CIT v. Bilahari Investment (P) Ltd.

299 ITR 1Supreme Court of India2008#439 most cited

What is CIT v. Bilahari Investment (P) Ltd. authority for?

The project completion method and the percentage of completion method are both recognized methods for recognizing income from real estate contracts.

206

judgments rely on this decision, according to BharatTax’s citation analysis of 367,854 Indian tax judgments — from 2010 to 2026.

Also referred to as

CIT vs. Bilahari Investment (P) Ltd. · section 145 · project completion method · percentage completion method · recognized method of accounting · real estate contracts · revenue recognition · accounting methods · taxable income · completed contract method

Also reported as

168 Taxmann 95

Sections most often in play

Section 144BSection 145(3)Section 10(1)Section 148Section 151ASection 143(3)Section 145Section 36(1)(iii)
Read the full judgment

Issues it is cited on

section 145(1)project completion methodpercentage completion methodsection 211section 145(2)section 43cjdaprincipal officericdsmercantile system of accountingsection 21right to receive

Judgments citing CIT v. Bilahari Investment (P) Ltd.

Commissioner of Income Tax (Central)-I

ITA/928/2011HC Delhi15 Nov 2011
Section 143(3)Section 153ASection 260ASection 68

…ng. Two methods are prescribed in Accounting Standard No.7. They are “completed contract method” and “percentage of completion method”. This view was reiterated by the Supreme Court in Commissioner of Income- Tax v. Bilahari Investment P. Ltd. (2008) 299 ITR 1 (SC) with the following observations: “Recognition/identification of income under the 1961 Act is attainable by several methods of accounting. It may be noted that the same result could be attained by any one of the accounting methods. The completed contract method is one such method. Similarly, the percentage of completion method is ano…

Commissioner of Income Tax vs. Agricultural Market Committee

ITTA/242/2011HC Telangana27 Jun 2011

Bench: V.V.S.RAO,RAMESH RANGANATHAN

Commissioner of Income Tax vs. Triveni Engineering & Industries Ltd

ITA - 346 / 2009HC Delhi29 Nov 2010
Section 37(1)

…* IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA No. 346 of 2009 Reserved On: September 08, 2010 % Pronounced On: November 29, 2010 COMMISSIONER OF INCOME TAX . . . Appellant through : Ms. Prem Lata Bansal, Advocate VERSUS TRIVENI ENGINEERING & INDUSTRIES LTD. . . .Respondent through: Mr. Ajay Vohra, Advocate with Ms. Kavita Jha, Ms. Akansha Aggarwal and Mr. Somnath Shukla, Advocates CORAM :- HON’BLE MR. JUSTICE A.K. SIKRI HON’BLE MS. JUSTICE REVA KHETRAPAL 1. Whether Repo…

Deputy Commissioner of Income Tax vs. Curls & Curves India Ltd

ITA-1093/2008HC Delhi29 Oct 2010

…re is no finding given by the AO stating that the assessee has not complied with the accounting standards.” 23. We may refer to the judgment of the Supreme Court in the case of Commissioner of Income Tax, Chennai Vs. Bilahari Investment (P) Ltd. [299 ITR 1] wherein the Supreme Court has 2010:DHC:5326-DB taken various judgments where the matching concept is defined and explained. We may refer to the passage extracted by the Supreme Court from its judgment in the case of J.K. Industries Vs. Union of India reported in [2007] 13 SCALE 204 in the following terms: “82. Matching Concept is based…

Deputy Commissioner of Income Tax vs. Curls & Curves India Ltd

ITA - 1093 / 2008HC Delhi29 Oct 2010

…re is no finding given by the AO stating that the assessee has not complied with the accounting standards.” 23. We may refer to the judgment of the Supreme Court in the case of Commissioner of Income Tax, Chennai Vs. Bilahari Investment (P) Ltd. [299 ITR 1] wherein the Supreme Court has 2010:DHC:5326-DB taken various judgments where the matching concept is defined and explained. We may refer to the passage extracted by the Supreme Court from its judgment in the case of J.K. Industries Vs. Union of India reported in [2007] 13 SCALE 204 in the following terms: “82. Matching Concept is based…

Commissioner of Income Tax vs. Jagatjit Industries Ltd

Accordingly, the same stands dismissed without any order as to

ITA/848/2010HC Delhi06 Sept 2010

Bench: HON'BLE THE ACTING CHIEF JUSTICE,HON'BLE MR. JUSTICE MANMOHAN

Section 143(2)Section 260ASection 271(1)(c)

…facts about the crystallization of such dues cannot be disallowed merely on the ground that they relate to transactions pertaining to an earlier accounting year…” [Underlining is ours] 14. In CIT V. Bilahari Investment P. Ltd., [2008] 299 ITR 1 (SC), while dealing with accounting standards, their Lordships referred to the decisions in Taporia Tools Ltd. v. Joint CIT, [2003] 260 ITR 102 (Bombay) and J.K. Industries Ltd. v. Union of India, [2007] 13 Scale 204 and thereafter adverted to the recognition and identification of income under the 1961 Act as is attainable by several methods o…