CIT v. Excel Industries Ltd.

358 ITR 295Supreme Court of India2013#49 most cited

What is CIT v. Excel Industries Ltd. authority for?

When an income or expenditure is revenue neutral across different assessment years, where any benefit derived is offset by a corresponding liability or reversal, no additional tax liability arises, particularly concerning income recognition under the mercantile system of accounting.

935

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Excel Industries Ltd. · Excel Industries Ltd SC 2013 · Revenue Neutral principle · mercantile system of accounting · right to receive income · taxability of revenue neutral transactions · Section 147 Income Tax Act · reassessment · Section 148 Income Tax Act · profits and gains of business or profession · no tax liability revenue neutral · income accrual reversal

Also reported as

38 Taxmann.com 100219 Taxmann 379

Sections most often in play

Section 143(3)Section 37(1)Section 147Section 14ASection 132Section 153ASection 1961Section 148
Read the full judgment

Issues it is cited on

right to receivemercantile system of accountingrule of consistencysection 35profits and gains of business or professionrevenue expenditureliable to taxsection 80isection 37(1)section 28section 32capital expenditure

Judgments citing CIT v. Excel Industries Ltd.

Deputy Commissioner of Income Tax Circle - 5(1), Bhopal, Bhopal Madhya Pradesh vs. Mapaex Remedies Pvt Ltd, Bhopal Madhya Pradesh

Appeals are dismissed

ITA 509/IND/2024[2016-17]Status: DisposedITAT Indore10 Sept 2024AY 2016-17

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(2)Section 143(3)Section 147Section 148Section 80

…he abrupt disallowance in A.Y. 2014-15 without any change in facts is clearly arbitrary and unreasonable. Reliance in this regard is placed on following decisions:- Radhasoami Satsang Saomi Beas v. CIT, [1992] 193 ITR 321 (SC) CIT v Excel Industries Ltd (2013)358 ITR 295(SC) DCIT vs Sulabh Intemational Social Service Organisation (2011) 57 DTR 0008 (Patna HC) 7.22 Further, on identical facts, the Delhi High Court in the case of CIT v. A. K. J. Security Printers, (2003) 264 ITR 276 has held as follows:- "we are of the view that having accepted at least in three assessment years that the assessee's business activit…

Deputy Commissioner of Income Tax, Circle -5(1), Bhopal, Madhya Pradesh vs. Mapaex Remedies Pvt. Ltd., Bhopal Madhya Pradesh

Appeals are dismissed

ITA 508/IND/2024[2012-13]Status: DisposedITAT Indore10 Sept 2024AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(2)Section 143(3)Section 147Section 148Section 80

…he abrupt disallowance in A.Y. 2014-15 without any change in facts is clearly arbitrary and unreasonable. Reliance in this regard is placed on following decisions:- Radhasoami Satsang Saomi Beas v. CIT, [1992] 193 ITR 321 (SC) CIT v Excel Industries Ltd (2013)358 ITR 295(SC) DCIT vs Sulabh Intemational Social Service Organisation (2011) 57 DTR 0008 (Patna HC) 7.22 Further, on identical facts, the Delhi High Court in the case of CIT v. A. K. J. Security Printers, (2003) 264 ITR 276 has held as follows:- "we are of the view that having accepted at least in three assessment years that the assessee's business activit…

Ms Mapaex Remedies Pvt Ltd, Bhopal vs. ACIT 2 (1) Bhopal, Bhopal Madhya Pradesh

Appeals are dismissed

ITA 489/IND/2024[2017-18]Status: DisposedITAT Indore10 Sept 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(2)Section 143(3)Section 147Section 148Section 80

…he abrupt disallowance in A.Y. 2014-15 without any change in facts is clearly arbitrary and unreasonable. Reliance in this regard is placed on following decisions:- Radhasoami Satsang Saomi Beas v. CIT, [1992] 193 ITR 321 (SC) CIT v Excel Industries Ltd (2013)358 ITR 295(SC) DCIT vs Sulabh Intemational Social Service Organisation (2011) 57 DTR 0008 (Patna HC) 7.22 Further, on identical facts, the Delhi High Court in the case of CIT v. A. K. J. Security Printers, (2003) 264 ITR 276 has held as follows:- "we are of the view that having accepted at least in three assessment years that the assessee's business activit…

Ms Mapaex Remedies Pvt Ltd, Bhopal vs. ACIT 2 (1) Bhopal, Bhopal

Appeals are dismissed

ITA 486/IND/2024[2012-13 ]Status: DisposedITAT Indore10 Sept 2024

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(2)Section 143(3)Section 147Section 148Section 80

…he abrupt disallowance in A.Y. 2014-15 without any change in facts is clearly arbitrary and unreasonable. Reliance in this regard is placed on following decisions:- Radhasoami Satsang Saomi Beas v. CIT, [1992] 193 ITR 321 (SC) CIT v Excel Industries Ltd (2013)358 ITR 295(SC) DCIT vs Sulabh Intemational Social Service Organisation (2011) 57 DTR 0008 (Patna HC) 7.22 Further, on identical facts, the Delhi High Court in the case of CIT v. A. K. J. Security Printers, (2003) 264 ITR 276 has held as follows:- "we are of the view that having accepted at least in three assessment years that the assessee's business activit…

Mapaex Remedies Pvt Ltd, Bhopal vs. The DCIT -2- (1), Bhopal

Appeals are dismissed

ITA 444/IND/2024[2016-17]Status: DisposedITAT Indore10 Sept 2024AY 2016-17

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(2)Section 143(3)Section 147Section 148Section 80

…he abrupt disallowance in A.Y. 2014-15 without any change in facts is clearly arbitrary and unreasonable. Reliance in this regard is placed on following decisions:- Radhasoami Satsang Saomi Beas v. CIT, [1992] 193 ITR 321 (SC) CIT v Excel Industries Ltd (2013)358 ITR 295(SC) DCIT vs Sulabh Intemational Social Service Organisation (2011) 57 DTR 0008 (Patna HC) 7.22 Further, on identical facts, the Delhi High Court in the case of CIT v. A. K. J. Security Printers, (2003) 264 ITR 276 has held as follows:- "we are of the view that having accepted at least in three assessment years that the assessee's business activit…

M/S. Bajaj Auto Ltd., Mumbai vs. Addl. CIT. RG. - 3(1), Mumbai

ITA 1496/MUM/2007[2003-2004]Status: DisposedITAT Mumbai09 Sept 2024AY 2003-2004
Section 115JSection 14ASection 250Section 35DSection 40Section 80H

…t on transfer of DEPB and the DEBP benefit utilized ought to be taxed and not the entire amount credited to the Profit and Loss Account. In this connection reliance was placed on the decision of the Supreme Court in the case of Excel Industries Limited [2013] 358 ITR 295 (SC). 47. Similar contention was made with respect to reducing the amount of export benefit from the Profits of the Business while computing deduction under section 80HHC of the Act. 48. In this regard, the Id. Counsel submitted that the issue in appeal with respect to the taxability of DEPB benefit is decided by the coordinate bench of the Tribu…

M/S International Seaport Dredging Private Limited, Chennai vs. DCIT, Corporate Circle-2(2), Chennai

The appeal stand allowed

ITA 1284/CHNY/2023[2016-17]Status: DisposedITAT Chennai03 Sept 2024AY 2016-17

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1284/Chny/2023 (िनधा*रणवष* / Assessment Year: 2016-17) M/S. International Seaport Dredging Dcit Private Limited Corporate Circle-2(2), P.No. 2C, 1St Floor, Ocean Square Chennai-34. बनाम/ South Phase, Thiru Vi Ka Industrial Vs. Estate, Ekkattuthangal Guindy Industrial Estate, Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabci-2286-E (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Ashik Shah (Ca)-Ld.Ar " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) -Ld. Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 20-08-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-09-2024 आदेश / O R D E R

For Appellant: Shri Ashik Shah (CA)-Ld.ARFor Respondent: Shri Nilay Baran Som (CIT) -Ld. Sr. DR
Section 115JSection 143(3)Section 37

…Rs.10.56 Crores in the subsequent year and offered the same to tax. Disallowing the provision in this year would amount to double taxation which is impermissible. The Ld. AR referred to the decision of Hon’ble Apex Court in the case of Excel Industries Ltd [358 ITR 295] to support these submissions. The Ld. CIT-DR, in its written submissions, supported the findings of Ld. CIT(A) and submitted that the provision made by the assessee was not an ascertained liability. The Ld. CIT-DR has referred to the ruling of the Hon'ble High Court of Madras in the case of FLSmidth v DCIT (456 ITR 300). 6. Upon careful consider…

The Assistant Commissioner of Income Tax, Akola Circle, Akola vs. Shri Ramkisan Natha Darade, Buldhana

In the result, appeal filed by the Revenue is dismissed

ITA 388/NAG/2019[2015-16]Status: DisposedITAT Nagpur02 Sept 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

…this principle in the remand report in Shri Ramkisan Natha Darade ITA no.388/Nag./2019 respect of Ground of Appeal No. 3 having similar facts. Reliance placed by appellant on following judicial precedent support his contention  CIT v. Excel Industries Ltd (358 ITR 295) (SC) wherein the Hon'ble Court has observed as under: "32. Thirdly, the real question concerning us is the year in which the assessee is required to pay tax, There is no dispute that in the subsequent accounting year, the assessee did make imports and did derive benefits under the advance licence and the duty entitlement pass book and paid tax t…

Bhuvana Projects Private Limited, Bhubaneswar vs. Dy. Commissioner of Income Tax, Corporate Circle

In the result, appeal of the assessee is allowed

ITA 105/CTK/2024[2015-16]Status: DisposedITAT Cuttack29 Aug 2024AY 2015-16

Bench: Shri George Mathan & Shri Manish Agarwalआयकर अऩीऱ सं/Ita No.105/Ctk/2024 (ननधाारण वषा / Assessment Year : 2015-2016) Bhuvana Projects Private Ltd. Vs Dcit, Corporate Circle, Flat No.908, Bhuvana Pride, Bhubaneswar Ranasinghpur, Odisha Pan No. :Aaecb 3452 A (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. ननधााररती की ओर से /Assessee By : Shri P.R.Mohanty, Advocate राजस्व की ओर से /Revenue By : Shri S.C.Mohanty, Sr. Dr सुनवाई की तारीख / Date Of Hearing : 29/08/2024 घोषणा की तारीख/Date Of Pronouncement : 29/08/2024 आदेश / O R D E R Per Bench : This Is An Appeal Filed By The Assessee Against The Order Dated 24.01.2024 Passed By The Ld. Cit(A), National Faceless Appeal Centre (Nfac), Delhi, In Din & Order No.Itba/Nfac/S/250/2023- 24/1060081750(1) For The Assessment Year 2015-2016, On The Following Grounds Of Appeal :- 1. That The Impugned Appellate Order By The Commissioner Of Income Tax ( Appeals), National Faceless Appeal Centre, Income Tax Department, Govt. Of India Is Bad In Law & Without Application Of Mind. 2. That The Ld. Cit(A) Has Erred In Confirming The Order Of The Assessing Officer Assessing The Taxable Income Of The Assessee Based On Percentage Completion Method Without Considering The Consistent Method Of Actual Performance Adopted By The Assessee Since Its Inception Declaring The Income For The Year. The Application Of As 7 To Arrive At The Income Is Notional & Hypothetical In Nature Which Cannot Override The Books Of Accounts Maintained By The Assessee & Therefore, Assessing A High Pitch Income Against The Returned Loss Of The Assessee Is Not Tenable In The Eyes Of Legal Standing & Therefore, The Same Should Be Quashed & The Income

For Appellant: Shri P.R.Mohanty, AdvocateFor Respondent: Shri S.C.Mohanty, Sr. DR
Section 145(3)

…nt is bound by the judgment, although it may be true enough that subsequent light or ingenuity might suggest some traverse which had not been taken.” 10. Similar view has been expressed by the Hon’ble Supreme Court in the case of CIT Vs. Excel Industries Ltd. 358 ITR 295(SC), wherein, it has been held as under: 28. Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Conse…

DCIT, Circle, Patiala vs. M/S Punjab State Power Corporation Ltd., Patiala

In the result, ground no. 1 & 3 of the Revenue’s appeal is allowed and ground no

ITA 737/CHANDI/2022[2017-18]Status: DisposedITAT Chandigarh27 Aug 2024AY 2017-18

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Rajiv Saldi, CAFor Respondent: Smt. Kusum Bansal, CIT, DR
Section 143(2)

…c in nature as the same will have nil effect on the overall determination of income in the hands of the assessee and is therefore revenue neutral and useful reference can be drawn to the decision of the Hon’ble Supreme Court in case of Excel Industries (2013) 358 ITR 295. 11. Having said that, we find that the AO has summarily passed the assessment order and no specific finding has been given as to why the explanation so submitted by the assessee was found not acceptable. Even the ld CIT(A) has not decided the matter on merits of the case and has gone by the past history of the assessee. 12. The limited grievanc…

Gujarat State Fertilisers & Chemicals Ltd., Vadodara vs. The Dy, CIT, Circle-1(1)(1), Vadodara

Appeal is dismissed and assessee’s appeal is partly allowed

ITA 624/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad27 Aug 2024AY 2011-12

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Yogesh Shah, A.RFor Respondent: Shri H. Phani Raju, CIT D.R. &
Section 14A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ “ए“, अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD सु"ी सु"च"ा का"बले, "या"यक सद"य एवं "ी मकरंद वसंत महादेवकर, लेखा सद"य के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER Sl. आयकरअपील सं/ "नधा"रण वष"/ Appeal(s) by : No(s) ITA No(s) Assessment अपीलाथ" /""यथ" / Year(s) Appellant बनाम/vs. Respondent 1. ITA No. 2011-12 The Deputy Gujarat State Fertilizers & 547/Ahd…

The DCIT, Circle-1(1), Vadodara vs. Gujarat State Fertilizers & Chemicals Ltd., Vadodara

Appeal is dismissed and assessee’s appeal is partly allowed

ITA 547/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad27 Aug 2024AY 2011-12

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

For Appellant: Shri Yogesh Shah, A.RFor Respondent: Shri H. Phani Raju, CIT D.R. &
Section 14A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ “ए“, अहमदाबाद। अहमदाबाद "यायपीठ अहमदाबाद। अहमदाबाद। अहमदाबाद। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, AHMEDABAD सु"ी सु"च"ा का"बले, "या"यक सद"य एवं "ी मकरंद वसंत महादेवकर, लेखा सद"य के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER Sl. आयकरअपील सं/ "नधा"रण वष"/ Appeal(s) by : No(s) ITA No(s) Assessment अपीलाथ" /""यथ" / Year(s) Appellant बनाम/vs. Respondent 1. ITA No. 2011-12 The Deputy Gujarat State Fertilizers & 547/Ahd…

Punjab State Coop. Bank Ltd., Chandigarh vs. ACIT, Cl-2(1), Chandigarh

In the result the impugned order of Ld

ITA 293/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh21 Aug 2024AY 2013-14

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Atul Goyal, C.AFor Respondent: Shri Dharam Vir, JCIT, Sr. DR
Section 143(1)Section 143(2)Section 250Section 253Section 80P(2)(a)

…nded by the Ld. AR that mere receipt of the aforesaid amount during the A.Y. 2013-14 the amount does not become taxable. The reliance was placed on the judgement of Hon’ble Supreme Court of India in case of CIT Vs. M/s Excel Industries Ltd. reported in (2013) 358 ITR 295 and in particular para 17 to 33 to draw a point that income tax is a levy on income. No doubt the Income Tax Act takes into account two points of time at which the liability to tax is attracted viz the accrual of the income or its receipt, but the substance of the matter is income. Basis above it was contended that Hon’ble Supreme Court has laid…

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

…also relying upon the following case:- Parashuram Pottery Works Ltd. vs. ITO (1977) 106 ITR 01 (SC) Pr. CIT vs Quest Investment Advisors Ltd. (2018) 409 ITR 545 (Bom) Bharat Sanchar Nigam Ltd. vs UOI (2006) 282 ITR 273 (SC) CIT vs Excel Industries Ltd. (2013) 358 ITR 295 (SC) CIT vs Realest Builders & Services (2008) 307 ITR 202 (SC) DCIT Circle-33 vs India housing (2020) 113 Taxmann.com 535 (ITAT-Kolkata) Bodal Chemicals Ltd. vs Addl CIT (2019) 112 Taxmann.com 217 (ITAT-Ahmedabad) Travencore Textiles P. Ltd. vs ITO (ITA No.3193/Chny/2018) (ITAT-Chennai) AVTEC Limited vs DCIT (2015) 370 ITR 611 (Del) F) Even if t…

Dy. CIT Circle 3(4), Mumbai vs. Asian Paints Ltd, Mumbai

In the result, appeals filed by assessee and Revenue for A

ITA 3083/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 115JSection 143(3)Section 14ASection 2(43)Section 35Section 40Section 80GSection 90

…rt ld. Counsel has placed reliance on the judgment of the Hon’ble Bombay High Court in the case of CIT vs. Nagri Mills Co. Ltd. reported in (1957) 33 ITR 681 and judgment of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd. reported in (2013) 358 ITR 295. Further, this issue has been restored back by the Tribunal in A.Y.2015-16 after observing as under:- “19. Undisputedly, the assessee is following the mercantile system of accounting. and therefore only such expenses which are crystallized during the year can be allowed as a deduction while computing the income. Since the issue pertains to the re…

Asian Paints Limited, Santacruz vs. Deputy Commissioner of Income Tax, Ltu Circle 2, Cuffe Parade

ITA 2700/MUM/2023[2016-17]Status: DisposedITAT Mumbai26 Jul 2024AY 2016-17
Section 143(3)Section 14ASection 2(43)Section 35Section 40Section 50Section 80GSection 90

…rt ld. Counsel has placed reliance on the judgment of the Hon'ble Bombay High Court in the case of CIT vs. Nagri Mills Co. Ltd. reported in (1957) 33 ITR 681 and judgment of Hon'ble Supreme Court in the case of CIT vs. Excel Industries Ltd. reported in (2013) 358 ITR 295. Further, this issue has been restored back by the Tribunal in A.Y.2015-16 after observing as under:- “19. Undisputedly, the assessee is following the mercantile system of accounting. and therefore only such expenses which are crystallized during the year can be allowed as a deduction while computing the income. Since the issue pertains to the re…

Asian Paints Limited, Santacruz vs. National Faceless Assessment Centre, Delhi

ITA 2696/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19
Section 143(3)Section 14ASection 2(43)Section 35Section 40Section 50Section 80GSection 90

…rt ld. Counsel has placed reliance on the judgment of the Hon'ble Bombay High Court in the case of CIT vs. Nagri Mills Co. Ltd. reported in (1957) 33 ITR 681 and judgment of Hon'ble Supreme Court in the case of CIT vs. Excel Industries Ltd. reported in (2013) 358 ITR 295. Further, this issue has been restored back by the Tribunal in A.Y.2015-16 after observing as under:- “19. Undisputedly, the assessee is following the mercantile system of accounting. and therefore only such expenses which are crystallized during the year can be allowed as a deduction while computing the income. Since the issue pertains to the re…

ITO, New Delhi vs. M/S Ansal Housing & Construction Ltd., New Delhi

In the result, the cross-objection filed by the assessee is dismissed

ITA 2731/DEL/2010[2007-08]Status: DisposedITAT Delhi26 Jul 2024AY 2007-08

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2007-08] Dcit, Vs Ansal Housing & Construction Ltd., Central Circle-20, Ugf-15, Indraprastha Building, 21, New Delhi. Barakhamba Road, New Delhi. Pan-Aaaca0377R Appellant Respondent

Section 143(3)Section 14ASection 80Section 80I

…ead' Administrative Expenses' in earlier years. Thus keeping in view of law of consistency the allocation made by the Ld. Assessing Officer is liable to be deleted. Reliance in this regard is placed on the following decisions: • CIT vs. Excel Industries Ltd.: 358 ITR 295 (SC) • Radhasoami Satsang v. CIT: 193 ITR 321 (SC) • DIT (E) v. Apparel Export Promotion Council: 244 ITR 734 (Del) • CIT v. Neo Polypack (P) Ltd: 245 ITR 492 (Del.) • CIT v. Dalmia Promoters Developers (P) Ltd: 281 ITR 346 (Del.) • DIT v. Escorts Cardiac Diseases Hospital: 300 ITR 75 (Del.) • CIT v. P. KhrishnaWarrier: 208 ITR 823 (Ker) • CIT v…

Shree Mallikarjun Trad Invest Private Limited, Ahmedabad vs. The Income Tax Officer, Ward-4(1)(3), Ahmedabad

In the result, appeal of the assessee is allowed

ITA 258/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad28 Jun 2024AY 2014-15

Bench: Ms. Suchitra Kambleassessment Year: 2014-15

Section 143(1)Section 271(1)(c)Section 68

…was not justified in Assessment Year: 2014-15 Page 4 of 6 disturbing partial business loss of Rs.6,58,200/- incurred in the year in question in view of principles of consistency. The Ld. AR relied upon the following decisions:- 1) CIT vs. Excel Industries – 358 ITR 295 (SC) 2) Radhaswoami Satsang vs. CIT – 193 ITR 0321 (SC) 3) Bharat Sanchar Nigam Limited vs. UOI – (2006) 283 ITR 273 (SC) 5.1 The Ld. AR further submitted that the addition has been merely on the basis of general observation being as to Dhenu Buildcon Private Limited being a penny stock without bringing any cogent material on record with respect…

Assistant Commissioner of Income Tax, Exemptions, Circle, Jaipur vs. Global Institute of Technology Society, Jaipur Rajasthan

In the results the appeal of the revenue stands dismissed

ITA 175/JPR/2024[2013-14]Status: DisposedITAT Jaipur27 Jun 2024AY 2013-14

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. S. L. Poddar, AdvFor Respondent: Sh. Anoop Singh, (Addl.CIT)
Section 11Section 12ASection 13(1)Section 13(3)Section 143(3)Section 147

…nd. Once the assessee has not incurred any expenditure on account of interest then the addition made by the AO as notional interest is not justified the decision on this issue by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Limited (2013) 358 ITR 295 (SC) has been relied upon. So once the issue was settled by ITAT than reopening of assessment is not tenable. Copy of ITAT order is placed on paper book page no. 35 to 47. Therefore the issue was settled in favor of the assessee prior to initiation of reassessment proceedings. So the reassessment proceedings deserves to be quashed. Ground No. 2:-…