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Sumi Motherson Innovative Engineering ... vs Department Of Income Tax cites

Commissioner Of Income Tax vs I. A. E. C. (Pumps) Ltd. on 3 April, 1997

However, in the case of IAEC Pumps Ltd. (Supra), it was pointed out that general tests applicable in this matter have to be applied, namely, whether - (i) there was any acquisition of any capital assets, (ii) whether any benefit of enduring nature ennured to the assessee, or (iii) the expenditure was in capital field. Looking to the terms of agreement, we do not find that any of these tests was satisfied in the instant case. Therefore, we are of the view that the Ld. CIT(A) rightly held that the expenditure to be revenue in nature. Thus, this ground is also dismissed."
Supreme Court of India Cites 2 - Cited by 65 - Full Document

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

"7. Ground No.6 is to the effect that Ld. CIT(A) erred in upholding the decision of the Assessing Officer, in which an addition of Rs.14,55,769/- was made in respect of fluctuation in rate of foreign exchange by holding that it was a notional liability. It was the common ground of both the parties before us that this issue stands covered in favour of the assessee by the decision of Hon'ble Delhi High Court in the case of CIT v/s Woodward Governor India Pvt. Ltd (2007) 294 ITR 451, in a case where the assessee follows mercantile system of accounting. It was held that the revenue liability arising on account of fluctuation in the rate of foreign exchange, remaining payable on the last day of previous year, is not notional or contingent liability. Respectfully following this decision, it is held that the assessee is entitled to deduct this amount in computation of income. Thus, this ground is allowed."
Delhi High Court Cites 60 - Cited by 492 - S Muralidhar - Full Document
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