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 366,421 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.

M/S. Cera Sanitaryware Ltd., Ahmedabad vs. The Pr.CIT., C-Wing, 304, 3Rd Floor, Ahmedabad

In the result, the appeal of the assessee is dismissed

ITA 3352/AHD/2015[2011-12]Status: DisposedITAT Ahmedabad01 Feb 2019AY 2011-12
Section 142(1)Section 143(3)Section 263

…Year 2011-12 6 which also not prejudicial to the interest of Revenue especially when the allowance of higher depreciation in the first year is Revenue neutral exercise. He further relied upon the order of Hon’ble Supreme Court in the case of Excel Industries 358 ITR 295 (SC)]. 7. On the other hand Ld. DR vehemently supported the order of authorities below. 8. We have heard the rival contentions and perused the materials available on record. The assessee in the instant case has claimed depreciation at the rate of 80% on the air compressor and captive power plant. As per the assessee, these types of equipment ar…

The Dy. CIT, Circle-1(1), Vadodara vs. M/S. Doshi Accounting Services Pvt. Ltd., Vadodara

In the result, the appeal of the Revenue is dismissed

ITA 1255/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad01 Feb 2019AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos. 939 & 1255/Ahd/2015 "नधा"रण वष"/Asstt. Years: 2009-2010 & 2010-2011 The D.C.I.T, M/S Doshi Accounting Services Circle-1(1)(1), Vs. Pvt. Ltd. Vadodara 5Th Floor, Bbc Tower, Sayajigunj, Vadodara-390 005 Pan : Aabcd2974J

For Appellant: Shri K.P. Singh, A.R
Section 10ASection 10A(5)Section 154

…tances, we are inclined not to disturb the finding of the Ld.CIT (A) keeping in mind the rule of consistency. 8.3 In this regard, we find support and guidance from the judgment of Hon’ble Supreme Court in the case of CIT vs. 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,…

The Income Tax Officer, Amritsar vs. Sh. Shiv Raj Singh Bawa, Amritsar

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

ITA 407/ASR/2016[2012-13]Status: DisposedITAT Amritsar30 Jan 2019AY 2012-13

Bench: Sh. Sanjay Arora & Sh. N. K. Choudhryi.T.A. No. 407/Asr/2016 Assessment Year: 2012-13

For Appellant: Sh. Charan Dass (D.R.)For Respondent: Sh. Tarun Bansal (Adv.)
Section 143(3)Section 40A(3)

…ons, inter alia, in E.D. Sasoon & Co. Ltd. v. CIT [1954] 26 ITR 27 (SC); CIT v. Shoorji (AY 2012-13) ITO v. Shiv Raj Singh Bawa Vallabh Das & Co. [1962] 46 ITR 44 (SC); Morvi Industries Ltd. v. CIT [1971] 82 ITR 835 (SC); CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC). There is, however, no dispute qua the purchase or acquisition of the land by the assessee along with others. We have already held that the same was so with a view to be sold as such or upon development/plotting, i.e., forms part of the stock-in- trade of the said business venture. The question therefore is if the purchase cost is claimed as…

Audience Measurement and Analytics Pvt. Ltd., Ahmedabad vs. The Dy.CIT., Circle-1, Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 1163/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad21 Jan 2019AY 2010-11

Bench: Justice P.P. Bhatt & Shri Waseem Ahmedआयकर अपील सं./Ita No.1163/Ahd/2015 ("नधा"रण वष"/Assessment Year: 2010-11) Audience Measurement & The Dcit बनाम/ Analytics Pvt. Ltd. Circle-1 Vs. 601, Shahpath-Ii, Opp. Ahmedabad Rajpath Club Sg Highway, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeca 3984 G (अपीलाथ"/Appellant) .. (""यथ" / Respondent) अपीलाथ" ओर से/ Appellant By : Shri Krupesh Patel, Ar ""यथ" क" ओर से/Respondent By: Shri Vinod Tanwani, Sr.Dr

For Appellant: Shri Krupesh Patel, ARFor Respondent: Shri Vinod Tanwani, Sr.DR
Section 194C

…ability had arisen in the earlier years.” Audience Measurement and Analytics Pvt.Ltd. vs. DCIT Asst.Year - 2010-11 15.1. We also draw support and guidance from the judgment of Hon’ble Supreme Court in the case of CIT Vs. Excel Industries Limited reported in 358 ITR 295 wherein it was held as under: “32. Thirdly, the real question concerning us is the year in which the assessee is required to pay tax. There is no dispute that in the subsequent accounting year, the assessee did make imports and did derive benefits under the advance licence and the duty entitlement pass book and paid tax thereon. Therefore, it is…

M/S Chhattisgarh Mineral Development Corporation Limited, Raipur vs. Assistant Commissioner of Income Tax Circle-3(1), Raipur

In the result, appeal of the assessee is allowed

ITA 76/RPR/2018[2014-15]Status: DisposedITAT Raipur17 Jan 2019AY 2014-15

Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury,Jm

For Appellant: Shri Nikhilesh BeganiFor Respondent: Shri P.K. Mishra
Section 143(3)

…been fallaciously construed by the Ld.AO and upheld by the Ld.CIT(A). Reliance in support is placed upon the Judgments of the Hon'ble Supreme Court in the case of CIT Vs. Shoorji Vallabhdas & Co. (1962) 46 ITR 144 (SC) and CIT Vs. Excel Industries Ltd. (2013) 358 ITR 295 (SC). 9. That the Ld.CIT(A)at Para 2.3 Page No.14 of the Appellate Order though fervently accepts the fact that the amounts from MDF were given towards incurment of capital expenditure and also further, A.Y.2014-15 accepts the fact that the Tara Coal Block is still in pre-operative stage by recording an explicit finding that "The amount in ques…

ITO Non Corporate Ward 6(4), Chennai vs. The Railway Employees Co-Op Credit Society Ltd., Chennai

In the result, the appeals in ITA Nos

ITA 1138/CHNY/2018[2014-15]Status: DisposedITAT Chennai02 Jan 2019AY 2014-15

Bench: Shri Abraham P.George & Shri Duvvuru R.L.Reddy

For Respondent: Mr.R.Clement Ramesh –
Section 148Section 80PSection 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 ld. CIT(A). As regards the decision of the Hon'ble Apex Court in the…

ITO Non Corporate Ward 6(4), Chennai vs. The Railway Employees Co-Op Credit Society Ltd., Chennai

In the result, the appeals in ITA Nos

ITA 1137/CHNY/2018[2011-12]Status: DisposedITAT Chennai02 Jan 2019AY 2011-12

Bench: Shri Abraham P.George & Shri Duvvuru R.L.Reddy

For Respondent: Mr.R.Clement Ramesh –
Section 148Section 80PSection 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 ld. CIT(A). As regards the decision of the Hon'ble Apex Court in the…

ITO Non Corporate Ward 6(4), Chennai vs. The Railway Employees Co-Op Credit Society Ltd., Chennai

In the result, the appeals in ITA Nos

ITA 1136/CHNY/2018[2010-11]Status: DisposedITAT Chennai02 Jan 2019AY 2010-11

Bench: Shri Abraham P.George & Shri Duvvuru R.L.Reddy

For Respondent: Mr.R.Clement Ramesh –
Section 148Section 80PSection 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 ld. CIT(A). As regards the decision of the Hon'ble Apex Court in the…

M/S. Schutz Dishman Biotech Pvt.Ltd., Ahmedabad vs. The Dy.CIT, Circle-8, Ahmedabad

In the result, the Revenue’s appeal is dismissed

ITA 1947/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1909/Ahd/2015 2. आयकर अपील सं./Ita No.1947/Ahd/2015 ("नधा"रण वष"/Assessment Year : 2010-11) 1.The Dcit 1. Schutz Disman बनाम/ Circe-8, Ahmedabad Biotech Ltd. Vs. Ahmedabad 2. Schutz Dishman Biotech 2. The Dcit Ltd. Circle-8 Bhadraraj Chambers Ahmedabad Nr.Swastik Cross Road Navrangpura, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccs 0988C .. (अपीलाथ"/Appellants) (""यथ" / Respondents) Assessee By : Shri Tushar Hemani & Shri Parimal Parmar, Ar Revenue By : Shri Vinod Jalwani, Sr.Dr

For Appellant: Shri Tushar Hemani &For Respondent: Shri Vinod Jalwani, Sr.DR
Section 115JSection 36(1)(va)Section 41

…see in support of its contentions relied upon the judgment of Hon’ble Gujarat High Court in the case of Saurashtra Chemicals reported in 213 ITR 523 (Guj). He also relied upon the judgment of Hon’ble Supreme Court in the case of CIT Vs. Excel Industries Ltd., 358 ITR 295 (SC). On the strength of the Hon’ble Supreme Court’s decision, it was contended that in every year the assessee has prior period expenditure as well as income because in such a big organization quantification of certain expenditure and their crystallization always remained depended upon many circumstances, and sometime they crystallised in the su…

The DCIT, Circle-8, Ahmedabad vs. Schutz Dishman Biotech Ltd., Ahmedabad

In the result, the Revenue’s appeal is dismissed

ITA 1909/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2010-11

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy1. आयकर अपील सं./Ita No.1909/Ahd/2015 2. आयकर अपील सं./Ita No.1947/Ahd/2015 ("नधा"रण वष"/Assessment Year : 2010-11) 1.The Dcit 1. Schutz Disman बनाम/ Circe-8, Ahmedabad Biotech Ltd. Vs. Ahmedabad 2. Schutz Dishman Biotech 2. The Dcit Ltd. Circle-8 Bhadraraj Chambers Ahmedabad Nr.Swastik Cross Road Navrangpura, Ahmedabad "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccs 0988C .. (अपीलाथ"/Appellants) (""यथ" / Respondents) Assessee By : Shri Tushar Hemani & Shri Parimal Parmar, Ar Revenue By : Shri Vinod Jalwani, Sr.Dr

For Appellant: Shri Tushar Hemani &For Respondent: Shri Vinod Jalwani, Sr.DR
Section 115JSection 36(1)(va)Section 41

…see in support of its contentions relied upon the judgment of Hon’ble Gujarat High Court in the case of Saurashtra Chemicals reported in 213 ITR 523 (Guj). He also relied upon the judgment of Hon’ble Supreme Court in the case of CIT Vs. Excel Industries Ltd., 358 ITR 295 (SC). On the strength of the Hon’ble Supreme Court’s decision, it was contended that in every year the assessee has prior period expenditure as well as income because in such a big organization quantification of certain expenditure and their crystallization always remained depended upon many circumstances, and sometime they crystallised in the su…

Nalwa Steel Power Limited, New Delhi vs. ACIT, Circle- 17(2), New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 7176/DEL/2017[2013-14]Status: DisposedITAT Delhi31 Dec 2018AY 2013-14

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

Section 143(3)Section 144CSection 144C(5)Section 80ISection 92D

…lowing the same system of accounts and method therefore there is no occasion to disturb it and in support of this, the Ld. AR relied upon the judgment of Hon’ble Supreme Court in case of Radhasoami Satsang vs. CIT 193 ITR 321 and CIT vs. Excel Industries Ltd. 358 ITR 295 based on rule of consistency. 10. The Ld. AR further submitted that during the proceeding pending before TPO/DRP a comprehensive submissions on the issue involved was filed but the same was not considered in right prospective and even the tariff was not considered as provided by the CSRC that neither there are any occasion to distribute the books…

Johnson & Johnson Ltd., Gurgaon vs. DCIT, New Delhi

Appeal is dismissed

ITA 381/DEL/2015[2010-11]Status: DisposedITAT Delhi21 Dec 2018AY 2010-11

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

Section 143(3)Section 144CSection 144C(5)Section 92BSection 92C

…e in previous years and subsequent years which was considered by the Tribunal for Assessment Year 2009-10 and 2011-12 in favour of the assessee. The Ld. AR relied upon the following decisions in respect of principle of consistency. i) CIT vs. Excel Industries 358 ITR 295 (SC) ii) Radhasoami Satsang Saomi Bagh v. CIT 193 ITR 321 (SC) iii) CIT vs. M/s. Malibu Estate P. Ltd. ITA 213/2015 & CM No.4961/2015 (Del) 10. The Ld. AR further submitted that the Delhi Tribunal in the assessee’s own case in ITA No. 1855/Del/2014 for Assessment Year 2009-10 decided the issue of inclusion of Selling Expenses & Selling Commissio…

DCIT, New Delhi vs. M/S. Synthes Medical Pvt. Ltd., New Delhi

Appeal is dismissed

ITA 124/DEL/2015[2010-11]Status: DisposedITAT Delhi21 Dec 2018AY 2010-11

Bench: Shri N. K. Billaiya & Ms Suchitra Kamble

Section 143(3)Section 144CSection 144C(5)Section 92BSection 92C

…e in previous years and subsequent years which was considered by the Tribunal for Assessment Year 2009-10 and 2011-12 in favour of the assessee. The Ld. AR relied upon the following decisions in respect of principle of consistency. i) CIT vs. Excel Industries 358 ITR 295 (SC) ii) Radhasoami Satsang Saomi Bagh v. CIT 193 ITR 321 (SC) iii) CIT vs. M/s. Malibu Estate P. Ltd. ITA 213/2015 & CM No.4961/2015 (Del) 10. The Ld. AR further submitted that the Delhi Tribunal in the assessee’s own case in ITA No. 1855/Del/2014 for Assessment Year 2009-10 decided the issue of inclusion of Selling Expenses & Selling Commissio…

M/S. Rajasthan Renewable Energy Corporation Limited, Jaipur vs. Deputy Commissioner of Income Tax, Circle-6, Jaipur

In the result, the ground of appeal is allowed for statistical purposes

ITA 817/JPR/2018[2013-14]Status: DisposedITAT Jaipur10 Dec 2018AY 2013-14
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Varinder Mehta (CIT)
Section 251Section 36(1)Section 43BSection 80I

…t make any difference whether the expenditure is allowed in the year in which it is accounted for or in the year to which it relates to. In support, reliance was placed DCIT vs. M/s Rajasthan Renewable Energy Corporation Ltd. on CIT Vs. Excel Industries Ltd. 358 ITR 295 (SC), Pr. CIT Vs. Rajasthan State Seeds Corporation Ltd. (2016) 386 ITR 267 (Raj.), Saurashtra Cement & Chemical Industries Ltd. Vs CIT 213 ITR 523 (Guj.), Rajasthan State Industrial Development & Inv. Corpn. Ltd. Vs. ACIT (66 & 354/JP/08, dated 30-09-2008 for AY 2004-05 and 138 & 235/JP/09 for AY 05-06 dated 08-01-2010). 26. We have heard the r…

Deputy Commissioner of Income Tax, Circle-6, Jaipur vs. M/S. Rajasthan Renewable Energy Corporation Limited, Jaipur

In the result, the ground of appeal is allowed for statistical purposes

ITA 772/JPR/2018[2013-14]Status: DisposedITAT Jaipur10 Dec 2018AY 2013-14
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Varinder Mehta (CIT)
Section 251Section 36(1)Section 43BSection 80I

…t make any difference whether the expenditure is allowed in the year in which it is accounted for or in the year to which it relates to. In support, reliance was placed DCIT vs. M/s Rajasthan Renewable Energy Corporation Ltd. on CIT Vs. Excel Industries Ltd. 358 ITR 295 (SC), Pr. CIT Vs. Rajasthan State Seeds Corporation Ltd. (2016) 386 ITR 267 (Raj.), Saurashtra Cement & Chemical Industries Ltd. Vs CIT 213 ITR 523 (Guj.), Rajasthan State Industrial Development & Inv. Corpn. Ltd. Vs. ACIT (66 & 354/JP/08, dated 30-09-2008 for AY 2004-05 and 138 & 235/JP/09 for AY 05-06 dated 08-01-2010). 26. We have heard the r…

M/S Bengal Shristi Infrastructure Development Limited, Durgapur vs. ACIT, Circle-2, Durgapur

In the result, appeal of the assessee is allowed in part

ITA 1990/KOL/2016[2010-11]Status: DisposedITAT Kolkata05 Dec 2018AY 2010-11
Section 143(3)Section 250Section 40Section 80

…ssed u/s 143(3), for the Assessment Years 2005-06 & 2006-07. Hence on the ground of consistency the claim of the assessee should have been allowed. Reliance in this regard was placed on the judgments in the following case-law:-  CIT vs. Excel Industries Ltd. 358 ITR 295 SC 5 Assessment Year: 2010-11 M/s. Bengal Shristi Infrastructure Development Ltd  Radhasoami Satsang v. Commissioner of Income-tax [1992] 193 ITR 321 (SC)  CIT vs. JK Charitable Trust (2009) 308 ITR 161 (SC) 4.1. Copy of the map of plan sanctioned by the municipal authorities separately and occupancy certificate given separately was filed an…

ACIT, Circle-33, Kolkata vs. Central Bank of India Employees Cooperative Society Limited, Kolkata

Appeal is allowed for statistical purposes in above terms

ITA 1868/KOL/2017[2014-15]Status: DisposedITAT Kolkata30 Nov 2018AY 2014-15

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:1014-15

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

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “B” KOLKATA Before Shri P.M.Jagtap, Vice-President and Shri S.S.Godara, Judicial Member Assessment Year:1014-15 ACIT, Circle-33, Central Bank of India बनाम / 10B, Middleton Row, Employees Co-operative V/s. 3rd Floor, Kolkata-71 Society Ltd., 10 Nellie Sengupta Sarani, Kolkata-700087 [PAN No.AAAAC 3869 N] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Rabin Chaudhury, Addl. CIT-SR-DR अपीलाथ" क" ओर से/By Appellant Shri Sanjay Bhattacharya, FCA ""यथ" क" ओर से/By Respondent Shri G. Banerjee, FCA 01-11-2018 सुनवाई क" तार"ख/Date of Hearing 30-11-2018 घोषणा क" तार"ख/Dat…

Deputy Commissioner of Income Tax, Circle-1, Kakinada vs. Sar Chandra Environ Solutions Private Limited, Kakinada

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 149/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR
Section 143(1)Section 148

…ately succeeding year i.e., the said provision is offered as income in the succeeding year in the form of reduction of corresponding expenditure. He also relied on the decision of the Hon'ble Supreme Court in the case of CIT Vs. Excel Industries Ltd., [(2013) 358 ITR 295 (SC)] before the Tribunal. The Tribunal by considering the submissions made by the assessee and also by following the decision of the Hon'ble Supreme Court in the case of Excel Industries Ltd. (supra), deleted the addition made by the Assessing Officer. For the sake of convenience, the relevant portion of the order is extracted as under:- “14. W…

Deputy Commissioner of Income Tax, Circle-1, Kakinada vs. Sar Chandra Environ Solutions Private Limited, Kakinada

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 148/VIZ/2018[2013-14]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR
Section 143(1)Section 148

…ately succeeding year i.e., the said provision is offered as income in the succeeding year in the form of reduction of corresponding expenditure. He also relied on the decision of the Hon'ble Supreme Court in the case of CIT Vs. Excel Industries Ltd., [(2013) 358 ITR 295 (SC)] before the Tribunal. The Tribunal by considering the submissions made by the assessee and also by following the decision of the Hon'ble Supreme Court in the case of Excel Industries Ltd. (supra), deleted the addition made by the Assessing Officer. For the sake of convenience, the relevant portion of the order is extracted as under:- “14. W…

The Deputy Commissioner of Income Tax, Circle-1, Kakinada vs. Sar Chandra Environ Solutions Private Limited, Kakinada

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 147/VIZ/2018[2010-11]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2010-11

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR
Section 143(1)Section 148

…ately succeeding year i.e., the said provision is offered as income in the succeeding year in the form of reduction of corresponding expenditure. He also relied on the decision of the Hon'ble Supreme Court in the case of CIT Vs. Excel Industries Ltd., [(2013) 358 ITR 295 (SC)] before the Tribunal. The Tribunal by considering the submissions made by the assessee and also by following the decision of the Hon'ble Supreme Court in the case of Excel Industries Ltd. (supra), deleted the addition made by the Assessing Officer. For the sake of convenience, the relevant portion of the order is extracted as under:- “14. W…