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 367,154 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.

Hamilton Housewares Pvt.Ltd., Silvasa vs. The DCIT., Vapi Circle, Vapi

In the result, appeal of the assessee in ITA No

ITA 380/SRT/2017[2013-14]Status: DisposedITAT Surat22 Jun 2021AY 2013-14

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.380/Srt/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial Income Tax, S. Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) आयकरअपीलसं./Ita No.353/Srt/2017 ("नधा"रणवष" / Assessment Year: (2011-12) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial S. Income Tax, Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) Assessee By : Shri A.Gopala Krishnan - Ca Respondent By : Ms.Anupama Singla – Sr.Dr सुनवाईक"तार"ख/ Date Of Hearing : 23/06/2021 घोषणाक"तार"ख/Date Of Pronouncement : 28/06/2021 आदेश / O R D E R Per Dr. A. L. Saini: Captioned Two Appeals Filed By The Assessee Pertaining To Assessment Year (A.Y.) 2013-14 & (A.Y.) 2011-12, Are Directed Against The Separate Orders Passed By The Ld. Commissioner Of Income Tax (Appeals), Which In Turn Arise Out Of Separate Assessment Order & Penalty Order Passed By The Ld.Assessing Officer Under Section 143(3) Of The Income Tax Act & Under Section 271(1)(C) Of The Income Tax Act, Respectively.

For Appellant: Shri A.Gopala Krishnan - CAFor Respondent: Ms.Anupama Singla – Sr.DR
Section 143(3)Section 271(1)(c)Section 80I

…C receipts or other export incentives credited in the profit and loss account be not considered as income liable for tax during the year in accordance with the decision of the Honorable Supreme Court in the case of CIT vs. Excel Industries Limited reported in 38 Taxmann.com 100(SC) 3. On appreciation of the facts and circumstances of the case, only net export incentives (and not gross) be considered as profits not eligible for the purpose of granting deduction u/s. 80IC of the Act 4. The appellant craves leave to add, amend, modify or alter the above grounds of appeal at any stage of appellate proceedings. 5. The…

Hamilton Housewares Pvt.Ltd., Silvasa vs. The ACIT., Vapi Circle, Vapi

In the result, appeal of the assessee in ITA No

ITA 353/SRT/2017[2011-12]Status: DisposedITAT Surat22 Jun 2021AY 2011-12

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकरअपीलसं./Ita No.380/Srt/2017 ("नधा"रणवष" / Assessment Year: (2013-14) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial Income Tax, S. Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) आयकरअपीलसं./Ita No.353/Srt/2017 ("नधा"रणवष" / Assessment Year: (2011-12) (Virtual Court Hearing) Hamilton Housewares Private Limited, V The Assistant Commissioner Of Plot No.49/50, Dan Udyog Industrial S. Income Tax, Estte, Amli, Piparia, Silvassa, U.T. Of D. Vapi Circle, Vapi. & N. H. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabcd 1683 Q (Assessee) (Respondent) Assessee By : Shri A.Gopala Krishnan - Ca Respondent By : Ms.Anupama Singla – Sr.Dr सुनवाईक"तार"ख/ Date Of Hearing : 23/06/2021 घोषणाक"तार"ख/Date Of Pronouncement : 28/06/2021 आदेश / O R D E R Per Dr. A. L. Saini: Captioned Two Appeals Filed By The Assessee Pertaining To Assessment Year (A.Y.) 2013-14 & (A.Y.) 2011-12, Are Directed Against The Separate Orders Passed By The Ld. Commissioner Of Income Tax (Appeals), Which In Turn Arise Out Of Separate Assessment Order & Penalty Order Passed By The Ld.Assessing Officer Under Section 143(3) Of The Income Tax Act & Under Section 271(1)(C) Of The Income Tax Act, Respectively.

For Appellant: Shri A.Gopala Krishnan - CAFor Respondent: Ms.Anupama Singla – Sr.DR
Section 143(3)Section 271(1)(c)Section 80I

…C receipts or other export incentives credited in the profit and loss account be not considered as income liable for tax during the year in accordance with the decision of the Honorable Supreme Court in the case of CIT vs. Excel Industries Limited reported in 38 Taxmann.com 100(SC) 3. On appreciation of the facts and circumstances of the case, only net export incentives (and not gross) be considered as profits not eligible for the purpose of granting deduction u/s. 80IC of the Act 4. The appellant craves leave to add, amend, modify or alter the above grounds of appeal at any stage of appellate proceedings. 5. The…

DCIT, New Delhi vs. M/S. Paramount Communication Pvt. Ltd., New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 2288/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…). Thus, the Ld. CIT(A) was bound to follow rule of consistency and should not have taken a contrary view in A.Y. 2012- 2013. We rely upon the Judgments of the Hon’ble Supreme Court in the case of Radhasoami Satsung 193 ITR 321 (SC) and Excel Industries Ltd., 358 ITR 295 (SC). The assessee has also followed Companies Rules, 2009 because it has given option to the assessee to do so. The decision of Mumbai Bench in the case of DDIT v. Staubil A.G. India Branch Office (supra), relied upon by the Ld. CIT(A) is on identical facts. Therefore, there is no infirmity in the Order of the Ld. CIT(A) in following the same. I…

Paramount Communications Ltd., New Delhi vs. DCIT, New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 1378/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…). Thus, the Ld. CIT(A) was bound to follow rule of consistency and should not have taken a contrary view in A.Y. 2012- 2013. We rely upon the Judgments of the Hon’ble Supreme Court in the case of Radhasoami Satsung 193 ITR 321 (SC) and Excel Industries Ltd., 358 ITR 295 (SC). The assessee has also followed Companies Rules, 2009 because it has given option to the assessee to do so. The decision of Mumbai Bench in the case of DDIT v. Staubil A.G. India Branch Office (supra), relied upon by the Ld. CIT(A) is on identical facts. Therefore, there is no infirmity in the Order of the Ld. CIT(A) in following the same. I…

M/S. Paramount Communictions Ltd., New Delhi vs. DCIT, New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 767/DEL/2014[2009-10]Status: DisposedITAT Delhi15 Jun 2021AY 2009-10

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…). Thus, the Ld. CIT(A) was bound to follow rule of consistency and should not have taken a contrary view in A.Y. 2012- 2013. We rely upon the Judgments of the Hon’ble Supreme Court in the case of Radhasoami Satsung 193 ITR 321 (SC) and Excel Industries Ltd., 358 ITR 295 (SC). The assessee has also followed Companies Rules, 2009 because it has given option to the assessee to do so. The decision of Mumbai Bench in the case of DDIT v. Staubil A.G. India Branch Office (supra), relied upon by the Ld. CIT(A) is on identical facts. Therefore, there is no infirmity in the Order of the Ld. CIT(A) in following the same. I…

The Commissioner of Income-Tax vs. M/S Karnataka Power Corporation Ltd

In the result, we do not find any merit in this

ITA/424/2014HC Karnataka09 Jun 2021

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

Section 115JSection 143(2)Section 260Section 260ASection 80I

…al. In this connection reference has been made to Circular dated 02.11.2016 passed by the Central Board of Direct Taxes (CBDT). In support of aforesaid submissions, reliance has been placed on decisions of Supreme Court in 'CIT VS. EXCEL INDUSTRIES LTD', 358 ITR 295 (SC), and 'CIT VS. BIHARI INVESTMENT (P) LTD', 299 ITR 1 (SC). 10 7. We have considered the submissions made by learned counsel for the parties and have perused the record. From perusal of the record, it is evident that the assessee has furnished the details of prior period expenses incurred by it during the Assessment Year 2005-06. F…

Sumitomo Corporation, New Delhi vs. DCIT (International Taxation), New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 1881/DEL/2017[2013-14]Status: DisposedITAT Delhi09 Jun 2021AY 2013-14

Bench: Shri R. K. Panda & Ms Suchitra Kamble(Through Video Conferencing) Sumitomo Corporation Vs Dcit (International Taxation) G-195, Circle-3(1)(2) Sarita Vihar New Delhi New Delhi Aabcs6011P (Appellant) (Respondent)

Section 143(3)Section 144CSection 5

…revenue itself has accepted that such supplies made offshore is not taxable in India, addition made in this year is unsustainable in law. At this stage, reliance is placed on the judgment of the Hon’ble Apex Court in the case of CIT vs. Excel Industries Ltd. 358 ITR 295 wherein it was found that the Revenue had accepted the order of the Tribunal in favour of the assessee and did not pursue the matter any further but in respect of some assessment years the matter was taken up in appeal before the Hon’ble Bombay High Court but without any success, and on such facts the Hon’ble Court has held that the Revenue canno…

DCIT - 1(2)(2), Mumbai vs. Maharashtra Tourism Development Corporation Ltd, Mumbai

In the result, all the revenue appeals stand dismissed

ITA 6423/MUM/2017[2007-08]Status: DisposedITAT Mumbai01 Jun 2021AY 2007-08

…national Seaport ltd. VS Income-tax Officer 76 taxmann.com 380 In the alternative, and without prejudice to above, Interest to be reduced from the cost of the asset • CIT VS Bokaro Steel Ltd. 236 ITR 315 Principle of Consistency • CIT VS Excel Industries Ltd. 358 ITR 295 • Radhasoami Satsang vs. CIT (193 ITR 321) 10. Upon careful consideration, we find that learned CIT(A) has taken a correct view of the matter. The Government directive which has been relied upon by him is duly applicable for the current assessment year. As per the said direction the interest on unutilised grant has to be treated a part of the gra…

Ajaz Farooqi, Secunderabad vs. Deputy Commissioner of Income Tax, Central Circle -3(4), Hyderabad

In the result, appeal of the assessee in ITA No

ITA 786/HYD/2020[2017-18]Status: DisposedITAT Hyderabad27 Apr 2021AY 2017-18

Bench: Shri Satbeer Singh Godara & Laxmi Prasad Sahu

For Appellant: Shri P. Murali Mohana Rao
Section 132(4)Section 143(3)

…sing & Construction ltd., 58 taxmann.com 179. (Bom) 29. Lok Housing & Construction ltd., 27 taxmann.com 15 (Mumbai ITAT) 30. Lok Housing & Construction ltd., 70 taxmann.com 2 (SC) 31. Shoorji Vallabhdas & CO., [1962] 46 ITR 144 (SC) 32. Excel Industries Ltd., 358 ITR 295 33. Pruthvi Brokers & Shareholders, [2012] 23 Taxmann.com 23 34. Indian Express (Madurai) Pvt. Ltd., 140 ITR 705 (Mad.) 35. C. Radhakrishna Kumar, ITA No. 295/Hyd/2012 36. Industrial Roadways, [2008] 112 ITD 293 (Mum.) 37. N. Sasikala, 151 Taxman 42 (Chennai ITAT) 38. Lokesh Agarwal, ITA No. 1021/Hyd/2013 39. M. Prabhakar, ITA No. 1727/Hyd/2014.…

Sri. B. Rudragouda, Bellary vs. The Deputy Commissioner of Income Tax, Circle- 1, Bellary

In the result, the appeal is allowed

ITA 315/BANG/2020[2016-17]Status: DisposedITAT Bangalore15 Apr 2021AY 2016-17

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri Chythanya K.K., AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru
Section 37Section 37(1)

…2 ITR 529 (Kar) Girish Bansal v. UOI, 384 ITR 161 (Del) Y. Rathiesh v. CIT, 372 ITR 73 (AP) Raja Malwinder Singh v. CWT, 334 ITR 115 (P&H) Azimganj Estate (P) Ltd. v. CIT, 372 ITR 243 (Cal) CIT v. Sridev Enterprises, 192 ITR 165 (Kar) CIT v. Excel Industries, 358 ITR 295 (SC) CIT v. Plaza Hotels (P) Ltd. 107 taxmann.com 287 (Bom) BSNL v. UOI, 3 SCC 1 CIT v. Punjab Agro Industries Corporation Ltd. (P&H) CIT v. JPS Associates, 228 Taxman 367 Pr. CIT v. Quest Investment Advisors (P) Ltd. 409 ITR 545 (Bom) 74. The ld. AR further submitted that trading in F&O derivative being non- speculative transaction any loss ari…

Sri. B. Rudragouda, Bellary vs. The Assistant Commissioner of Income Tax, Circle- 1, Bellary

In the result, the appeal is allowed

ITA 314/BANG/2020[2015-16]Status: DisposedITAT Bangalore15 Apr 2021AY 2015-16

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri Chythanya K.K., AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru
Section 37Section 37(1)

…2 ITR 529 (Kar) Girish Bansal v. UOI, 384 ITR 161 (Del) Y. Rathiesh v. CIT, 372 ITR 73 (AP) Raja Malwinder Singh v. CWT, 334 ITR 115 (P&H) Azimganj Estate (P) Ltd. v. CIT, 372 ITR 243 (Cal) CIT v. Sridev Enterprises, 192 ITR 165 (Kar) CIT v. Excel Industries, 358 ITR 295 (SC) CIT v. Plaza Hotels (P) Ltd. 107 taxmann.com 287 (Bom) BSNL v. UOI, 3 SCC 1 CIT v. Punjab Agro Industries Corporation Ltd. (P&H) CIT v. JPS Associates, 228 Taxman 367 Pr. CIT v. Quest Investment Advisors (P) Ltd. 409 ITR 545 (Bom) 74. The ld. AR further submitted that trading in F&O derivative being non- speculative transaction any loss ari…

The ACIT, Circle-2(1)(2), Ahmedabad vs. Lambda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2114/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…43.2 It is also significant to note that there being no change in the facts and under the provisions of law, the principles of consistency needs to be applied as held by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd reported in [2013] 358 ITR 295 (SC) where the Hon’ble court observed as under: Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Co…

Lambda Therapeutic Research Ltd., Ahmedabad vs. DCIT Circle-2(1) (2), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 1751/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2013-14

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…43.2 It is also significant to note that there being no change in the facts and under the provisions of law, the principles of consistency needs to be applied as held by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd reported in [2013] 358 ITR 295 (SC) where the Hon’ble court observed as under: Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Co…

The DCIT, Circle-2(1)(2), Ahmedabad vs. M/S. Lambda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2293/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…43.2 It is also significant to note that there being no change in the facts and under the provisions of law, the principles of consistency needs to be applied as held by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd reported in [2013] 358 ITR 295 (SC) where the Hon’ble court observed as under: Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Co…

Lambda Therapeutic Research Limited, Ahmedabad vs. The Jt. CIT, Range-4, Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 3492/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…43.2 It is also significant to note that there being no change in the facts and under the provisions of law, the principles of consistency needs to be applied as held by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd reported in [2013] 358 ITR 295 (SC) where the Hon’ble court observed as under: Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Co…

Dy.Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad vs. M/S. Lamda Therapeutic Research Ltd., Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 3470/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…43.2 It is also significant to note that there being no change in the facts and under the provisions of law, the principles of consistency needs to be applied as held by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd reported in [2013] 358 ITR 295 (SC) where the Hon’ble court observed as under: Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Co…

Lambda Therapeutic Research Limited, Ahmedabad vs. The Dy. Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad

In the result the appeal of the assessee is partly allowed

ITA 2276/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad12 Apr 2021AY 2011-12

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

For Appellant: Shri Tushar P. HemaniSr. Advocate withShriParimalSinhParmar, A.RFor Respondent: Shri Mohd Usman, CIT. D.R with Shri Lalit P. Jain. Sr. D.R
Section 115JSection 234ASection 271(1)(c)

…43.2 It is also significant to note that there being no change in the facts and under the provisions of law, the principles of consistency needs to be applied as held by the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd reported in [2013] 358 ITR 295 (SC) where the Hon’ble court observed as under: Secondly, as noted by the Tribunal, a consistent view has been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance licences or under the duty entitlement pass book do not represent the real income of the assessee. Co…

M/S. Growmore Research & Assets Management Ltd., Mumbai vs. DCIT Cent. Cir. - 4(3), Mumbai

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 504/MUM/2019[1991-92]Status: DisposedITAT Mumbai30 Mar 2021AY 1991-92

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 1991-92 Dcit, M/S. Growmore Research Cent. Cir.-4(3) & Assets Management Central Range-4, Ltd., Room No.1921, 32, Madhuli Apartment, Vs. 19Th Floor, 3Rd Floor, Air India Bldg., Dr. Annie Besant Road, Nariman Point, Worli, Mumbai – 400 018 Mumbai - 400021 Pan: Aaacg4936C (Appellant) (Respondent) Assessment Year: 1991-92 M/S. Growmore Research Dcit & Assets Management Cent. Cir.-4(3), Ltd., Central Range-4, 32, Madhuli Apartment, Room No.1921, 3Rd Floor, Vs. 19Th Floor, Dr. Annie Besant Road, Air India Bldg., Worli, Mumbai – 400 018 Nariman Point, Pan: Aaacg4936C Mumbai - 400021

For Appellant: Shri Dharmesh Shah, A.RFor Respondent: Dr. P. Daniel, D.R
Section 147Section 14ASection 234Section 69

…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 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 Revenue cannot be allow…

Deputy Commissioner of Income Tax Central Circle-4(3), Central Range-4, Mumbai vs. M/S.Growmore Research & Asset Management Limited, Mumbai

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 1196/MUM/2019[1991-92]Status: DisposedITAT Mumbai30 Mar 2021AY 1991-92

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 1991-92 Dcit, M/S. Growmore Research Cent. Cir.-4(3) & Assets Management Central Range-4, Ltd., Room No.1921, 32, Madhuli Apartment, Vs. 19Th Floor, 3Rd Floor, Air India Bldg., Dr. Annie Besant Road, Nariman Point, Worli, Mumbai – 400 018 Mumbai - 400021 Pan: Aaacg4936C (Appellant) (Respondent) Assessment Year: 1991-92 M/S. Growmore Research Dcit & Assets Management Cent. Cir.-4(3), Ltd., Central Range-4, 32, Madhuli Apartment, Room No.1921, 3Rd Floor, Vs. 19Th Floor, Dr. Annie Besant Road, Air India Bldg., Worli, Mumbai – 400 018 Nariman Point, Pan: Aaacg4936C Mumbai - 400021

For Appellant: Shri Dharmesh Shah, A.RFor Respondent: Dr. P. Daniel, D.R
Section 147Section 14ASection 234Section 69

…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 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 Revenue cannot be allow…

Tube Rose Estates Pvt. Ltd., New Delhi vs. ACIT, Circle- 16(1), New Delhi

In the result ground number one – three of the appeal of the assessee are allowed

ITA 3136/DEL/2018[2010-11]Status: DisposedITAT Delhi26 Mar 2021AY 2010-11

Bench: Shri Sudhanshu Srivastavaa N D Shri Prashant Maharishi(Through Video Conferencing)

For Appellant: Shri R. S. Singhvi, C.A. &For Respondent: Shri Prakash Dubey, Sr. DR
Section 143(3)Section 24

…Ltd. 281 ITR 346. In this case it was expounded that for rejecting the view taken for earlier years, there must be change in facts, situation or law. 26. In this regard, we further place reliance upon the decision in the case of CIT vs. Excel Industries Ltd. 358 ITR 295. In this case the Hon'ble Apex Court has inter-alia held that when the Department has accepted the verdict of the Tribunal in some years, it cannot be allowed to challenge the verdict in other years. Thus, in our considered opinion in the background of the aforesaid discussion and precedents, there is no infirmity in the order of the Ld. CIT(A).…