CIT 248 ITR 4 (SC); Standard Mills v. CIT

243 ITR 37High Court#23914 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,425 Indian tax judgments — from 2018 to 2018.

Judgments citing CIT 248 ITR 4 (SC); Standard Mills v. CIT

ACIT, New Delhi vs. M/S. Housing & Urban Development Corporation Ltd., New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 6151/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)
Section 143(3)Section 14ASection 263

…cannot bear the character of expense till the liability becomes real.” (emphasis added by us). Similar view was taken in Indian Smelting And Refining Co. Ltd. v/s CIT 248 ITR 4 (SC); Standard Mills v/s CIT 229 ITR 366 (Bombay) and CIT v/s Morarji Goculdas 243 ITR 37 (Bombay). The decisions in Standard Mills v/s CIT (Supra) and CIT v/s Morarji Goculdas (Supra) were delivered after due consideration of Kedarnath Jute Manufacturing Co. Ltd. v/s CIT [1971] 82 ITR 363 (SC) and other judicial precedents. (3.1) In the facts of the case before us, we have already noticed that that the Pay Revision Committee had…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. DCIT, New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 5705/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)
Section 143(3)Section 14ASection 263

…cannot bear the character of expense till the liability becomes real.” (emphasis added by us). Similar view was taken in Indian Smelting And Refining Co. Ltd. v/s CIT 248 ITR 4 (SC); Standard Mills v/s CIT 229 ITR 366 (Bombay) and CIT v/s Morarji Goculdas 243 ITR 37 (Bombay). The decisions in Standard Mills v/s CIT (Supra) and CIT v/s Morarji Goculdas (Supra) were delivered after due consideration of Kedarnath Jute Manufacturing Co. Ltd. v/s CIT [1971] 82 ITR 363 (SC) and other judicial precedents. (3.1) In the facts of the case before us, we have already noticed that that the Pay Revision Committee had…

ACIT - 17(2), Mumbai vs. Narendra Nandlal Chauhan, Mumbai

In the result, appeal filed by the revenue is dismissed

ITA 5270/MUM/2016[2012-13]Status: DisposedITAT Mumbai08 Aug 2018AY 2012-13

Bench: Shri Joginder Singh() & Shri G Manjunatha ()

Section 143(2)Section 37

…o explained the reasons for making such provision in its books of account. The AO, after considering submissions of the assessee and also relying upon the decision of Hon’ble Bombay High Court in the case of CIT vs Morarji Goculdas Spinning & Weaving Co Ltd 243 ITR 37 (Bom) held that the law is well settled that expenditure which is deductible for income-tax purpose is towards a liability actually existing in the year of account. Contingent liability did not constitute expenditure and cannot be subject matter of deduction, even under the mercantile system of accounting. Since, the expenditure incurred by the…

CIT 248 ITR 4 (SC); Standard Mills v. CIT (243 ITR 37) — Cited in 3 Judgments | BharatTax