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.

Priya Blue Industries Pvt. Ltd., Bhavnagar vs. The Asstt. Commissioner of Income Tax, Circle-1, Bhavnagar

ITA 1/AHD/2018[2013-14]Status: DisposedITAT Ahmedabad21 Feb 2020AY 2013-14

Bench: Shri Rajpal Yadav & Shri T. S. Kapoorआयकर अपील सं./I.T.A. Nos. 1 & 2/Ahd/2018 ("नधा"रण वष" / Assessment Years : 2013-14 & 2014-15)

For Appellant: Shri T. P. Hemani, Sr. Advocate

…ment did not file any appeal against such deletion, the same has attained finality and therefore, in the present year also the same may be allowed following the principles of consistency as held by Hon’ble Supreme Court in the case of CIT vs. Excel Industries 358 ITR 295 (SC). 4. As regards Ground Nos. 4 & 5, the Learned AR submitted that these grounds relate to disallowance under s.40A(2)(b) of the Act. Explaining the facts of the case, the Learned A.R. submitted that the assessee had paid interest to Directors @ 18% per annum and the AO has restricted the same to 13% holding the same to be excessive. He furthe…

ACIT 6(3), Mumbai vs. Glaxo Smithkline Pharmaceuticals Ltd, Mumbai

In the result, appeal is partly allowed for statistical purposes

ITA 3608/MUM/2011[2002-03]Status: DisposedITAT Mumbai21 Feb 2020AY 2002-03

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

For Appellant: S/Shri Rajan R. VoraFor Respondent: Shri Anand Mohan, CIT DR
Section 4Section 80H

…se in Assessment Year 2001-02 in ITA No. 3266/Mum/2005 dated 04.05.2018, the Tribunal has restored the issue to the Assessing Officer for deciding afresh keeping in view the decision of Hon'ble Supreme Court in the case of CIT vs Excel Industries Ltd., (2013) 358 ITR 295 (SC). Insofar as the issue of deduction under section 80HHC of the Act relating to advance license benefit, it has also been restored back to the Assessing Officer for deciding afresh. It has been submitted before us by the learned AR that while giving effect to the order of the Tribunal in Assessment Years 1998-99 to 2000-01, the Assessing Offic…

Glaxosmithkline Pharmaceuticals Limited, Mumbai vs. D.C.I.T. RG.6(3), Mumbai

In the result, appeal is partly allowed for statistical purposes

ITA 2548/MUM/2011[2002-03]Status: DisposedITAT Mumbai21 Feb 2020AY 2002-03

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

For Appellant: S/Shri Rajan R. VoraFor Respondent: Shri Anand Mohan, CIT DR
Section 4Section 80H

…se in Assessment Year 2001-02 in ITA No. 3266/Mum/2005 dated 04.05.2018, the Tribunal has restored the issue to the Assessing Officer for deciding afresh keeping in view the decision of Hon'ble Supreme Court in the case of CIT vs Excel Industries Ltd., (2013) 358 ITR 295 (SC). Insofar as the issue of deduction under section 80HHC of the Act relating to advance license benefit, it has also been restored back to the Assessing Officer for deciding afresh. It has been submitted before us by the learned AR that while giving effect to the order of the Tribunal in Assessment Years 1998-99 to 2000-01, the Assessing Offic…

DCIT 6(3), Mumbai vs. Galxo Smithkine Pharmaceuticals Ltd, Mumbai

In the result, appeal is partly allowed for statistical purposes

ITA 2261/MUM/2011[2002-03]Status: DisposedITAT Mumbai21 Feb 2020AY 2002-03

Bench: Sri Saktijit Dey, Jm & Sri Nk Pradhan, Am आयकर अपील सुं./ Ita No. 2548/Mum/2011 (यनधाारण वर्ा / Assessment Year 2002-03) Glaxosmithkline The Dy. Commissioner Of Pharmaceuticals Limited Income-Tax, Range 6(3), बनाम/ Dr. Annie Besant Road, Worli Aayakar Bhavan, M.K. Marg, Vs. Mumbai-400 030 Mumbai-400 020 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacg4414B आयकर अपील सुं./ Ita Nos. 3608 & 2261/Mum/2011 (यनधाारण वर्ा / Assessment Years 2002-03) The Dy. Commissioner Of Glaxosmithkline Income-Tax, Range 6(3), Pharmaceuticals Limited बनाम/ Aayakar Bhavan, M.K. Marg, Dr. Annie Besant Road, Worli Vs. Mumbai-400 020 Mumbai-400 030 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से / Appellant By : S/Shri Rajan R. Vora, Nikhil Tiwari, Ars प्रत्यर्थी की ओर से / Respondent By : Shri Anand Mohan, Cit Dr सुनवाई की िारीख / Date Of Hearing: 26.11.2019 घोर्णा की िारीख / Date Of Pronouncement: 21.02.2020

For Appellant: S/Shri Rajan R. VoraFor Respondent: Shri Anand Mohan, CIT DR
Section 4Section 80H

…se in Assessment Year 2001-02 in ITA No. 3266/Mum/2005 dated 04.05.2018, the Tribunal has restored the issue to the Assessing Officer for deciding afresh keeping in view the decision of Hon'ble Supreme Court in the case of CIT vs Excel Industries Ltd., (2013) 358 ITR 295 (SC). Insofar as the issue of deduction under section 80HHC of the Act relating to advance license benefit, it has also been restored back to the Assessing Officer for deciding afresh. It has been submitted before us by the learned AR that while giving effect to the order of the Tribunal in Assessment Years 1998-99 to 2000-01, the Assessing Offic…

Dakshin Haryana Bijli Vitran Nigam Ltd., Hisar vs. ACIT, Hisar

In the result, both the appeals of the assessee are allowed and those of the Revenue are dismissed

ITA 3413/DEL/2016[2011-12]Status: DisposedITAT Delhi19 Feb 2020AY 2011-12

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. S. Krishnan, AdvocateFor Respondent: Ms. Nidhi Srivastava, CIT/DR
Section 143(3)Section 263Section 43B

…xation, which is not permissible. On this premise, ld. CIT(A) allowed the ground of assessee’s appeal and deleted the addition. 15. Before us, the assessee placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC). On a careful consideration of this issue we are of the considered opinion that inasmuch as there is no dispute in the current year and subsequent year, the rate of tax remained the same and the dispute raised by the Revenue is entirely academic or it may have a minor tax effect. By respectfully following the decision of Hon’ble Apex Court i…

Dakshin Haryana Bijli Vitran Nigam Ltd., Hisar vs. ACIT, Hisar

In the result, both the appeals of the assessee are allowed and those of the Revenue are dismissed

ITA 3412/DEL/2016[2008-09]Status: DisposedITAT Delhi19 Feb 2020AY 2008-09

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. S. Krishnan, AdvocateFor Respondent: Ms. Nidhi Srivastava, CIT/DR
Section 143(3)Section 263Section 43B

…xation, which is not permissible. On this premise, ld. CIT(A) allowed the ground of assessee’s appeal and deleted the addition. 15. Before us, the assessee placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC). On a careful consideration of this issue we are of the considered opinion that inasmuch as there is no dispute in the current year and subsequent year, the rate of tax remained the same and the dispute raised by the Revenue is entirely academic or it may have a minor tax effect. By respectfully following the decision of Hon’ble Apex Court i…

DCIT, Hisar vs. Dakshin Haryana Bijli Vitran Nigam Ltd., Hisar

In the result, both the appeals of the assessee are allowed and those of the Revenue are dismissed

ITA 3219/DEL/2016[2011-12]Status: DisposedITAT Delhi19 Feb 2020AY 2011-12

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. S. Krishnan, AdvocateFor Respondent: Ms. Nidhi Srivastava, CIT/DR
Section 143(3)Section 263Section 43B

…xation, which is not permissible. On this premise, ld. CIT(A) allowed the ground of assessee’s appeal and deleted the addition. 15. Before us, the assessee placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC). On a careful consideration of this issue we are of the considered opinion that inasmuch as there is no dispute in the current year and subsequent year, the rate of tax remained the same and the dispute raised by the Revenue is entirely academic or it may have a minor tax effect. By respectfully following the decision of Hon’ble Apex Court i…

DCIT, Hisar vs. Dakshin Haryana Bijli Vitran Nigam Ltd., Hisar

In the result, both the appeals of the assessee are allowed and those of the Revenue are dismissed

ITA 3218/DEL/2016[2008-09]Status: DisposedITAT Delhi19 Feb 2020AY 2008-09

Bench: Shri Prashant Maharishi & Shri K. Narasimha Chary

For Appellant: Sh. S. Krishnan, AdvocateFor Respondent: Ms. Nidhi Srivastava, CIT/DR
Section 143(3)Section 263Section 43B

…xation, which is not permissible. On this premise, ld. CIT(A) allowed the ground of assessee’s appeal and deleted the addition. 15. Before us, the assessee placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC). On a careful consideration of this issue we are of the considered opinion that inasmuch as there is no dispute in the current year and subsequent year, the rate of tax remained the same and the dispute raised by the Revenue is entirely academic or it may have a minor tax effect. By respectfully following the decision of Hon’ble Apex Court i…

Deep Multiplex Pvt. Ltd., Baroda vs. DCIT, Circle 1(1) (1), Baroda

In the results, appeal of the assessee is allowed

ITA 1719/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad12 Feb 2020AY 2012-13

Bench: Shri Rajpal Yadav, Vice-आयकर अपील सं./ Ita.No.1719/Ahd/2017 "नधा"रण वष"/ Asstt. Year: 2012-13 Deep Muliplex P.Ltd. Dcit, Cir.1(1)(4) 9, Arunoday Society Baroda. Vs 2, Mangaljyot Apartment Alkapuri Baroda Pan : Aabck 4719 Q अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri M.K. Patel, Ar Revenue By : Shri Dilip Kumar, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 03/02/2020 घोषणा क" तार"ख /Date Of Pronouncement: 12/02/2020 आदेश/O R D E R

For Appellant: Shri M.K. Patel, ARFor Respondent: Shri Dilip Kumar, Sr.DR
Section 249Section 253Section 3Section 5

…, this is the first assessment year after this agreement, and income of the ITA No.1719 /Ahd/2017 8 assessee was treated in earlier four years as business income. On the strength of Hon’ble Supreme Court decision in the case of CIT Vs. Excel Industries Ltd., 358 ITR 295 (SC), the ld.counsel for the assessee submitted that once a consistent view is being taken in favour of the assessee on a question of fact, then different view would not be taken by the department without very convincing reasons. He pointed out that in this decision, Hon’ble Supreme Court has made reference to its earlier decision rendered in the…

Housing and Urban Development Corporation Ltd Through Its Authorized Signatory vs. Additional Commissioner of Income Tax Range 12 New Delhi

The appeal is allowed

ITA/541/2019HC Delhi06 Feb 2020

Bench: HON'BLE MR. JUSTICE VIPIN SANGHI,HON'BLE MR. JUSTICE SANJEEV NARULA

Section 143(3)Section 260ASection 263

…ITA 541/2019 Page 1 of 33 * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 6th November, 2019 Pronounced on: 6th February, 2020 + ITA 541/2019 HOUSING AND URBAN DEVELOPMENT CORPORATION LTD THROUGH ITS AUTHORIZED SIGNATORY..... Appellant Through: Mr. Gagan Kumar and Mr. Amit Kaushik, Advocates. versus ADDITIONAL COMMISSIONER OF INCOME TAX RANGE 12 NEW DELHI ..... Respondent Through: Mr. Zoheb Hossain and Mr. Deepak Anand, Advocates. CORAM: HON’BLE MR. JUSTICE VIPIN SANGHI HON’BLE MR. JUSTICE SANJEEV…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

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

ITA 3644/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Feb 2020AY 2008-09

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

For Appellant: Shri P.J. Pardiwalla &For Respondent: Shri Anadi Varma, CIT-DR&
Section 143(3)Section 147

…mprobability of realisation of such interest. Even in such a case, the courts have held that no real income has accrued to the assessee. Reliance in this regard is placed on the decision of the Supreme Court in the case of CIT vs. Excel Industries Ltd. [2013] 358 ITR 295 (SC), wherein the benefit of an entitlement to make duty free imports could not be taken until the goods are imported and made available for clearance, also there was no liability on part of the other party to pass on the benefit to the assessee and, hence, it was held that only hypothetical income had accrued to the assessee. The Court has equat…

The ITO, Ward-1(1)(2), Ahmedabad vs. M/S. Bajaj Herbals Pvt. Ltd., Ahmedabad

In the result, assessee’s appeal is allowed, and that of the Revenue is dismissed

ITA 2350/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad31 Jan 2020AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकरअपीलसं.Ita Nos. 2277/Ahd/2015 "नधा"रणवष"/Asstt. Year: 2010-11 M/S. Bajaj Herbals Pvt. Ltd. Vs. Ito A-401, Samundra Complex, Ward-1(2), 3Rd Floor, Pratyakash- Nr. Hotel Classic Gold, Ellisbridge, Ahmedabad Kar-Bhavan, Ambawadi, Ahmedabad- 380015 Pan No. Aaa Cb6 654 J अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent)

For Appellant: Shri Tushar Hemani, & Shri PFor Respondent: Shri O.P. Sharma CIT DR& L.P
Section 115JSection 142(1)Section 143(2)Section 143(3)

…it is claimed and thus there is no loss of revenue and hence the discussion and/or observation made by the authorities below are merely academic. On this aspect he relied upon the judgment passed by the Apex Court in the case of CIT vs. Excel Industries Ltd. 358 ITR 295 (SC) and the jurisdictional High Court in the case of CIT vs. Nagri Mills Co. 33 ITR 681 (Bom.). 6. On the other hand, the Ld. DR relied upon the order passed by the authorities below. ITA No. 2277/Ahd/2015 (M/s. Bajaj Herbals Pvt. Ltd. vs. ITO) A.Y. 2010-11, ITA No.2350/Ahd/2015 (ITO vs. M/s. Bajaj Herbals Pvt. Ltd.) A.Y. 2010-11 4 7. We have…

M/S. Bajaj Herbals Pvt. Ltd., Ahmedabad vs. The Income Tax Officer, Ward-1(2), Ahmedabad

In the result, assessee’s appeal is allowed, and that of the Revenue is dismissed

ITA 2277/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad31 Jan 2020AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकरअपीलसं.Ita Nos. 2277/Ahd/2015 "नधा"रणवष"/Asstt. Year: 2010-11 M/S. Bajaj Herbals Pvt. Ltd. Vs. Ito A-401, Samundra Complex, Ward-1(2), 3Rd Floor, Pratyakash- Nr. Hotel Classic Gold, Ellisbridge, Ahmedabad Kar-Bhavan, Ambawadi, Ahmedabad- 380015 Pan No. Aaa Cb6 654 J अपीलाथ"/ (Appellant) "त् यथ"/ (Respondent)

For Appellant: Shri Tushar Hemani, & Shri PFor Respondent: Shri O.P. Sharma CIT DR& L.P
Section 115JSection 142(1)Section 143(2)Section 143(3)

…it is claimed and thus there is no loss of revenue and hence the discussion and/or observation made by the authorities below are merely academic. On this aspect he relied upon the judgment passed by the Apex Court in the case of CIT vs. Excel Industries Ltd. 358 ITR 295 (SC) and the jurisdictional High Court in the case of CIT vs. Nagri Mills Co. 33 ITR 681 (Bom.). 6. On the other hand, the Ld. DR relied upon the order passed by the authorities below. ITA No. 2277/Ahd/2015 (M/s. Bajaj Herbals Pvt. Ltd. vs. ITO) A.Y. 2010-11, ITA No.2350/Ahd/2015 (ITO vs. M/s. Bajaj Herbals Pvt. Ltd.) A.Y. 2010-11 4 7. We have…

ACIT, Circle - 15(1), Kolkata vs. M/S. Abci Infrastructures Pvt. Ltd., Kolkata

Appeal is dismissed

ITA 1084/KOL/2018[2012-13]Status: DisposedITAT Kolkata10 Jan 2020AY 2012-13

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2012-13

Section 143(3)

…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 appellant’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 giv…

Imperial Consultants & Securities Ltd. (Formerly Known As Omperial Consultants & Securities Pvt. Ltd.), Mumbai vs. DCIT -6 (3)(1), Mumbai

In the result, appeal of the Revenue is dismissed

ITA 3529/MUM/2018[2012-13]Status: DisposedITAT Mumbai17 Dec 2019AY 2012-13

Bench: Shri A.D. Jain & Shri Rajesh Kumarm/S. Imperial Consultants & Dcit, Circle - 6(3)(1) Securities Ltd. Room No. 506, 5Th Floor (Formerly Imperial Consultants & Aayakar Bhavan, M.K. Road Securities P. Ltd) Vs. Mumbai 400020 Manickam Complex, Gr. Floor 1/3, General Paters Roadchennai 600002 Pan – Aaacg4413G Appellant Respondent Dcit, Circle - 6(3)(1) M/S. Imperial Consultants & Room No. 506, 5Th Floor Securities Ltd. Vs. Aayakar Bhavan, M.K. Road Essar House, 11, Kk Marg Mumbai 400020 Mahalaxmi, Mumbai 400034 Pan – Aaacg4413G Appellant Respondent

For Appellant: Shri Vijay MehtaFor Respondent: Shri Awungshi Gimson
Section 143(3)Section 144Section 36(1)(iii)Section 56Section 57

…taka High Court in the case of Commissioner of Income Tax vs. Sridev Enterprises, reported in 1922 ITR165 (sic 192 ITR 165). 4.3 He also relied upon the decision of the Apex Court in the case of Commissioner of Income Tax vs. Excel Industries Ltd. reported in 358 ITR 295.” Similarly, the case of the assessee is also supported by several cases, namely CIT vs. Sridev Enterprises [192 ITR 165 (Karn)], Escorts Ltd. vs. ACIT [104 ITD 427 (Del)], Malwa Cotton Spg. Mills vs. ACIT [89 ITD 65 (TM) (Chd)], ITO vs. J.M.P. Enterprises [101 ITD 324 (SMC) (Asr)] and other decisions referred to above wherein the common ratio is…

M/S Jindal Dyechem Industries Pvt. Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, ITA No.3253/Del/2011 filed by the Revenue is dismissed and ITA No

ITA 2242/DEL/2011[2005-06]Status: DisposedITAT Delhi13 Dec 2019AY 2005-06
For Appellant: Shri Salil Aggarwal, Advocate &
Section 69ASection 92Section 92C

…mum interest comes to Rs.20.63 lakhs whereas if one goes by the version of the AO, then, the maximum interest that can be added is Rs.39.55 lakhs. Referring to the decision of the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., reported in 358 ITR 295, he submitted that the Hon’ble Supreme Court in the said decision has held that income-tax cannot be levied on hypothetical income. It has been held that income accrues when it becomes due, but, it must also be accompanied by corresponding liability of the other party to pay the amount. Only then can it be said that for the purposes of taxability…

DCIT, New Delhi vs. M/S Jindal Dyechem Industries Pvt. Ltd., New Delhi

In the result, ITA No.3253/Del/2011 filed by the Revenue is dismissed and ITA No

ITA 3253/DEL/2011[2005-06]Status: DisposedITAT Delhi13 Dec 2019AY 2005-06
For Appellant: Shri Salil Aggarwal, Advocate &
Section 69ASection 92Section 92C

…mum interest comes to Rs.20.63 lakhs whereas if one goes by the version of the AO, then, the maximum interest that can be added is Rs.39.55 lakhs. Referring to the decision of the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Ltd., reported in 358 ITR 295, he submitted that the Hon’ble Supreme Court in the said decision has held that income-tax cannot be levied on hypothetical income. It has been held that income accrues when it becomes due, but, it must also be accompanied by corresponding liability of the other party to pay the amount. Only then can it be said that for the purposes of taxability…

M/S. Paliwal Infrastructure Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, both appeals are partly allowed for statistical purposes

ITA 1292/DEL/2015[2010-11]Status: DisposedITAT Delhi11 Dec 2019AY 2010-11

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri K. Sampath, Adv. and Shri V. Raja Kumar, AdvFor Respondent: Shri Surender Pal, Sr. DR
Section 143(3)Section 14ASection 36(1)(iii)

…aced on the following case laws: Page 11 of 18 ITA Nos.- 3572/Del/ 2014 and 1292/Del/2015. M/s Paliwal Infrastructure Pvt. Ltd. " CIT (Central), Ludhiana Vs Rockman Cycle Industries (P.) Ltd. 238 CTR 363 " Commissioner of Income-tax vs. Excel Industries Ltd. 358 ITR 295 13. In her rival submissions the ld. DR strongly supported the orders of the authorities below and reiterated the observations made by the ld. CIT(A) in the impugned order. She further submitted that the assessee earned share profits of Rs.31,24,346/- from M/s Abhitex International being partner and such profit was exempt from tax in the hands o…

M/S. Paliwal Infrastructure Pvt. Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both appeals are partly allowed for statistical purposes

ITA 3572/DEL/2014[2009-10]Status: DisposedITAT Delhi11 Dec 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri K. Sampath, Adv. and Shri V. Raja Kumar, AdvFor Respondent: Shri Surender Pal, Sr. DR
Section 143(3)Section 14ASection 36(1)(iii)

…aced on the following case laws: Page 11 of 18 ITA Nos.- 3572/Del/ 2014 and 1292/Del/2015. M/s Paliwal Infrastructure Pvt. Ltd. " CIT (Central), Ludhiana Vs Rockman Cycle Industries (P.) Ltd. 238 CTR 363 " Commissioner of Income-tax vs. Excel Industries Ltd. 358 ITR 295 13. In her rival submissions the ld. DR strongly supported the orders of the authorities below and reiterated the observations made by the ld. CIT(A) in the impugned order. She further submitted that the assessee earned share profits of Rs.31,24,346/- from M/s Abhitex International being partner and such profit was exempt from tax in the hands o…

Utkarsh Realtech Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result the appeal filed by the assessee is accordingly allowed

ITA 4786/DEL/2015[2011-12]Status: DisposedITAT Delhi05 Dec 2019AY 2011-12

Bench: Sh. R. K. Pandaand. Sh. K. N. Charyassessment Year: 2011-12 Utkarsh Realtech Pvt. Ltd. Vs. Acit M-11, Middle Circle, Central Circle -32 Connaught Circus, New Delhi New Delhi Pan No. Aabcu0945J (Appellant) (Respondent)

Section 143Section 153

…y addition on account of interest on PDC’s. In that year also the payments to sellers of the land were outstanding in the books of the assessee company. 7. Referring to the decision of Hon’ble Supreme Court in the case of CIT Vs. Excel Industries reported in 358 ITR 295 he submitted that the Hon’ble Supreme Court in the said decision has held that when the revenue itself has accepted the position in favour of the assessee, than the revenue cannot be allowed to flip flop on the issue and it ought laid the matter to rest. He submitted that the AO in the assessment order has made addition with respect to four sale…