B.S.C. Footwear Ltd. v. Ridgway (Inspector of Taxes)

83 ITR 269Reported decision1972#16156 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2021 to 2022.

Judgments citing B.S.C. Footwear Ltd. v. Ridgway (Inspector of Taxes)

M/S Cmdc Icpl Coal Limited, Raipur (Cg) vs. The Income Tax Officer, 3(1), Raipur (Cg)

In the result, appeal of the assessee in ITA No

ITA 350/BIL/2016[2012-13]Status: DisposedITAT Raipur09 May 2022AY 2012-13

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita Nos. 348, 349 & 350/Rpr/2016 "नधा"रण वष" / Assessment Years : 2009-10, 2010-11 & 2012-13 Cmdc Icpl Coal Limited House No.382, Sunder Nagar, Raipur-492 013 (C.G.) Pan : Aadcc4374P .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer 3(1), Raipur (C.G.) ……""यथ" / Respondent Assessee By : Shri R.B Doshi, Ca Revenue By : Shri G.N Singh, Dr

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri G.N Singh, DR
Section 139Section 143(3)Section 147Section 148

…in accordance with the provision of the Act.’ In coming to this conclusion the Apex Court agreed with the decision of House of Lords in case of BSC Footwear Ltd. Vs. Ridgway as under: 20. In the case of B.S.C Footwear Ltd. Ridgway ( Inspector of Taxes) (1972) 83 ITR 269 ( HL), Russel, L.J while rejecting an argument based on well-settled accountancy practice, pointed out that the Income Tax Laws does not march step by step in the divergent footprints of the accountancy profession. 21. The view of Russel, L.J was upheld by the House of Lords on appeal. It was observed by the Lord Reid: Whatever merits there may be…

M/S Cmdc Icpl Coal Limited, Raipur (Cg) vs. The Income Tax Officer, 3(1), Raipur (Cg)

In the result, appeal of the assessee in ITA No

ITA 349/BIL/2016[2010-11]Status: DisposedITAT Raipur09 May 2022AY 2010-11

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita Nos. 348, 349 & 350/Rpr/2016 "नधा"रण वष" / Assessment Years : 2009-10, 2010-11 & 2012-13 Cmdc Icpl Coal Limited House No.382, Sunder Nagar, Raipur-492 013 (C.G.) Pan : Aadcc4374P .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer 3(1), Raipur (C.G.) ……""यथ" / Respondent Assessee By : Shri R.B Doshi, Ca Revenue By : Shri G.N Singh, Dr

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri G.N Singh, DR
Section 139Section 143(3)Section 147Section 148

…in accordance with the provision of the Act.’ In coming to this conclusion the Apex Court agreed with the decision of House of Lords in case of BSC Footwear Ltd. Vs. Ridgway as under: 20. In the case of B.S.C Footwear Ltd. Ridgway ( Inspector of Taxes) (1972) 83 ITR 269 ( HL), Russel, L.J while rejecting an argument based on well-settled accountancy practice, pointed out that the Income Tax Laws does not march step by step in the divergent footprints of the accountancy profession. 21. The view of Russel, L.J was upheld by the House of Lords on appeal. It was observed by the Lord Reid: Whatever merits there may be…

M/S Cmdc Icpl Coal Limited, Raipur (Cg) vs. The Income Tax Officer, 3(1), Raipur (Cg)

In the result, appeal of the assessee in ITA No

ITA 348/BIL/2016[2009-10]Status: DisposedITAT Raipur09 May 2022AY 2009-10

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita Nos. 348, 349 & 350/Rpr/2016 "नधा"रण वष" / Assessment Years : 2009-10, 2010-11 & 2012-13 Cmdc Icpl Coal Limited House No.382, Sunder Nagar, Raipur-492 013 (C.G.) Pan : Aadcc4374P .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer 3(1), Raipur (C.G.) ……""यथ" / Respondent Assessee By : Shri R.B Doshi, Ca Revenue By : Shri G.N Singh, Dr

For Appellant: Shri R.B Doshi, CAFor Respondent: Shri G.N Singh, DR
Section 139Section 143(3)Section 147Section 148

…in accordance with the provision of the Act.’ In coming to this conclusion the Apex Court agreed with the decision of House of Lords in case of BSC Footwear Ltd. Vs. Ridgway as under: 20. In the case of B.S.C Footwear Ltd. Ridgway ( Inspector of Taxes) (1972) 83 ITR 269 ( HL), Russel, L.J while rejecting an argument based on well-settled accountancy practice, pointed out that the Income Tax Laws does not march step by step in the divergent footprints of the accountancy profession. 21. The view of Russel, L.J was upheld by the House of Lords on appeal. It was observed by the Lord Reid: Whatever merits there may be…

Income Tax Officer, Ward-17(2), Hyderabad vs. Elgen (India) Private Limited, Hyderabad

In the result, appeal of the revenue is allowed

ITA 244/HYD/2019[2015-16]Status: DisposedITAT Hyderabad30 Apr 2021AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2015-16 Income-Tax Officer, Vs. Elgen (India) Pvt Ltd., Ward - 17(2), Hyderabad. Hyderabad. Pan – Aaace 8520C (Appellant) (Respondent) Revenue By: Shri Rohit Mujumdar Assessee By: Shri M. Poorna Chander Rao Date Of Hearing: 15/03/2021 Date Of Pronouncement: 30/04/2021

For Appellant: Shri M. Poorna Chander RaoFor Respondent: Shri Rohit Mujumdar
Section 143(3)

…. The interest thus earned is clearly of revenue nature and will have to be taxed accordingly. The accountants may have taken some other view but accountancy practice is not necessarily good law. In B.S.C. Footwear Ltd. vs. Ridgway (Inspector of Taxes) (1972) 83 ITR 269 (HL), the House of Lords had no hesitation in holding that the accounting practice for calculating Its profit followed by the assessee and accepted by the Revenue for 30 years could not be :- 37 -: Elgen (India) Pv. Ltd., Hyd. treated as sanctioned by law and was not acceptable for the purpose of computation of taxable income. " 5.6. In the case…

Meja Urja Nigam (P) Ltd., Allahabad vs. Income Tax Office Ward-2 (2), Allahabad

In the result, both the appeals of the assessee for ay: 2015-16 and 2016-17

ITA 54/ALLD/2020[2015-16]Status: DisposedITAT Allahabad03 Mar 2021AY 2015-16

Bench: Shri.Vijay Pal Rao & Shri Ramit Kochar

For Appellant: Ms.Namita S. Pandey, CIT DRFor Respondent: Shri Parv Agrawal, CA
Section 143(3)

…any on that borrowed capital. The argument based on accountancy practice has little merit if such practice cannot be justified by any provision of the statute or is contrary to it. 20. In the case of B.S.C. Footwear Ltd. v. Ridgway (Inspector of Taxes) [1972] 83 ITR 269 (HL), Russell, L.J., while rejecting an argument based on well- settled accountancy practice, pointed out that the Income-tax Law does not march step by step in the divergent footprints of the accountancy profession. 21. The view of Russell, L.J. was upheld by the House of Lords on appeal. It was observed by Lord Reid: "Whatever merits there may b…

Anrak Aluminium Limited, Hyderabad vs. DCIT, Circle-1(1), Hyderabad

Appeal is partly allowed in foregoing terms

ITA 994/HYD/2017[2013-14]Status: DisposedITAT Hyderabad08 Feb 2021AY 2013-14

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri A.V.Raghuram, ARFor Respondent: Smt. Anjala Sahu, DR
Section 115JSection 143(3)Section 14A

…. The interest thus earned is clearly of revenue nature and will have to be taxed accordingly. The accountants may have taken some other view but accountancy practice is not necessarily good law. In B.S.C. Footwear Ltd. vs. Ridgway (Inspector of Taxes) (1972) 83 ITR 269 (HL), the House of Lords had no hesitation in holding that the accounting practice for calculating Its profit followed by the assessee and accepted by the Revenue for 30 years could not be treated as sanctioned by law and was not acceptable for the purpose of computation of taxable income. " 5.6. In the case of M/s.Bokaro Steel Ltd. (supra), diffe…

B.S.C. Footwear Ltd. v. Ridgway (Inspector of Taxes) (83 ITR 269) — Cited in 6 Judgments | BharatTax