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.

How many judgments cite CIT v. Excel Industries Ltd.?

935 judgments on BharatTax cite CIT v. Excel Industries Ltd. (358 ITR 295), spanning 2011 to 2026.

Which sections of the Income Tax Act does CIT v. Excel Industries Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 37(1), Section 147, Section 14A, Section 132, Section 153A.

CIT v. Excel Industries Ltd. (358 ITR 295)

Laxmi Industrial Estate, Mumbai vs. ACIT-31(2), Mumbai

The appeal stands partly allowed to the extent indicated in the order

ITA 4200/MUM/2017[2013-14]Status: DisposedITAT Mumbai21 Nov 2019AY 2013-14

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No.6977/Mum/2016 (िनधा"रण वष" / Assessment Year:2007-08) & 2. आयकरअपील सं./ I.T.A. No.4198/Mum/2017 (िनधा"रण वष" / Assessment Year:2008-09) & 3. आयकरअपील सं./ I.T.A. No.6978/Mum/2016 (िनधा"रण वष" / Assessment Year:2010-11) & 4. आयकरअपील सं./ I.T.A. No.6979/Mum/2016 (िनधा"रण वष" / Assessment Year:2011-12) & 5. आयकरअपील सं./ I.T.A. No.4199/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) & 6. आयकरअपील सं./ I.T.A. No.4200/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Laxmi Industrial Estate Acit-31(2) बनाम/ 99, Prabhu Niwas Pratyakshkar Bhavan, Room No.708 Jawahar Nagar, Road No.15 Vs. C-11, Bandra Kurla Complex, Bandra Goregaon (W), Mumbai-400 062. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafl-1382-N (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Reepal Tralshawala –Ld. Ar ""थ"कीओरसे/Respondent By : Shri Satish Chandra Rajore-Ld. Dr

For Appellant: Shri Reepal Tralshawala –Ld. ARFor Respondent: Shri Satish Chandra Rajore-Ld. DR

…neutral and there would be no impact on final tax liability and therefore, plea has been raised not to disturb the same. To support these submissions, reliance has been placed on following binding judicial precedents: - (i) CIT V/s Excel Industries Ltd. -2013 358 ITR 295 – Hon’ble Supreme Court (ii) CIT V/s Nagri Mills Co. Ltd. 1958 33 ITR 681 – Hon’ble Bombay High Court (iii) CIT V/s Vishnu Industrial Gases Pvt. Ltd. – IT Ref. No. 229 (Delhi) of 1988 dated 06/05/2008 To support the plea of consistency, reliance has been placed on following judicial pronouncements: - (i) Godrej & Boyce Mfg. Co. Ltd. V/s DCIT -20…

Laxmi Industrial Estate, Mumbai vs. ACIT-31(2), Mumbai

The appeal stands partly allowed to the extent indicated in the order

ITA 4199/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Nov 2019AY 2012-13

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No.6977/Mum/2016 (िनधा"रण वष" / Assessment Year:2007-08) & 2. आयकरअपील सं./ I.T.A. No.4198/Mum/2017 (िनधा"रण वष" / Assessment Year:2008-09) & 3. आयकरअपील सं./ I.T.A. No.6978/Mum/2016 (िनधा"रण वष" / Assessment Year:2010-11) & 4. आयकरअपील सं./ I.T.A. No.6979/Mum/2016 (िनधा"रण वष" / Assessment Year:2011-12) & 5. आयकरअपील सं./ I.T.A. No.4199/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) & 6. आयकरअपील सं./ I.T.A. No.4200/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Laxmi Industrial Estate Acit-31(2) बनाम/ 99, Prabhu Niwas Pratyakshkar Bhavan, Room No.708 Jawahar Nagar, Road No.15 Vs. C-11, Bandra Kurla Complex, Bandra Goregaon (W), Mumbai-400 062. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafl-1382-N (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Reepal Tralshawala –Ld. Ar ""थ"कीओरसे/Respondent By : Shri Satish Chandra Rajore-Ld. Dr

For Appellant: Shri Reepal Tralshawala –Ld. ARFor Respondent: Shri Satish Chandra Rajore-Ld. DR

…neutral and there would be no impact on final tax liability and therefore, plea has been raised not to disturb the same. To support these submissions, reliance has been placed on following binding judicial precedents: - (i) CIT V/s Excel Industries Ltd. -2013 358 ITR 295 – Hon’ble Supreme Court (ii) CIT V/s Nagri Mills Co. Ltd. 1958 33 ITR 681 – Hon’ble Bombay High Court (iii) CIT V/s Vishnu Industrial Gases Pvt. Ltd. – IT Ref. No. 229 (Delhi) of 1988 dated 06/05/2008 To support the plea of consistency, reliance has been placed on following judicial pronouncements: - (i) Godrej & Boyce Mfg. Co. Ltd. V/s DCIT -20…

Laxmi Industrial Estate, Mumbai vs. ACIT-31(2), Mumbai

The appeal stands partly allowed to the extent indicated in the order

ITA 4198/MUM/2017[2008-2009]Status: DisposedITAT Mumbai21 Nov 2019AY 2008-2009

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No.6977/Mum/2016 (िनधा"रण वष" / Assessment Year:2007-08) & 2. आयकरअपील सं./ I.T.A. No.4198/Mum/2017 (िनधा"रण वष" / Assessment Year:2008-09) & 3. आयकरअपील सं./ I.T.A. No.6978/Mum/2016 (िनधा"रण वष" / Assessment Year:2010-11) & 4. आयकरअपील सं./ I.T.A. No.6979/Mum/2016 (िनधा"रण वष" / Assessment Year:2011-12) & 5. आयकरअपील सं./ I.T.A. No.4199/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) & 6. आयकरअपील सं./ I.T.A. No.4200/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Laxmi Industrial Estate Acit-31(2) बनाम/ 99, Prabhu Niwas Pratyakshkar Bhavan, Room No.708 Jawahar Nagar, Road No.15 Vs. C-11, Bandra Kurla Complex, Bandra Goregaon (W), Mumbai-400 062. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafl-1382-N (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Reepal Tralshawala –Ld. Ar ""थ"कीओरसे/Respondent By : Shri Satish Chandra Rajore-Ld. Dr

For Appellant: Shri Reepal Tralshawala –Ld. ARFor Respondent: Shri Satish Chandra Rajore-Ld. DR

…neutral and there would be no impact on final tax liability and therefore, plea has been raised not to disturb the same. To support these submissions, reliance has been placed on following binding judicial precedents: - (i) CIT V/s Excel Industries Ltd. -2013 358 ITR 295 – Hon’ble Supreme Court (ii) CIT V/s Nagri Mills Co. Ltd. 1958 33 ITR 681 – Hon’ble Bombay High Court (iii) CIT V/s Vishnu Industrial Gases Pvt. Ltd. – IT Ref. No. 229 (Delhi) of 1988 dated 06/05/2008 To support the plea of consistency, reliance has been placed on following judicial pronouncements: - (i) Godrej & Boyce Mfg. Co. Ltd. V/s DCIT -20…

Laxmi Industrial Estate, Mumbai vs. ACIT 24(3), Mumbai

The appeal stands partly allowed to the extent indicated in the order

ITA 6979/MUM/2016[2011-12]Status: DisposedITAT Mumbai21 Nov 2019AY 2011-12

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No.6977/Mum/2016 (िनधा"रण वष" / Assessment Year:2007-08) & 2. आयकरअपील सं./ I.T.A. No.4198/Mum/2017 (िनधा"रण वष" / Assessment Year:2008-09) & 3. आयकरअपील सं./ I.T.A. No.6978/Mum/2016 (िनधा"रण वष" / Assessment Year:2010-11) & 4. आयकरअपील सं./ I.T.A. No.6979/Mum/2016 (िनधा"रण वष" / Assessment Year:2011-12) & 5. आयकरअपील सं./ I.T.A. No.4199/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) & 6. आयकरअपील सं./ I.T.A. No.4200/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Laxmi Industrial Estate Acit-31(2) बनाम/ 99, Prabhu Niwas Pratyakshkar Bhavan, Room No.708 Jawahar Nagar, Road No.15 Vs. C-11, Bandra Kurla Complex, Bandra Goregaon (W), Mumbai-400 062. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafl-1382-N (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Reepal Tralshawala –Ld. Ar ""थ"कीओरसे/Respondent By : Shri Satish Chandra Rajore-Ld. Dr

For Appellant: Shri Reepal Tralshawala –Ld. ARFor Respondent: Shri Satish Chandra Rajore-Ld. DR

…neutral and there would be no impact on final tax liability and therefore, plea has been raised not to disturb the same. To support these submissions, reliance has been placed on following binding judicial precedents: - (i) CIT V/s Excel Industries Ltd. -2013 358 ITR 295 – Hon’ble Supreme Court (ii) CIT V/s Nagri Mills Co. Ltd. 1958 33 ITR 681 – Hon’ble Bombay High Court (iii) CIT V/s Vishnu Industrial Gases Pvt. Ltd. – IT Ref. No. 229 (Delhi) of 1988 dated 06/05/2008 To support the plea of consistency, reliance has been placed on following judicial pronouncements: - (i) Godrej & Boyce Mfg. Co. Ltd. V/s DCIT -20…

Laxmi Industrial Estate, Mumbai vs. ACIT 24(3), Mumbai

The appeal stands partly allowed to the extent indicated in the order

ITA 6978/MUM/2016[2010-11]Status: DisposedITAT Mumbai21 Nov 2019AY 2010-11

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No.6977/Mum/2016 (िनधा"रण वष" / Assessment Year:2007-08) & 2. आयकरअपील सं./ I.T.A. No.4198/Mum/2017 (िनधा"रण वष" / Assessment Year:2008-09) & 3. आयकरअपील सं./ I.T.A. No.6978/Mum/2016 (िनधा"रण वष" / Assessment Year:2010-11) & 4. आयकरअपील सं./ I.T.A. No.6979/Mum/2016 (िनधा"रण वष" / Assessment Year:2011-12) & 5. आयकरअपील सं./ I.T.A. No.4199/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) & 6. आयकरअपील सं./ I.T.A. No.4200/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Laxmi Industrial Estate Acit-31(2) बनाम/ 99, Prabhu Niwas Pratyakshkar Bhavan, Room No.708 Jawahar Nagar, Road No.15 Vs. C-11, Bandra Kurla Complex, Bandra Goregaon (W), Mumbai-400 062. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafl-1382-N (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Reepal Tralshawala –Ld. Ar ""थ"कीओरसे/Respondent By : Shri Satish Chandra Rajore-Ld. Dr

For Appellant: Shri Reepal Tralshawala –Ld. ARFor Respondent: Shri Satish Chandra Rajore-Ld. DR

…neutral and there would be no impact on final tax liability and therefore, plea has been raised not to disturb the same. To support these submissions, reliance has been placed on following binding judicial precedents: - (i) CIT V/s Excel Industries Ltd. -2013 358 ITR 295 – Hon’ble Supreme Court (ii) CIT V/s Nagri Mills Co. Ltd. 1958 33 ITR 681 – Hon’ble Bombay High Court (iii) CIT V/s Vishnu Industrial Gases Pvt. Ltd. – IT Ref. No. 229 (Delhi) of 1988 dated 06/05/2008 To support the plea of consistency, reliance has been placed on following judicial pronouncements: - (i) Godrej & Boyce Mfg. Co. Ltd. V/s DCIT -20…

Laxmi Industrial Estate, Mumbai vs. ACIT 24(3), Mumbai

The appeal stands partly allowed to the extent indicated in the order

ITA 6977/MUM/2016[2007-08]Status: DisposedITAT Mumbai21 Nov 2019AY 2007-08

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No.6977/Mum/2016 (िनधा"रण वष" / Assessment Year:2007-08) & 2. आयकरअपील सं./ I.T.A. No.4198/Mum/2017 (िनधा"रण वष" / Assessment Year:2008-09) & 3. आयकरअपील सं./ I.T.A. No.6978/Mum/2016 (िनधा"रण वष" / Assessment Year:2010-11) & 4. आयकरअपील सं./ I.T.A. No.6979/Mum/2016 (िनधा"रण वष" / Assessment Year:2011-12) & 5. आयकरअपील सं./ I.T.A. No.4199/Mum/2017 (िनधा"रण वष" / Assessment Year:2012-13) & 6. आयकरअपील सं./ I.T.A. No.4200/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Laxmi Industrial Estate Acit-31(2) बनाम/ 99, Prabhu Niwas Pratyakshkar Bhavan, Room No.708 Jawahar Nagar, Road No.15 Vs. C-11, Bandra Kurla Complex, Bandra Goregaon (W), Mumbai-400 062. Mumbai-400 051. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafl-1382-N (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Reepal Tralshawala –Ld. Ar ""थ"कीओरसे/Respondent By : Shri Satish Chandra Rajore-Ld. Dr

For Appellant: Shri Reepal Tralshawala –Ld. ARFor Respondent: Shri Satish Chandra Rajore-Ld. DR

…neutral and there would be no impact on final tax liability and therefore, plea has been raised not to disturb the same. To support these submissions, reliance has been placed on following binding judicial precedents: - (i) CIT V/s Excel Industries Ltd. -2013 358 ITR 295 – Hon’ble Supreme Court (ii) CIT V/s Nagri Mills Co. Ltd. 1958 33 ITR 681 – Hon’ble Bombay High Court (iii) CIT V/s Vishnu Industrial Gases Pvt. Ltd. – IT Ref. No. 229 (Delhi) of 1988 dated 06/05/2008 To support the plea of consistency, reliance has been placed on following judicial pronouncements: - (i) Godrej & Boyce Mfg. Co. Ltd. V/s DCIT -20…

Golden Computers Pvt. Ltd., Mumbai vs. DCIT - 8(1), Mumbai

In the result, this ground of appeal is partly allowed

ITA 2783/MUM/2016[2011-12]Status: DisposedITAT Mumbai13 Nov 2019AY 2011-12

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm) Golden Computers Pvt Ltd Vs Dy.Cit 8(1), Unit No.602, 6Th Floor, Floor Aayakar Bhavan, M.K. Road, Deck Plaza, Midc, Andheri Mumbai-400020 (E), Mumbai-400 093 Pan : Aaacg1233E Appellant Respondednt

Section 143(3)Section 80

…to the assessee company are used by its director for personal or other purposes. On the issue of depreciation on car, the Ld.AR relied upon the decision of Hon’ble Supreme Court in 5 ITA 2783/Mum/2016 Golden Computers Pvt. Ltd. CIT vs Excel Industries (2013) 358 ITR 295 (SC). The Ld.AR further submits that motor car expenses was allowed in Assessment Year 2013- 14 in assessment order u/s 143(3) dated 22.03.2016. 8. On the other hand, the Ld. DR for the revenue supported the orders of lower authorities. The ld. DR submits that vehicle was used for personal purpose of the Directors. 9. We have considered the ri…

M/S. Simpson Unitech Wireless (P) Ltd., New Delhi vs. ITO, New Delhi

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 1953/DEL/2014[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR

Section 28Section 3

…submissions. 24 I.T.A. No.1953, 101/DEL/2014 & 2075 & 2989/DEL/2017 i) It is submitted that the three Judges Bench of the Hon’ble Supreme Court of India in its recent judgment delivered on 08.10.2013 in the case of CIT vs. Excel Industries Ltd. reported in 358 ITR 295 has held in the context of section 28(iv) of the Act that “advance license benefit and DEPB benefits are not taxable in the year of receipt.” It held in para 21 that, “the benefits represents at the best, a hypothetical income which may or may not materialize and its money value is therefore not the income of the assessee.” In arriving the afores…

M/S. Acorus Unitech Wireless Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 2989/DEL/2017[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR

Section 28Section 3

…submissions. 24 I.T.A. No.1953, 101/DEL/2014 & 2075 & 2989/DEL/2017 i) It is submitted that the three Judges Bench of the Hon’ble Supreme Court of India in its recent judgment delivered on 08.10.2013 in the case of CIT vs. Excel Industries Ltd. reported in 358 ITR 295 has held in the context of section 28(iv) of the Act that “advance license benefit and DEPB benefits are not taxable in the year of receipt.” It held in para 21 that, “the benefits represents at the best, a hypothetical income which may or may not materialize and its money value is therefore not the income of the assessee.” In arriving the afores…

DCIT, New Delhi vs. M/S. Acorus Wireless Unitech Pvt. Ltd., New Delhi

In the result, the appeals of the assessees are allowed and the appeal of the Revenue is dismissed

ITA 2075/DEL/2017[2009-10]Status: DisposedITAT Delhi08 Nov 2019AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: Shri Salil Agrawal, Adv. ShriFor Respondent: Shri S.S. Rana CIT-DR

Section 28Section 3

…submissions. 24 I.T.A. No.1953, 101/DEL/2014 & 2075 & 2989/DEL/2017 i) It is submitted that the three Judges Bench of the Hon’ble Supreme Court of India in its recent judgment delivered on 08.10.2013 in the case of CIT vs. Excel Industries Ltd. reported in 358 ITR 295 has held in the context of section 28(iv) of the Act that “advance license benefit and DEPB benefits are not taxable in the year of receipt.” It held in para 21 that, “the benefits represents at the best, a hypothetical income which may or may not materialize and its money value is therefore not the income of the assessee.” In arriving the afores…

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

In the result the appeal filed by the assessee is allowed

ITA 5413/DEL/2010[2006-07]Status: DisposedITAT Delhi31 Oct 2019AY 2006-07

Bench: Sh. R. K. Pandaand. Ms. Suchitra Kambleassessment Year: 2006-07 M/S. Jindal Dyechem Vs. Dcit Industries Pvt. Ltd. 110, Circle – 4 (1) Babar Road, New Delhi New Delhi Pan No. Aaacj0719Q (Appellant) (Respondent)

Section 143Section 143(3)Section 92CSection 92C(3)

…e positive income and no addition can be made. Relying on various decisions he submitted that the department cannot direct the assessee as to how to conduct its business. He also relied upon various decisions especially decisions reported in 1. 176 ITR 169 2. 358 ITR 295 3. 73 ITD 125 4. 230 CTR 601 5. 254 ITR 377 6. 280 RR 1 7. 371 ITR 118 8. 184 taxmann.com 352 7. The Ld. DR on the other hand heavily relied on the order of the AO, TPO and DRP. He submitted that the date of fixing cannot be taken as the date of transfer of right in the property. Only the date on which the property is transferred has to be taken…

ACIT, Circle-4, Nagpur vs. M/S Nandlal Enterprises, Nagpur

In the result, appeal of Revenue in ITA No

ITA 437/NAG/2014[2008-09]Status: DisposedITAT Nagpur22 Oct 2019AY 2008-09

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Abhay AgarwalFor Respondent: Dr. Milind Bhusari &

Section 194CSection 40

…the assessee company was not required to deduct any TDS. the section 194C are not applicable to the assessee. The appellant has relied upon the following decisions:-  ACIT V/s. M/s. Nandlal Enterprises ITA No.198/Nagpur/2009.  CIT V/s. Excel Industries Ltd. 358 ITR 295 (SC).  Kanwar Singh Saini V/s. HC Delhi (2012) 4 SCC pg 308. In the case of CIT vs. Excel Industries Ltd (358 ITR 295), the Apex Court has held as under: "As noted by the Tribunal, a consistent view had been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance lic…

ACIT, Circle-4, Nagpur vs. M/S Nandlal Enterprises, Nagpur

In the result, appeal of Revenue in ITA No

ITA 436/NAG/2014[2007-08]Status: DisposedITAT Nagpur22 Oct 2019AY 2007-08

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Abhay AgarwalFor Respondent: Dr. Milind Bhusari &

Section 194CSection 40

…the assessee company was not required to deduct any TDS. the section 194C are not applicable to the assessee. The appellant has relied upon the following decisions:-  ACIT V/s. M/s. Nandlal Enterprises ITA No.198/Nagpur/2009.  CIT V/s. Excel Industries Ltd. 358 ITR 295 (SC).  Kanwar Singh Saini V/s. HC Delhi (2012) 4 SCC pg 308. In the case of CIT vs. Excel Industries Ltd (358 ITR 295), the Apex Court has held as under: "As noted by the Tribunal, a consistent view had been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance lic…

ACIT, Circle-4, Nagpur vs. M/S Nandlal Enterprises, Nagpur

In the result, appeal of Revenue in ITA No

ITA 435/NAG/2014[2005-06]Status: DisposedITAT Nagpur22 Oct 2019AY 2005-06

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Abhay AgarwalFor Respondent: Dr. Milind Bhusari &

Section 194CSection 40

…the assessee company was not required to deduct any TDS. the section 194C are not applicable to the assessee. The appellant has relied upon the following decisions:-  ACIT V/s. M/s. Nandlal Enterprises ITA No.198/Nagpur/2009.  CIT V/s. Excel Industries Ltd. 358 ITR 295 (SC).  Kanwar Singh Saini V/s. HC Delhi (2012) 4 SCC pg 308. In the case of CIT vs. Excel Industries Ltd (358 ITR 295), the Apex Court has held as under: "As noted by the Tribunal, a consistent view had been taken in favour of the assessee on the questions raised, starting with the assessment year 1992-93, that the benefits under the advance lic…

Devki Devi Foundation, New Delhi vs. DIT (Exemptions), New Delhi

ITA 1027/DEL/2012[]Status: DisposedITAT Delhi22 Oct 2019

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: -- Devki Devi Foundation, Vs Dit (Exemptions), Plot No.15, 3Rd Floor, 2, Press Enclave Road, Saket, Aayakar Bhawan, New Delhi. Laxmi Nagar District Centre, New Delhi. Pan: Aaatd5283G (Appellant) (Respondent) Assessee By : Shri Ajay Vohra, Sr. Advocate, Shri Gaurav Jain, Advocate & Shri Deepesh Jain, Ca Revenue By : Ms Nidhi Srivastava, Cit, Dr Date Of Hearing : 27.08.2019 Date Of Pronouncement : 22.10.2019 Order Per R.K. Panda, Am: The Appeal Filed By The Assessee Is Directed Against The Order Dated 28.12.2011 Of The Dit (Exemptions), Delhi Withdrawing Registration Granted Earlier U/S 12A Of The It Act Since Inception.

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Ms Nidhi Srivastava, CIT, DR

Section 12A

…come tax proceedings, in the absence of any change in facts and circumstances, the accepted position should not be disturbed in other years on changing mood of the Revenue authorities [refer Radhaswaomi Satsangv. CIT: 193 ITR 321 (SC), CITv. Excel Industries: 358 ITR 295 (SC), DIT v. Lovely Balshiksha Parishad: 266 ITR 344 (Del.), DITv. Apparel Export Promotion Council: 244 ITR 735 (Del.), DIT v. Escorts Cardiac Diseases Hospital Society: 300 ITR 75 (Del.)]” 42. So far as the allegation of the ld. DR that the assessee has entered into agreement for construction of hospital at Saket and for use of medical equipme…

Pr Commissioner of Wealth Tax-6 vs. M R Kodandram

Appeals stand dismissed

WTA/11/2017HC Karnataka18 Oct 2019

Bench: RAVI MALIMATH,ASHOK S.KINAGI

Section 260Section 260A

…purpose of indexation which would be proportionate to the fair market value of land. At this juncture, it would be beneficial to refer to the judgment of the Hon'ble Apex Court in the case of Commissioner of Income-tax V/s. Excel Industries Ltd., [(2013) 358 ITR 295] wherein the Hon'ble Apex Court has observed thus: “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 did make imports and did derive benefits under the advance licence and - 19 - the duty entit…

ITO, Ward - 35(3), Kolkata vs. M/S. Kolkata Reserve Bank Employees Co-Operative Credit Society Ltd., Kolkata

Appeal is allowed for statistical purposes in above terms

ITA 240/KOL/2018[2014-15]Status: DisposedITAT Kolkata18 Oct 2019AY 2014-15

Bench: Shri J. Sudhakar Reddy, Am & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.240/Kol/2018 ("नधा"रण वष" / Assessment Year: 2014-15) Ito, Ward-35(3), Kolkata. Vs. M/S. Kolkata Reserve Bank Employees Co-Operative Credit Society Ltd. 13, N.S. Road, Rbi Building (Annexe), Kol- 1. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabak6244L (Appellant) .. (Respondent) Appellant By : Dr. A. K. Nayak, Cit-Dr Respondent By : Shri Anil Kochar, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 11/09/2019 घोषणाक"तार"ख/Date Of Pronouncement : 18/10/2019 आदेश / O R D E R Per Shri S. S. Godara: This Revenue’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income Tax (A) - 10, Kolkata Dated 30.11.2017 Passed In Case No.227/Cit(A)-10/Wd.-35(3)/14-15/16-17/Kol Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short ‘The Act’). Heard Both The Parties. Case File Perused. 2. The Revenue’S Sole Substantive Grounds Raised In The Instant Appeal Seeks To Reverse The Cit(A) Action Holding The Assessee Eligible For Section 80P(2)(D) Deduction Of Rs.6,97,20,658/- Disallowed In The Assessment Framed On 08.12.2016. Case File Suggests That The Assessee Had Derived The Impugned Interest Income From Parking Of Its Surplus Funds In Fixed Deposits With The Union Bank Of India & Central Bank Of India Fetching Interest Of Rs.6,48,17,859/- & 49,02,799/-; Respectively. The Assessing Officer Quoted Hon’Ble Apex Court’S Decision In Totgars Co-Operative Sale Society Ltd. Vs. Ito (2010) In 188 Taxman 282 (Sc)

For Appellant: Dr. A. K. Nayak, CIT-DRFor Respondent: Shri Anil Kochar, Advocate

Section 143(3)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…e is squarely covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in assessee's own case. In this regard we would like to place reliance upon the. decision of the Hon'ble Apex Court in the case of CIT vs Excel Industries 358 ITR 295 wherein the principle of consistency has been reiterated. Hence when the issue has been decided by the Jurisdictional High Court no convincing reason has been pointed to take a different view, any deviation is not permitted. 7.3. Now we come to the case laws relied upon by the Id. CIT(A). As regards the decision of the Hon 'ble Apex Court in the…

Mylan Pharmaceuticals P.Ltd, Mumbai vs. Asst CIT 6(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 3307/MUM/2013[2008-09]Status: DisposedITAT Mumbai17 Oct 2019AY 2008-09

Bench: Shri Vikas Awasthy & Shri Rajesh Kumaracit, Cir.6(3), Room No.522, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ...... Appellant Vs. M/S. Mylan Pharmaceutical Pvt. Ltd. (Formerly Mylan India Pvt. Ltd.) 7Th Floor, Shivsagar Estate, “A” Dr.Annie Besant Road, Worli, Mumbai 400 018 Pan: Aabcm 9323J ..... Respondent

For Appellant: Ms. Chandni ShahFor Respondent: Shri S.K.Jain

…The Assessing Officer in assessment proceedings made addition of the difference i.e. Rs.13,63,634/- (Rs.95,60,000 - Rs.81,96,366). The ld.Authorized Representative of the assessee submitted that Hon’ble Apex Court in the case of CIT vs. Excel Industries Ltd.,358 ITR 295(SC) has held that the benefit under advance licence or Duty Entitlement Pass Book scheme represent only hypothetical income, which cannot be brought to tax by applying section 28(iv) of the Act. Thus, in the light of the above judgment, only to the extent of benefit derived by the assessee on advance licence during the period relevant to the asse…

ACIT 6(3), Mumbai vs. Mylan India P. Ltd. ( Formelry Merck Development Centre P.Ltd ), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 5201/MUM/2011[2005-06]Status: DisposedITAT Mumbai17 Oct 2019AY 2005-06

Bench: Shri Vikas Awasthy & Shri Rajesh Kumaracit, Cir.6(3), Room No.522, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ...... Appellant Vs. M/S. Mylan Pharmaceutical Pvt. Ltd. (Formerly Mylan India Pvt. Ltd.) 7Th Floor, Shivsagar Estate, “A” Dr.Annie Besant Road, Worli, Mumbai 400 018 Pan: Aabcm 9323J ..... Respondent

For Appellant: Ms. Chandni ShahFor Respondent: Shri S.K.Jain

…The Assessing Officer in assessment proceedings made addition of the difference i.e. Rs.13,63,634/- (Rs.95,60,000 - Rs.81,96,366). The ld.Authorized Representative of the assessee submitted that Hon’ble Apex Court in the case of CIT vs. Excel Industries Ltd.,358 ITR 295(SC) has held that the benefit under advance licence or Duty Entitlement Pass Book scheme represent only hypothetical income, which cannot be brought to tax by applying section 28(iv) of the Act. Thus, in the light of the above judgment, only to the extent of benefit derived by the assessee on advance licence during the period relevant to the asse…

Bodal Chemicals Ltd., Ahmedabad vs. The DCIT, Circle-1, Ahmedabad

ITA 2249/AHD/2018[2009-10]Status: DisposedITAT Ahmedabad16 Oct 2019AY 2009-10

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

For Appellant: Shri M. K. Patel, A.RFor Respondent: Shri S. K. Dev, Sr. D.R

Section 32Section 43(1)

…efore, we are of the view that claim of the assessee should be allowed on the basis of principles of consistency. In this regard we find support and guidance from the judgment of Hon’ble Supreme Court in the case of CIT versus Excel Industries Ltd reported in 358 ITR 295 wherein it was held as under: “28. 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. Consequently, t…

CIT v. Excel Industries Ltd.

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