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 366,470 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.

Geetanjali Hotels & Promoters Pvt Ltd, Jaipur vs. ACIT, Jaipur

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

ITA 298/JPR/2017[2012-13]Status: DisposedITAT Jaipur26 Sept 2022AY 2012-13
For Appellant: Shri Mahendra Gargieya ( Adv.) &For Respondent: Ms. Runi Pal (Addl.CIT)a
Section 143(3)Section 14ASection 251(2)Section 36(1)(iii)

…ilarly, in the later years also the appellant continues making payment of interest but no disallowances is reported. Kindly refer CIT v/s Sridev Enterprises (1991) 192 ITR 165 (Kar) /(1991) 59 Taxmann 439 ( KAR) and CIT v/s Excel Industries (2013) 93 DTR 457/ 358 ITR 295 (SC)/ ( 2013) 38 taxmann.com 100(SC) (DPB 15-21) 5. Not whole amount represent the loans &advances: The appellant company had advanced interest free funds to the subsidiaries, as and when required by them which has been subjected by the ld. CIT(A) to disallowance u/s 36(1)(iii) by alleging that the interest bearing funds were given by way of inte…

M/S. Angelica Properties Private Ltd., Pune vs. Deputy Commissioner Income-Tax

The appeals of the assessee are partly allowed

ITA 1738/PUN/2016[2011-12]Status: DisposedITAT Pune22 Sept 2022AY 2011-12

Bench: Shri S.S.Viswanethra Ravi, Hon’Ble Jm & Dr. Dipak P. Ripote, Hon’Ble Am आयकरअपीलसं. / Ita No: 403/Pun/2015 िनधा"रणवष" / Assessment Year : 2010-11 Vason Engineers Ltd., Theadditional Commissioner Of (Formerly Angelica Properties Pvt. Vs Income Tax, Range1, Pune. Ltd.,) 301, Phoenix, Opp.Residency Club, Bund Garden Road, Pune – 411037. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue आयकरअपीलसं. / Ita No: 1738/Pun/2016 िनधा"रणवष" / Assessment Year : 2011-12 Angelica Properties Pvt. Ltd., The Deputy Commissioner Of Opp. Grand Hyatt Hotel, Vs Income Tax, Circle-1(1), Pune. Vimannagar, Puune – 411 014. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Dharmesh Shah – Ar Revenue By Shri Naveen Gupta – Dr Date Of Hearing 24/06/2022 Date Of Pronouncement 22/09/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: These Two Appeals Filed By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-1, Pune Dated 30.01.2015 & 09.06.2016 For The Assessment Years 2010-11 & 2011-12 Respectively. 2. The Assessee In Ita No.403/Pun/2015 For The A.Y.2010-11 Has Raised Following Grounds Of Appeal: “1. The Ld. Cit(A) Has Erred In Law & In Facts Enhancing The Income From Sale Of ‘Matrix It Building’ By Changing The Head Of Income From Capital Gains To Business Income Without Complying With The Principles Of Natural Justice & Without Giving Any Opportunity Of Hearing.

Section 14A

…ourts have consistently held that any issue which is revenue neutral should not be disputed by the Department more so when it does not have any overall tax impact. In this regard, reliance is placed on the following decisions: a. CIT v. Excel Industries Ltd. [358 ITR 295] (Para 32) b. CIT v. Millennium Estates (P.) Ltd. [93 Taxmann.com 41 (Bom.)] (Para 10) 9. In light of the above, the Appellant humbly submits that presuming without admitting that the stand of the Ld. A.O. is correct, the aforesaid addition being revenue neutral with kindly be deleted since no prejudice wras caused to the Department. 5. Without p…

Vascon Engineers Ltd (Successor to Angelica Properties Pvt. Ltd.), Pune vs. Additional Commissioner of Income-Tax, Pune

The appeals of the assessee are partly allowed

ITA 403/PUN/2015[2010-11]Status: DisposedITAT Pune22 Sept 2022AY 2010-11

Bench: Shri S.S.Viswanethra Ravi, Hon’Ble Jm & Dr. Dipak P. Ripote, Hon’Ble Am आयकरअपीलसं. / Ita No: 403/Pun/2015 िनधा"रणवष" / Assessment Year : 2010-11 Vason Engineers Ltd., Theadditional Commissioner Of (Formerly Angelica Properties Pvt. Vs Income Tax, Range1, Pune. Ltd.,) 301, Phoenix, Opp.Residency Club, Bund Garden Road, Pune – 411037. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue आयकरअपीलसं. / Ita No: 1738/Pun/2016 िनधा"रणवष" / Assessment Year : 2011-12 Angelica Properties Pvt. Ltd., The Deputy Commissioner Of Opp. Grand Hyatt Hotel, Vs Income Tax, Circle-1(1), Pune. Vimannagar, Puune – 411 014. Pan: Aafca 8644 J Appellant/ Assessee Respondent /Revenue Assessee By Shri Dharmesh Shah – Ar Revenue By Shri Naveen Gupta – Dr Date Of Hearing 24/06/2022 Date Of Pronouncement 22/09/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: These Two Appeals Filed By The Assessee Are Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)-1, Pune Dated 30.01.2015 & 09.06.2016 For The Assessment Years 2010-11 & 2011-12 Respectively. 2. The Assessee In Ita No.403/Pun/2015 For The A.Y.2010-11 Has Raised Following Grounds Of Appeal: “1. The Ld. Cit(A) Has Erred In Law & In Facts Enhancing The Income From Sale Of ‘Matrix It Building’ By Changing The Head Of Income From Capital Gains To Business Income Without Complying With The Principles Of Natural Justice & Without Giving Any Opportunity Of Hearing.

Section 14A

…ourts have consistently held that any issue which is revenue neutral should not be disputed by the Department more so when it does not have any overall tax impact. In this regard, reliance is placed on the following decisions: a. CIT v. Excel Industries Ltd. [358 ITR 295] (Para 32) b. CIT v. Millennium Estates (P.) Ltd. [93 Taxmann.com 41 (Bom.)] (Para 10) 9. In light of the above, the Appellant humbly submits that presuming without admitting that the stand of the Ld. A.O. is correct, the aforesaid addition being revenue neutral with kindly be deleted since no prejudice wras caused to the Department. 5. Without p…

ACIT, Central Circle, Vapi vs. M/S. Shah Virchand Govanji Jewellers Pvt. Ltd, Surat

In the result, ground No. 2 of appeal raised by revenue is also dismissed

ITA 176/SRT/2020[2012-13]Status: DisposedITAT Surat08 Sept 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

For Respondent: “1. On the facts and circumstances o
Section 254(1)Section 68

…d by the Hon’ble Apex Court in the case of Radhasoamy Satsang Vs CIT 193 ITR 321 (SC) which has been followed in a series of decisions by the various High Courts including in a latest decision by Hon’ble Apex Court in the case of CIT Vs. Excel Industries Ltd. 358 ITR 295 (SC) wherein it has been held that this Court (Hon’ble Apex Court) did not think it appropriate to allow the reconsideration of an issue for a subsequent assessment year if the same ‘fundamental aspect’ permeates in difference assessment years, thus the Hon’ble Apex Court reiterated the rule of consistency should be respected by the tax authoriti…

ACIT, Central Circle, Vapi vs. M/S. Shah Virchand Govanji Jewellers Pvt. Ltd, Surat

In the result, ground No. 2 of appeal raised by revenue is also dismissed

ITA 175/SRT/2020[2010-11]Status: DisposedITAT Surat08 Sept 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

For Respondent: “1. On the facts and circumstances o
Section 254(1)Section 68

…d by the Hon’ble Apex Court in the case of Radhasoamy Satsang Vs CIT 193 ITR 321 (SC) which has been followed in a series of decisions by the various High Courts including in a latest decision by Hon’ble Apex Court in the case of CIT Vs. Excel Industries Ltd. 358 ITR 295 (SC) wherein it has been held that this Court (Hon’ble Apex Court) did not think it appropriate to allow the reconsideration of an issue for a subsequent assessment year if the same ‘fundamental aspect’ permeates in difference assessment years, thus the Hon’ble Apex Court reiterated the rule of consistency should be respected by the tax authoriti…

PCIT, Delhi-7 vs. Ratnagiri Gas and Power Pvt. Ltd

ITA/264/2022HC Delhi29 Aug 2022

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MS. JUSTICE TARA VITASTA GANJU

…Indian Molasses Co. (P) Ltd. vs. CIT, West Bengal (1959) 37 ITR 66; (ii) Commissioner of Income Tax vs. Excel Industries Ltd. (2014) This is a digitally signed Judgement. NEUTRAL CITATION NO: 2022/DHC/003617 ITA 264/2022 Page 4 of 11 13 SCC 459. 10. On the other hand, Mr Ved Kumar Jain, who appears on behalf of the respondent/assessee, has made the following broad submissions: 11. Although the respondent/assessee was remiss in producing the CSA before the AO, it was produced before the Commissioner of Income Tax (Appeals) [in short, “CIT(A)”]. Therefore, this objection no longer…

Kopergaon Peoples Co-Op Bank Ltd, Ahmednagar vs. Deputy Commissioner of Income-Tax, Circle, Ahmednagar

Appeal is allowed in above terms

ITA 493/PUN/2020[2017-18]Status: DisposedITAT Pune29 Aug 2022AY 2017-18

Bench: Shri S.S.Godara, Jm & Shri Dr. Dipak P. Ripote, Am आयकर अपीऱ सं. / Ita No.493/Pun/2020 ननधधारण वषा / Assessment Year : 2017-18 Kopergaon Peoples Co-Op Bank Ltd., Na Na Bank Road, Kopergaon, Ahmednagar -423 601 .......अपऩलधथी / Appellant Pan : Aaaak2255J

For Appellant: Shri C.H. Naniwadekar &For Respondent: Shri Arvind Desai
Section 143(3)Section 37

…ccrued or attributable to. 5 A.Y. : 2017-18 Kopergaon Peoples Co-Op Bank Ltd., Therefore, the decision cited of the Gujarat High Court is of no use to the appellant. The appellant further had cited the decision in the case of CIT Vs. Excel Industries [2013] 358 ITR 295 (Dishman Pharma) of the Hon’ble Supreme Court, which for the identical reason as in the above case is found to be not applicable in the case of the appellant. In view of above, I hold that the AO was justified in disallowing the prior period expenses in this year. 5.3.1 Having said so, it is clearly submitted by the appellant that such expenses…

M/S. Course5 Intelligence Private Limited (Formerly Cross Tab Marketing Services Private Limited), Bangalore vs. The Deputy Commissioner of Income Tax, Circle- 2(1)(1), Bangalore

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

ITA 15/BANG/2020[2013-14]Status: DisposedITAT Bangalore18 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2013-14 M/S. Course5 Intelligence Pvt. Ltd., (Formerly Cross Tab Marketing Services The Deputy Pvt. Ltd.) Commissioner Of No. 422, 80 Feet Income Tax, Road, Circle – 2(1)(1), 6Th Block, Vs. Bangalore. Koramangala, Bangalore – 560 095. Pan: Aabcc6525A Appellant Respondent : Shri Padam Chand Khincha, Assessee By Ca : Shri Srinivas Rao Bandaru, Revenue By Jcit Dr Date Of Hearing : 14-07-2022 Date Of Pronouncement : 18-08-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 14/10/2019 Passed By Ld.Cit(A)-2, Bangalore For A.Y. 2013-14 On Following Grounds Of Appeal: “1. The Learned Assessing Officer Had Erred In Passing The Order In The Manner Passed By Him & The Learned Cit (A) Has Erred In Partially Confirming The Same. The Orders Passed Being Bad In Law & Liable To Be Quashed.

For Respondent: Shri Padam Chand Khincha
Section 10ASection 143(2)Section 234B

…ts. Having allowed the deduction for subsequent years and on the principle of consistency, the deduction claimed by the Appellant under section 10AA for the year under appeal should be allowed following the Apex court decisions in CIT vs. Excel Industries Ltd 358 ITR 295 (SC); Radhasoami Satsang Saomi Bagh v. CIT [1992] 193 ITR 321 (SC); Bharat Sanchar Nigam Ltd. v. Union of India [2006] 282 ITR 273. Reallocation of revenue from branch to STPI and SEZ units 2.2 The Appellant provided detailed charts to substantiate that the services were rendered from STPI and SEZ units in India and that merely the billing for su…

Sweta Goenka, Jabalpur vs. Pr. Commissioner of Incomr Tax-1, Jabalpur

In the result, the assessee‟s appeal is dismissed

ITA 44/JAB/2022[2017-18]Status: DisposedITAT Jabalpur17 Aug 2022AY 2017-18

Bench: Shri Sanjay Arora, Hon‟Ble & Shri Manomohan Das, Hon'Ble

For Appellant: Shri Sapan Usrethe, AdvocateFor Respondent: Shri U.B. Mishra, CIT-DR
Section 143(1)Section 143(3)Section 194CSection 263

…mount to the assessee‟s account signifies the work being complete, and the burden is on the assessee to show as to why, despite the same, income in full cannot be said to have accrued, but only in the following year (refer: CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC)). An ancilliary question would be as to how the assessee stands credited for the full amount without she raising the bill for the same on the Panchayats and/or the concomitant issue of completion certificate/s. These are the moot questions, overlooked by the AO, and on which therefore there has been no examination and, consequently, finding/…

ACIT, Circle- 61(1), New Delhi vs. Deloitte Haskins & Sells, Gurugram

In the result, the appeal filed for Revenue for AY 2013-14 stands dismissed, the appeal filed by the assessee for AY 2013-14 is partly allowed and appeal for AY 2014-15 filed by the assessee are al...

ITA 5123/DEL/2019[2013-14]Status: DisposedITAT Delhi05 Aug 2022AY 2013-14
For Appellant: Shri Niraj Setha, AdvocateFor Respondent: Md. Gayasuddin Ansari, Senior DR
Section 40Section 40(1)(ia)

…/Madras/2016 and ITA No.2079/Madras/2016 for the AY 2011-12 (Internal page 14 to IS, Para 14 to 16) (iv) Hon’ble Supreme Court judgement in case of Dalmia Cement Ltd. v CIT 237 ITR 617(SC) (v) Hon’ble Supreme Court judgement in CIT v. Excel Industries Ltd. (358 ITR 295) (SC) (vi) Hon’ble Bombay High Court judgement in the case of M/s C.C. Chokshi & Co in ITA No.209 and 193 of 2008 and A.F. Ferguson & Co. in ITA no.87 of 2011 13 ITA No.5123/Del./2019 ITA No.4617/Del./2019 ITA No.7236/Del./2018 (vii) Hon’ble Bombay High Court judgement in the case of DCIT versus Wadia Ghandy & Company vide judgment dated 7 Aug…

Deloitte Haskins & Sells, Gurugram vs. ACIT, Circle- 61(1), New Delhi

In the result, the appeal filed for Revenue for AY 2013-14 stands dismissed, the appeal filed by the assessee for AY 2013-14 is partly allowed and appeal for AY 2014-15 filed by the assessee are al...

ITA 4617/DEL/2019[2013-14]Status: DisposedITAT Delhi05 Aug 2022AY 2013-14
For Appellant: Shri Niraj Setha, AdvocateFor Respondent: Md. Gayasuddin Ansari, Senior DR
Section 40Section 40(1)(ia)

…/Madras/2016 and ITA No.2079/Madras/2016 for the AY 2011-12 (Internal page 14 to IS, Para 14 to 16) (iv) Hon’ble Supreme Court judgement in case of Dalmia Cement Ltd. v CIT 237 ITR 617(SC) (v) Hon’ble Supreme Court judgement in CIT v. Excel Industries Ltd. (358 ITR 295) (SC) (vi) Hon’ble Bombay High Court judgement in the case of M/s C.C. Chokshi & Co in ITA No.209 and 193 of 2008 and A.F. Ferguson & Co. in ITA no.87 of 2011 13 ITA No.5123/Del./2019 ITA No.4617/Del./2019 ITA No.7236/Del./2018 (vii) Hon’ble Bombay High Court judgement in the case of DCIT versus Wadia Ghandy & Company vide judgment dated 7 Aug…

Deloitte Haskins & Sells, Gurgaon vs. ACIT, Circle- 61(1), New Delhi

In the result, the appeal filed for Revenue for AY 2013-14 stands dismissed, the appeal filed by the assessee for AY 2013-14 is partly allowed and appeal for AY 2014-15 filed by the assessee are al...

ITA 7236/DEL/2018[2014-15]Status: DisposedITAT Delhi05 Aug 2022AY 2014-15
For Appellant: Shri Niraj Setha, AdvocateFor Respondent: Md. Gayasuddin Ansari, Senior DR
Section 40Section 40(1)(ia)

…/Madras/2016 and ITA No.2079/Madras/2016 for the AY 2011-12 (Internal page 14 to IS, Para 14 to 16) (iv) Hon’ble Supreme Court judgement in case of Dalmia Cement Ltd. v CIT 237 ITR 617(SC) (v) Hon’ble Supreme Court judgement in CIT v. Excel Industries Ltd. (358 ITR 295) (SC) (vi) Hon’ble Bombay High Court judgement in the case of M/s C.C. Chokshi & Co in ITA No.209 and 193 of 2008 and A.F. Ferguson & Co. in ITA no.87 of 2011 13 ITA No.5123/Del./2019 ITA No.4617/Del./2019 ITA No.7236/Del./2018 (vii) Hon’ble Bombay High Court judgement in the case of DCIT versus Wadia Ghandy & Company vide judgment dated 7 Aug…

DCIT, New Delhi vs. M/S Ntpc Ltd., New Delhi

ITA 156/DEL/2016[2011-12]Status: DisposedITAT Delhi05 Aug 2022AY 2011-12

Bench: Sh. A.D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Bhavnesh Kulsheshtha, CIT-DR
Section 80Section 80I

…riod 1986 to 2006 and still not been paid by Government of India except Rs.21.37 Cr., the addition made by the Assessing Officer during this year cannot be sustained. Keeping in view, the decision of the Hon’ble Apex Court in the case of Excel Industries Ltd. 358 ITR 295, the order of the ld. CIT(A) is hereby affirmed. 25. The addition of Rs.115,50,00,000/- has been made in the A.Y. 2007-08 as well as A.Y. 2008-09. The ld. CIT(A) for the A.Y. 2008-09 has deleted the addition holding that the same addition has been made for the A.Y. 2007-08. For the A.Y. 2007-08, the ld. CIT(A) deleted the addition which has been…

Dcir, New Delhi vs. M/S Ntpc Ltd., New Delhi

ITA 5704/DEL/2015[2007-08]Status: DisposedITAT Delhi05 Aug 2022AY 2007-08

Bench: Sh. A.D. Jaindr. B. R. R. Kumar

For Appellant: Sh. Ved Jain, Adv. &For Respondent: Sh. Bhavnesh Kulsheshtha, CIT-DR
Section 80Section 80I

…riod 1986 to 2006 and still not been paid by Government of India except Rs.21.37 Cr., the addition made by the Assessing Officer during this year cannot be sustained. Keeping in view, the decision of the Hon’ble Apex Court in the case of Excel Industries Ltd. 358 ITR 295, the order of the ld. CIT(A) is hereby affirmed. 25. The addition of Rs.115,50,00,000/- has been made in the A.Y. 2007-08 as well as A.Y. 2008-09. The ld. CIT(A) for the A.Y. 2008-09 has deleted the addition holding that the same addition has been made for the A.Y. 2007-08. For the A.Y. 2007-08, the ld. CIT(A) deleted the addition which has been…

M/S Allen Career Institute, Jaipur vs. Income Tax Officer, Ward-2-1, Kota

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

ITA 617/JPR/2018[2013-14]Status: DisposedITAT Jaipur04 Aug 2022AY 2013-14
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 234ASection 244ASection 37(1)

…made in the earlier years. Even the assessments of some of the years were completed under scrutiny u/s 143(3) (i.e. A.Y.2002-03 & onwards) yet however, no similar disallowance had been made in the past. 8.2 In the case of CIT v/s Excel Industries Ltd. (2013) 358 ITR 295 (SC), it was held that “Secondly, as noted by the Tribunal, a consistent view had been taken in favour of the assessee, starting with the AY 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. Consequently, there was no reason to take a different view unle…

Allen Career Institute, Kota vs. JCIT, Jaipur

In the result, the Grounds No

ITA 54/JPR/2017[2012-12]Status: DisposedITAT Jaipur04 Aug 2022AY 2012-12
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 234ASection 244ASection 36Section 36(1)(iii)Section 37(1)

…though the doctrine of res judicata do not apply in the income tax proceedings yet however, in absence of any change in the facts & circumstances of the case, the doctrine has been applied by the Courts. 8.2 In the case of CIT v/s Excel Industries Ltd. (2013) 358 ITR 295 (SC), it was held that “Secondly, as noted by the Tribunal, a consistent view had been taken in favour of the assessee, starting with the AY 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not 27 ALLEN CAREER INSTITUTE VS JCIT, RANGE-2, KOTA represent the real income of the assessee. Consequently,…

Allen Career Institute, Jaipur vs. JCIT, Kota

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

ITA 620/JPR/2016[2011-12]Status: DisposedITAT Jaipur04 Aug 2022AY 2011-12
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 36Section 36(1)(iii)Section 37(1)

…er years. Even the assessments of some of the years were completed under scrutiny u/s 143(3) (i.e. A.Y.2002-03 & onwards) yet however, no similar disallowance had been made in the past except AY 2010-11. 8.2 In the case of CIT v/s Excel Industries Ltd. (2013) 358 ITR 295 (SC), it was held that “Secondly, as noted by the Tribunal, a consistent view had been taken in favour of the assessee, starting with the AY 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. Consequently, there was no reason to take a different view unle…

Allen Career Institute, Jaipur vs. JCIT, Kota

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

ITA 246/JPR/2015[2010-11]Status: DisposedITAT Jaipur04 Aug 2022AY 2010-11
For Appellant: Shri Mahendra Gargieya, Advocate &For Respondent: Shri A.S. Nehra, Addl. CIT
Section 143(3)Section 234ASection 244ASection 36(1)(iii)

…though the doctrine of res judicata do not apply in the income tax proceedings yet however, in absence of any change in the facts & circumstances of the case, the doctrine has been applied by the Courts. 8.2 In the case of CIT v/s Excel Industries Ltd. (2013) 358 ITR 295 (SC), it was held that “Secondly, as noted by the Tribunal, a consistent view had been taken in favour of the assessee, starting with the AY 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. Consequently, there was no reason to take a different view unle…

ACIT 17(1), Mumbai vs. Mahindra & Mahindra Employees Stock Option Trust, Mumbai

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

ITA 1120/MUM/2022[2016-17]Status: DisposedITAT Mumbai04 Aug 2022AY 2016-17
Section 112Section 143(3)Section 250

…d manner, it may lead to chaos in compliance of fiscal constitute and there will be uncertainties, all around. The finality of litigation would become extinct. Our view is supported by the judgment of Hon‟ble Supreme Court in the case of Excel Industries Ltd. 358 ITR 295. 5.17. Further we raised a pointed query to Ld DR, at the time of hearing, that whether any such action has been taken by the department against any other such ESOS trust whereby similar gain from issue of shares by the ESOS trust have been treated as income from business. In response, Ld. DR showed its inability to provide any such information.…

ACIT-17(1), Mumbai vs. Mahindra & Mahindra Employees Stock Option Trust., Mumbai

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

ITA 1119/MUM/2022[2013-14]Status: DisposedITAT Mumbai04 Aug 2022AY 2013-14
Section 112Section 143(3)Section 250

…d manner, it may lead to chaos in compliance of fiscal constitute and there will be uncertainties, all around. The finality of litigation would become extinct. Our view is supported by the judgment of Hon‟ble Supreme Court in the case of Excel Industries Ltd. 358 ITR 295. 5.17. Further we raised a pointed query to Ld DR, at the time of hearing, that whether any such action has been taken by the department against any other such ESOS trust whereby similar gain from issue of shares by the ESOS trust have been treated as income from business. In response, Ld. DR showed its inability to provide any such information.…