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Documents citing Commissioner Of Income Tax vs Woodward Governor India Pvt. Ltd. ... on 30 April, 2007

Samsung India Electronics Pvt. Ltd., ... vs Acit, New Delhi on 4 October, 2019

241. This ground pertains to allowability of loss recognized under accounting standards under marked to market (MTM) guidelines in respect of forward forex contract which are open and unexpired on the last date of the balance sheet on account of restatement of amounts payable and receivable in foreign exchange. This issue has already been decided by us in ITA No. 5315/Del/2011 for A.Y. 2007-08 under Ground no. 10, ITA No. 52/Del/2013 for A. Yr. 2008-09 under Ground no. 11 and 11.1, ITA No. 1567/DEL/14 for 195 A.Y. 2009-10 under Ground no. 29-31 and ITA No. 6741/DEL/2014 for A.Y. 2010-11 under Ground no. 27 & 28 wherein we have allowed the ground in view of the law being settled by the Hon'ble Supreme Court in CIT v. Woodward Governor India Pvt. Ltd. 312 ITR 254 (SC) in this regard. Following the same, this Ground is allowed.
Income Tax Appellate Tribunal - Delhi Cites 57 - Cited by 17 - Full Document

Dcit, Cir-4(1), Kolkata, Kolkata vs M/S Mcleod Russel India Ltd., Kolkata on 3 May, 2019

From the AR's explanation it was apparent that the purpose of entering into interest swap arrangement was to reduce effective cost of borrowing the dominant purpose for which the interest swap arrangement was entered into was not to obtain additional loan but to reduce effective cost of existing borrowing. In view of these facts therefore any loss or gain which arose from the interest rate swap arrangement was in the revenue field 13 ITA Nos. 114-115/Kol/2016 Mcleod Russel India Ltd., AY 2008-09 since the underlying transaction for such an arrangement was interest payable which was a revenue item. Applying the principle laid down by Supreme Court in the cases of CIT Vs Woodward Governor India Pvt. Ltd. (supra) & Oil & Natural Gas Corpn. Limited Vs CIT (supra), such MTM loss of Rs.26.01 lacs incurred and accounted in the appellant's books therefore constituted Revenue loss.
Income Tax Appellate Tribunal - Kolkata Cites 25 - Cited by 2 - Full Document

Hydroair Tectonics (Pcd) Ltd, Navi ... vs Dcit Cen Cir 2(1), Mumbai on 30 January, 2019

- ITA No 274/2016 (Del) Pr. CIT vs. Meeta Gutgutia 395 ITR 526 (Del) Pr. CIT vs. Best Infrastructure (India) Pvt. Ltd 99 CCH 163 (Del) CIT vs. AMR India Ltd. - ITA No. 357 of 2014 CIT vs. Hyderabad House Pvt. Ltd. - ITA No. 266 of 2013 CIT vs. M/s. Sree Lalitha Constructions - ITA No. 368 of 2014 CIT vs. Lancy Constructions 66 taxmann.com 264 E.N. Gopakumar vs. CIT 75 taxmann.com 215 CIT vs. St. Franscis Clay Decor Tiles 385 ITR 624 CIT vs. Raj Kumar Arora 367 ITR 517 CIT vs. Kesarwani Zarda Bhandar Sahson - ITA No. 270 of 2014 Canara Housing Development Co. vs. DCIT 49 taxmann.com 98 Dayawanti vs. CIT 390 ITR 496 CIT vs. Anil Kumar Bhatia 352 ITR 493 1.8 In view of the fact that majority of the High Courts have taken a view favouring the assessee on the issue under consideration, that view is required to be followed. Also, in case where two views prevail, the view favourable to the assessee should be adopted in preference to the view against the assessee.
Income Tax Appellate Tribunal - Mumbai Cites 82 - Cited by 1 - Full Document
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