CIT v. Excel

258 ITR 295Supreme Court of India2013#6933 most cited

What is CIT v. Excel authority for?

Only the real income of an assessee is subject to tax. Tax authorities cannot tax income that has not actually accrued or been earned by the assessee.

16

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2023.

Also referred to as

CIT v. Excel Industries Ltd. · real income · taxable income · actual income · income liable to tax · taxation of income · Supreme Court

Judgments citing CIT v. Excel

Siddharth Developers, Mumbai vs. Asstt Commissioner of Income Tax CC-5(3), Mumbai

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

ITA 707/MUM/2022[2017-18]Status: DisposedITAT Mumbai03 Jan 2023AY 2017-18

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blesiddharth Developers V. Acit – Central Circle – 5(3) 205 Commerce House Room No. 1906, 19Th Floor 140 N.M. Road, Fort Air India Building Nariman Point, Mumbai – 400 021 Mumbai - 400023 Pan: Abffs4068J (Appellant) (Respondent) Assessee Represented By : Shri Nishit Gandhi Department Represented By : Shri Salil Mishra

Section 142(1)Section 143(2)

…o and marked as Exhibit C. This clearly manifests that the approach of Ld. AO is inconsistent and smacks of biased/prejudiced mindset. In any case the said action is also contrary even to the principle of consistency [Ref. CIT Vs Excel industries Ltd.- (2013) 258 ITR 295 (SC)] and therefore the same deserves to be reversed. It is therefore humbly prayed that the returned income for AY 2017-18 be accepted and the action of the Ld. AO as affirmed by the CIT(A) be reversed. 14. The Appellant further submits that it has already offered a total income of Rs.2.93 crores upto A. Y.2014-15. This fact is not even denied b…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1470/DEL/2018[2015-16]Status: DisposedITAT Delhi06 Sept 2018AY 2015-16

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1469/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Sept 2018AY 2014-15

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1467/DEL/2018[2012-13]Status: DisposedITAT Delhi06 Sept 2018AY 2012-13

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1466/DEL/2018[2011-12]Status: DisposedITAT Delhi06 Sept 2018AY 2011-12

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1465/DEL/2018[2010-11]Status: DisposedITAT Delhi06 Sept 2018AY 2010-11

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

ACIT, Central Circle- 26, New Delhi vs. Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi

The appeal of the revenue is dismissed

ITA 1464/DEL/2018[2009-10]Status: DisposedITAT Delhi06 Sept 2018AY 2009-10

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1190/DEL/2018[2011-12]Status: DisposedITAT Delhi06 Sept 2018AY 2011-12

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1189/DEL/2018[2010-11]Status: DisposedITAT Delhi06 Sept 2018AY 2010-11

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1186/DEL/2018[2013-14]Status: DisposedITAT Delhi06 Sept 2018AY 2013-14

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1185/DEL/2018[2012-13]Status: DisposedITAT Delhi06 Sept 2018AY 2012-13

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1182/DEL/2018[2009-10]Status: DisposedITAT Delhi06 Sept 2018AY 2009-10

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1181/DEL/2018[2015-16]Status: DisposedITAT Delhi06 Sept 2018AY 2015-16

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

Gd Foods Manufacturing (India) Pvt. Ltd., New Delhi vs. ACIT, Central Circle- 26, New Delhi

The appeal of the revenue is dismissed

ITA 1180/DEL/2018[2014-15]Status: DisposedITAT Delhi06 Sept 2018AY 2014-15

Bench: Shri Prashant Maharishi & Shri K. N. Chary

For Appellant: Shri Ajay Wadhwa, AdvFor Respondent: Shri Sanjit Singh, CIT DR
Section 132Section 153A

…id actual profitability statement contained both audited and unaudited items of any income and expenditure, which was found during the course of search. He is relied upon the decision of the Hon’ble Supreme Court in case of CIT versus Excel industries limited 258 ITR 295(SC) wherein it has been held that only the real income of the assessee is ought to be taxed. xvii. He further pressed into service an interesting argument to say that the bogus purchases booked by the assessee does not have any impact on the income of the assessee because the cash generated out of such bogus purchases were used for incurring the…

ITO (E) 2(3), Mumbai vs. Sathya Sai Trust, Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 6567/MUM/2016[2009-10]Status: DisposedITAT Mumbai19 Apr 2017AY 2009-10

Bench: Shri R.C.Sharma, Am

Section 11Section 12ASection 143(3)

…as a matter of principle of consistency, the assessee should be eligible to get the benefit of depreciation in this year as well and for this purpose, I derive support from the judgment of Hon'ble Supreme Court in the case of CIT v. Excel Industries Pvt. Ltd. 258 ITR 295. Thus, viewed from all the angles, I find that the assessee is eligible to Sadguru Seva Trust claim depreciation and the same is directed to be allowed and grounds raised by department are dismissed. 4. Respectfully following the decision of the Tribunal in assessee’s own case vis-à-vis the decision of Bombay High Court in the case of of CIT(A) a…

Mema Engineers & Contractors P. Ltd., Mumbai vs. ACIT Cir. 6(3), Mumbai

In the result, the appeal filed by the assessee company in ITA N0

ITA 654/MUM/2011[2006-07]Status: DisposedITAT Mumbai13 Jun 2016AY 2006-07

Bench: Shri C.N. Prasad & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.654/Mum/2011 ("नधा"रण वष" / Assessment Year : 2006-07) Mema Engineers & A.C.I.T. Circle – 6(3), बनाम/ Contractors Private Limited, Aayakar Bhavan, V. Unit No. G-6, Navbharat M.K. Road, Estate, Mumbai – 20. Zakaria Bunder, Mumbai – 400 015. "थायी लेखा सं./Pan : Aaach 1383 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri S. Senthil Kumaran
Section 143Section 143(3)Section 43B

…आयकर अपील"य अ"धकरण “G” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. No.654/Mum/2011 ("नधा"रण वष" / Assessment Year : 2006-07) Mema Engineers & A.C.I.T. Circle – 6(3), बनाम/ Contractors Private Limited, Aayakar Bhavan, v. Unit No. G-6, Navbharat M.K. Road, Estate, Mumbai – 20. Zakaria Bunder, Mumbai – 400 015. "थायी लेखा सं./PAN : AAACH 1383 E (अपीलाथ" /Appellant) .. (""यथ" / Respondent) Assessee by Shri Nishit Gandhi Revenue by : Shri S. Senthil Kumaran सुनवाई क" तार"ख /Date of He…

CIT v. Excel (258 ITR 295) — Cited in 16 Judgments | BharatTax