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 366,421 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.

Sunbeam Auto Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 235/DEL/2017[2013-14]Status: DisposedITAT Delhi06 Apr 2023AY 2013-14

Bench: Shri G.S. Pannu, Hon’Dble & Ms. Astha Chandraassessment Year: 2011-12 Sunbeam Auto Ltd. Vs. Addl. Cit, S-323, Panchsheel Park, Range-9, New Delhi 110 017 New Delhi. Pan Aabcs2948F (Appellant) (Respondent) Assessment Year: 2011-12 Addl. Cit Vs. Sunbeam Auto Ltd. Special Range-8, S-323, Panchsheel Park, Room No. 199A, New Delhi 110 017 C.R. Building, Pan Aabcs2948F New Delhi. (Appellant) (Respondent) Assessment Year: 2013-14 Sunbeam Auto Ltd. Vs. Dcit, S-323, Panchsheel Park, Circle-24(2) New Delhi 110 017 New Delhi. Pan Aabcs2948F (Appellant) (Respondent)

For Appellant: Ms. Shashi M Kapila, AdvocateFor Respondent: Shri Umesh Takyar, Sr. DR
Section 143(1)Section 143(3)Section 14ASection 264Section 37(1)Section 40Section 43(1)

…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 & ITA No.235/Del/17 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…

Addl. CIT, New Delhi vs. M/S. Sunbeam Auto Pvt. Ltd., New Delhi

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

ITA 5127/DEL/2016[2011-12]Status: DisposedITAT Delhi06 Apr 2023AY 2011-12

Bench: Shri G.S. Pannu, Hon’Dble & Ms. Astha Chandraassessment Year: 2011-12 Sunbeam Auto Ltd. Vs. Addl. Cit, S-323, Panchsheel Park, Range-9, New Delhi 110 017 New Delhi. Pan Aabcs2948F (Appellant) (Respondent) Assessment Year: 2011-12 Addl. Cit Vs. Sunbeam Auto Ltd. Special Range-8, S-323, Panchsheel Park, Room No. 199A, New Delhi 110 017 C.R. Building, Pan Aabcs2948F New Delhi. (Appellant) (Respondent) Assessment Year: 2013-14 Sunbeam Auto Ltd. Vs. Dcit, S-323, Panchsheel Park, Circle-24(2) New Delhi 110 017 New Delhi. Pan Aabcs2948F (Appellant) (Respondent)

For Appellant: Ms. Shashi M Kapila, AdvocateFor Respondent: Shri Umesh Takyar, Sr. DR
Section 143(1)Section 143(3)Section 14ASection 264Section 37(1)Section 40Section 43(1)

…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 & ITA No.235/Del/17 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…

Sunbeam Auto Ltd., New Delhi vs. Addl. CIT, New Delhi

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

ITA 4378/DEL/2016[2011-12]Status: DisposedITAT Delhi06 Apr 2023AY 2011-12

Bench: Shri G.S. Pannu, Hon’Dble & Ms. Astha Chandraassessment Year: 2011-12 Sunbeam Auto Ltd. Vs. Addl. Cit, S-323, Panchsheel Park, Range-9, New Delhi 110 017 New Delhi. Pan Aabcs2948F (Appellant) (Respondent) Assessment Year: 2011-12 Addl. Cit Vs. Sunbeam Auto Ltd. Special Range-8, S-323, Panchsheel Park, Room No. 199A, New Delhi 110 017 C.R. Building, Pan Aabcs2948F New Delhi. (Appellant) (Respondent) Assessment Year: 2013-14 Sunbeam Auto Ltd. Vs. Dcit, S-323, Panchsheel Park, Circle-24(2) New Delhi 110 017 New Delhi. Pan Aabcs2948F (Appellant) (Respondent)

For Appellant: Ms. Shashi M Kapila, AdvocateFor Respondent: Shri Umesh Takyar, Sr. DR
Section 143(1)Section 143(3)Section 14ASection 264Section 37(1)Section 40Section 43(1)

…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 & ITA No.235/Del/17 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…

Assistant Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 2/GTY/2023[2014-15]Status: HeardITAT Guwahati05 Apr 2023AY 2014-15

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…submitted to the AO. This method of accounting has been followed by the AO in previous year and no doubt were raised by the AO even in scrutiny assessment. In this connection reference may be made to the decision of the Apex Court in CIT vs. Excel Industries 358 ITR 295, where the court reiterated that the principal of consistency should be followed. The AO could not bring any material on record, to dispute the assessee's claim, that the vehicles and other equipments were deployed in difficult areas and therefore, entitle tougher rate of depreciation. The Assessing Officer's contention, that the explanation give…

Abci Infrastructures Private Limited, Kolkata vs. Assistant Commissioner of Income Tax, Central Circle-1, Guwahati

In the result, the appeal of the assessee for Assessment Year

ITA 43/GTY/2022[2014-15]Status: HeardITAT Guwahati05 Apr 2023AY 2014-15

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…submitted to the AO. This method of accounting has been followed by the AO in previous year and no doubt were raised by the AO even in scrutiny assessment. In this connection reference may be made to the decision of the Apex Court in CIT vs. Excel Industries 358 ITR 295, where the court reiterated that the principal of consistency should be followed. The AO could not bring any material on record, to dispute the assessee's claim, that the vehicles and other equipments were deployed in difficult areas and therefore, entitle tougher rate of depreciation. The Assessing Officer's contention, that the explanation give…

Deputy Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 39/GTY/2022[2019-20]Status: HeardITAT Guwahati05 Apr 2023AY 2019-20

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…submitted to the AO. This method of accounting has been followed by the AO in previous year and no doubt were raised by the AO even in scrutiny assessment. In this connection reference may be made to the decision of the Apex Court in CIT vs. Excel Industries 358 ITR 295, where the court reiterated that the principal of consistency should be followed. The AO could not bring any material on record, to dispute the assessee's claim, that the vehicles and other equipments were deployed in difficult areas and therefore, entitle tougher rate of depreciation. The Assessing Officer's contention, that the explanation give…

Deputy Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 38/GTY/2022[2018-19]Status: HeardITAT Guwahati05 Apr 2023AY 2018-19

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…submitted to the AO. This method of accounting has been followed by the AO in previous year and no doubt were raised by the AO even in scrutiny assessment. In this connection reference may be made to the decision of the Apex Court in CIT vs. Excel Industries 358 ITR 295, where the court reiterated that the principal of consistency should be followed. The AO could not bring any material on record, to dispute the assessee's claim, that the vehicles and other equipments were deployed in difficult areas and therefore, entitle tougher rate of depreciation. The Assessing Officer's contention, that the explanation give…

Deputy Commissioner of Income Tax, Central Circle-1, Guwahati vs. Abci Infrastructures Private Limited, Kolkata

In the result, the appeal of the assessee for Assessment Year

ITA 37/GTY/2022[2017-18]Status: HeardITAT Guwahati05 Apr 2023AY 2017-18

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

Section 143(3)Section 250Section 44A

…submitted to the AO. This method of accounting has been followed by the AO in previous year and no doubt were raised by the AO even in scrutiny assessment. In this connection reference may be made to the decision of the Apex Court in CIT vs. Excel Industries 358 ITR 295, where the court reiterated that the principal of consistency should be followed. The AO could not bring any material on record, to dispute the assessee's claim, that the vehicles and other equipments were deployed in difficult areas and therefore, entitle tougher rate of depreciation. The Assessing Officer's contention, that the explanation give…

M/S the State Bank of Patiala, Patiala vs. ACIT, Patiala

In the result, the appeals of the assessee are partly allowed for In the result, the appeals of the assessee are partly allowed for statistical purposes

ITA 510/CHANDI/2017[2013-14]Status: DisposedITAT Mumbai31 Mar 2023AY 2013-14

Bench: Shri Aby T Varkey () & Shri Om Prakash Kant () Assessment Year: 2013-14 & Assessment Year: 2014-15 & Assessment Year: 2015-16 The State Bank Of India Asst. Cit Circle-Patiala, (Successor To State Bank Of Aayakar Bhavan, Vs. Patiala), Patiala-147001 Dgm & Cfo, Sbi, Local Head Office – Chandigarh, 2Nd Floor, Sector 17A, Chandigarh- 160017. Pan No. Aaccs 0143 D Appellant Respondent Assessee By : Mr. Ketan Ved & Mr. Ninadpatade, Ars Revenue By : Dr. Kishor Dhule, Cit-Dr : Date Of Hearing 09/03/2023 Date Of Pronouncement : 31/03/2023

For Appellant: Mr. Ketan Ved &For Respondent: Dr. Kishor Dhule, CIT-DR
Section 2Section 36(1)Section 36(1)(viia)

…s placed on the decision of the Supreme in this regard is placed on the decision of the Supreme Court in the case of CIT vs. Excel Industries Ltd. [2013] Court in the case of CIT vs. Excel Industries Ltd. [ Court in the case of CIT vs. Excel Industries Ltd. [ 358 ITR 295 (SC), wherein the benefit of an entitlement to 358 ITR 295 (SC), wherein the benefit of an entitlement to 358 ITR 295 (SC), wherein the benefit of an entitlement to make duty free imports could not be taken until the goods make duty free imports could not be taken until the goods make duty free imports could not be taken until the goods are impor…

ACIT Central-2, Indore vs. Shri Vinod Bansal, Khandwa

In the result, appeal filed by the Revenue is dismissed

ITA 213/IND/2021[2018-19]Status: DisposedITAT Indore16 Mar 2023AY 2018-19

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyaniit(Ss)A No.213/Ind/2021 (Assessment Year: 2018-19) Vs. Acit, Central-2, Vinod Bansal, Indore Khandwa "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aiepb3961B (Appellant) .. (Respondent) Revenue By : Shri P. K. Mishra, Cit.D.R. Shri S.N. Agrawal, Ca Assessee By : 19.12.2022 Date Of Hearing 14.03.2023 Date Of Pronouncement O R D E R Per Ms. Madhumita Roy - Jm: The Instant Appeal Filed By The Revenue Is Directed Against The Order Dated 09.08.2021 Passed By The Ld. Cit(A)-3, Bhopal (M.P.) (Hereinafter Referred To As ‘Ld. Cit(A)’) Arising Out Of The Order Dated 28.12.2019 Passed By The Dcit (Central)-2, Indore (Hereinafter Referred To As ‘Ld. Ao’) Under Section 143(3) Of The Income-Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) For Assessment Year (Hereinafter Referred To As ‘A.Y.’) 2018-19 With The Following Ground:

For Appellant: 19.12.2022For Respondent: Shri P. K. Mishra, CIT.D.R
Section 132Section 143(2)Section 143(3)Section 153ASection 69

…d. AO to explain as to how the amounts found noted in those messages represented the real income of the assessee which should have been subject to tax. In this regard, we have considered the judgment passed in the matter of CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC) is wherein the Hon’ble Supreme Court categorically held that income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay the amount. We find in the instant case, the Ld. AO utterly failed to do so and simply summed up each and every amount found noted in those messages and added t…

Shri Vinod Choudhary, Indore vs. ITO1 3), Indore

The appeal of the assessee is allowed

ITA 206/IND/2020[2012-13]Status: DisposedITAT Indore28 Feb 2023AY 2012-13

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanishri Vinod Choudhary, Ito 1(3) 12, Niranjanpur, Indore Vs. Lasudia, Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Akrpv 4892 Q Assessee By Shri Pankaj Shah & Soumya Bomb, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 27.02.2023 Date Of Pronouncement 28.02.2023

Section 144Section 147Section 148Section 2(47)Section 2(47)(v)Section 54F

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER Shri Vinod Choudhary, ITO 1(3) 12, Niranjanpur, Indore Vs. Lasudia, Indore (Appellant / Assessee) (Respondent/ Revenue) PAN: AKRPV 4892 Q Assessee by Shri Pankaj Shah & Soumya Bomb, ARs Revenue by Shri Ashish Porwal, Sr. DR Date of Hearing 27.02.2023 Date of Pronouncement 28.02.2023 O R D E R Per B.M. Biyani, AM: Feeling aggrieved by appeal-order dated 14.01.2020 passed by learned Commissioner of Income-Tax (Appeals)-I, Indore [“Ld…

Pratima Hitesh Mehta, Mumbai vs. DCIT, CC-4(1), Mumbai

In the result, the appeal of the assessee is partly allowed

ITA 2624/MUM/2022[1993-94]Status: DisposedITAT Mumbai27 Feb 2023AY 1993-94
Section 143(3)Section 144Section 220Section 234

…stified in holding that the income derived by the Radhasoami Satsang was entitled to exemption under Sections 11 and 12 of the Income Tax Act of 1961." The aforesaid dictum of law was reiterated recently by the Supreme Court in CIT vs. Excel Industries Ltd. : 358 ITR 295. "It appears from the record that in several assessment years, the Revenue accepted the order of the Tribunal in favour of the Assessee and did not pursue 9 Pratima Hitesh Mehta the matter any further but in respect of some assessment years the matter was taken up in appeal before the Bombay High Court but without any success. That being so, the…

Saurashtra Trust, Mumbai vs. Commissioner of Income Tax (Exemptions), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1182/MUM/2022[2017-18]Status: DisposedITAT Mumbai27 Feb 2023AY 2017-18
For Appellant: Shri Nishit GandhiFor Respondent: Ms. Samruddhi Hande (Sr. AR)
Section 11Section 11(3)Section 12ASection 13(8)Section 142(1)Section 143(3)Section 2(15)Section 24Section 263

…s and law. And that is not the case of the Ld. CIT(E) that there is change in facts or law; and so, no fault can be said to have been committed by AO for following the earlier precedent and for that relies on the following case laws;- CIT Vs. Excel Industries 358 ITR 295 (SC); Radhasoami Satsang 193 ITR 321 (SC) & New Jehangir Vakil Mills 49 ITR 137 (SC). 18. Further, it was brought to our notice that the Service Agreement wherein the list of amenities have been listed out in para 1 on page 2 of the agreement (refer page 7 of PB) which inter-alia includes electricity water supply, lift etc. These are essential re…

Shri Hukumchand Choudhary, Indore vs. ITO (3), Indore

The appeal of the assessee is allowed

ITA 205/IND/2020[2012-13]Status: DisposedITAT Indore21 Feb 2023AY 2012-13

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Respondent byFor Respondent: Shri Ashish Porwal, Sr. D.R
Section 148Section 2(14)(iii)Section 2(47)Section 2(47)(v)Section 54F

…IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE (CONDUCTED THROUGH VIRTUAL COURT) BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER & SHRI BHAGIRATH MAL BIYANI, ACCOUNTANT MEMBER I.T.A. No.205/Ind/2020 (Assessment Year: 2012-13) Hukumchand Choudhary Vs. ITO-1(3), 12, Niranjanapur, Lasudiya, Indore Indore, M. P. 452010 PAN No.AGDPC9664P (Appellant) .. (Respondent) Shri Pankaj Shah, C.A. Appellant by : Respondent by : Shri Ashish Porwal, Sr. D.R. Date of Hearing 01.02.2023 Date of Pronouncement 21.02.2023 O R D E R PER SUCHITRA KAMBLE - JM: This appeal is filed by the assessee against the order dated…

Namita Aggarwal, Agra Up vs. ITO Ward-10(1), New Delhi

In the result, appeal of the assessee is allowed

ITA 7686/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Feb 2023AY 2015-16

Bench: Shri Shamim Yahya & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.7686/Del/2019 िनधा"रणवष"/Assessment Year: 2015-16 बनाम Namita Aggarwal Ito D-59, Kamla Nagar, Vs. Ward 10(1) Agra, Uttar Pradesh. New Delhi. Pan No. Abcpa2224R अपीलाथ" Appellant ""यथ"/Respondent

Section 143(3)Section 57

…sessment years or in the subsequent assessment years the claim of the assessee was denied except in the year under consideration i.e. AY 2015-16. Reliance was placed on the judgments of the Hon’ble Supreme Court in the case of CIT Vs. Excel Industries Ltd. [358 ITR 295], CIT Vs. J.K. Charitable Trust [308 ITR 161], Radha Soami Satsang Vs. CIT [193 ITR 321] (SC). 7. On the other hand, the Ld. DR strongly supported the orders of the authorities below. 8. Heard rival submissions, perused the orders of the authorities below and the material placed before us. The Assessing Officer while completing the assessmen…

Shri Rajkot District Cooperative Bank Ltd., Rajkot-Gujarat vs. The Pr. Commr. of Income Tax-1, Rajkot-Gujarat

In the result, appeal of the assessee is dismissed

ITA 123/RJT/2016[2011-12]Status: DisposedITAT Rajkot15 Feb 2023AY 2011-12

Bench: Smt.Annapurna Gupta & Shri T.R. Senthil Kumarassessment Year :2011-12 Shri Rajkot District Cooperative Vs. Pr.Cit, Rajkot-1 Bank Ltd. Rajkot. ‘Jilla Bank Bhavan’, Kasturba Road Opp: Chaudhari High School Rajkot. Pan : Aaaar 0564 K 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assesseeby : Shri S.N. Soparkar, Ld.Ar Revenue By : Shri Shramdeep Sinha, Ld.Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 17/11/2022 घोषणा क" तार"ख /Date Of Pronouncement: 15/02/2023

For Appellant: Shri S.N. Soparkar, ld.ARFor Respondent: Shri Shramdeep Sinha, ld.CIT-DR
Section 143(3)Section 263Section 36

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, राजकोट "यायपीठ आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण "यायपीठ "यायपीठ, , , , राजकोट "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (Conducted Through Virtual Court) ] BEFORE SMT.ANNAPURNA GUPTA, ACCOUNTANT MEMBER AND SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER Assessment Year :2011-12 Shri Rajkot District Cooperative Vs. Pr.CIT, Rajkot-1 Bank Ltd. Rajkot. ‘Jilla Bank Bhavan’, Kasturba Road Opp: Chaudhari High School Rajkot. PAN : AAAAR 0564 K 0 अपीलाथ"/ (Appellant) "" यथ"/(Respondent) Assesseeby : Shri S.N. Soparkar, ld.AR Revenue by : Shri Shramdeep Sinha, l…

Maruti Suzuki India Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 961/DEL/2015[2010-11]Status: DisposedITAT Delhi09 Feb 2023AY 2010-11

Bench: Shri Shamim Yahya & Shri Kul Bharat[Assessment Year : 2010-11] Maruti Suzuki India Ltd., Vs Dcit, Plot No.1, Nelson Mandela Road, Circle-16(1), Vasant Kunj, New Delhi-110070. New Delhi. Pan-Aaacm0829Q Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs Maruti Suzuki India Ltd., Circle-16(1), Plot No.1, Nelson Mandela Road, New Delhi. Vasant Kunj, New Delhi-110070. Pan-Aaacm0829Q Appellant Respondent Appellant By Shri Ajay Vohra, Sr.Adv., Shri Neeraj Jain, Adv. & Ms. Tejasvi Jain & Ms. Somya Jain, Ca Respondent By Shri G.C.Srivastava, Adv., Shri Kalrav Mehrotra, Adv. & Shri Mayank Patawari, Ca Date Of Hearing 11.11.2022 Date Of Pronouncement 09.02.2023

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…ears as well. The profits arising from sale of shares was always accepted to be taxable under the head “capital gains”. He placed reliance on various case laws rendered in the case of Radhasoami Satsang vs CIT 193 ITR 321 (SC) and CIT vs Excel Industries Ltd. 358 ITR 295 (SC). He submitted that in view of the principles of consistency, transaction of sale of shares/mutual fund must be accepted under the head “capital gains”. 70 | P a g e 82. On the contrary, Ld. Special Counsel for the Revenue opposed these submissions and supported the orders of the authorities below. He further reiterated the submissions as m…

DCIT, New Delhi vs. M/S. Maruti Suzuki India Ltd., New Delhi

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

ITA 1507/DEL/2015[2010-11]Status: DisposedITAT Delhi09 Feb 2023AY 2010-11

Bench: Shri Shamim Yahya & Shri Kul Bharat[Assessment Year : 2010-11] Maruti Suzuki India Ltd., Vs Dcit, Plot No.1, Nelson Mandela Road, Circle-16(1), Vasant Kunj, New Delhi-110070. New Delhi. Pan-Aaacm0829Q Appellant Respondent [Assessment Year : 2010-11] Dcit, Vs Maruti Suzuki India Ltd., Circle-16(1), Plot No.1, Nelson Mandela Road, New Delhi. Vasant Kunj, New Delhi-110070. Pan-Aaacm0829Q Appellant Respondent Appellant By Shri Ajay Vohra, Sr.Adv., Shri Neeraj Jain, Adv. & Ms. Tejasvi Jain & Ms. Somya Jain, Ca Respondent By Shri G.C.Srivastava, Adv., Shri Kalrav Mehrotra, Adv. & Shri Mayank Patawari, Ca Date Of Hearing 11.11.2022 Date Of Pronouncement 09.02.2023

Section 143(3)Section 144CSection 144C(5)Section 43Section 43B

…ears as well. The profits arising from sale of shares was always accepted to be taxable under the head “capital gains”. He placed reliance on various case laws rendered in the case of Radhasoami Satsang vs CIT 193 ITR 321 (SC) and CIT vs Excel Industries Ltd. 358 ITR 295 (SC). He submitted that in view of the principles of consistency, transaction of sale of shares/mutual fund must be accepted under the head “capital gains”. 70 | P a g e 82. On the contrary, Ld. Special Counsel for the Revenue opposed these submissions and supported the orders of the authorities below. He further reiterated the submissions as m…

Grr Holdings, Hyderabad vs. DCIT, Circle -3 (3), Hyderabad

ITA 92/HYD/2022[2014-15]Status: DisposedITAT Hyderabad31 Jan 2023AY 2014-15

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2014-15 M/S. Grr Holdings Vs. Dy. Cit Hyderabad Circle 3(3) Pan:Aaqfg0867M Hyderabad (Appellant) (Respondent) Assessee By: Shri Murali Mohan Rao, Ca Revenue By: Shri Jeevan Lal Lavidiya, Dr Date Of Hearing: 19/01/2023 Date Of Pronouncement: 31/01/2023 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.3.2022 Passed U/S 263 Of The I.T. Act, 1961 By The Learned Pr.Cit (Central) Hyderabad Relating To A.Y. 2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Partnership Firm Incorporated On 31.1.2014 & Is In The Business Of Real Estate. It Did Not File Its Original Return Of Income For The A.Y 2014- 15. A Search & Seizure Operation U/S 132 Of The I.T. Act Was Conducted On 20.9.2017. In Response To Notice U/S 153A Dated 11.5.2018, No Return Of Income Was Filed. The Ar Of The Assessee Also Refused To Appear When Contacted By The Assessing Officer. Subsequently, The Partner Of The Assessee Firm Shri Gaddam Shyam

For Appellant: Shri Murali Mohan Rao, CAFor Respondent: Shri Jeevan Lal Lavidiya, DR
Section 132Section 132(4)Section 144Section 153ASection 263Section 69

…ere is no need to continue the litigation as the dispute is purely academic in nature. i) Hon'ble Supreme Court in the case of Berger Paints India Ltd vs. CIT (2004)(135 Taxman 586). ii) Hon'ble Supreme Court in the case of CIT vs. Excel Industries Ltd (2013) 38 Taxmann.com 100 iii) Hon'ble Bombay High Court in the case of CIT vs. Nagri Mills Co. Ltd (1958) 33 ITR 681. iv) Hon'ble Bombay High Court in the case of PCIT vs. Rohan Projects (2020) 113 Taxmann.com 339. 9. He submitted that the Partners in the statement recorded u/s 132(4) had admitted the source of such cash payment as out of their undisclosed income…

M/S. M.G. Mohanty, Bhubaneswar vs. Principal CIT-1, Bhubaneswar

In the result, appeal filed by the assessee stands allowed

ITA 187/CTK/2019[2014-15]Status: HeardITAT Cuttack30 Jan 2023AY 2014-15

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2014-15 M/S. M/S. M.G.Mohanty, M.G.Mohanty, 5 5-A, Vs. Pr. Cit-1, Bhubaneswar. 1, Bhubaneswar. Forest Park, Bhubaneswar. Forest Park, Bhubaneswar. Pan/Gir No. Pan/Gir No.Aaffm 2127 H (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri B.K.Mohapatra/A.K.Sambat, Cas B.K.Mohapatra/A.K.Sambat, Cas Revenue By : Shri M.K.Gautam, Cit : Shri M.K.Gautam, Cit Dr Date Of Hearing : 30/1 1/2023 Date Of Pronouncement : 30/1 1/2023 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order Of The Ld This Is An Appeal Filed By The Assessee Against The Order Of The Ld This Is An Appeal Filed By The Assessee Against The Order Of The Ld Pr. 1, Bhubaneswar U/S.263 Of The Act Dated 31St March, 2019 Cit-1, Bhubaneswar U/S.263 Of The Act March, 2019 In Appeal No.Pcit-1/Bbsr/263/05/2018 1/Bbsr/263/05/2018-19 For The Assessment Year For The Assessment Year 2014-15. 2. S/Shri B.K.Mohapatra/A.K.Sabat, Ld Ars Appeared For The Assessee S/Shri B.K.Mohapatra/A.K.Sabat, Ld Ars Appeared For The Assessee S/Shri B.K.Mohapatra/A.K.Sabat, Ld Ars Appeared For The Assessee & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue. & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue. & Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue.

For Appellant: Shri B.K.Mohapatra/A.K.Sambat, CASFor Respondent: Shri M.K.Gautam, CIT
Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL, IN THE INCOME TAX APPELLATE TRIBUNAL, IN THE INCOME TAX APPELLATE TRIBUNAL, CUTTACK BENCH, CUTTACK BEFORE BEFORE S/SHRI GEORGE MATHAN, JUDICIAL JUDICIAL MEMBER AND ARUN KHODPIA, ACCOUNTANT MEMBER AND ARUN KHODPIA, ACCOUNTANT MEMBER AND ARUN KHODPIA, ACCOUNTANT MEMBER Assessment Year : 2014-15 M/s. M/s. M.G.Mohanty, M.G.Mohanty, 5 5-A, Vs. Pr. CIT-1, Bhubaneswar. 1, Bhubaneswar. Forest Park, Bhubaneswar. Forest Park, Bhubaneswar. PAN/GIR No. PAN/GIR No.AAFFM 2127 H (Appellant (Appellant) .. ( Respondent Respondent) Assessee by : Shri B.K.Mohapatra/A.K.Sambat, CAS B.K.Mohapatr…