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 366,339 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.

DCIT Non Corporate Circle 9(1), Chennai vs. Anil Sheth, Chennai

In the result, the appeal of the Revenue is allowed for 8

ITA 1705/CHNY/2017[2009-10]Status: DisposedITAT Chennai11 Jun 2018AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No. 1705/Chny/2017 "नधा"रण वष" /Assessment Year : 2009-2010. The Deputy Commissioner Of Vs. Shri. Anil Sheth, Income Tax, Prop. M/S. Prince Marbles, Non Corporate Circle 9(1) No.34, Langs Garden Road, Chennai. Pudupet, Chennai 600 002. [Pan Addpa 3880A ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Ms. Petchi, C.A
Section 2(47)Section 54F

…ess and until there is created in favour of the assessee a debt due by somebody it cannot be said that he has acquired a right to receive the income or that income has accrued to him.” 26. This Court, in Commissioner of Income Tax v. Excel Industries, (2014) 13 SCC 459 at 463-464 referred to various judgments on the expression “accrues”, and then held: “14. First of all, it is now well settled that income tax cannot be levied on hypothetical income. In CIT v. Shoorji Vallabhdas and Co. [CIT v. Shoorji Vallabhdas and Co., (1962) 46 ITR 144 (SC)] it was held as follows: (ITR p. 148) “... Income tax is a levy on…

Nokia Net Works Nokia Group Finland vs. JCIT, New Delhi

In the result, all the issues which have been remanded back by the Hon'ble High Court to this Tribunal stands decided in favour of the assessee and against the Revenue

ITA 1964/DEL/2001[1998-1999]Status: DisposedITAT Delhi05 Jun 2018AY 1998-1999

Bench: Shri N.K. Saini, Shri Pramod Kumar & Shri Amit Shukla

For Appellant: Shri Deepak Chopra, Amit SrivastavaFor Respondent: Shri T.M. Shiv Kumar, CIT-DR
Section 142(1)Section 3

…SC order in State Bank of Travancore does not hold the field as far as notional interest is 52 I.T.As. No.1963 & 1964/DEL/2001 concerned. He further placed reliance on the judgment of Hon’ble Supreme Court in the case of CIT vs. Excel industries Ltd. [2013] 358 ITR 295 (SC) and submitted that if the principle laid down in the said judgment is applied then in the present case even if it is accepted that assessee in fact was entitled to such interest, but then there was no corresponding liability on any of the debtors to the extent that assessee did not issue any invoices for such interest. In absence of such cor…

Nokia Net Works Nokia Gruop Finland vs. DCIT, New Delhi

In the result, all the issues which have been remanded back by the Hon'ble High Court to this Tribunal stands decided in favour of the assessee and against the Revenue

ITA 1963/DEL/2001[1997-1998]Status: DisposedITAT Delhi05 Jun 2018AY 1997-1998

Bench: Shri N.K. Saini, Shri Pramod Kumar & Shri Amit Shukla

For Appellant: Shri Deepak Chopra, Amit SrivastavaFor Respondent: Shri T.M. Shiv Kumar, CIT-DR
Section 142(1)Section 3

…SC order in State Bank of Travancore does not hold the field as far as notional interest is 52 I.T.As. No.1963 & 1964/DEL/2001 concerned. He further placed reliance on the judgment of Hon’ble Supreme Court in the case of CIT vs. Excel industries Ltd. [2013] 358 ITR 295 (SC) and submitted that if the principle laid down in the said judgment is applied then in the present case even if it is accepted that assessee in fact was entitled to such interest, but then there was no corresponding liability on any of the debtors to the extent that assessee did not issue any invoices for such interest. In absence of such cor…

Corning Sas-India Branch Office, Gurgaon vs. DDIT, New Delhi

The appeal of the Assessee is allowed

ITA 4795/DEL/2010[2005-06]Status: DisposedITAT Delhi30 May 2018AY 2005-06

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 4678/Del/2010 (A.Y 2005-06)

Section 143(3)Section 9Section 92C

…epted one way or the other, a different view in the matter is not warranted, unless there be any material change in facts. The Ld. AR further submitted that the Hon’ble Supreme Court in the case of CIT vs. Excel 7ITA NO. 4678/Del/2010 & ors Industries Ltd. 358 ITR 295 (SC), similarly held that the Revenue cannot be allowed to flip-flop on any issue which has been accepted by the revenue and the revenue ought to let the matter rest rather than spend the tax payers’ money in pursuing litigation for the sale of it. 6. The Ld. AR further submitted that it is well accepted principle that in case the transaction un…

Dy. Director of Income Tax, New Delhi vs. Corning Sas- India Branch Office, Gurgaon

The appeal of the Assessee is allowed

ITA 4678/DEL/2010[2005-06]Status: DisposedITAT Delhi30 May 2018AY 2005-06

Bench: Shri R. K. Panda & Ms Suchitra Kamblei.T.A .No. 4678/Del/2010 (A.Y 2005-06)

Section 143(3)Section 9Section 92C

…epted one way or the other, a different view in the matter is not warranted, unless there be any material change in facts. The Ld. AR further submitted that the Hon’ble Supreme Court in the case of CIT vs. Excel 7ITA NO. 4678/Del/2010 & ors Industries Ltd. 358 ITR 295 (SC), similarly held that the Revenue cannot be allowed to flip-flop on any issue which has been accepted by the revenue and the revenue ought to let the matter rest rather than spend the tax payers’ money in pursuing litigation for the sale of it. 6. The Ld. AR further submitted that it is well accepted principle that in case the transaction un…

ACIT, New Delhi vs. Sh. Sandeep Bindra, New Delhi

In the result these grounds of appeal of the revenue are dismissed

ITA 2783/DEL/2011[2003-04]Status: DisposedITAT Delhi28 May 2018AY 2003-04

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

For Appellant: Shri Rajiv Saxena, AdvFor Respondent: Shri SS Rana, CIT DR
Section 145(3)Section 43B

…ome, which can be brought to tax and that income cannot be said to have accrued to an assessee- company if it is based on mere claim not backed by any legal or contractual right to receive the amount at a subsequent date.  CIT vs. M/s Excel Industries (2013) 358 ITR 295 (SC) Held that it is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pragmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of i…

ACIT, New Delhi vs. Sh. Sandeep Bindra, New Delhi

In the result these grounds of appeal of the revenue are dismissed

ITA 2782/DEL/2011[2002-03]Status: DisposedITAT Delhi28 May 2018AY 2002-03

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

For Appellant: Shri Rajiv Saxena, AdvFor Respondent: Shri SS Rana, CIT DR
Section 145(3)Section 43B

…ome, which can be brought to tax and that income cannot be said to have accrued to an assessee- company if it is based on mere claim not backed by any legal or contractual right to receive the amount at a subsequent date.  CIT vs. M/s Excel Industries (2013) 358 ITR 295 (SC) Held that it is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pragmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of i…

Shri Sandeep Bindra, New Delhi vs. ACIT, New Delhi

In the result these grounds of appeal of the revenue are dismissed

ITA 2651/DEL/2011[2006-07]Status: DisposedITAT Delhi28 May 2018AY 2006-07

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

For Appellant: Shri Rajiv Saxena, AdvFor Respondent: Shri SS Rana, CIT DR
Section 145(3)Section 43B

…ome, which can be brought to tax and that income cannot be said to have accrued to an assessee- company if it is based on mere claim not backed by any legal or contractual right to receive the amount at a subsequent date.  CIT vs. M/s Excel Industries (2013) 358 ITR 295 (SC) Held that it is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pragmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of i…

Shri Sandeep Bindra, New Delhi vs. ACIT, New Delhi

In the result these grounds of appeal of the revenue are dismissed

ITA 2650/DEL/2011[2005-06]Status: DisposedITAT Delhi28 May 2018AY 2005-06

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

For Appellant: Shri Rajiv Saxena, AdvFor Respondent: Shri SS Rana, CIT DR
Section 145(3)Section 43B

…ome, which can be brought to tax and that income cannot be said to have accrued to an assessee- company if it is based on mere claim not backed by any legal or contractual right to receive the amount at a subsequent date.  CIT vs. M/s Excel Industries (2013) 358 ITR 295 (SC) Held that it is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pragmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of i…

Shri Sandeep Bindra, New Delhi vs. ACIT, New Delhi

In the result these grounds of appeal of the revenue are dismissed

ITA 2649/DEL/2011[2004-05]Status: DisposedITAT Delhi28 May 2018AY 2004-05

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

For Appellant: Shri Rajiv Saxena, AdvFor Respondent: Shri SS Rana, CIT DR
Section 145(3)Section 43B

…ome, which can be brought to tax and that income cannot be said to have accrued to an assessee- company if it is based on mere claim not backed by any legal or contractual right to receive the amount at a subsequent date.  CIT vs. M/s Excel Industries (2013) 358 ITR 295 (SC) Held that it is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pragmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of i…

Shri Sandeep Bindra, New Delhi vs. ACIT, New Delhi

In the result these grounds of appeal of the revenue are dismissed

ITA 2648/DEL/2011[2003-04]Status: DisposedITAT Delhi28 May 2018AY 2003-04

Bench: Ms Suchitra Kamble & Shri Prashant Maharishi

For Appellant: Shri Rajiv Saxena, AdvFor Respondent: Shri SS Rana, CIT DR
Section 145(3)Section 43B

…ome, which can be brought to tax and that income cannot be said to have accrued to an assessee- company if it is based on mere claim not backed by any legal or contractual right to receive the amount at a subsequent date.  CIT vs. M/s Excel Industries (2013) 358 ITR 295 (SC) Held that it is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pragmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of i…

Global Logic Technologies Limited, Hyderabad vs. ACIT, Circle-2(2) Hyderabad, Hyderabad

In the result, assessee’s appeal is allowed

ITA 1672/HYD/2016[2012-13]Status: DisposedITAT Hyderabad23 May 2018AY 2012-13

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmanm/S. Global Logic Vs Asstt. Commissioner Of Technologies Ltd Income Tax, Circle 2(2) Hyderabad Hyderabad Pan: Aadcr5222K (Appellant) (Respondent)

For Appellant: Shri K.C. DevdasFor Respondent: Shri K. Srinivas Reddy, DR
Section 143(3)

…ht to have been considered as held by the Hon'ble Apex Court in the case of Goetze (India) Ltd vs. CIT (2006) 284 ITR 323 (S.C). Further, he also placed reliance upon the decision of the Hon'ble Supreme Court in the case of CIT vs. Excel Industries Ltd (2013) 38 Taxmann.com 100 (S.C) for the proposition that there is no specific requirement to disallow the expenditure in the hands of the payer as well as the recipient when the tax rates remain the same. Alternatively, the learned Counsel for the assessee submitted that if the expenditure is considered as not allowable in the A.Y 2012-13, then the same should be a…

Dishman Pharmaceuticals & Chemicals Limited, Ahmedabad vs. The ACIT, (OSD), Range-1, Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 3086/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…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 ACIT, (OSD)Range-1, Ahmedabad vs. M/S. Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 2957/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…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(OSD)Range-1, Ahmedabad vs. Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 817/AHD/2011[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…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…

Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad vs. The ACIT., (OSD)Range-1, Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 773/AHD/2011[2006-07]Status: DisposedITAT Ahmedabad23 May 2018AY 2006-07

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…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(OSD)Range-1, Ahmedabad vs. Dishman Pharmaceuticals & Chemicals Ltd., Ahmedabad

In the result, we allow appeal of the assessee and delete penalty confirmed by the ld

ITA 692/AHD/2011[2005-06]Status: DisposedITAT Ahmedabad23 May 2018AY 2005-06

Bench: Shri Rajpal Yadav & Shri Amarjit Singh

For Respondent: Shri R.P. Maurya, Sr.DR
Section 143(2)Section 143(3)Section 92BSection 92C

…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…

Matoshree Realtors, Mumbai vs. ACIT RG 18(3), Mumbai

In the result, the appeal filed by the assessee is hereby ordered to be allowed for statistical purpose

ITA 1532/MUM/2016[2011-12]Status: DisposedITAT Mumbai23 May 2018AY 2011-12

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1532/Mum/2016 (निर्धारण वर्ा / Assessment Year: 2011-12) M/S. Matoshree Realtors बिधम/ Acit, Range 21(2), Piramal B/202, Matoshree Tower, Chambers, Lal Baugh, Parel Vs. Padmabai Thakkar Marg, Mumbai-400012 Mahim, Mumbai-400016 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aamfm5625M (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Dr. K. Shivaram Neelam C. Jadhav Revenue By: Shri Ram Tiwari ( Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 18.05.2018 घोषणा की तारीख /Date Of Pronouncement: 23.05.2018 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 02.02.2016 Passed By The Commissioner Of Income Tax (Appeals)-33, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2011- 12. 2. The Assessee Has Raised The Following Grounds: - “1. On The Facts & In The Circumstances Of The Case & In Law The Ld. Cit(A) Erred In Sustaining The Addition Of Rs.1,78,06,159/- Made Y The Ao On Account Of Undisclosed Interest Income.

For Appellant: Shri Dr. K. Shivaram Neelam CFor Respondent: Shri Ram Tiwari ( Sr. AR)

…nothing was received at that time. The Ld. Representative of the assessee has argued that his case is fully covered in view of the law settled in the case of Godhra Electricity Co. Ltd. Vs. CIT (1997) 225 ITR 746 (SC) and CIT Vs. Excel Industries Ltd. (2013) 358 ITR 295 (SC). The copy of letter of the bank concerned dated 05.03.2014 is on record which lies at page no. 14 of the paper book in which on 01.04.2010, the term deposit has been shown to the tune of Rs.11,78,06,159/-including accrued interest to the tune of Rs.1,78,06,159/- on 31.03.2011. The loan on dated 01.04.2010 was to the tune of Rs.11,78,06,159/-…

Rajasthan State Road Development & Construction Corp. Ltd., Jaipur vs. Income Tax Officer, Jaipur

In the result, the ground is allowed for statistical purposes

ITA 56/JPR/2018[2013-14]Status: DisposedITAT Jaipur17 May 2018AY 2013-14
For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri Ajay Malik (Addl. CIT) a
Section 80

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA. No. 56/JP/2018 fu/kZkj.k o"kZ@Assessment Years : 2013-14 cuke M/s Rajasthan State Road The ITO, Vs. Development & Construction Ward-6(1), Corporation Ltd. Jaipur. Setu Bhawan, Jhalana Doongri, Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AABCR 9650 F vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri P.C. Parwal (C.A.) jktLo…

Tamil Nadu Brick Industries, Chennai vs. ITO, Chennai

ITA 744/CHNY/2017[2013-14]Status: DisposedITAT Chennai11 May 2018AY 2013-14

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.744/Chny/2017 "नधा"रण वष"/Assessment Year:2013-14 M/S. Tamilnadu Brick Industries, The Income Tax Officer, No. 47, Mangali Nagar 1St Street, Vs. Non Corporate Circle 8(1), Arumbakkam, Chennai 600 106. Chennai. [Pan: Aafft3643P] (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Shri S. Sridhar, Advocate ""यथ" क" ओर से/Respondent By : Shri Vijay Kumar Punna, Jr. Standing Counsel सुनवाई क" तार"ख/ Date Of Hearing : 13.02.2018 घोषणा क" तार"ख /Date Of Pronouncement : 11.05.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 9, Chennai, Dated 27.02.2017 Relevant To The Assessment Year 2013-14. The Assessee Has Raised The Following Grounds: “1. The Order Of The Commissioner Of Income Tax (Appeals) 9, Chennai Dated 27.02.2017 In I.T.A.No.07/Cit(A)-9/2016-17 For The Above Mentioned Assessment Year Is Contrary To Law, Facts & In The Circumstances Of The Case.

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri Vijay Kumar Punna
Section 143(1)Section 143(3)Section 2(47)(v)

…s 31 I.T.A. No.744/Chny/17 created in favour of the assessee a debt due by somebody it cannot be said that he acquired a right to receive the income or that income has accrued to him.” 26. This Court, in Commissioner of Income Tax v. Excel Industries, (2014) 13 SCC 459 at 463-464 referrred to various judgements on the expression ‘accrues’ and then held: “14. First of all, it is now well settled that income tax cannot be levied on hypothetical income. In CIT v. Shoorji Vallabhdas and Co. (CIT v. Shoorji Vallabhdas and Co., (1962) 46 ITR 144 (SC)] it was held as follows: (ITR p. 148) “.... Income tax is a levy on…