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 366,459 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.

Jairam Gulumal Diyalani, Bharuch vs. ITO, Ward1(5), Bharuch

In the result, appeal of the assessee is allowed

ITA 171/SRT/2019[2014-15]Status: DisposedITAT Surat30 Jan 2023AY 2014-15

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.171/Srt/2019 ("नधा"रणवष" / Assessment Year: (2014-15) (Virtual Court Hearing) Jairam Gulumal Diyalani Income Tax Officer, M/S Tulsi Saree, Main Bazar, Ward-1(5), Bharuch Vs. Jambusar, Dist. Bharuch- 392150 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acgpd 8463 L (Appellant) (Respondent) िनधा"रती की ओर से /Assessee By : Shri Mehul K Patel, Advocate राज"व क" ओर से /Respondent By : Shri Ashok B. Koli, Cit-D.R सुनवाई की तारीख/ Date Of Hearing : 17/01/2023 घोषणा की तारीख/Date Of Pronouncement : 30/01/2023 आदेश / Order Per Dr. A. L. Saini, Am: By Way Of This Appeal, The Assessee Has Challenged The Correctness Of The Order Passed By The Learned Principal Commissioner Of Income Tax-3, Vadodara (In Short “Ld. Pcit”] Dated 07.12.2018, Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”), For Assessment Year 2014-15. 2. Grounds Of Appeal Raised By The Assessee Are As Follows: “1.0 The Learned Commissioner Of Income Tax-3, Baroda, Has Erred In Law & On Facts In Holding That The Assessment Order Dated 29-12-2016 Passed Under Section 143(3) Of The Income Tax Act, 1961 Is Erroneous & Prejudicial To The Interest Of Revenue & Thereby Erred In Invoking The Provisions Of Section 263 Of The I T Act. 2.0 The Learned Commissioner Of Income Tax-3, Baroda Has Erred In Law & On Facts In Directing The Assessing Officer To Make Additions Of Rs.9,00,000/- On Account Of Total Sums Received From Investment Made In Property Situated At Mumbai. 2.1 The Learned Commissioner Of Income Tax-3, Baroda Ought To Have Appreciated That The Overall Additions On Account Of The Total Amount Received Have Already Been Made In One Year Or The Other & That There Is No Loss Of Revenue.

For Appellant: Shri Mehul K Patel, AdvocateFor Respondent: Shri Ashok B. Koli, CIT-D.R
Section 133ASection 139(1)Section 143(3)Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JM & DR. A. L. SAINI, AM आयकर अपील सं./ITA No.171/SRT/2019 ("नधा"रणवष" / Assessment Year: (2014-15) (Virtual Court Hearing) Jairam Gulumal Diyalani Income Tax Officer, M/s Tulsi Saree, Main Bazar, Ward-1(5), Bharuch Vs. Jambusar, Dist. Bharuch- 392150 "थायीलेखासं./जीआइआरसं./PAN/GIR No.: ACGPD 8463 L (Appellant) (Respondent) िनधा"रती की ओर से /Assessee by : Shri Mehul K Patel, Advocate राज"व क" ओर से /Respondent by : Shri Ashok B. Koli, CIT-D.R सुनवाई की तारीख/ Date of Hearing : 17/01/2023 घोषणा की तारीख/Date of Pronouncement : 30/0…

Global Consultants & Designers Pvt. Ltd., New Delhi vs. ITO Ward 11(4), New Delhi

The appeal is allowed

ITA 1424/DEL/2019[2015-16]Status: DisposedITAT Delhi25 Jan 2023AY 2015-16

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmaita No.1424/Del/2019, A.Y. 2015-16

Section 133(6)Section 143(2)Section 143(3)

…that there is no bad debt. It was submitted that the relevant law cited to the Tax Authorities has not been considered and he relied following case laws :- Re: No Accrual of income if there is uncertainty in collection thereof 1. CIT v. Excel Industries Ltd. 358 ITR 295 (SC) 2. CIT v. Balbir Singh Maini:398 ITR 531(SC) 3. CIT v. Motor Credit Co. (P) Ltd. 127 ITR 572 (Mad.) [SLP filed by the revenue has been dismissed vide SLP (Civil) No. 2806 of 1981 (149 ITR (St. 93)] 4. CIT v. Ferozepur Finance (P) Ltd. 124 ITR 619 (P&H) [SLP filed by the revenue has been dismissed vide SLP (Civil) No. 8158 of 1981 [144 ITR (S…

Addl. CIT, Special Range- 7, New Delhi vs. Power Links Transmission Ltd., New Delhi

In the result, the appeal filed by the Revenue Department stands dismissed

ITA 7322/DEL/2018[2015-16]Status: DisposedITAT Delhi16 Jan 2023AY 2015-16

Bench: Shri Shamim Yahya & Shri N.K. Choudhryassessment Year: 2015-16

For Appellant: Sh. Vishal Kalra, Ld. AdvFor Respondent: Sh. Vinod Kumar, Ld. CIT-DR
Section 115JSection 250(6)Section 36Section 36(1)(iii)

…it has been held that a departure from a finding during the past years would result in a contradictory finding. (See: Commissioner of Income Tax vs. Sridev Enterprises (1991) 192 ITR 165). In fact, in Commissioner of Income Tax vs Excel Industries Ltd (2014) 13 SCC 457, the Court had observed that it was not appropriate to allow reconsideration of an issue for a subsequent assessment year if the same “fundamental aspect” permeates in different assessment years. 7. The Supreme Court in Principal Commissioner of Income Tax, New Delhi vs. Maruti Suzuki India Ltd. [2019] 107 taxmann.com 375 (SC) has emphasized the i…

Jubhliee Hills International Centre vs. Income Tax Officer, Hyderabad

Appeal is allowed

ITTA/205/2005HC Telangana04 Jan 2023

Bench: N.TUKARAMJI,UJJAL BHUYAN

For Appellant: Mr. Challa GunaranjanFor Respondent: Mr. J.V.Prasad, Standing Counsel
Section 13Section 260A

…ad … Respondent ! Counsel for the Appellant : Mr. Challa Gunaranjan ^ Counsel for Respondent : Mr. J.V.Prasad, Standing Counsel, IT Department < GIST:  HEAD NOTE: ? CASES REFERRED: (2014) 13 SCC 459 (2008) 302 ITR 279 (1997) 5 SCC 394 ::2:: THE HON’BLE THE CHIEF JUSTICE UJJAL BHUYAN AND THE HON’BLE SRI JUSTICE N.TUKARAMJI I.T.T.A.No.205 of 2005 JUDGMENT: (Per the Hon’ble the Chief Justice Ujjal Bhuyan) Heard Mr. Challa Gunaranjan, learned counsel for the appellant and Mr. J.V.Prasad, learned Standing Counsel, Inc…

ACIT Circle-2(I), Bhopal vs. Mapaaex Remedies (P) Ltd., Bhopal

In the result, this appeal of revenue is dismissed

ITA 214/IND/2019[2014-15]Status: DisposedITAT Indore26 Dec 2022AY 2014-15

Bench: Shri Chandra Mohan Garg & Shri B.M. Biyaniassessment Year 2014-15 Acit, Circle -2(1) Mapaaex Remedies Pvt. Ltd. Bhopal Hig-500, E-7, Arera Colony, Bhopal Vs. (Appellant / Revenue) (Respondent / Assessee) Pan No. Aaecm 2274 P Revenue By Shri Ashish Porwal, Sr. Dr Revenue By Shri Sumit Nema, Sr. Adv & Gagan Tiwari, Adv. Date Of Hearing 17.11.2022 Date Of Pronouncement 26.12.2022

Section 143(2)Section 143(3)Section 153ASection 2Section 80Section 80I

…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…

Amee Foster Wheeler India Pvt. Ltd., Chennai vs. ACIT, Corporate Range-1, Chennai

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 680/CHNY/2020[2014-15]Status: DisposedITAT Chennai22 Dec 2022AY 2014-15

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.: 680/Chny/2020 िनधा"रण वष"/Assessment Year: 2014-15 Amec Foster Wheeler India Pvt. The Acit (Osd), Ltd., Vs. Corporate Range -1, Zenith Building, 6Th Floor, Chennai Ascendas It Park, Csir Road, Taramani, Chennai – 600 113. Pan : Aaacf 3204C (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Ms. K.Amulya, Ca & Ms. V. Rajeswari, Ca ""यथ" क" ओर से/Respondent By : Shri S. Marudhu Pandyan, Cit सुनवाई क" तार"ख/Date Of Hearing : 22.12.2022 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2022 आदेश /O R D E R Per Mahavir Singh: This Appeal By Assessee Is Arising Out Of The Order Of The Commissioner Of Income Tax (Appeals)-4, Chennai In Ita No.479/16-17/Cit(A)-4/A.Y.2014-15 Dated 06.02.2020. The Assessment Was Framed By The Acit(Osd), Corporate Range-1, Chennai For The Assessment Year 2014-15, U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’), Vide Order Dated 29.12.2016. 2. The First Issue In This Appeal Of Assessee Is As Regards To The Order Of Cit(A) Confirming The Action Of Ao In Making Disallowance Of Cost Incurred In Connection With Off The Shelf Software Products Treating The Same As Royalty Under The Provisions Of The Act Read With Relevant Treaties. For This, Assessee Raised Ground Nos. 2 To 4 But The Relevant Ground Is Ground No.2, Which Reads As Under:- “2. The Ld. Cit(A) & Ld. Ao Erred In Non-Consideration Of The Fact That The Said Expenditure Merely Represents Cost To Cost Reimbursement Of Expenditure Incurred On Behalf Of The Appellant By Afwg Overseas Entities & Therefore, No Income Arises In The Hands Of Afwg Entities Necessitating The Obligation To Withhold Taxes On The Part Of The Appellant Under The Provisions Of The Act.”

For Appellant: Ms. K.Amulya, CA &For Respondent: Shri S. Marudhu Pandyan, CIT
Section 143(3)Section 40Section 9(1)(vi)Section 9(1)(vii)

…enue loss on account of withholding of tax on account of charging of interest u/s.234B & 234C of the Act. In answer to the same, the ld.AR stated that this issue is covered by the decision of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295, wherein it is held that once the item of expenditure is revenue neutral, the entire exercise of seeking to disturb the year of liability of expenditure should be futile. 10. After hearing rival contentions and going through the facts, we noted that this issue needs verification at the level of AO, who will verify whether the assessee has declar…

M/S. Neptune Estate, Vadodara vs. The DCIT, Circle-1(2), Vadodara

In the result, the appeal of the assessee is allowed

ITA 455/AHD/2020[2015-16]Status: DisposedITAT Ahmedabad21 Dec 2022AY 2015-16

Bench: Ms. Suchitra Kamble

For Appellant: Ms. Amrin Pathan, A.RFor Respondent: Shri Alpesh Parmar, Sr. D.R
Section 57

…A.R. submitted that the Assessing Officer has computed the hypothetical income of Rs. 8,69,062/-. The Ld. A.R. relied upon the decision of Hon’ble Supreme Court in case of CIT vs. Rajendra Prasad Moody 115 ITR 519 (SC) as well as CIT vs. Excel Industries Ltd. 358 ITR 295. 6. The Ld. D.R. submitted that the expenditure of interest claimed by the assessee is much more higher and in excess and the CIT(A) has rightly observed that the loan from Dena Bank as well as Bajaj Finserve was never utilized for any business activity of the assessee itself and the loan was obtained from financing the sister concern namely NRPL…

M/S. North Eastern Electric Power Corporation Ltd., Shillong vs. Assistant Commissioner of Income Tax, Circle - Shillong, Shillong

In the result, the appeal of the assessee in ITA

ITA 45/GTY/2019[2014-15]Status: DisposedITAT Guwahati12 Dec 2022AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 143(3)Section 263

…nd only year of taxability is on dispute. Since the assessee offers the income of LPS as and when received only the year of taxability charges but there is no loss of revenue. In the case of Excel Industries Limited and Mafatlal Industries Pvt. Limited (2013) 358 ITR 295, it is held 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 30 Assessment Year: 2014-2015 & Assessment Year:2014-2015 M/s. North Eastern Electric Power Corporation Limited did make imports and did derive…

M/S. North Eastern Electric Power Corporation Ltd., Shillong vs. Assistant Commissioner of Income Tax, Circle - Shillong, Shillong

In the result, the appeal of the assessee in ITA

ITA 418/GTY/2019[2014-15]Status: DisposedITAT Guwahati12 Dec 2022AY 2014-15

Bench: Shri Rajpal Yadav, Vice-(Kz) & Dr. Manish Borad

Section 143(3)Section 263

…nd only year of taxability is on dispute. Since the assessee offers the income of LPS as and when received only the year of taxability charges but there is no loss of revenue. In the case of Excel Industries Limited and Mafatlal Industries Pvt. Limited (2013) 358 ITR 295, it is held 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 30 Assessment Year: 2014-2015 & Assessment Year:2014-2015 M/s. North Eastern Electric Power Corporation Limited did make imports and did derive…

M/S Toyota Kirloskar Motors (P) Ltd, Bangalore vs. The Assistant Commissioner of Income Tax Ltu Circle-1, Bangalore

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 150/BANG/2017[2012-13]Status: DisposedITAT Bangalore02 Dec 2022AY 2012-13

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Sri Padam Chand Khincha, A.RFor Respondent: Sri Sunil Kumar Singh, D.R
Section 40A(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER IT(TP)A No.150/Bang/2017 & 320/Bang/2019 Assessment Year : 2012-2013 & 2014-2015 M/s. Toyota Kirloskar Motor (P) Ltd. Plot No.21, Bidadi Industrial Area Ramanagar District ACIT LTU Circle-1 Vs. Bngalore 562 109 Bangalore PAN NO : AAACT5415B APPELLANT RESPONDENT Appellant by : Sri Padam Chand Khincha, A.R. Respondent by : Sri Sunil Kumar Singh, D.R. Date of Hearing : 27.09.2022 Date of Pronouncement : 02.12.2022 O R D E R PER LAXMI PRASAD SAHU, ACCOUNTANT MEM…

Deputy Commissioner of Income Tax, Central Circle-2(4), Bangalore vs. Century Real Estate Holdings Private Limited, Bangalore

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

ITA 740/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

…bhdas & Co. 46 ITR 144 (SC) and Bilahari Investment (P) Ltd 299 ITR 1 (SC) are also misplaced as the ratios of the said decisions are also not applicable to the facts of the case under consideration. As regards the decision in the case of Excel Industries Ltd 358 ITR 295, the Hon’ble Supreme Court had decided in favour of the assessee as the Revenue had earlier accepted the method followed by it but contested the same later on without any convincing reasons. The facts were thus entirely different. 3.2 The Ld. CIT(A) further observed that as regards argument of the assessee that it had offered income in subsequen…

Century Real Estate Holdings Private Limited, Bangalore vs. Deputy Commissioner of Income Tax, Central Circle-2(2), Bangalore

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

ITA 580/BANG/2022[2013-14]Status: DisposedITAT Bangalore30 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar, D.R

…bhdas & Co. 46 ITR 144 (SC) and Bilahari Investment (P) Ltd 299 ITR 1 (SC) are also misplaced as the ratios of the said decisions are also not applicable to the facts of the case under consideration. As regards the decision in the case of Excel Industries Ltd 358 ITR 295, the Hon’ble Supreme Court had decided in favour of the assessee as the Revenue had earlier accepted the method followed by it but contested the same later on without any convincing reasons. The facts were thus entirely different. 3.2 The Ld. CIT(A) further observed that as regards argument of the assessee that it had offered income in subsequen…

The ACIT, Central-1, Indore vs. M/S Surya Infra Venture Pvt. Ltd., Indore

ITA 232/IND/2021[2012-13]Status: DisposedITAT Indore24 Nov 2022AY 2012-13

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

Section 143(3)Section 37Section 40A(3)Section 40a

…l income could have been subject to tax and notional income could not have 66 Surya Infraventure ITA 216 of 2021 and others been taxed. Reliance was also placed on the judgment of the Hon’ble Supreme Court in the case of CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC) wherein the Hon’ble 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.” The Ld. Counsel further drew our attention to a table produced on Page No. 296 of the synopsis containing the year-wise comparison of the amount of income…

The Ait, Entral-1, Indore vs. Surya Infraventure P Ltd, Indore

ITA 217/IND/2021[201-13]Status: DisposedITAT Indore24 Nov 2022

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

Section 143(3)Section 37Section 40A(3)Section 40a

…l income could have been subject to tax and notional income could not have 66 Surya Infraventure ITA 216 of 2021 and others been taxed. Reliance was also placed on the judgment of the Hon’ble Supreme Court in the case of CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC) wherein the Hon’ble 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.” The Ld. Counsel further drew our attention to a table produced on Page No. 296 of the synopsis containing the year-wise comparison of the amount of income…

The ACIT, Circle 2(1), Indore vs. M/S Surya Infra Venture Pvt. Ltd., Indore

ITA 216/IND/2021[2010-11]Status: DisposedITAT Indore24 Nov 2022AY 2010-11

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

Section 143(3)Section 37Section 40A(3)Section 40a

…l income could have been subject to tax and notional income could not have 66 Surya Infraventure ITA 216 of 2021 and others been taxed. Reliance was also placed on the judgment of the Hon’ble Supreme Court in the case of CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC) wherein the Hon’ble 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.” The Ld. Counsel further drew our attention to a table produced on Page No. 296 of the synopsis containing the year-wise comparison of the amount of income…

ACIT 28(2), Mumbai vs. M/S. Neel Siddhi Developers, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 1693/MUM/2020[2012-13]Status: DisposedITAT Mumbai22 Nov 2022AY 2012-13

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleacit 28(2) Vs. M/S Neel Siddhi Room No. 307, 3Rd Floor Developers, Tower No. 6, Vashi Rly 2Nd Floor, Emerald, Stn Complex, Vashi Plot No. 195/B, Navi Mumbai – 400703 Sec-12, Vashi, Navi Mumbai – 400 703. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagfn2744N Appellant .. Respondent Appellant By : Shri Chetan M. Kacha.Dr Respondent By : Shri Subodh Ratnaparkhi.Ar Date Of Hearing 14.11.2022 Date Of Pronouncement 24.11.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Passed By The Commissioner Of Income Tax (Appeals)- 26, Mumbai Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Shri Chetan M. Kacha.DRFor Respondent: Shri Subodh Ratnaparkhi.AR
Section 143(2)Section 143(3)

…followed by the assessee over a period of time when there is in the rate of tax over the period. In this context, reliance may be placed the decision of the Hon'ble Supreme Court in the case of CIT vs Excel Incl M/s. Neel Siddhi Developers, Mumbai. 1. (2013) 358 ITR 295 (SC) wherein the lordship observed as under, "... Third question concerning us is the year in which the assessee is required to x. There is no dispute that in the subsequent make imports and did derive benefits under the element pass book and paid tax thereon has been deprived of any tax. Whether the rate present assessment year as well as in the…

Bbc World Distribution Ltd., Gurgaon vs. ADIT, New Delhi

In the result, all the appeals are allowed, as indicated above

ITA 610/DEL/2011[2007-08]Status: DisposedITAT Delhi21 Nov 2022AY 2007-08

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2006-07 & Assessment Year: 2007-08 & Assessment Year: 2008-09

…rned counsel relied upon the following decisions: • E.D. Sassoon & Co. Vs. CIT [1954] 26 ITR 27 (SC) • CIT Vs. Shoorji Vallabhdas & Co. [1962] 46 ITR 144 (SC) • Godhra Electricity Company Vs. CIT [1997] 225 ITR 746 (SC) • CIT Vs. Excel Industries Ltd. [2013] 358 ITR 295 (SC) • Shivnandan Buildcon Pvt. Ltd. Vs. CIT [2015] 60 taxmann.com 347 8. Insofar as the allegation of the departmental authorities that the assessee has a PE in India in the form of BWIPL in assessment years 2007-08 and 2008-09, learned counsel submitted that the issue is academic in nature as no attribution of profit can be made at the hand…

Bbc World Distribution Ltd., Gurgaon vs. ADIT, New Delhi

In the result, all the appeals are allowed, as indicated above

ITA 5415/DEL/2011[2008-09]Status: DisposedITAT Delhi21 Nov 2022AY 2008-09

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2006-07 & Assessment Year: 2007-08 & Assessment Year: 2008-09

…rned counsel relied upon the following decisions: • E.D. Sassoon & Co. Vs. CIT [1954] 26 ITR 27 (SC) • CIT Vs. Shoorji Vallabhdas & Co. [1962] 46 ITR 144 (SC) • Godhra Electricity Company Vs. CIT [1997] 225 ITR 746 (SC) • CIT Vs. Excel Industries Ltd. [2013] 358 ITR 295 (SC) • Shivnandan Buildcon Pvt. Ltd. Vs. CIT [2015] 60 taxmann.com 347 8. Insofar as the allegation of the departmental authorities that the assessee has a PE in India in the form of BWIPL in assessment years 2007-08 and 2008-09, learned counsel submitted that the issue is academic in nature as no attribution of profit can be made at the hand…

Bbc World Distribution Ltd., Gurgaon vs. ADIT, New Delhi

In the result, all the appeals are allowed, as indicated above

ITA 1907/DEL/2011[2006-07]Status: DisposedITAT Delhi21 Nov 2022AY 2006-07

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2006-07 & Assessment Year: 2007-08 & Assessment Year: 2008-09

…rned counsel relied upon the following decisions: • E.D. Sassoon & Co. Vs. CIT [1954] 26 ITR 27 (SC) • CIT Vs. Shoorji Vallabhdas & Co. [1962] 46 ITR 144 (SC) • Godhra Electricity Company Vs. CIT [1997] 225 ITR 746 (SC) • CIT Vs. Excel Industries Ltd. [2013] 358 ITR 295 (SC) • Shivnandan Buildcon Pvt. Ltd. Vs. CIT [2015] 60 taxmann.com 347 8. Insofar as the allegation of the departmental authorities that the assessee has a PE in India in the form of BWIPL in assessment years 2007-08 and 2008-09, learned counsel submitted that the issue is academic in nature as no attribution of profit can be made at the hand…

M/S. Coromandel Sugars Ltd., Chennai vs. DCIT, CC - 1 (2), Chennai

In the result, the appeals filed by the assessee in ITA

ITA 3391/CHNY/2019[2013-14]Status: DisposedITAT Chennai16 Nov 2022AY 2013-14

Bench: Shri Mahavir Singhand Shri G. Manjunathaआयकरअपीलसं./Ita Nos.: 3390 & 3391/Chny/2019 िनधा"रण वष"/Assessment Years: 2005-06 & 2013 - 14 Coromandel Sugars Ltd., The Dcit, No.93, Santhome High Road, Vs. Corporate Circle -1(2), R.A. Puram, Chennai. Chennai – 600 028. Pan: Aaaci 2702G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तार"ख/Date Of Hearing : 02.11.2022 घोषणा क" तार"ख/Date Of Pronouncement : 16.11.2022 आदेश /O R D E R Per Mahavir Singh: These Appeals By The Assessee Are Arising Out Of The Common Order Of The Commissioner Of Income Tax (Appeals)-4(I/C), Chennai In Ita Nos.434 & 433/16-17/Cit(A)-4/Ays 2005-06 & 2013-14 Dated 09.09.2019. The Assessments Were Framed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter The ‘Act’) By The Acit, Company Circle Ii(3), Chennai For The Assessment Year 2005-06

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)

…f AO and that of the CIT(A) and argued that the amount is accrued in earlier years and the same has been disclosed by assessee regularly on accrual basis. He relied on the same case of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., (2013) 358 ITR 295 as referred by ld.counsel for the assessee. The ld. Senior DR stated that the Hon’ble Supreme Court in para 27 has considered this issue and noted as under:- “27. Applying the three tests laid down by various decisions of this Court, namely, whether the income accrued to the assessee is real or hypothetical; whether there is a corresponding liabi…