CIT v. Ashok Iron and Steel Rolling Mill

199 ITR 815High Court1992#23504 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Judgments citing CIT v. Ashok Iron and Steel Rolling Mill

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2, NAGPUR vs. M/S FOREST DEVELOPMENT CORPORATION OF MAHARASHTRA LTD , NAGPUR

In the result, appeal of the Revenue is allowed for statistical purpose

ITA 70/NAG/2020[2016-17]Status: DisposedITAT Nagpur21 Nov 2023AY 2016-17

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.70/Nag/2020 िनधा"रण वष" / Assessment Year : 2016-17 The Dy.Commissioner Of M/S. Forest Development Income Tax, Circle-2, V Corporation Of Maharashtra Nagpur – 440001. S Ltd., Plot No.359/B, Fdcm Bhavan, Hingana Road, Ambazri, Nagpur – 440001. Pan: Aaacf2982K Appellant / Revenue Respondent / Assessee Assessee By Shri Indraneel Dani – Ar Revenue By Shri Kailash Kanojiya – Sr.Dr Date Of Hearing 01/09/2023 Date Of Pronouncement 21/11/2023

Section 143(3)Section 250Section 37(1)

…ccounting. In mercantile system, deduction is allowable in the year in which liability accrues. The Hon'ble High Court of 3 M/s.Forest Development Corporation of Maharashtra Ltd., [R] Allahabad in the case of CIT VS. Ashok Iron and Steel Rolling Mill [1992] 199 ITR 815 (All) held as under : “As mentioned above, in mercantile system, deduction can be made only in the year in which the liability to pay accrues; and it accrues only when the liability crystalises or becomes ascertained.” 6. Thus, it is a settled law that deduction can be allowed only when the liability to pay accrues or crystalises. 6.1 We have a…

M/S KARNATAKA VIDYUTH KHARKANE LTD. vs. DCIT,

In the result, the appeal filed by the assessee is dismissed

ITA 1581/BANG/2013[2010-11]Status: DisposedITAT Bangalore11 Apr 2018AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Arun Kumar Garodiaassessment Year :2010-11

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri B.R. Ramesh, JCIT (DR)

Section 234BSection 37

…outstanding as on 31/12/1979 and interest if, at all, would be only for future years. Thus, there was no justification for the claim of deduction of Rs. 3,40,000, being a provision made for future interest. viii CIT Vs Ashok Iron & Steel Rolling mill (1993), 199 ITR 815 (A11) The supreme Court in the case of CIT V. A. Gajapathy Naidu [1964} 53 ITR 114 has held that in mercantile system deduction can be made only in the year in which the liability to pay accrues and it accrues only when the liability crystallizes or becomes ascertained. Applying the dictum of the supreme Court in the present case it was apparent…

ACIT 21(2), MUMBAI vs. AMAR PLASTICS, MUMBAI

In the result, the appeal filed by the Revenue is hereby

ITA 8110/MUM/2011[2007-08]Status: DisposedITAT Mumbai13 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.8810/Mum/2011 ("नधा"रण वष" / Assessment Year: 2007-08) Acit 21(2) M/S. Amar Plastics बनाम/ Room No.508, C-10, 21, 2Nd Floor, Vs. 5Th Floor, Bkc, Bandra (E), Kalpataru Point, Mumbai - 400051 Kamanji Marg, Sion(East) Mumbai - 400022 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabfa2724J

For Appellant: Ms. Mrugakshi JoshiFor Respondent: Shri B. D. Naik

Section 143(2)Section 40A(2)(b)

…the decisions in the case of Saurashtra Cements and Chemical Industries Ltd. 213 ITR 523(Guj.), Sterlite A.Y. 2007-08 Industries 6 SOT 497(MUM), Annarnaria & Tours P.Ltd. 95 TTJ 71, Swadeshi Cotton and Flor Mills 53 ITR 14(SC), Ashok Iron & Steal Coal Mills 199 ITR 815 (Allah.)., Padmavati Raje Cotton Mills 203 ITR 375(Cal.) relied by the appellant. Even otherwise by not claiming such expenditure in earlier years the assessee has not derived any benefit because by not claiming such expenses in those years rather it has paid more tax in those years. It is also not the case that in earlier years the assessee was…