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 366,369 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.

M/S. S.R. Ferro Alloys, Jhabua vs. The PCIT, Bhopal

In the result, the appeal of assessee is allowed

ITA 148/IND/2021[2015-16]Status: DisposedITAT Indore09 Nov 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanis.R. Ferro Alloys Pr. Cit, Central 9, Siddheswar Colony Bhopal Vs. Jhabua (Appellant / Assessee) (Revenue) Pan: Abhfs7377Q Appellant By Shri Sumit Nema, Sr. Adv. & Gagan Tiwari, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 12.10.2023 Date Of Pronouncement 09.11.2023

Section 263

…s to the revenue. Mere postponement of tax as a result of method employed by assessee has not been viewed adversely by courts so long as the method is regularly and consistently employed as held by Hon'ble Apex Court in the case of Excel Industries Ltd (2013) 358 ITR 295.” 5.5 Therefore, when the issue of examination of the identity, creditworthiness of the creditors and genuineness of the transactions was not subject matter of the limited scrutiny then the order of the AO cannot be held as erroneous so far as prejudicial to the interest of revenue on the ground that lack of inquiry. Accordingly by following var…

Shree Narmada Khand Udyog Sahkari Mandali Ltd., Narmada vs. Income Tax Officer, Ward - 2(1), Bharuch

In the result, the grounds of appeal raised by the assesse are allowed

ITA 104/SRT/2023[2014-15]Status: DisposedITAT Surat31 Oct 2023AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 234ASection 254(1)Section 271(1)(c)Section 28Section 37Section 37(1)

…amount has been gone out of coffers of assessee received by growers. The accounting method regarding preparation of annual accounts is followed consistently since many years which has been accepted by the department. The Hon’ble Apex Court in Excel Industries 358 ITR 295 held that once accounting method which is followed and accepted by the department cannot be now open to challenge the same. In case of assessee also, the assessee paid the difference because as per provisions of Section 43(2) paid means actually paid or incurred according to method of accounting upon the basis of which the profits and gains are c…

Shree Narmada Khand Udyog Sahkari Mandali Ltd., Narmada vs. Income Tax Officer, Ward - 2(1), Bharuch

In the result, the grounds of appeal raised by the assesse are allowed

ITA 103/SRT/2023[2013-14]Status: DisposedITAT Surat31 Oct 2023AY 2013-14

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 234ASection 254(1)Section 271(1)(c)Section 28Section 37Section 37(1)

…amount has been gone out of coffers of assessee received by growers. The accounting method regarding preparation of annual accounts is followed consistently since many years which has been accepted by the department. The Hon’ble Apex Court in Excel Industries 358 ITR 295 held that once accounting method which is followed and accepted by the department cannot be now open to challenge the same. In case of assessee also, the assessee paid the difference because as per provisions of Section 43(2) paid means actually paid or incurred according to method of accounting upon the basis of which the profits and gains are c…

Shree Narmada Khand Udyog Sahkari Mandali Ltd., Narmada vs. Income Tax Officer, Ward - 2(1), Bharuch

In the result, the grounds of appeal raised by the assesse are allowed

ITA 102/SRT/2023[2012-13]Status: DisposedITAT Surat31 Oct 2023AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 234ASection 254(1)Section 271(1)(c)Section 28Section 37Section 37(1)

…amount has been gone out of coffers of assessee received by growers. The accounting method regarding preparation of annual accounts is followed consistently since many years which has been accepted by the department. The Hon’ble Apex Court in Excel Industries 358 ITR 295 held that once accounting method which is followed and accepted by the department cannot be now open to challenge the same. In case of assessee also, the assessee paid the difference because as per provisions of Section 43(2) paid means actually paid or incurred according to method of accounting upon the basis of which the profits and gains are c…

DCIT, Central Circle-14, New Delhi vs. Mdlr Airlines Pvt. Ltd., New Delhi

In the result, appeal of the revenue is dismissed

ITA 7824/DEL/2018[2012-13]Status: DisposedITAT Delhi19 Oct 2023AY 2012-13

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalassessment Year: 2012-13 Dcit, Central Circle-14, New Mdlr Airlines Pvt. Ltd. Delhi Flat No. 4, R. R. Apartment, 3-4, Room No. 354, E-2, Ara Centre, Vs Mehglapuri, Mehruli, Civil Jhandewalan Ext., New Delhi- . Lines, New Delhi-110030. 55. (Pan: Aaecm5231C) (Appellant) (Respondent) For Assessee: Shri Gautam Jain, Adv. For Revenue : Ms Suneeta Verma, Cit, Dr

For Appellant: Shri Gautam Jain, AdvFor Respondent: Ms Suneeta Verma, CIT, DR
Section 143(3)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: F: NEW DELHI BEFORE SHRI CHANDRA MOHAN GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Assessment Year: 2012-13 DCIT, Central Circle-14, New MDLR Airlines Pvt. Ltd. Delhi Flat No. 4, R. R. apartment, 3-4, Room No. 354, E-2, ARA Centre, vs Mehglapuri, Mehruli, Civil Jhandewalan Ext., New Delhi- . Lines, New Delhi-110030. 55. (PAN: AAECM5231C) (Appellant) (Respondent) For Assessee: Shri Gautam Jain, Adv. For Revenue : Ms Suneeta Verma, CIT, DR Date of Hearing : 12.09.2023 Date of Pronouncement : 19.10.2023 ORDER PER GIRISH AGRAWAL, Accontant Membe…

Suresh Productions, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-14(1), Hyderabad

In the result, the appeal filed by the Revenue as well as all the appeals and C

ITA 2105/HYD/2018[2014-15]Status: DisposedITAT Hyderabad11 Oct 2023AY 2014-15

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyappeal In Ita No Appellant Respondent A.Y 1429/Hyd/2014 Acit Circle M/S. Suresh 2003-04 13(1) Hyderabad Productions Hyderabad Co 78/Hyd/2014 M/S. Suresh Acit Circle 13(1) 2003-04 (Ita Productions Hyderabad 1429/H/2014) Hyderabad 2102/Hyd/2018 -Do- Addl.Cit, Range 13(Old) 2010-11 Range-14 (Present) Hyderabad 2103/Hyd/2018 -Do- Dy.Cit, Circle 14(1) 2012-13 Hyderabad 2104/Hyd/2018 -Do- -Do- 2013-14 2105/Hyd/2018 -Do- -Do- 2014-15 Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Shakeer Ahmed, Dr

For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 148

…assessee relied upon the following decisions: i) CIT vs. Nagari Mills Co. Ltd (33 ITR 681) (Bombay) ii) Berger Paints India Ltd (266 ITR 99) (pages 103-104) (S.C) iii) PCIT v. Rajesh Prakash Timblo (2019 (415 ITR 334) (Bombay) iv) CIT vs. Excel Producer Ltd (358 ITR 295).(S.C) 21. The learned DR in his rejoinder submitted that the question of issue of notice u/s 143(2) does not arise since the assessee failed to submit the return of income in response to notice u/s 148 of the I.T. Act. Further, the re-assessment proceedings initiated by the Assessing Officer are in accordance with law and therefore, the observa…

Suresh Productions, Hyderabad vs. Asst. Commissioner of Income Tax, Circle-14(1), Hyderabad

In the result, the appeal filed by the Revenue as well as all the appeals and C

ITA 2104/HYD/2018[2013-14]Status: DisposedITAT Hyderabad11 Oct 2023AY 2013-14

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyappeal In Ita No Appellant Respondent A.Y 1429/Hyd/2014 Acit Circle M/S. Suresh 2003-04 13(1) Hyderabad Productions Hyderabad Co 78/Hyd/2014 M/S. Suresh Acit Circle 13(1) 2003-04 (Ita Productions Hyderabad 1429/H/2014) Hyderabad 2102/Hyd/2018 -Do- Addl.Cit, Range 13(Old) 2010-11 Range-14 (Present) Hyderabad 2103/Hyd/2018 -Do- Dy.Cit, Circle 14(1) 2012-13 Hyderabad 2104/Hyd/2018 -Do- -Do- 2013-14 2105/Hyd/2018 -Do- -Do- 2014-15 Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Shakeer Ahmed, Dr

For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 148

…assessee relied upon the following decisions: i) CIT vs. Nagari Mills Co. Ltd (33 ITR 681) (Bombay) ii) Berger Paints India Ltd (266 ITR 99) (pages 103-104) (S.C) iii) PCIT v. Rajesh Prakash Timblo (2019 (415 ITR 334) (Bombay) iv) CIT vs. Excel Producer Ltd (358 ITR 295).(S.C) 21. The learned DR in his rejoinder submitted that the question of issue of notice u/s 143(2) does not arise since the assessee failed to submit the return of income in response to notice u/s 148 of the I.T. Act. Further, the re-assessment proceedings initiated by the Assessing Officer are in accordance with law and therefore, the observa…

Suresh Productions, Hyderabad vs. Dy. Commissioner of Income Tax, Circle-14(1), Hyderabad

In the result, the appeal filed by the Revenue as well as all the appeals and C

ITA 2103/HYD/2018[2012-13]Status: DisposedITAT Hyderabad11 Oct 2023AY 2012-13

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyappeal In Ita No Appellant Respondent A.Y 1429/Hyd/2014 Acit Circle M/S. Suresh 2003-04 13(1) Hyderabad Productions Hyderabad Co 78/Hyd/2014 M/S. Suresh Acit Circle 13(1) 2003-04 (Ita Productions Hyderabad 1429/H/2014) Hyderabad 2102/Hyd/2018 -Do- Addl.Cit, Range 13(Old) 2010-11 Range-14 (Present) Hyderabad 2103/Hyd/2018 -Do- Dy.Cit, Circle 14(1) 2012-13 Hyderabad 2104/Hyd/2018 -Do- -Do- 2013-14 2105/Hyd/2018 -Do- -Do- 2014-15 Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Shakeer Ahmed, Dr

For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 148

…assessee relied upon the following decisions: i) CIT vs. Nagari Mills Co. Ltd (33 ITR 681) (Bombay) ii) Berger Paints India Ltd (266 ITR 99) (pages 103-104) (S.C) iii) PCIT v. Rajesh Prakash Timblo (2019 (415 ITR 334) (Bombay) iv) CIT vs. Excel Producer Ltd (358 ITR 295).(S.C) 21. The learned DR in his rejoinder submitted that the question of issue of notice u/s 143(2) does not arise since the assessee failed to submit the return of income in response to notice u/s 148 of the I.T. Act. Further, the re-assessment proceedings initiated by the Assessing Officer are in accordance with law and therefore, the observa…

Suresh Productions, Hyderabad vs. Addl. Commissioner of Income Tax, Range-13(Old), Range-14(Present), Hyderabad

In the result, the appeal filed by the Revenue as well as all the appeals and C

ITA 2102/HYD/2018[2010-11]Status: DisposedITAT Hyderabad11 Oct 2023AY 2010-11

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyappeal In Ita No Appellant Respondent A.Y 1429/Hyd/2014 Acit Circle M/S. Suresh 2003-04 13(1) Hyderabad Productions Hyderabad Co 78/Hyd/2014 M/S. Suresh Acit Circle 13(1) 2003-04 (Ita Productions Hyderabad 1429/H/2014) Hyderabad 2102/Hyd/2018 -Do- Addl.Cit, Range 13(Old) 2010-11 Range-14 (Present) Hyderabad 2103/Hyd/2018 -Do- Dy.Cit, Circle 14(1) 2012-13 Hyderabad 2104/Hyd/2018 -Do- -Do- 2013-14 2105/Hyd/2018 -Do- -Do- 2014-15 Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Shakeer Ahmed, Dr

For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 148

…assessee relied upon the following decisions: i) CIT vs. Nagari Mills Co. Ltd (33 ITR 681) (Bombay) ii) Berger Paints India Ltd (266 ITR 99) (pages 103-104) (S.C) iii) PCIT v. Rajesh Prakash Timblo (2019 (415 ITR 334) (Bombay) iv) CIT vs. Excel Producer Ltd (358 ITR 295).(S.C) 21. The learned DR in his rejoinder submitted that the question of issue of notice u/s 143(2) does not arise since the assessee failed to submit the return of income in response to notice u/s 148 of the I.T. Act. Further, the re-assessment proceedings initiated by the Assessing Officer are in accordance with law and therefore, the observa…

ACIT, Circle-13(1), Hyderabad vs. M/S Suresh Productions, Hyderabad

In the result, the appeal filed by the Revenue as well as all the appeals and C

ITA 1429/HYD/2014[2003-04]Status: DisposedITAT Hyderabad11 Oct 2023AY 2003-04

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyappeal In Ita No Appellant Respondent A.Y 1429/Hyd/2014 Acit Circle M/S. Suresh 2003-04 13(1) Hyderabad Productions Hyderabad Co 78/Hyd/2014 M/S. Suresh Acit Circle 13(1) 2003-04 (Ita Productions Hyderabad 1429/H/2014) Hyderabad 2102/Hyd/2018 -Do- Addl.Cit, Range 13(Old) 2010-11 Range-14 (Present) Hyderabad 2103/Hyd/2018 -Do- Dy.Cit, Circle 14(1) 2012-13 Hyderabad 2104/Hyd/2018 -Do- -Do- 2013-14 2105/Hyd/2018 -Do- -Do- 2014-15 Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Shakeer Ahmed, Dr

For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Shakeer Ahmed, DR
Section 143(3)Section 148

…assessee relied upon the following decisions: i) CIT vs. Nagari Mills Co. Ltd (33 ITR 681) (Bombay) ii) Berger Paints India Ltd (266 ITR 99) (pages 103-104) (S.C) iii) PCIT v. Rajesh Prakash Timblo (2019 (415 ITR 334) (Bombay) iv) CIT vs. Excel Producer Ltd (358 ITR 295).(S.C) 21. The learned DR in his rejoinder submitted that the question of issue of notice u/s 143(2) does not arise since the assessee failed to submit the return of income in response to notice u/s 148 of the I.T. Act. Further, the re-assessment proceedings initiated by the Assessing Officer are in accordance with law and therefore, the observa…

Sunbeam Lightweighting Solutions Pvt Ltd (Formely Sunbeam Auto Pvt Ltd), Gurgaon vs. DCIT Circle-24(2), New Delhi

ITA 117/DEL/2020[2015-16]Status: DisposedITAT Delhi11 Oct 2023AY 2015-16

Bench: Sh. M. Balaganesh & Sh.Anubhav Sharma

Section 143(3)Section 195Section 234Section 234ASection 40Section 9Section 9(1)(vii)Section 9(2)

…w facts or law has been brought out by the Ld. AO/CIT(A) in AY 2011-12 under consideration. They have merely taken a different stand on the same facts which violates the principle of rule of consistency as held by the Hon’ble Supreme Court in Excel Industries 358 ITR 295 (SC). 11.1 On merits, the Ld. AR submitted that commission to foreign sales agents is paid for procuring successful orders only after the agreed price is released by the foreign purchaser. The agent carries out market study etc. for boosting his commission income. The agents act at the dictates of the assessee. They were not 116 & 117/Del/2020…

Sunbeam Lightweighting Solutions Pvt Ltd (Formely Sunbeam Auto Pvt Ltd), Gurgaon vs. DCIT Circle-24(2), New Delhi

ITA 116/DEL/2020[2014-15]Status: DisposedITAT Delhi11 Oct 2023AY 2014-15

Bench: Sh. M. Balaganesh & Sh.Anubhav Sharma

Section 143(3)Section 195Section 234Section 234ASection 40Section 9Section 9(1)(vii)Section 9(2)

…w facts or law has been brought out by the Ld. AO/CIT(A) in AY 2011-12 under consideration. They have merely taken a different stand on the same facts which violates the principle of rule of consistency as held by the Hon’ble Supreme Court in Excel Industries 358 ITR 295 (SC). 11.1 On merits, the Ld. AR submitted that commission to foreign sales agents is paid for procuring successful orders only after the agreed price is released by the foreign purchaser. The agent carries out market study etc. for boosting his commission income. The agents act at the dictates of the assessee. They were not 116 & 117/Del/2020…

Computer Sciences Corporation India Private Limited, Chennai vs. ACIT, Chennai

ITA 1654/CHNY/2011[2007-08]Status: DisposedITAT Indore06 Oct 2023AY 2007-08

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year: 2007-08 Computer Sciences Acit, Corporation India Private Company Circle 1(3), Limited, Chennai [Formerly Covansys (India) Private Limited], बनाम/ Unit 13, Block 2, Sdf Buildings, Vs. Madras Export Processing Zone, Tambaram, Chennai (Assessee / Appellant) (Revenue / Respondent) Pan: Aaacc1351M Assessee By Shri Neeraj Jain, Adv. Shri Abhishek Agrawal, Ca Revenue By Shri P.K. Mishra, Cit Dr Date Of Hearing 12.07.2023 Date Of Pronouncement

Section 10ASection 143(2)Section 143(3)Section 144C(5)Section 14ASection 92C

…comparison in all other years and the AY 2007-08 under consideration is the solitary year where the TPO/AO has rejected assessee’s claim. Relying upon the decision of Hon’ble Supreme Court in Radhasoami Satsang Vs. CIT 193 ITR 321 and Excel Industries Limited 358 ITR 295, it is submitted that the principle of consistency must be adhered to in income- tax proceedings. It is submitted that there is no change in facts or law so as to warrant deviation from the consistent view taken by authorities. Therefore, the TPO/AO is at a serious default in not accepting ‘entity-level’ benchmarking in current year. 13. Per con…

M/S. United Phosphorus Ltd., Mumbai vs. DCIT Cent. Cir. - 38, Mumbai

In the result, appeal of the revenue is partly allowed

ITA 4695/MUM/2005[1999-2000]Status: DisposedITAT Mumbai20 Sept 2023AY 1999-2000

Bench: Shri Amit Shukla & Shri Gagan Goyalm/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W), Mumbai – 400 052 Pan: Aaacu3440P ...... Appellant Vs. Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ..... Respondent Acit Cc -2 Dy. Commissioner Of Income Tax Central Circle-38 Mumbai ...... Appellant Vs. M/S. United Phosphorus Limited, Mumbai (Now Known As Uniphos Enterprises Ltd.) Uniphos House, 11-C.D. Marg Opp. Madhu Park Khar (W) Mumbai – 400 052 Pan: Aaacu3440P ...... Respondent (Now Known As Uniphos Enterprises Ltd.)

For Appellant: Ms. Vasanti B Patel / Shri KiritFor Respondent: Shri Rajneesh Yadav
Section 143(3)Section 37(1)

…isallowance made by the AO relying on the decision of ITAT in assessee’s own case for AY 1995-96, 1996-97 and 1997-98. 8. Heavy reliance was also placed by assessee on the judgment of the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd (SC) (358 ITR 295). Further, the following decisions were also relied upon in the assessee’s own case wherein the issue has been decided in favour of the assessee. a) Hon’ble Bombay High Court-AY 1994-95 (IT.A No. 1866 of 2013) b) Hon’ble Gujarat High Court-AY 1995-96 (Tax Appeal No: 322 of 2001) c) Hon’ble Gujarat High Court-AY 1997-98 (Tax Appeal No. 129 of 200…

M/S Parth Developers, Dhar vs. The PCIT -1, Indorer

In the result, appeal of assessee is allowed

ITA 419/IND/2022[2015-16]Status: DisposedITAT Indore28 Aug 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Parth Developers Pr. Cit-1 Manawar Dist. Indore Vs. Dhar (Appellant / Assessee) (Respondent/ Revenue) Pan: Aalfp 4509 N Assessee By Shri Milind Wadhwani, Ar Revenue By Shri P.K. Mishra, Cit-Dr Date Of Hearing 22.06.2023 Date Of Pronouncement 28.07.2023

Section 142(1)Section 143Section 143(3)Section 263Section 43C

…ent of tax as result of method is regularly and consistently employed by the assesse is not viewed adversely by Hon’ble Bombay High Court as well as Hon’ble Supreme court in case of CIT vs. Aditya Builders 378 ITR 75 (Bom) and in case of Excel Industreis Ltd. 358 ITR 295(SC). Even otherwise the Page 3 of 24 Parth Developers Page 4 of 24 appropriate accounting method is a matter method of opinion and debate not amenable to revisional jurisdictional u/s 263 as held by the Hon’ble Bombay High Court in case of CIT vs. Aditya Builders (supra). 6. The Ld. AR has vehemently contended that when the issue of applicabili…

DCIT, Cir-3(3)(1), Mumbai vs. M/S. Villa Mode Export (India) Pvt Ltd, Mumbai

In the result, the appeal filed by the Revenue is allowed for In the result, the appeal filed by the Revenue is allowed for In the result, the appeal filed by the Revenue is allowed for statistical...

ITA 1444/MUM/2023[2016-17]Status: DisposedITAT Mumbai25 Aug 2023AY 2016-17

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2016-17 Dy. Cit, Circle-3(3)(1), M/S Villa Mode Exports (India) Pvt. Room No. 609, Aayakar Ltd., Vs. Bhavan, M.K. Road, 1023, 10Th Floor, Summit Business Churchgate, Bay, Near W.E.H. Metro Station, Mumbai-400020. Chakala Midc S.O., Mumbai-400093. Pan No. Aaacv 7010 N Appellant Respondent

For Appellant: Mr. M SubramnianFor Respondent: Mr. Ujjawal Kumar Chavan, DR
Section 144Section 68

…f the Assessing Officer. The Ld. Counsel also relied on the decision of the Hon’ble Supreme Court in the case of Excel Industries Ltd. Hon’ble Supreme Court in the case of Excel Industries Ltd. Hon’ble Supreme Court in the case of Excel Industries Ltd. [2013] 358 ITR 295 (SC) and submitted that the Assessing Officer [2013] 358 ITR 295 (SC) and submitted that the Assessing Officer [2013] 358 ITR 295 (SC) and submitted that the Assessing Officer should have taken consistent view without any change of facts. The should have taken consistent view without any change of facts. The should have taken consistent view with…

DCIT, Central Circle, Karnal vs. Dwarkadhis Buildwell Pvt. Ltd., Bhiwani

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

ITA 4807/DEL/2019[2014-15]Status: DisposedITAT Delhi16 Aug 2023AY 2014-15

Bench: Shri N.K. Billaiya & Shri Yogesh Kumar U.S

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri T. James Singson, CIT-DR
Section 143(3)Section 145(2)

…years, method of accounting has been duly accepted by the Assessing Officer in the assessment framed u/s 143(3) r.w.s 153A of the Act. 8. Following the principles of res judicata as enunciated by the Hon'ble Supreme Court in the case of Excel Industries Ltd 358 ITR 295 and drawing support from the decision of the Hon'ble Jurisdictional High Court in the case of Paras Buildtech India (P) Ltd 382 ITR 630, the ld. CIT(A) deleted the addition. 9. Before us, the ld. DR strongly supported the findings of the Assessing Officer and read the relevant operative part. 10. Per contra, the ld. counsel for the assessee r…

Shri Shyamsundar Soni Karta HUF, Bikaner vs. ACIT, Circle, Bikaner

In the results the appeal filed by the

ITA 67/JODH/2023[2019-20]Status: DisposedITAT Jodhpur07 Aug 2023AY 2019-20

Bench: Its Hearing Before Your Honours.”

Section 115BSection 131Section 133ASection 139(1)Section 147Section 148Section 234A

…in law. The entire addition is imaginary and warrants deletion which is calculated at Rs. 90,000/- for the year under consideration. To support this view the ld. AR of the assessee relied upon the following decisions: • CIT vs. EXCEL INDUSTRIES LTD. (2013) 358 ITR 295 (SC) Income—Benefit under Advance licences and duty entitlement pass book—Year in which Taxable—In its return, assessee claimed deduction of advance licence benefit receivable and duty entitlement pass book benefit receivable—These benefits related to entitlement to import duty free raw material under relevant import and export policy by way of r…

Shri Shyamsundar Soni Karta HUF, Bikaner vs. ACIT, Circle, Bikaner

In the results the appeal filed by the

ITA 66/JODH/2023[2018-19]Status: DisposedITAT Jodhpur07 Aug 2023AY 2018-19

Bench: Its Hearing Before Your Honours.”

Section 115BSection 131Section 133ASection 139(1)Section 147Section 148Section 234A

…in law. The entire addition is imaginary and warrants deletion which is calculated at Rs. 90,000/- for the year under consideration. To support this view the ld. AR of the assessee relied upon the following decisions: • CIT vs. EXCEL INDUSTRIES LTD. (2013) 358 ITR 295 (SC) Income—Benefit under Advance licences and duty entitlement pass book—Year in which Taxable—In its return, assessee claimed deduction of advance licence benefit receivable and duty entitlement pass book benefit receivable—These benefits related to entitlement to import duty free raw material under relevant import and export policy by way of r…

Shri Shyamsundar Soni Karta HUF, Bikaner vs. ACIT, Circle, Bikaner

In the results the appeal filed by the

ITA 65/JODH/2023[2017-18]Status: DisposedITAT Jodhpur07 Aug 2023AY 2017-18

Bench: Its Hearing Before Your Honours.”

Section 115BSection 131Section 133ASection 139(1)Section 147Section 148Section 234A

…in law. The entire addition is imaginary and warrants deletion which is calculated at Rs. 90,000/- for the year under consideration. To support this view the ld. AR of the assessee relied upon the following decisions: • CIT vs. EXCEL INDUSTRIES LTD. (2013) 358 ITR 295 (SC) Income—Benefit under Advance licences and duty entitlement pass book—Year in which Taxable—In its return, assessee claimed deduction of advance licence benefit receivable and duty entitlement pass book benefit receivable—These benefits related to entitlement to import duty free raw material under relevant import and export policy by way of r…