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1 - 4 of 4 (0.25 seconds)Commissioner Of Income Tax, Delhi vs M/S Woodward Governor India P. Ltd on 8 April, 2009
issue has been decided by the Hon'ble Apex Court in the
case of CIT Vs Woodward Governor India P. Ltd.
(supra) wherein it has been held as under:
Ongc As Representative Assessee Of ... vs Dcit (International Taxation), ... on 28 April, 2017
15. During the course of argument Ld. DR supported
the order of the Assessing Officer. On the other
hand, Ld. AR relied on the ratio laid down by the
special Bench ITAT in the case of ONGC Vs. DCIT,
83 ITD 151 Delhi where it was held that such
liability is not notional but accrued. It was also
submitted by the Ld. AR that in the immediately
succeeding year, while valuing unpaid liability in the
year on the exchange rate prevailing at that date a
gain of Rs. 43 lakhs accrued to the assessee and the
5 ITA No. 1652/Del/2012
Timex Watches Ltd.
Ongc Videsh Limited & Another vs Deputy Commissioner Of Income Tax, ... on 21 October, 2009
16. By considering the totality of the facts and
circumstances of the case we agree with the order of the
CIT(A) for the reason that the liability was incurred on
account of raw material components etc. and hence it
was revenue loss. Since the additional liability had
arisen during the current year, the loss incurred by the
assessee was "fate accompli'"' and not .a notional one
so the same is allowable as per the ratio laid down in
the case of ONGC vs. Dy. CIT, 83 ITD 151 (ITAT-Sp.
Bench) Delhi. Hence, the order of the CIT(A) on this
issue is upheld."
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