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.

Maestro Ventures P. Ltd, Mumbai vs. DCIT 8(2), Mumbai

ITA 7270/MUM/2014[2011-12]Status: DisposedITAT Mumbai12 Apr 2017AY 2011-12
For Appellant: S/Shri Ronak G. Doshi & Manthan Shah-ARsFor Respondent: Shri M.C. Omi Ningshen-DR
Section 10(34)Section 143(3)Section 14ASection 254(1)

…आयकर अपीलीय अिधकरण, , , , मुंबई “ एच” खंडपीठ Income-tax Appellate Tribunal -“H”Bench Mumbai सव"ी सव"ी सव"ी राजे"" सव"ी राजे"" राजे"",लेखा राजे"" लेखा लेखा सद"य लेखा सद"य सद"य एवं सद"य एवं एवं, राम लाल नेगी एवं राम लाल नेगी राम लाल नेगी, "याियक राम लाल नेगी "याियक "याियक सद"य "याियक सद"य सद"य सद"य Before S/Shri Rajendra,Accountant Member and Ram Lal Negi,Judicial Member आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं./I.T.A./7270/Mum/2014, िनधा"रण अपील िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Assessment Year: 2011-12 वष" Maestro Ventures Pvt.Ltd. DCIT, Range-8(2) (Now merged with Yuvak Ventures 2nd Floor, Aayakar Bhava…

Tata Motors Ltd, Mumbai vs. CIT Ltu, Mumbai

ITA 3519/MUM/2014[2007-08]Status: DisposedITAT Mumbai05 Apr 2017AY 2007-08
For Appellant: Shri Dinesh VyasFor Respondent: Shri Manjunatha Swamy-CIT-DR
Section 115JSection 143(3)Section 254(1)Section 263

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “ई” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal -“E”Bench Mumbai सव"ी सव"ी राजे"" राजे"",लेखा लेखा सद"य सद"य एवं एवं, राम लाल नेगी राम लाल नेगी, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं राम लाल नेगी राम लाल नेगी "याियक "याियक सद"य सद"य Before S/Shri Rajendra,Accountant Member and Ram Lal Negi,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./3519/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2007-08 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Tata…

K & M Sheltors P.Ltd, Mumbai vs. DCIT 9(2), Mumbai

ITA 631/MUM/2015[2010-11]Status: DisposedITAT Mumbai31 Mar 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Ravish Sood: (A.Y : 2010-11)

For Appellant: Shri K. ShivaramFor Respondent: Shri Rajesh Kumar Yadav, DR
Section 143(3)

…e dispute regarding the year of taxability of income has no tax effect and such a dispute is academic in nature. For the aforesaid proposition, reliance has been placed on the judgment of the Hon'ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC) and the judgment of the Hon'ble Bombay High Court in the case of CIT vs. Nagri Mills Co. Ltd., 33 ITR 681 (Bom) respectively. At this point, the learned representative also pointed out that it is not the case of Revenue that the books of account maintained by the assessee are unreliable or that the declared profit from the project is otherwi…

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

In the result, both the appeals for assessment years 2007-08 and 2008-09 filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 6006/DEL/2013[2008-09]Status: DisposedITAT Delhi31 Mar 2017AY 2008-09

Bench: Sh. Sudhanshu Srivastava & Sh. O.P. Kant

Section 143(2)Section 143(3)Section 32(1)Section 37(1)

…ned accordingly. 4.1 Before us, learned counsel of the assessee contended that the claim of the assessee is maintainable on the principle of consistency and in support he referred to the judgment of the apex court in the case of CIT Vs. Excel industries Ltd., 358 ITR 295. It was submitted that since amortization of ‘loaner’ sets had consistently been accepted as revenue expenditure over a period of 13 years from assessment year 1994-95 to & ITA No. 5807/Del/2013 2006-07, even in assessment framed under section 143 (3) of the Act, denial of deduction in the year under consideration was not tenable. It was submitt…

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

In the result, both the appeals for assessment years 2007-08 and 2008-09 filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 6005/DEL/2013[2007-08]Status: DisposedITAT Delhi31 Mar 2017AY 2007-08

Bench: Sh. Sudhanshu Srivastava & Sh. O.P. Kant

Section 143(2)Section 143(3)Section 32(1)Section 37(1)

…ned accordingly. 4.1 Before us, learned counsel of the assessee contended that the claim of the assessee is maintainable on the principle of consistency and in support he referred to the judgment of the apex court in the case of CIT Vs. Excel industries Ltd., 358 ITR 295. It was submitted that since amortization of ‘loaner’ sets had consistently been accepted as revenue expenditure over a period of 13 years from assessment year 1994-95 to & ITA No. 5807/Del/2013 2006-07, even in assessment framed under section 143 (3) of the Act, denial of deduction in the year under consideration was not tenable. It was submitt…

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

In the result, both the appeals for assessment years 2007-08 and 2008-09 filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 5807/DEL/2013[2008-09]Status: DisposedITAT Delhi31 Mar 2017AY 2008-09

Bench: Sh. Sudhanshu Srivastava & Sh. O.P. Kant

Section 143(2)Section 143(3)Section 32(1)Section 37(1)

…ned accordingly. 4.1 Before us, learned counsel of the assessee contended that the claim of the assessee is maintainable on the principle of consistency and in support he referred to the judgment of the apex court in the case of CIT Vs. Excel industries Ltd., 358 ITR 295. It was submitted that since amortization of ‘loaner’ sets had consistently been accepted as revenue expenditure over a period of 13 years from assessment year 1994-95 to & ITA No. 5807/Del/2013 2006-07, even in assessment framed under section 143 (3) of the Act, denial of deduction in the year under consideration was not tenable. It was submitt…

I.T.O., Ward-23(1), Hooghly vs. Boinchipota Samabay Krishi Unnayan Samity Ltd., Hooghly

In the result, the appeal filed by the Revenue, is dismissed

ITA 2084/KOL/2016[2013-14]Status: DisposedITAT Kolkata22 Mar 2017AY 2013-14

Bench: Shri S.S.Viswanethra Ravi, Jm & Dr. A.L.Saini, Am आयकर अपील सं./Ita No.2084/Kol/2016 ("नधा"रण वष" / Assessment Year :2013-2014) Ito, Ward-23(1), Hooghly, Vs. Boinchipota Samabay Krishi Aayakar Bhawan, G.T.Road, Unnayan Samity Ltd., Khadina More, Chinsurah, Boinchipota, Hooghly-712101 Po: Anandanagar, District:Hooghly, 712409 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaab 2418 A .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Rajat Kumar Kureel, Jcit "नधा"रती क" ओर से /Assessee By : Shri V.N.Purohit, Fca सुनवाई क" तार"ख / Date Of Hearing : 22/02/2017 घोषणा क" तार"ख/Date Of Pronouncement 22/03/2017 आदेश / O R D E R Per Dr. Arjun Lal Saini, Am: The Captioned Appeal Filed By The Revenue, Pertaining To The Assessment Year 2013-2014, Is Directed Against The Order Passed By The Ld. Commissioner Of Income Tax (Appeals)-6, Kolkata, In Appeal No.436/Cit(A)-6/Kol/15-16, Dated 08.08.2016, Which In Turn Arises Out Of An Order Passed By The Ao U/S.143(3) Of The Income Tax Act 1961, (Hereinafter Referred To As The ‘Act’), Dated 24.11.2015. 2. Brief Facts Of The Case Qua The Assessee Are That The Assessee Has Submitted His Return Of Income For The Assessment Year 2013-2014 On 28.03.2014, Disclosing Total Income Of Rs.96,710/-. The Assessee’S Case Was Selected For Scrutiny U/S143(3) Of The Act & The Ao Completed The Assessment By Making Addition U/S.80P(A)(I) Of The Act.

For Appellant: Shri V.N.Purohit, FCAFor Respondent: Shri Rajat Kumar Kureel, JCIT
Section 143(3)Section 80PSection 80P(2)(a)

…ue 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…

DCIT 6(2)(1), Mumbai vs. Deloitte & Touche Consulting Inida P. Ltdervice India P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 4136/MUM/2015[2011-12]Status: DisposedITAT Mumbai15 Mar 2017AY 2011-12

Bench: Shri Joginder Singh & Shri N.K.Pradhan

Section 260Section 28

…l explained that income was offered in the next year whereas the Assessing Officer assessed in this year. Our attention was invited to page.9 of the impugned order by placing reliance upon the decision from Hon'ble Apex Court in CIT vs Excel Industries Ltd., (38 Taxmann 100) (SC). It was also explained that the tax rate in both the years is the same, therefore, there is no loss to the Revenue. The learned DR defended the addition made by the Assessing Officer. 6. We have considered the rival submissions and perused the material available on record. Before coming to any conclusion, we are reproducing hereunder the…

Cairn Uk Holding Ltd., Ahmedabad vs. DCIT (International Taxation), New Delhi

In the result ground No. 5 of the appeal of the assessee is allowed

ITA 1669/DEL/2016[2007-08]Status: DisposedITAT Delhi09 Mar 2017AY 2007-08

Bench: Shri H. S. Sidhu & Shri Prashant Maharishi

For Appellant: Shri Percy Pardiwala Sr. AdvFor Respondent: Shri Sanjay Puri CIT
Section 143(3)Section 144

…P a g e | 1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ―D‖: NEW DELHI BEFORE SHRI H. S. SIDHU, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA No. 1669 /Del/2016 (Assessment Year: 2007-08) Crain U K Holdings V Deputy Commissioner of Limited Income Tax ( International s 50 Lothian Road Taxation) – Circle 1(2)(1) . Edinburgh , Scotland New Delhi EH39BY PAN : AACCC9135H (Appellant) (Respondent) Assessee by : Shri Percy Pardiwala Sr. Adv Shi P Maheshwari, CA Ms. Aarti Sathe, Adv Revenue by: Shri Sanjay Puri CIT Shri Anuj Arora CIT DR Date of Hearing 19/12/2016 Date of pronouncement 09/03/2017 O…

M/S. Western Electricity Supply Company of Odisha Ltd., Sambalpur vs. DCIT, Bhubaneswar

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

ITA 289/CTK/2015[2010-11]Status: DisposedITAT Cuttack08 Mar 2017AY 2010-11

Bench: Shri N.S Sainiassessment Year :2010-2011

For Appellant: Shri P.V.Rao/Dinakar Mohanty, ARFor Respondent: Shri D.K. Pradhan, DR
Section 143(3)

…ayer that the orders of lower authorities should be reversed and the appeal of the assessee should be accepted.” Asse ssment Year :20 10- 201 1 8. I find to the same effect is the decision of Hon’ble Supreme Court in the case of CIT Vs. Excel Industries Ltd. 358 ITR 295(SC), wherein, it has been held as under: “That 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 licences or under the duty entitlement pass book did not represent the real income of the assessee. There was no reason for the court to…

Mahalaxmi Innovative Services Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

The appeal of the assessee is partly allowed in light our aforesaid observations

ITA 4856/MUM/2011[2007-08]Status: DisposedITAT Mumbai06 Mar 2017AY 2007-08

Bench: Shri D. Karunakara Rao, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 4856/Mum/2011 (निर्धारण वर्ा / Assessment Year: 2007-08) Mahalaxmi Innovative Services Ltd. Dcit Cir 2(2) बिधम/ 1004, 10Th Floor, Maker Chambers-V, Mumbai Nariman Point Vs. Mumbai, स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aadcm9810C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

For Appellant: Shri Reepal Tralshwala (AR)For Respondent: Shri T.A. Khan (DR)
Section 143(2)Section 143(3)Section 14A

…plicable in income tax proceedings, but then we cannot remain oblivious of the settled position of law, as had been emphasized by the Hon’ble Supreme Court in the case of Radha Swami Satsang Vs. CIT (1992) 193 ITR 321 (SC) and CIT Vs. Excell India Ltd. (2013) 358 ITR 295 (SC), that an inconsistent approach adopted by an A.O in the backdrop of the same set of facts, cannot be permitted. Thus in the backdrop of the facts pertaining to the transactions as regards purchase and sale of shares by the assessee company, coupled with the fact that such claim of the assessee was accepted by the department after scrutinizin…

M/S. C.K. Cotspin Pvt. Ltd., Burhanpur vs. The DCIT, Khandwa

In the result, the appeal of the assessee is allowed

ITA 816/IND/2014[2011-12]Status: DisposedITAT Indore28 Feb 2017AY 2011-12

Bench: Shri C.M. Garg & Shri O.P. Meena

…assessment is not valid. M/s. C. K. Cotspin Pvt. Ltd. vs. DCIT-Khandwa/ I.T.A. No.816/Ind/2014/A.Y.:11-12 Page 9 of 23 23. Further, the learned counsel for the assessee relied on the decision of the Hon’ble Supreme Court CIT vs. Excel Industries Ltd. & Ors. (358 ITR 295) and submitted that going by the accounting standard though the revenue is collectible by certainty, the assessee in the present case, in fact, had not received any interest and hence, interest in question remained only notional interest. As canvassed by the learned counsel for the assessee, some of the parties did not repay even the principal am…

Galaxy Impex, Jaipur vs. DCIT, Jaipur

In the result, the disallowance made

ITA 529/JPR/2016[2012-13]Status: DisposedITAT Jaipur28 Feb 2017AY 2012-13
For Appellant: Shri Mahendra Gargieya (Advocate)For Respondent: Shri Prithivi Raj Meena (Add. CIT)
Section 145(3)

…a change in the facts and circumstances, the view taken earlier should normally be taken consistently. For this kindly refer Sardar Kehar Singh v/s CIT (1991) 92 CTR 88(1992) 195 ITR 769 (Raj.), and a recent decision in CIT v/s Excel Industries Ltd. (2013) 358 ITR 295 (SC). It is a judicially accepted principle that when the facts are same, a uniform view should be adopted for the subsequent years in the income tax proceedings unless there is a material change in the facts, which has not be established by the AO. Kindly refer Radhasoami Satsang v/s CIT(1992) 193 ITR 321 (SC), on the theory of consistency, h…

Patanjali Yogpeeth (Nyas), Delhi vs. ADIT(Exemption), New Delhi

Appeal is allowed

ITA 2267/DEL/2013[2009-10]Status: DisposedITAT Delhi09 Feb 2017AY 2009-10

Bench: Shri I.C. Sudhir & Shri L. P. Sahu

For Appellant: Shri Ajay Vohra, Sr. Adv.; &For Respondent: Shri N. C. Swain, CIT [DR]
Section 11(1)(a)Section 11(5)Section 13Section 142Section 2(15)

…ing the claimed exemption, however, during the year under almost similar facts the Revenue has taken different stand by treating the assessee non-charitable, which cannot be justified. In its recent decision in the case of CIT Vs. Excel Industries Ltd. (2013) 358 ITR 295 (SC), the Hon’ble Supreme Court applying its earlier decisions in the cases of Radhasoami Satsang Vs. CIT (1992) 193 ITR 321 (SC); Godhra Electricity Company Vs. CIT (1997) 225 ITR 746 (SC) etc., has been pleased to hold that on consistent view taken in favour of assessee, the Court will not take different view without very convincing reasons. T…

ACIT (TDS), Jaipur vs. Gnadhi Vidhya Mandir, Churu

ITA 1016/JPR/2015[2012-13]Status: DisposedITAT Jaipur31 Jan 2017AY 2012-13
For Appellant: Shri M.L. Borad (Advocate)For Respondent: Shri Anil Kumar (CIT)
Section 194CSection 194JSection 201Section 201(1)

…nce more than ten years and no order has been made u/s.201(1)/201(1A) of the Act and as such on this ground along the order is vitiated. Reliance in support of the principle of consistency is placed on the following judgments: i) CIT vs. Excel Industries Ltd.358 ITR 295 (SC) ii) State of Andhra Pradesh Vs. A.P. Jaiswal (2001) 1 SCC 748 iii) CIT Vs. Berger paints 266 ITR 99 (SC) 4.15 It was further submitted that the appellant also derives supports from circular No.715 dated 8th August, 1995 wherein CBDT has held that the true content or intention must be gleaned on a proper construction of the arrangement. In s…

ACIT 19(3), Mumbai vs. Sachin R. Tendulkar, Mumbai

In the result, both the appeals filed by the Revenue are dismissed

ITA 3217/MUM/2014[2010-11]Status: DisposedITAT Mumbai25 Jan 2017AY 2010-11

Bench: Shri Mahavir Singh & Shri Ashwani Tanejaassessment Year: 2010-11 & Assessment Year: 2011-12 Acit 19(3), Shri Sachin R. Tendulkar, R.No.305, 3Rd Floor, 19-A Perry Rd, बनाम/ Pirmal Chanbers, Bandra (E) Vs. Parel Mumbai-400050 Mumbai-400012 (Revenue) (Respondent ) P.A. No.Aaapt4135B Revenue By Shri Ta Khan (Dr) Respondent By Shri Jitendra Jian (Ar) सुनवाई क" तार"ख/Date Of Hearing: 28/11/2016 आदेश क" तार"ख /Date Of Order: 25 /01/2017

Section 143(3)Section 14A

…laim of the assessee was accepted in the assessment order passed by the AO u/s 143(3) dated 30th March, 2016. 24. Thus, in view of judgments of Hon’ble Supreme Court in the case of Radha Swami Sat Sang, vs. CIT 293 ITR 321(SC) and CIT v. Excel Industries Ltd. 358 ITR 295(SC), upholding principal of consistency and in view of the aforesaid circular of the CBDT and in view of facts of this case as discussed above, claim of the assessee deserves to be upheld. Therefore, after taking into all the facts and circumstances of the case and in view of the detailed discussion made by us in earlier part of our order, we fin…

ACIT, New Delhi vs. M/S Delhi Integrated Multi Modal Transit Systems Ltd., New Delhi

In the result assessee’s Cross Objection is dismissed

ITA 602/DEL/2011[2006-07]Status: DisposedITAT Delhi24 Jan 2017AY 2006-07

Bench: Us Is Recognition Of Consultancy Income.

For Appellant: Shri Atul Kumar Sharma, Sr.D.RFor Respondent: Shri Rupesh Jain, Adv

…e A.Y. 2008-09. Under these circumstances, in our view, the First Appellate Authority was right in deleting this addition of Rs.5,31,98,470/-, which was made purely on the basis of assumptions. The Hon’ble Supreme Court in the case of CIT vs. Excel Industries 358 ITR 295 (S.C.) reiterated the real income theory. Hypothetical income cannot be brought to tax. Thus we uphold the order of the first appellate authority and dismiss this appeal of the Revenue. 4. Cross Objection 198/Del/12:- The assessee has filed this C.O. There is a delay of 436 days in filing this Cross Objection. The assessee filed an applicjation…

Parija Construction Company Pvt. Ltd, Bhubaneswar vs. ITO, Bhubaneswar

In the result, the appeals filed by the assessee are partly allowed

ITA 650/CTK/2012[2006-07]Status: DisposedITAT Cuttack16 Jan 2017AY 2006-07

Bench: Shri N.S Saini

For Appellant: Shri Sandeep K.Jena, ARFor Respondent: Shri D.K.Pradhan, DR
Section 143(3)Section 147

…s a material change in justifying the Revenue to take a different view the earlier view which has been settled and accepted of a several years should not be disturbed. Still further, the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Limited, 358 ITR 295 (SC) reiterated the law laid down in Radhasoami Satsang vs CIT (SUPRA) to hold that where a fundamental aspect permeating through the different assessment years have been found as a Asse ssment Years: 2 00 6-0 7 & 20 08- 09 fact once way or the other, and the parties have allowed the position to be sustained by not challenging the order, it is…

M/S. Glaxo Smithkline Pharmaceuticals Ltd., Mumbai vs. ACIT Cir. 6(1), Mumbai

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 1061/MUM/2006[2002-2003]Status: DisposedITAT Mumbai20 Dec 2016AY 2002-2003

Bench: Sri B. R. Baskaran, Am & Sri Amit Shukla, Jm Glaxosmithline Vs. The Asst. Commissioner Of Pharmaceuticals Ltd., Income Tax, Circle-6(1), 252, Dr. A. B. Road, Worli, Aayakar Bhavan, M. K. Road, Mumbai 400 030 Mumbai 400 020. Pan: Aaacb 4045 I Appellant .. Respondent

Section 143(3)Section 14ASection 28Section 37(1)

…d. Therefore, it cannot be held that any income has accrued to the assessee merely by making an entry. He submitted that now, this issue stands covered by the decision of the Hon’ble Supreme Court in the case of CIT Vs Excel Industries Ltd. reported in [2013] 358 ITR 295 (SC). 5. On the other hand, the learned DR submitted that the matter should be sent back to the Assessing Officer for examining, whether there was any accrual of DEPB benefit in this year or not and the matter can be set aside to be decided in the light of the principle laid down by the Hon’ble Supreme Court. 6. As regards the last issue of dis…

S.K. Kankal HUF, Mumbai vs. ITO 25(3)(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 4606/MUM/2013[2010-11]Status: DisposedITAT Mumbai15 Dec 2016AY 2010-11

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

Section 10(38)Section 111ASection 143(3)Section 234BSection 271(1)(c)

…he consistent stand which had been taken and accepted in all earlier and subsequent years. Thus, in view of judgments of Hon'ble Supreme Court in the case of Radhasoame Satsang vs CIT 293 8 I.T.A. No.4606/Mum/2013 ITR 321 (SC) and CIT vs Excel Industries Ltd 358 ITR 295, upholding the principle of consistency, the claim of the assessee deserves to be upheld. 9. In addition to the above, it is noted by us that the assessee had used its own funds in making investment in the shares. The shares have always been shown as part of investment in its balance-sheet consistently. It has also been noted that CBDT by way of…