Calcutta Co. Ltd. v. CIT

37 ITR 1Supreme Court of India1959#224 most cited

What is Calcutta Co. Ltd. v. CIT authority for?

When following the mercantile system of accounting, provisions for liabilities made on a scientific and rational basis are allowable as deductions, even if their actual quantification and discharge are deferred to a future date.

341

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2000 to 2026.

Also referred to as

Calcutta Co. Ltd. v. CIT · mercantile system of accounting · Section 37 · allowable deductions · provision for liabilities · unascertained liabilities · deferred payment

Sections most often in play

Section 37(1)Section 143(3)Section 14ASection 115JBSection 147Section 148Section 36(1)(vii)Section 36(1)(viia)
Read the full judgment

Issues it is cited on

mercantile system of accountingsection 37section 37(1)section 36(1)section 36section 40salaryprevious yearindiacompanytransferbusiness

Judgments citing Calcutta Co. Ltd. v. CIT

Vedanta Ltd (Earlier Known As Sterlite Industries (India) Ltd.), Gurgaon vs. ACIT, Circle- 26(1), New Delhi

The appeal of the assessee is allowed

ITA 1454/DEL/2019[2010-11]Status: DisposedITAT Delhi09 Oct 2019AY 2010-11

Bench: Shri Amit Shukla & Shri Prashant Maharishivedanta Ltd. Vs. Acit, (Earlier Known As Sterlite Circle-26(1), Industries (India) Ltd,) New Delhi Core-6, 3Rd Floor, Scope Complex, 7, Lodhi Road, New Delhi Pan: Aaccs7101B (Appellant) (Respondent)

For Appellant: Shri Sachit Jolly, AdvFor Respondent: Smt Sulekha Verma, CIT DR
Section 234BSection 263Section 271

…e to be taken into account. To substantiate the claim that ascertained liability even on accrual basis could be allowed under section 28 of the Act, the appellant relies on the decision of Hon’ble Supreme Court in Calcutta Company Limited vs. CIT, West Bengal 37 ITR 1 (SC), wherein it was observed the profits and gains of the business cannot be determined unless and until the expenses or the obligations which have been accrued are set off against the receipts. 3.3.22 It is alternatively claimed that the claim of the appellant may be allowed under section 37 of the Act. Section 37 of the Act provides for the dedu…

Addl CIT -- 10(1), Mumbai vs. Agc Network Ltd ( Formerly Known As Avaya Global Connect Ltd), Mumbai

In the result, Revenue’s appeal is dismissed

ITA 5157/MUM/2012[2008-09]Status: DisposedITAT Mumbai30 Aug 2019AY 2008-09

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA no.5157/Mum./2012 (Assessment Year : 2008–09) Dy. Commissioner of Income Tax ……………. Appellant Circle–10(1), Mumbai v/s AGC Network Ltd. (Formerly known as Avaya Global Connect Ltd.) Equinox Business Park, Tower–1 ……………. Respondent (Peninsula Techno Park) Off. Bandra Kurla Complex LBS Marg, Kurla (West) Mumbai 400 070 PAN – AAACT3992M ITA no.5434/Mum./2012 (Assessment Year : 2008–09) AGC Network Ltd. (Formerly known as Avaya Global Connect Ltd.) Equinox Business…

Mokama Munger Highway Limited, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-16(2), Hyderabad

In the result, all the three appeals of the assessee are partly allowed for statistical purposes

ITA 2146/HYD/2018[2015-16]Status: DisposedITAT Hyderabad03 Jul 2019AY 2015-16

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahman

For Appellant: Shri D.V. AnjaneyuluFor Respondent: Shri Y.V.S.T. Sai, (CIT) DR
Section 143(1)Section 143(2)

…mployees but also the present value of any payments in respect of their services in that year to be made in a subsequent year if it can be satisfactorily estimated. So is the view taken in Calcutta Co. Ltd. Vs. Commissioner of Income- Tax, West Bengal (1959) 37 ITR 1 wherein this court has held that the liability on the assessee having been imported, the liability would be an accrued liability and would not convert into a conditional one merely because the liability was to be discharged at a future date. There may be some difficulty in the estimation thereof but that would not convert the accrued liability into…

Mokama Munger Highway Limited, Hyderabad vs. Income Tax Officer, Ward-16(4), Hyderabad

In the result, all the three appeals of the assessee are partly allowed for statistical purposes

ITA 2145/HYD/2018[2014-15]Status: DisposedITAT Hyderabad03 Jul 2019AY 2014-15

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahman

For Appellant: Shri D.V. AnjaneyuluFor Respondent: Shri Y.V.S.T. Sai, (CIT) DR
Section 143(1)Section 143(2)

…mployees but also the present value of any payments in respect of their services in that year to be made in a subsequent year if it can be satisfactorily estimated. So is the view taken in Calcutta Co. Ltd. Vs. Commissioner of Income- Tax, West Bengal (1959) 37 ITR 1 wherein this court has held that the liability on the assessee having been imported, the liability would be an accrued liability and would not convert into a conditional one merely because the liability was to be discharged at a future date. There may be some difficulty in the estimation thereof but that would not convert the accrued liability into…

Mokama Munger Highway Limited, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-16(2), Hyderabad

In the result, all the three appeals of the assessee are partly allowed for statistical purposes

ITA 1729/HYD/2018[2013-14]Status: DisposedITAT Hyderabad03 Jul 2019AY 2013-14

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahman

For Appellant: Shri D.V. AnjaneyuluFor Respondent: Shri Y.V.S.T. Sai, (CIT) DR
Section 143(1)Section 143(2)

…mployees but also the present value of any payments in respect of their services in that year to be made in a subsequent year if it can be satisfactorily estimated. So is the view taken in Calcutta Co. Ltd. Vs. Commissioner of Income- Tax, West Bengal (1959) 37 ITR 1 wherein this court has held that the liability on the assessee having been imported, the liability would be an accrued liability and would not convert into a conditional one merely because the liability was to be discharged at a future date. There may be some difficulty in the estimation thereof but that would not convert the accrued liability into…

DCIT, New Delhi vs. M/S. Ongc Videsh Ltd., New Delhi

In the result, the appeal filed by the assessee as well as by the Revenue are dismissed

ITA 3208/DEL/2014[2006-07]Status: DisposedITAT Delhi01 Jul 2019AY 2006-07

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2006-07 Ongc Videsh Ltd., Vs Addl. Cit, 601, 6Th Floor, Kailash Building, Range-13, 26, Kasturba Gandhi Marg, New Delhi. New Delhi. Pan: Aaaco1230F Assessment Year: 2006-07 Dcit, Vs Ongc Videsh Ltd., 601, 6Th Floor, Kailash Circle 13(1), New Delhi Building, 26, Kasturba Gandhi Marg, New Delhi. Pan: Aaaco1230F (Appellant) (Respondent) Assessee By : Shri C.S. Aggarwal, Sr. Advocate, Shri R.P. Mall, Advocate & Shri Madhur Aggarwal, Advocate Revenue By : Ms Pramita M. Biswas, Cit, Dr Date Of Hearing : 02.04.2019 Date Of Pronouncement : 01.07.2019 Order Per R.K. Panda, Am:

For Appellant: Shri C.S. Aggarwal, Sr. AdvocateFor Respondent: Ms Pramita M. Biswas, CIT, DR
Section 32Section 32(1)(ii)Section 37Section 42

…assessee himself has admitted the liability for claiming the same as an expenditure. In the present case, the assessee, in fact, has admitted such liability. Referring to the decision of the Hon'ble Supreme Court in the case of Calcutta Company Ltd. vs. CIT, 37 ITR 1, he submitted that the Hon'ble Supreme Court in the said decision has held that the expression ‘profits or gains’ in section 10(1) of the IT Act has to be understood in its commercial sense and there can be no computation of such profits and gains until the expenditure which is necessary for the purpose of earning the receipts is deducted therefrom…

Ongc Videsh Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal filed by the assessee as well as by the Revenue are dismissed

ITA 3150/DEL/2014[2006-07]Status: DisposedITAT Delhi01 Jul 2019AY 2006-07

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2006-07 Ongc Videsh Ltd., Vs Addl. Cit, 601, 6Th Floor, Kailash Building, Range-13, 26, Kasturba Gandhi Marg, New Delhi. New Delhi. Pan: Aaaco1230F Assessment Year: 2006-07 Dcit, Vs Ongc Videsh Ltd., 601, 6Th Floor, Kailash Circle 13(1), New Delhi Building, 26, Kasturba Gandhi Marg, New Delhi. Pan: Aaaco1230F (Appellant) (Respondent) Assessee By : Shri C.S. Aggarwal, Sr. Advocate, Shri R.P. Mall, Advocate & Shri Madhur Aggarwal, Advocate Revenue By : Ms Pramita M. Biswas, Cit, Dr Date Of Hearing : 02.04.2019 Date Of Pronouncement : 01.07.2019 Order Per R.K. Panda, Am:

For Appellant: Shri C.S. Aggarwal, Sr. AdvocateFor Respondent: Ms Pramita M. Biswas, CIT, DR
Section 32Section 32(1)(ii)Section 37Section 42

…assessee himself has admitted the liability for claiming the same as an expenditure. In the present case, the assessee, in fact, has admitted such liability. Referring to the decision of the Hon'ble Supreme Court in the case of Calcutta Company Ltd. vs. CIT, 37 ITR 1, he submitted that the Hon'ble Supreme Court in the said decision has held that the expression ‘profits or gains’ in section 10(1) of the IT Act has to be understood in its commercial sense and there can be no computation of such profits and gains until the expenditure which is necessary for the purpose of earning the receipts is deducted therefrom…

Income-Tax Officer vs. Pimpri Chinchwad New Town Development Authority, Pune

In the result, all the appeals of assessee are allowed and cross objections and appeals of Revenue are dismissed

ITA 945/PUN/2014[2005-06]Status: DisposedITAT Pune27 Jun 2019AY 2005-06

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.929 To 932/Pun/2014 यििाारण वषा / Assessment Years : 2003-04 To 2005-06 & 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Ms Nandita Kanchan, CIT-DR
Section 143(3)

…r section 11 of the Act. Referring to series of cases, it was pointed out that first of all, land cost is to be allowed against recognized income in the hands of assessee and reliance was placed on the following decisions:- a) Calcutta Co. Ltd. Vs. CIT (1959) 37 ITR 1 (SC), where it has been recognized that few liabilities to be accounted for against sale proceeds of the said land. b) CIT Vs. Institute of Banking Personnel Selection reported in 264 ITR 110 (Bom) for the proposition that commercial profits have to be worked out after providing for allowance for normal depreciation. c) CBDT Circular No.005P, date…

Income-Tax Officer vs. Pimpri Chinchwad New Town Development Authority, Pune

In the result, all the appeals of assessee are allowed and cross objections and appeals of Revenue are dismissed

ITA 944/PUN/2014[2004-05]Status: DisposedITAT Pune27 Jun 2019AY 2004-05

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.929 To 932/Pun/2014 यििाारण वषा / Assessment Years : 2003-04 To 2005-06 & 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Ms Nandita Kanchan, CIT-DR
Section 143(3)

…r section 11 of the Act. Referring to series of cases, it was pointed out that first of all, land cost is to be allowed against recognized income in the hands of assessee and reliance was placed on the following decisions:- a) Calcutta Co. Ltd. Vs. CIT (1959) 37 ITR 1 (SC), where it has been recognized that few liabilities to be accounted for against sale proceeds of the said land. b) CIT Vs. Institute of Banking Personnel Selection reported in 264 ITR 110 (Bom) for the proposition that commercial profits have to be worked out after providing for allowance for normal depreciation. c) CBDT Circular No.005P, date…

Pimpri Chinchwad New Town Development Authority, Pune vs. Assistant Commissioner of Income-Tax

In the result, all the appeals of assessee are allowed and cross objections and appeals of Revenue are dismissed

ITA 932/PUN/2014[2008-09]Status: DisposedITAT Pune27 Jun 2019AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.929 To 932/Pun/2014 यििाारण वषा / Assessment Years : 2003-04 To 2005-06 & 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Ms Nandita Kanchan, CIT-DR
Section 143(3)

…r section 11 of the Act. Referring to series of cases, it was pointed out that first of all, land cost is to be allowed against recognized income in the hands of assessee and reliance was placed on the following decisions:- a) Calcutta Co. Ltd. Vs. CIT (1959) 37 ITR 1 (SC), where it has been recognized that few liabilities to be accounted for against sale proceeds of the said land. b) CIT Vs. Institute of Banking Personnel Selection reported in 264 ITR 110 (Bom) for the proposition that commercial profits have to be worked out after providing for allowance for normal depreciation. c) CBDT Circular No.005P, date…

Pimpri Chinchwad New Town Development Authority, Pune vs. Assistant Commissioner of Income-Tax

In the result, all the appeals of assessee are allowed and cross objections and appeals of Revenue are dismissed

ITA 931/PUN/2014[2005-06]Status: DisposedITAT Pune27 Jun 2019AY 2005-06

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.929 To 932/Pun/2014 यििाारण वषा / Assessment Years : 2003-04 To 2005-06 & 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Ms Nandita Kanchan, CIT-DR
Section 143(3)

…r section 11 of the Act. Referring to series of cases, it was pointed out that first of all, land cost is to be allowed against recognized income in the hands of assessee and reliance was placed on the following decisions:- a) Calcutta Co. Ltd. Vs. CIT (1959) 37 ITR 1 (SC), where it has been recognized that few liabilities to be accounted for against sale proceeds of the said land. b) CIT Vs. Institute of Banking Personnel Selection reported in 264 ITR 110 (Bom) for the proposition that commercial profits have to be worked out after providing for allowance for normal depreciation. c) CBDT Circular No.005P, date…

Pimpri Chinchwad New Town Development Authority, Pune vs. Assistant Commissioner of Income-Tax

In the result, all the appeals of assessee are allowed and cross objections and appeals of Revenue are dismissed

ITA 930/PUN/2014[2004-05]Status: DisposedITAT Pune27 Jun 2019AY 2004-05

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.929 To 932/Pun/2014 यििाारण वषा / Assessment Years : 2003-04 To 2005-06 & 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Ms Nandita Kanchan, CIT-DR
Section 143(3)

…r section 11 of the Act. Referring to series of cases, it was pointed out that first of all, land cost is to be allowed against recognized income in the hands of assessee and reliance was placed on the following decisions:- a) Calcutta Co. Ltd. Vs. CIT (1959) 37 ITR 1 (SC), where it has been recognized that few liabilities to be accounted for against sale proceeds of the said land. b) CIT Vs. Institute of Banking Personnel Selection reported in 264 ITR 110 (Bom) for the proposition that commercial profits have to be worked out after providing for allowance for normal depreciation. c) CBDT Circular No.005P, date…

Pimpri Chinchwad New Town Development Authority, Pune vs. Assistant Commissioner of Income-Tax

In the result, all the appeals of assessee are allowed and cross objections and appeals of Revenue are dismissed

ITA 929/PUN/2014[2003-04]Status: DisposedITAT Pune27 Jun 2019AY 2003-04

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita Nos.929 To 932/Pun/2014 यििाारण वषा / Assessment Years : 2003-04 To 2005-06 & 2008-09

For Appellant: Shri Kishore PhadkeFor Respondent: Ms Nandita Kanchan, CIT-DR
Section 143(3)

…r section 11 of the Act. Referring to series of cases, it was pointed out that first of all, land cost is to be allowed against recognized income in the hands of assessee and reliance was placed on the following decisions:- a) Calcutta Co. Ltd. Vs. CIT (1959) 37 ITR 1 (SC), where it has been recognized that few liabilities to be accounted for against sale proceeds of the said land. b) CIT Vs. Institute of Banking Personnel Selection reported in 264 ITR 110 (Bom) for the proposition that commercial profits have to be worked out after providing for allowance for normal depreciation. c) CBDT Circular No.005P, date…

ACIT, CC-1(2), Kolkata vs. M/S Fort Project Pvt.Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 2248/KOL/2016[2012-13]Status: DisposedITAT Kolkata10 May 2019AY 2012-13

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravi) I.T.A. No. 2248/Kol/2016 Assessment Year: 2012-13

Section 115JSection 143(3)Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Accountant Member & Sri S.S. Viswanethra Ravi, Judicial Member) I.T.A. No. 2248/Kol/2016 Assessment Year: 2012-13 Asstt. Commissioner of Income Tax, Central Circle-1(2), Kolkata..............………..........Appellant Vs. M/s. Fort Project Pvt. Ltd..........................................……………......………………..………..……….Respondent 7/1A, Hazra Road Kolkata – 700 026 [PAN : AAACF 3620 N] Appearances by: Shri Sunil Sharma, FCA, appeared on behalf of the assessee. Shri P.K. Srihari, CIT, D/R, appearing on behalf of the Revenue…

DCIT, Cir-4(1), Kolkata vs. M/S Mcleod Russel India Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 115/KOL/2016[2009-2010]Status: DisposedITAT Kolkata03 May 2019AY 2009-2010

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 143(3)Section 43B

…. It does not make any difference if the future date on which the liability shall have to be discharged is not certain. Applying the principles laid down in Metal Box Co. of India Ltd. v. Their Workmen [1969] 73 ITR 53 (SC) and Calcutta Co. Ltd. v. CIT [1959J 37 ITR 1 (Se), it must be held that the provision made by the assessee-company for meeting the liability incurred by it under the leave encashment scheme proportionate with the entitlement earned by employees of the company, inclusive of the officers and the staff, subject to the ceiling on accumulation as applicable on the relevant date, would be allowable…

DCIT, Cir-4(1), Kolkata vs. M/S Mcleod Russel India Ltd., Kolkata

In the result, both the appeals of the Revenue are dismissed

ITA 114/KOL/2016[2008-09]Status: DisposedITAT Kolkata03 May 2019AY 2008-09

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 143(3)Section 43B

…. It does not make any difference if the future date on which the liability shall have to be discharged is not certain. Applying the principles laid down in Metal Box Co. of India Ltd. v. Their Workmen [1969] 73 ITR 53 (SC) and Calcutta Co. Ltd. v. CIT [1959J 37 ITR 1 (Se), it must be held that the provision made by the assessee-company for meeting the liability incurred by it under the leave encashment scheme proportionate with the entitlement earned by employees of the company, inclusive of the officers and the staff, subject to the ceiling on accumulation as applicable on the relevant date, would be allowable…

ACIT, Bangalore vs. M/S Cec Soma Cici Jv, Bangalore

In the result, both the appeals are dismissed

ITA 126/BANG/2016[2011-12]Status: DisposedITAT Bangalore03 May 2019AY 2011-12

Bench: Shri N.V. Vasudevan & Shri Jason P Boaz

For Appellant: Dr. Pradeep Kumar, CIT(DR)For Respondent: Shri V Srinivasan, Advocate
Section 37(1)

…crores was ITA Nos.126 & 1822/Bang/2016 Page 5 of 13 made. The assessee also submitted that provision for liability in future expenses are allowable expenditure by relying on the following judicial pronouncements:- 1. Calcuttal Co. Ltd Vs CIT (Reported in 37 ITR 1, SC) 2. Rotrok Controls India (F) Ltd. (Reported in 314 ITR 62 SC) 3. Siemens Public Communications networks ltd. Vs CIT (reported in 318 ITR page 13 Bangalaore ITAT) 4. Bharath Earth Movers Vs CIT (245 UR 428 SC) In particular attention was drawn to the decision of the Hon’ble Supreme Court in the case of Rotork Controls India P Ltd. (supra) at pag…

DCIT, Circle - 1(1), Kolkata vs. M/S. Exide Industries Ltd., Kolkata

Appeal is dismissed

ITA 1378/KOL/2017[2002-03]Status: DisposedITAT Kolkata24 Apr 2019AY 2002-03

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2002-03 Dcit, Circle-1(1), M/S Exide Industries Ltd. बनाम P-7, Chowringhee Exide House, 59E, / Square, R.No.20, V/S. Chowringhee Road, 7Th Floor, Kolkta-69 Kolkata-700 020 [Pan No.Aaace 6641 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri C.J.Singh,Jcit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri A. Sinha, Aca ""यथ" क" ओर से/By Respondent 24-01-2019 सुनवाई क" तार"ख/Date Of Hearing 24-04-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2002-03 Arises Against The Commissioner Of Income Tax (Appeals)-22, Kolkata’S Order Dated 27.03.2017 Passed In Case No.123/Cit(A)-22/02-0310-11/Kol, Involving Proceedings U/S 143(3) R.W.S. 251 R.W.S. 254 Of The Income Tax Act, 1961; In Short ‘The Act’. 2. The Revenue Pleads The Following Substantive Grounds In Its Instant Appeal:- “1. Whether On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Is Justified In Deleting Rs.3.85 Crores Routed Through P&L A/C Under The Head Dealers Incentive Disregarding The Fact That The Assessing Officer'S Addition Has Been Based On Discrepancies, Crystal Clear As It Looks, In Terms Of The Supporting Credit Notes Furnished By The Assessee. 2. Whether On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Is Justified In Deleting The Addition Of Rs.2.04 Crores Routed Through Balance Sheet On Account Of Dealers Incentive – This Is The Area Of Contention Because The

Section 143(3)

…losses which have accrued in the relevant accounting year. In making these submissions, he relied on the following decisions: “i) CIT –Vs- Govardhan Lal (1968) 69 ITR 675 (SC); ii) Bharat Earth Movers –Vs- CIT 245 ITR 428 (SC); iii) Calcutta Co. Ltd. –Vs- CIT 37 ITR 1 (SC); iv) CIT –Vs- Swadeshi Mining Manufacturing Company Ltd. 112 ITR 276 (Cal) and v) Hukumchand Jute & Industries Ltd. –Vs- CIT 241 ITR 517 (Cal). 8. Concluding his arguments and further making reliance on a decision of the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. –Vs- CIT reported in 82 ITR 363 (SC) wherein it was held t…

Safal Engineers & Associates, Ahmedabad vs. The ACIT (OSD), Circle-9, Ahmedabad

In the result, assessee’s appeal is allowed

ITA 108/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad01 Apr 2019AY 2008-09

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Shri P. M. Mehta, A.RFor Respondent: Shri Shiv Sewak, Sr. D.R
Section 143(1)Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE SHRI PRAMOD KUMAR, VICE PRESIDENT & Ms. MADHUMITA ROY, JUDICIAL MEMBER I.T.A. No.108/Ahd/2015 (Assessment Year : 2008-09) Safal Engineers and Associates, Vs. Asst. CIT (OSD), Top Floor, Sathik Avenue, Circle – 9, Fun Republic, Satellite Road, Ahmedabad. Ahmedabad – 380015. [PAN No. AANFS 3214 K] (Appellant) (Respondent) .. Appellant by : Shri P. M. Mehta, A.R. Respondent by : Shri Shiv Sewak, Sr. D.R. Date of Hearing 02.01.2019 Date of Pronouncement 01.04.2019 O R D E R PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the a…

Shri Vijay Kumar Aggarwal, Jalandhar vs. Income Tax Oficer, Ward II(4), Jalandhar

In the result, the appeals of the assessee are dismissed

ITA 119/ASR/2018[2014-15]Status: DisposedITAT Amritsar18 Mar 2019AY 2014-15

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 38/Asr./2017 : Asstt. Year : 2013-14 Ita No. 77/Asr./2017 : Asstt. Year : 2012-13

For Appellant: Sh. J. S. Bhasin, AdvFor Respondent: Ms. Shivani Bansal, DR
Section 43B

…/2018 Vijay Kumar Aggarwal maintained on mercantile basis, is not consistent with the law laid down bv Hon'bie Supreme Court in series of cases cited above i.e. Bharat Earth Movers vs CIT, Metail Box Co of India Ltd vs Workmen, Calcutta Co Ltd vs. CIT (1959) 37 ITR 1 and Taparia Tools Ltd. Vs Joint CIT. Therefore, this decision of Hon'ble Delhi High Court, even while holding that the deduction was not allowable u/s.43B(d), being per incuriam, when it did not consider the law laid down by Hon'ble Apex Court supra, cannot be relied upon, for its initial view that the interest had not accrued in this year even unde…