CIT v. Ace Multi Axes Systems Ltd.

88 Taxmann.com 69Supreme Court of India2017#1885 most cited

What is CIT v. Ace Multi Axes Systems Ltd. authority for?

Each assessment year constitutes a separate unit of assessment under the Income-tax Act, and findings or decisions for one assessment year do not operate as res judicata for subsequent assessment years.

61

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2024.

Also referred to as

CIT v. Ace Multi Axes Systems Ltd. · Ace Multi Axes · assessment year unit · separate assessment year · res judicata income tax · doctrine of mutuality · prior assessment year · Section 147 · assessment procedure · Income-tax Act

Also reported as

400 ITR 141252 Taxmann 274

Sections most often in play

Section 10AASection 69CSection 115JBSection 133ASection 147Section 40A(2)(b)Section 151Section 132
Read the full judgment

Issues it is cited on

section 250ofsection 43(b)doctrine of mutualitysection 3(b)section 40a(2)(a)section 34(1)(iv)section 36(va)actual payment basissection 43b(b)section 34(1)full and true disclosureinitial assessment year

Judgments citing CIT v. Ace Multi Axes Systems Ltd.

Official Liquidator

In the result, the appeal is disposed of

OLR/3/2015HC Karnataka06 Feb 2015

Bench: RAVI MALIMATH

Section 143(3)Section 260Section 80I

…the matter deserves to be remitted to the Tribunal. In support of aforesaid submission, reliance has been 7 placed on the decisions of the Supreme Court in 'DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 11(1), BANGALORE Vs. ACE MULTI AXES SYSTEMS LTD.' 400 ITR 141 (SC) AND 'RAMNATH & CO. Vs. COMMISSIONER OF INCOME-TAX' (2020) 116 TAXMANN.COM 885 (SC). 5. On the other hand, learned counsel for the assessee submitted that assessee was granted approval by Government of India for setting up industrial park under the Industrial Park Scheme, 2002 and under the aforesaid proposal, 4 units were to be set up…