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1 - 10 of 13 (7.11 seconds)State Bank Of India, Mumbai vs Dcit Cir 2(2), Mumbai on 22 March, 2022
Further, the decision of the
Mumbai Tribunal in the case of Deutsche Bank A.G
vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the
AO is in connection with valuation of foreign
exchange forward contracts. In this case the assessee
did not account for in the financial statement the
anticipated/contingent profits from the contracts to
the extent not settled as on the last day of the
accounting year whereas any loss on such contracts
was provided for by a charge in the profit and loss
account on the best estimates. The Department
brought to tax the profit on such forward exchange
contracts and stated that one method for valuation of
the entire stock of securities should be followed.
State Bank Of India, Mumbai vs Addl Cit Rg 2(2), Mumbai on 6 June, 2023
Further, the decision of
the Mumbai Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431
(Mumbai), relied by the AO is in connection with valuation of foreign exchange forward
contracts. In this case the assessee did not account for in the financial statement the
anticipated/contingent profits from the contracts to the extent not settled as on the last
day of the accounting year whereas any loss on such contracts was provided for by a
charge in the profit and loss account on the best estimates. The Department brought to
tax the profit on such forward exchange contracts and stated that one method for
valuation of the entire stock of securities should be followed.
Bank Of Bahrain & Kuwait Bsc, vs Department Of Income Tax
He submitted that the circular No.664 dated 5.10.93 referred to
in the case of Deutsche Bank (supra) talks only about securities and not forward
contracts. Therefore, the said circular is not applicable in the present facts.
Karur Vysya Bank Ltd., Karur vs Dcit Circle 2(1), Trichy on 9 April, 2024
Further, the decision of the Mumbai
Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86
ITD 431 (Mumbai), relied by the AO is in connection with
valuation of foreign exchange forward contracts. In this case
the assessee did not account for in the financial statement the
anticipated/contingent profits from the contracts to the extent
not settled as on the last day of the accounting year whereas
any loss on such contracts was provided for by a charge in the
profit and loss account on the best estimates. The Department
brought to tax the profit on such forward exchange contracts
and stated that one method for valuation of the entire stock of
securities should be followed. This resulted in a situation of
taxing appreciation of stock, which goes against the general
:-88-: ITA.
Karur Vysya Bank Ltd., Karur vs Dcit Circle 2(1), Trichy on 9 April, 2024
Further, the decision of the Mumbai
Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86
ITD 431 (Mumbai), relied by the AO is in connection with
valuation of foreign exchange forward contracts. In this case
the assessee did not account for in the financial statement the
anticipated/contingent profits from the contracts to the extent
not settled as on the last day of the accounting year whereas
any loss on such contracts was provided for by a charge in the
profit and loss account on the best estimates. The Department
brought to tax the profit on such forward exchange contracts
and stated that one method for valuation of the entire stock of
securities should be followed. This resulted in a situation of
taxing appreciation of stock, which goes against the general
:-88-: ITA.
Dcit Circle 2(1), Trichy vs The Karur Vysya Bank Ltd., Karur on 9 April, 2024
Further, the decision of the Mumbai
Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86
ITD 431 (Mumbai), relied by the AO is in connection with
valuation of foreign exchange forward contracts. In this case
the assessee did not account for in the financial statement the
anticipated/contingent profits from the contracts to the extent
not settled as on the last day of the accounting year whereas
any loss on such contracts was provided for by a charge in the
profit and loss account on the best estimates. The Department
brought to tax the profit on such forward exchange contracts
and stated that one method for valuation of the entire stock of
securities should be followed. This resulted in a situation of
taxing appreciation of stock, which goes against the general
:-88-: ITA.
Dcit Circle 2(1), Trichy vs The Karur Vysya Bank Ltd., Karur on 9 April, 2024
Further, the decision of the Mumbai
Tribunal in the case of Deutsche Bank A.G vs. DCIT [2003] 86
ITD 431 (Mumbai), relied by the AO is in connection with
valuation of foreign exchange forward contracts. In this case
the assessee did not account for in the financial statement the
anticipated/contingent profits from the contracts to the extent
not settled as on the last day of the accounting year whereas
any loss on such contracts was provided for by a charge in the
profit and loss account on the best estimates. The Department
brought to tax the profit on such forward exchange contracts
and stated that one method for valuation of the entire stock of
securities should be followed. This resulted in a situation of
taxing appreciation of stock, which goes against the general
:-88-: ITA.
State Bank Of India,Mumbai vs Asst Cit Cir 2(2), Mumbai on 21 April, 2026
Further, the decision of the Mumbai Tribunal in the case of
Deutsche Bank A.G vs. DCIT [2003] 86 ITD 431 (Mumbai), relied by the AO
is in connection with valuation of foreign exchange forward contracts. In this
case the assessee did not account for in the financial statement the
anticipated/contingent profits from the contracts to the extent not settled as
on the last day of the accounting year whereas any loss on such contracts
was provided for by a charge in the profit and loss account on the best
estimates. The Department brought to tax the profit on such forward
exchange contracts and stated that one method for valuation of the entire
stock of securities should be followed.
Lionbridge Technologies P.Ltd, Navi ... vs Asst Cit 15(2)(1), Mumbai on 2 August, 2019
In support of this proposition learned counsel placed reliance
upon the decision of the ITAT in the case of Deutsche Networking Services (P)
Ltd. Vs. DCIT 98 taxmnn.com 52.