sales). Further, the Company provides various kinds of discount such as incentives, trade discount, price cards, special rebates, dealer incentives, service dealer commission, service commission to commission agent and quantity discounts depending

ZUARI CEMENT LIMITED,KADAPA vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1(1), KADAPA

Accordingly, this issue is allowed for statistical purposes

Bench: Shri Laliet Kumar & Shri Laxmi Prasad Sahusl.

gains of business or profession.” In the given case, it is clear that the cash discount is expected to provide benefit to the Company (in terms of extended sales). Further, the Company provides various kinds of discount such as incentives, trade discount, price cards, special rebates, dealer incentives, service dealer commission, service commission to commission agent and quantity discounts depending

ZUARI CEMENT LIMITED ,KADAPA vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1, KADAPA

Accordingly, this issue is allowed for statistical purposes

Bench: Shri Laliet Kumar & Shri Laxmi Prasad Sahusl.

gains of business or profession.” In the given case, it is clear that the cash discount is expected to provide benefit to the Company (in terms of extended sales). Further, the Company provides various kinds of discount such as incentives, trade discount, price cards, special rebates, dealer incentives, service dealer commission, service commission to commission agent and quantity discounts depending

ZUARI CEMENT LIMITED,KADAPA vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1, KADAPA

Accordingly, this issue is allowed for statistical purposes

Bench: Shri Laliet Kumar & Shri Laxmi Prasad Sahusl.

gains of business or profession.” In the given case, it is clear that the cash discount is expected to provide benefit to the Company (in terms of extended sales). Further, the Company provides various kinds of discount such as incentives, trade discount, price cards, special rebates, dealer incentives, service dealer commission, service commission to commission agent and quantity discounts depending

LYCOS INTERNET LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD

Bench: Shri Vijay Pal Rao, Vice- & Shri Madhusudan Sawdia

gains from business and profession'. What happens is that, in the process, when the shares are held as 'stock-in-trade', certain dividend is also earned, though incidentally, which is also an income. However, by virtue of Section 10 (34) of the Act, this dividend income is not to be included in the total income and is exempt from

DCIT, CIRCLE-1(2), HYD, HYDERABAD vs. BHAGYANAGAR INDIA LTD., SEC-BAD, SECUNDERABAD

In the result, appeal of the Revenue is partly allowed for statistical purposes as indicated herein above

Bench: Shri A. Mohan Alankamony & Sri S.S. Godaraa.Y. 2010-11 Dcit, Vs. M/S. Bhagyanagar India Circle-1(2), Ltd., Hyderabad. Secunderabad. Pan: Aaacb 8963 C (Appellant) (Respondent) Assessee By Sri K.C. Devdas Revenue By Sri Rohit Mujumdar, Dr Date Of Hearing: 20/10/2021 Date Of Pronouncement: 16/12/2021 Order

section 43A is applicable in the case of the assessee because there is no finding whether the Plant and machinery was acquired from outside India. The expenses incurred for acquiring funds through FCCBs is nothing but a financial charge and the same has to be capitalized or treated as revenue expenditure depending upon the date of commencement of the business