What is CIT v. Elgi Finance authority for?

Interest income from non-performing assets should not be recognized for tax purposes if there is uncertainty about its realization, particularly when considering RBI guidelines and Accounting Standard 9.

How many judgments cite CIT v. Elgi Finance?

25 judgments on BharatTax cite CIT v. Elgi Finance (293 ITR 357), spanning 2010 to 2024.

Which sections of the Income Tax Act does CIT v. Elgi Finance come up under?

It is most often cited in judgments turning on Section 1961, Section 135 of Companies Act, Section 143(3) of Income-tax Act, Section 145, Section 145 of Income-tax Act, Section 14A.

CIT v. Elgi Finance (293 ITR 357)

DCIT, NEW DELHI vs. M/S HUDCO LTD.,, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &

Section 143(3)

…oods are actually imported and made available for clearance; the benefits represent a hypothetical income which may or may not materialize and its money value is not the income of the assessee. 27. In CIT v. Annamalai Finance Ltd. [2010] 186 Taxman 296/[2009] 319 ITR 196 (Mad.) judgment relied upon by the appellant, the following observations are essential to note: "4. The assessee had submitted that in respect of overdue charges, the assessee-company, keeping in line with the norms of the Reserve Bank of India as well as the credit rating agency, has been assessee is admitting income only on cash basis. The asse…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD. (HUDCO),NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &

Section 143(3)

…oods are actually imported and made available for clearance; the benefits represent a hypothetical income which may or may not materialize and its money value is not the income of the assessee. 27. In CIT v. Annamalai Finance Ltd. [2010] 186 Taxman 296/[2009] 319 ITR 196 (Mad.) judgment relied upon by the appellant, the following observations are essential to note: "4. The assessee had submitted that in respect of overdue charges, the assessee-company, keeping in line with the norms of the Reserve Bank of India as well as the credit rating agency, has been assessee is admitting income only on cash basis. The asse…

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

In the result, the appeal filed by the assessee is partly allowed as indicated above

ITA 1617/DEL/2023[2018-19]Status: DisposedITAT Delhi14 Aug 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Section 115JSection 145(2)Section 32Section 36Section 36(1)(iii)Section 37Section 43ASection 46ASection 80I

…eally accrued to the assessee during the relevant previous year. iii) Assessee is also relying upon the following cases: CIT Kota vs M/s Chambal Fertilizers & Chemicals Ltd. Gadepan Kota ITA No.866 of 2008 decided on (Raj) CIT vs Annamalai Finance Ltd. (2009) 319 ITR 196 (Mad) CIT Chennal vs Shriram Investments Ltd. (2015) 378 ITR 533 (Mad) CIT vs Vasisth Chay Vyapar Ltd. (2019) 410 ITR 244 (SC) iv) Delhi bench of ITAT in the case of Brahmaputra Capital & Financial Services Ltd. vs ITO (2009) 119 ITD 266 have held that there was uncertainty regarding ultimate collection of interest hence assessee was justified in…

RAM GARHIA CO-OPERATIVE BANK LIMITED,NEW DELHI vs. ACIT, CIRCLE- 63(1), NEW DELHI

In the result, the Appeal of the assessee is partly allowed for statistical purpose

ITA 6792/DEL/2018[2013-14]Status: DisposedITAT Delhi15 Sept 2022AY 2013-14

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar U.S.I.T.A. No. 6792/Del/2018 (A.Y 2013-14)

For Appellant: ShriFor Respondent: Shri Girish Kohli

Section 194ASection 36Section 40

…ovides that income is to be recognized only when there is some reasonable certainty about the receipt of the income. We, further, find that this view is also supported by the decisions, as mentioned above. We find that in the case of CIT Vs. Elgi Finance Ltd. 293 ITR 357, Hon'ble Madras High Court has held that interest on non- performing asset is not to be recognized in light of the RBI notification and accounting standard 9 issued by the Institute of Chartered Accountant of India. 8. In the light of aforesaid discussion and precedents. We do not find any infirmity in the order of Ld. CIT(A). Accordingly, we up…

AXIS BANK LIMITED,AHMEDABAD vs. THE DY.CIT, CIRCLE-1 NOW CIRCLE-1(1)(1), AHMEDABAD

In the result appeal of the Revenue is partly allowed for statistical purposes

ITA 311/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Oct 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Smt. Urvashi Shodhan, and Shri Parin Shah,For Respondent: Shri Anshu Prakash, CIT.DR

Section 14A

…he taxation of banks/NBFC. The Hon'ble Vttarunchat High Court in the case of Nainltal Bank Ltd, 309 ITR 335, Hon'ble Allahabad High Court In the case of Koihsh Auto Finance Ltd. 320 tTR 394 and also Hon'ble High Court of Delhi in the case of Elgi Finance Ltd. 293 ITR 357. 28. In our considered opinion, the amortization merely represents a timing difference and since the bank is consistently making profits and paying tax at the highest rate without claiming any tax holiday benefit, it can be safely concluded that the method followed Is revenue neutral. We draw support from the decision of the Hon'ble High Court of…

GE CAPITAL SERVICES INDIA,NEW DELHI vs. DCIT, NEW DELHI

In the result, appeal filed by the learned assessing officer is dismissed

ITA 479/DEL/2011[2007-08]Status: DisposedITAT Delhi18 Feb 2020AY 2007-08

Bench: Shri Prashant Maharishia N D Shri K. Narasimha Chary

For Appellant: Shri Rohit Garg, AdvFor Respondent: Ms. Sushma Singh, [CIT] – DR

Section 143(3)Section 14ASection 45J

…INCOME TAX APPELLATE TRIBUNAL [DELHI BENCH “C”: NEW DELHI] BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER A N D SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA Nos. Assessment Years 3719/Del/2007 2002-03 4835/Del/2010 2003-04 M/s. GE Capital Services India, Addl. CIT, AIFACS Building, Vs. Range-12, 1, Rafi Marg, New Delhi New Delhi PAN : AAACG0239L ( Appellant ) ( Respondent ) Assessment Year: 2004-05 M/s. GE Capital Services India, Addl. CIT, AIFACS Building, Vs. Range-12 (1) 1, Rafi Marg, New Delhi New Delhi PAN : AAACG0239L ( Appellant ) ( Respondent ) ITA Nos. 4918 & 4919/Del/2010 Assessment Years:…

HOUSING AND URBAN DEVELOPMENT CORPORATION LTD THROUGH ITS AUTHORIZED SIGNATORY vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE 12 NEW DELHI

The appeal is allowed

ITA/541/2019HC Delhi06 Feb 2020

Bench: HON'BLE MR. JUSTICE VIPIN SANGHI,HON'BLE MR. JUSTICE SANJEEV NARULA

Section 143(3)Section 260ASection 263

…mported and made available for clearance; the benefits represent a hypothetical income which may or may not materialize and its money value is not the income of the assessee. 27. In Commissioner of Income-Tax, Coimbatore vs. Annamalai Finance Ltd,[2009] 319 ITR 196 (Madras), judgment relied upon by the appellant, the following observations are essential to note: “4. The assessee had submitted that in respect of overdue charges, the assessee-company, keeping in line with the norms of the Reserve Bank of India as well as the credit rating agency, has been recognizing income by way of overdue charges…

ACIT, NEW DELHI vs. M/S. JAIN CORPORATIVE BANK LTD., NEW DELHI

In the result, the appeal of the department stands

ITA 6795/DEL/2015[2012-13]Status: DisposedITAT Delhi28 Jan 2019AY 2012-13

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastavaassessment Year: 2012-13 Acit, Vs M/S Jain Cooperative Bank Ltd., Circle 52(1), 80, Darya Ganj, New Delhi. Delhi-110002 (Pan: Aaaaj0060A) (Appellant) (Respondent) Department By: Shri Sridhar Dora, Sr. Dr Assessee By: None Present Date Of Hearing: 20.11.2018 Date Of Pronouncement: 28.01.2019

For Appellant: None PresentFor Respondent: Shri Sridhar Dora, Sr. DR

…ITA No. 6795.Del/2015 Assessment year 2012-13 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’ NEW DELHI BEFORE SHRI N.K. SAINI, VICE PRESIDENT AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER Assessment Year: 2012-13 ACIT, vs M/s Jain Cooperative Bank Ltd., Circle 52(1), 80, Darya Ganj, New Delhi. Delhi-110002 (PAN: AAAAJ0060A) (Appellant) (Respondent) Department by: Shri Sridhar Dora, Sr. DR Assessee by: None Present Date of hearing: 20.11.2018 Date of pronouncement: 28.01.2019 ORDER PER SUDHANSHU SRIVASTAVA, J.M. This appeal has been preferred by the revenue against the order of the Ld. CIT (A…

DCIT CORPORATE CIRCLE 2(1), CHENNAI vs. FULLERTON INDIA CREDIT COMPANY LTD., CHENNAI

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1473/CHNY/2018[2012-13]Status: DisposedITAT Chennai05 Dec 2018AY 2012-13

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT

Section 145

…the Hon’ble Supreme 3 I.T.A. Nos. 1083-1085 & 1472-1473/Chny/18 Court in the case of Southern Technologies Ltd. v. JCIT 320 ITR 577, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext…

DCIT CORPORATE CIRCLE 2(1), CHENNAI vs. FULLERTON INDIA CREDIT COMPANY LTD., CHENNAI

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1472/CHNY/2018[2011-12]Status: DisposedITAT Chennai05 Dec 2018AY 2011-12

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT

Section 145

…the Hon’ble Supreme 3 I.T.A. Nos. 1083-1085 & 1472-1473/Chny/18 Court in the case of Southern Technologies Ltd. v. JCIT 320 ITR 577, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext…

M/S FULLERTON INDIA CREDIT COMPANY LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2 (1), CHENNAI

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1085/CHNY/2018[2012-13]Status: DisposedITAT Chennai05 Dec 2018AY 2012-13

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT

Section 145

…the Hon’ble Supreme 3 I.T.A. Nos. 1083-1085 & 1472-1473/Chny/18 Court in the case of Southern Technologies Ltd. v. JCIT 320 ITR 577, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext…

M/S FULLERTON INDIA CREDIT COMPANY LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2 (1), CHENNAI

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1084/CHNY/2018[2011-12]Status: DisposedITAT Chennai05 Dec 2018AY 2011-12

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT

Section 145

…the Hon’ble Supreme 3 I.T.A. Nos. 1083-1085 & 1472-1473/Chny/18 Court in the case of Southern Technologies Ltd. v. JCIT 320 ITR 577, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext…

M/S FULLERTON INDIA CREDIT COMPANY LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2 (1), CHENNAI

In the result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed

ITA 1083/CHNY/2018[2010-11]Status: DisposedITAT Chennai05 Dec 2018AY 2010-11

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy

For Appellant: Shri G.S.P. Babu, AdvocateFor Respondent: Mrs. Ruby George, CIT

Section 145

…the Hon’ble Supreme 3 I.T.A. Nos. 1083-1085 & 1472-1473/Chny/18 Court in the case of Southern Technologies Ltd. v. JCIT 320 ITR 577, the ld. Counsel for the assessee has relied on the decisions of Hon’ble Madras High Court in the case of CIT v. Elgi Finance 293 ITR 357, CIT v. Annamalai Finance Ltd. 319 ITR 196) and in the case of CIT v. Coimbatore Lakshmi Investment & Finance Co. Ltd. 331 ITR 229, and submitted that the interest income on NPA could be recognized on receipt basis and not on accrual basis. Further, reliance was also placed in the case of Vasisth Chay Vyapar Ltd. 90 taxmann.com 365 on the pretext…

DCIT, CIRCLE-1(1), JALPAIGURI, JALPAIGURI vs. THE JALPAIGURI CENTRAL CO-OPERATIVE BANK LTD., JALPAIGURI

Appeal is allowed

ITA 327/KOL/2017[2013-14]Status: DisposedITAT Kolkata22 Jun 2018AY 2013-14

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri G.Mallikarjuna, CIT(DR)For Respondent: Shri Rip Das, FCA

Section 143(3)Section 145Section 45Q

…in support of his claim that interest on NPA asset does not accrue as income to an assessee- (i) M/s Vasisth Chay Vyapar Ltd. [ITA 552(2005)]-Hon'ble High Court Delhi. (ii) CIT Vs Annaimalai Finance Ltd [(2005)275 ITR 45lMad)] (iii) CIT Vs Elgi Finance Ltd [293 ITR 357 (Mad)] 7 (iv) CIT Vs Shoorji Vallabhdas & Co. [46ITR 144 (SC)]; etc. However, it was also observed from the Audited Report & Statement of Accounts vide Para No.11.8 wherein the Auditor has stated that - "Several loan accounts have been found to be overdue since inception. Bank should take necessary action for recovery of the loans The same were…

DCIT, CIRCLE-1(1), JALPAIGURI, JALPAIGURI vs. THE JALPAIGURI CENTRAL CO-OPERATIVE BANK LTD., JALPAIGURI

Appeal is allowed

ITA 326/KOL/2017[2012-13]Status: DisposedITAT Kolkata22 Jun 2018AY 2012-13

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri G.Mallikarjuna, CIT(DR)For Respondent: Shri Rip Das, FCA

Section 143(3)Section 145Section 45Q

…in support of his claim that interest on NPA asset does not accrue as income to an assessee- (i) M/s Vasisth Chay Vyapar Ltd. [ITA 552(2005)]-Hon'ble High Court Delhi. (ii) CIT Vs Annaimalai Finance Ltd [(2005)275 ITR 45lMad)] (iii) CIT Vs Elgi Finance Ltd [293 ITR 357 (Mad)] 7 (iv) CIT Vs Shoorji Vallabhdas & Co. [46ITR 144 (SC)]; etc. However, it was also observed from the Audited Report & Statement of Accounts vide Para No.11.8 wherein the Auditor has stated that - "Several loan accounts have been found to be overdue since inception. Bank should take necessary action for recovery of the loans The same were…

AXIS BANK LTD.,,AHMEDABAD vs. THE ADDL.CIT, RANGE-I, AHMEDABAD

ITA 2196/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad13 Oct 2017AY 2009-10

For Appellant: Shri Arvind Sonde with Shri Gautam Shah, A.RFor Respondent: Shri D. P. Gupta, CIT D.R. with Shri K. Madhusudan, Sr. D.R

Section 14Section 143(3)Section 14ASection 14A(2)

…e taxation of banks/NBFC. The Hon’ble Uttaranchal High Court in the case of Nainital Bank Ltd. 309 ITR 335, Hon’ble Allahabad High Court in the case of Kailash Auto Finance Ltd. 320 ITR 394 and also Hon’ble High Court of Delhi in the case of Elgi Finance Ltd. 293 ITR 357. 28. In our considered opinion, the amortization merely represents a timing difference and since the bank is consistently making profits and paying tax at the highest rate without claiming any tax holiday benefit, it can be safely concluded that the method followed is revenue neutral. We draw support from the decision of the Hon’ble High Court of…

ACIT, NEW DELHI vs. M/S. VAISH CO-OPERATIVE ADARSH BANK LTD, NEW DELHI

Appeal is dismissed

ITA 3428/DEL/2014[2010-11]Status: DisposedITAT Delhi09 Oct 2017AY 2010-11

Bench: Shri G.D. Agrawal, Hon’Ble & Shri K.N. Chary

Section 143(3)Section 36(1)(vii)

…n NPA is not to be recognized as per the RBI guidelines and income has to be recognized only when there is some reasonable certainty about the receipt of the income. For this principle the Tribunal followed the decision reported in Cit vs. Elgi Finance Ltd. 293 ITR 357 (Madras) (HC). He further brought to our 4 notice that for the AY 2012-13 also the first appellate authority allowed the appeal of the assessee and Revenue accepted the same without preferring an appeal. By way of paper book, he produced the order of the first appellate authority. 4. We have carefully gone through the record. In the case of…

ACIT, CHENNAI vs. M/S. INTEGRATED ENTERPRISES LTD., CHENNAI

In the result, the Revenue’s appeals for ays 2003-04 & 04-05 are

ITA 1839/CHNY/2011[2004-05]Status: DisposedITAT Chennai25 Sept 2017AY 2004-05

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. S. Sridhar, Advocate

Section 115JSection 145

…ccounting, the department will have to prove that the change of accounting policy resulted in tax evasion. For this he relied on the decision of the Hon'ble Madras High Court in CIT v . Annamalai Finance Ltd, 275 ITR 451 (Mad) and CIT v Annamalai Finance Ltd, 319 ITR 196 (Mad). In the instant case, the department is not in a position to prove that duetothe alleged change of accounting method adopted by the appellant, the department suffered any loss or such a change of methodology attracts tax evasion. On the contrary, by offering the entire receipts as income for the AY. 2003-04, there was book profit of Rs.3,29…

ACIT, CHENNAI vs. M/S. INTEGRATED ENTERPRISES LTD., CHENNAI

In the result, the Revenue’s appeals for ays 2003-04 & 04-05 are

ITA 1838/CHNY/2011[2003-04]Status: DisposedITAT Chennai25 Sept 2017AY 2003-04

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. S. Sridhar, Advocate

Section 115JSection 145

…ccounting, the department will have to prove that the change of accounting policy resulted in tax evasion. For this he relied on the decision of the Hon'ble Madras High Court in CIT v . Annamalai Finance Ltd, 275 ITR 451 (Mad) and CIT v Annamalai Finance Ltd, 319 ITR 196 (Mad). In the instant case, the department is not in a position to prove that duetothe alleged change of accounting method adopted by the appellant, the department suffered any loss or such a change of methodology attracts tax evasion. On the contrary, by offering the entire receipts as income for the AY. 2003-04, there was book profit of Rs.3,29…

DCIT, NEW DELHI vs. M/S. CAPITAL CARE INDIA PVT. LTD., DELHI

In the result, the appeal of the Revenue is dismissed

ITA 81/DEL/2014[2010-11]Status: DisposedITAT Delhi06 Feb 2017AY 2010-11

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

For Appellant: Sh. Anil Kumar Sharma, Sr. DRFor Respondent: Sh. R.S. Ahuja, C.A

Section 142(1)

…ent. It was held that the accounting system followed by the assessee was not defective and advance money will not be treated as trading receipt. (C.C. Gandhi & CO. Vs. ITO (1991) 36 ITD 527 (Ahmedabad Tribunal). 5.1.7 In CIT Vs. Annamalai Finance Ltd. (2009) 319 ITR 196 (Mad), it has been held that the recognition of revenue on accrual basis presupposes the satisfaction of two conditions viz the revenue is measurable and that the revenue is collectable, without any uncertainty. Therefore, either to apply the accrual system or cash system, recognition of income is a paramount factor. 5.18 In CIT Vs. Coral Electro…

CIT v. Elgi Finance

What is CIT v. Elgi Finance authority for?

Also referred to as

Sections most often in play

Issues it is cited on

Judgments citing CIT v. Elgi Finance

DCIT, NEW DELHI vs. M/S HUDCO LTD.,, NEW DELHI

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD. (HUDCO),NEW DELHI vs. ADDL. CIT, NEW DELHI

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

RAM GARHIA CO-OPERATIVE BANK LIMITED,NEW DELHI vs. ACIT, CIRCLE- 63(1), NEW DELHI

AXIS BANK LIMITED,AHMEDABAD vs. THE DY.CIT, CIRCLE-1 NOW CIRCLE-1(1)(1), AHMEDABAD

GE CAPITAL SERVICES INDIA,NEW DELHI vs. DCIT, NEW DELHI

HOUSING AND URBAN DEVELOPMENT CORPORATION LTD THROUGH ITS AUTHORIZED SIGNATORY vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE 12 NEW DELHI

ACIT, NEW DELHI vs. M/S. JAIN CORPORATIVE BANK LTD., NEW DELHI

DCIT CORPORATE CIRCLE 2(1), CHENNAI vs. FULLERTON INDIA CREDIT COMPANY LTD., CHENNAI

DCIT CORPORATE CIRCLE 2(1), CHENNAI vs. FULLERTON INDIA CREDIT COMPANY LTD., CHENNAI

M/S FULLERTON INDIA CREDIT COMPANY LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2 (1), CHENNAI

M/S FULLERTON INDIA CREDIT COMPANY LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2 (1), CHENNAI

M/S FULLERTON INDIA CREDIT COMPANY LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2 (1), CHENNAI

DCIT, CIRCLE-1(1), JALPAIGURI, JALPAIGURI vs. THE JALPAIGURI CENTRAL CO-OPERATIVE BANK LTD., JALPAIGURI

DCIT, CIRCLE-1(1), JALPAIGURI, JALPAIGURI vs. THE JALPAIGURI CENTRAL CO-OPERATIVE BANK LTD., JALPAIGURI

AXIS BANK LTD.,,AHMEDABAD vs. THE ADDL.CIT, RANGE-I, AHMEDABAD

ACIT, NEW DELHI vs. M/S. VAISH CO-OPERATIVE ADARSH BANK LTD, NEW DELHI

ACIT, CHENNAI vs. M/S. INTEGRATED ENTERPRISES LTD., CHENNAI

ACIT, CHENNAI vs. M/S. INTEGRATED ENTERPRISES LTD., CHENNAI

DCIT, NEW DELHI vs. M/S. CAPITAL CARE INDIA PVT. LTD., DELHI