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Documents citing Asstt. Cit vs Woodword Governors India (P) Ltd. on 20 April, 2007

J.H.V. Sugar Ltd., Kolkata vs Department Of Income Tax on 25 February, 2009

In the case of CIT vs. Woodward Governor India (P) Ltd. (supra), it was held that the loss suffered by the assessee in respect of a revenue liability on account of exchange difference as on the date of the balance sheet is an item of expenditure allowable u/s. 37(1) in the year of accrual. Therefore, the decision given in this case is on a different context than that of the case of the assessee.
Income Tax Appellate Tribunal - Kolkata Cites 19 - Cited by 0 - Full Document

Century Enka Ltd vs Assistant Commissioner Of Income Tax on 16 January, 2009

Mr. Khaitan also cited the decisions reported in (1993) 203 ITR 933 (Cal) [New India Industries Ltd. vs. CIT], (1994)210 ITR 97 (Bom) [Padamjee Pulp and Paper Mills Ltd vs. CIT], (1998) 229 ITR 137 (Kar) [CIT v. Motor Industries Co Ltd],(2006) 286 ITR 341 (Bom) [Associated Bearing Co Ltd vs. CIT] and (2007) 294 ITR 451 (Del) [CIT v. Woodward Governor India P Ltd] In all these cases this point has already been dealt with in such situation and followed the decision of the Hon'ble Supreme Court.
Calcutta High Court Cites 13 - Cited by 2 - P C Ghosh - Full Document

Jindal Dyechem Industries Pvt. Ltd, New ... vs Assessee on 31 March, 2009

4. Upon asseessee's appeal ld. CIT(A) referred the decision of the Jurisdictional High Court in the case of CIT vs. Woodword Governor reported in 294 ITR 451. Ld. CIT(A) held that advances to the subsidiary was a revenue account and once the same was on revenue account any loss on account of fluctuation in the rate of foreign exchange on the last day of the financial year is not a notional loss and has to be allowed as deduction under section 37 of the Act.
Income Tax Appellate Tribunal - Delhi Cites 12 - Cited by 0 - Full Document

Orient Clothing Co. Pvt. Ltd., New Delhi vs Assessee on 10 May, 2011

3.9 Thus, the additional ground is not admitted on the grounds that -(i) there are latches in raising the ground which have not been satisfactorily 12 ITA No. 896(Del)/2011 explained and, therefore, the ground is not bona fide; (ii) the assessee is raising the ground for the first time claiming much higher relief; and (iii) the assessee is not entitled to the relief in view of the decision in the case of Woodward Governor India P. Ltd. (supra) and, therefore, it would be meaning less to admit this ground.
Income Tax Appellate Tribunal - Delhi Cites 10 - Cited by 0 - Full Document

Alp Overseas Pvt. Ltd., New Delhi vs Assessee on 18 March, 2010

Regarding deduction on account of notional foreign exchange loss, the ld. DR pointed out that without ascertaining the nature of foreign exchange fluctuation, the ld. CIT(A) was not justified in following the decision of Hon'ble Supreme Court in CIT Vs. WoodWord Governor P. Ltd. 312 ITR 254 (SC).The ld. DR argued that neither the AO nor the learned CIT(A) examined the nature of foreign exchange fluctuation.
Income Tax Appellate Tribunal - Delhi Cites 15 - Cited by 0 - Full Document

Kotak India Ltd, Mumbai vs Department Of Income Tax on 17 November, 2014

1.4. We find that the issue in appeal is now squarely covered by Hon'ble Supreme Court's judgment in the case of CIT Vs Woodworth Governor India P.Ltd., 312 ITR 254, wherein Their Lordships have held that additional expenditure on account of foreign fluctuation in respect of purchases and estimated loss on that account at the year end is to be allowed as an "exchange loss in the profit and loss account and is against the cost of raw materials". Their Lordships have given a specific illustration at Page 266 of the report which unambiguously demonstrates the accounting treatment of such loss. It is thus free from any doubt that the estimated contracts which have not matured by the year end is also be allowed as a deduction in 12 आयकर अपील सं./I . T . A . N o . 1 6 3 0 & 1 6 6 8 / M U M / 2 0 0 9 ( िनधा[रण वष[ / A s s e s s m e n t Y e a r : 2 0 0 4 - 2 0 0 5 computation of business income. The reasons is elementary. One of the fundamental accounting principle is that of conservatism which requires all anticipated losses to be taken into account while computing profits and losses of business, but prohibits any anticipated income to be taken into account for the said purpose unless it actually accrues.
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 0 - Full Document

Pr. Commissioner Of Income Tax -7, Delhi vs Sony India Pvt. Ltd. on 30 September, 2024

19. The assessee had valued its opening stock and closing stock on the basis of cost or net realisable value, whichever is low. The AO had faulted the assessee from valuing the stock at a value lower than the cost. There is no dispute that the assessee had been consistently valuing its stock - both opening stock and closing stock - on the basis of cost or realisable value, whichever is lower. The aforesaid basis is well accepted for valuation of stock. The said basis was also noted by the Supreme Court in CIT v. Woodword Governor India (P.) Ltd.: (2009) 312 ITR 254. The learned counsel for the Revenue also does not dispute that if the aforesaid basis is followed consistently, the assessee's income for the year would be fully captured as the element of profit would also not be included in the opening stock.
Delhi High Court Cites 13 - Cited by 0 - V Bakhru - Full Document
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