CIT v. Excel Industries Ltd.

Ge Money Financial Services Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result ground, no

Bench: Shri A.T.Varkey & Shri Prashant Maharishi

…t to recognize that interest. Section 209 (3) (b) of The Companies Act requires the books of accounts to be maintained on accrual basis. The Meaning of accrual cannot be different in different statues unless specifically mentioned. Honorable; Supreme court in 358 ITR 295 in CIT V Excel Industries has held that Income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay the amount. Only then can it be said that for the purposes of taxability that the income is not hypothetical and it has really accrued to the assessee. In case of Non performing assets e…

Ge Money Financial Services Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result ground, no

Bench: Shri A.T.Varkey & Shri Prashant Maharishi

…t to recognize that interest. Section 209 (3) (b) of The Companies Act requires the books of accounts to be maintained on accrual basis. The Meaning of accrual cannot be different in different statues unless specifically mentioned. Honorable; Supreme court in 358 ITR 295 in CIT V Excel Industries has held that Income accrues when it becomes due but it must also be accompanied by a corresponding liability of the other party to pay the amount. Only then can it be said that for the purposes of taxability that the income is not hypothetical and it has really accrued to the assessee. In case of Non performing assets e…

M/S. Railtel Corporation of India Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is allowed

Bench: Shri N.K. Saini & Shri Sudhanshu Srivastavaay: 2008-09 M/S Railtel Corporation Of India Vs A.C.I.T., Limited, 10Th Floor, Circle 15(1), Bob Building, New Delhi. 16, Parliament Street, New Delhi. (Appellant) (Respondent) Appellant By: Dr. Rakesh Gupta, Adv. Respondent By: Shri R.B. Meena, Cit Dr

…venue authorities more than two years ago again have not made any dent on the psyche of the Revenue.” 9. The matter, in any event, stands concluded by the judgment of the Hon’ble Supreme Court in Commissioner of Income Tax v. Excel Industries Limited (2013) 358 ITR 295 (SC). The Hon'ble Supreme Court has held:- “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. Th…

Ranbaxy Laboratories Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, we direct the AO to reduce the book profit u/s 115JB of the Act by the amount of reversal of the provision of Rs

Bench: Sh. I. C.Sudhir Judicialmember & Sh. Prashant Maharishia.Y.: - 2008-09 Ranbaxy Laboratories Ltd. Vs Acit 12Th Floor, Devika Tower, Range -15 6, Nehru Place New Delhi New Delhi Pan No. Aaacr0127N (Appellant) (Respondent)

…r in law, as compared to the earlier and subsequent years, the position accepted/ determined by the Department needs to be followed even on the principle of consistency. He relied on following decisions for this proposition: (i) CIT vs. Excel Industries Ltd.: 358 ITR 295 (SC) (ii) Radhasoami Satsang v. CIT: 193 ITR 321 (SC) (iii) DIT (E) v. Apparel Export Promotion Council: 244 ITR 734 (Del) ITA 196 Del 2013 Ranbaxy Laboratories limited V ACIT A.Y. 2008-09 Page 71 of 134 (iv) CIT v. Neo Polypack (P) Ltd: 245 ITR 492 (Del.) (v) CIT v. Dalmia Promoters Developers (P) Ltd: 281 ITR 346 (Del.) (vi) DIT v. Escorts Ca…

Commissioner of Income Tax Delhi-XI vs. Indian National Congress/All India Congress Committee

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…for all the AYs, earlier to and later than AY 1994-95, have been accepted by the Department without demur, then why must only AY 1994-95 be picked up for a different treatment? Reliance was placed on the decision in Excel International Ltd. v. CIT (2013) 358 ITR 295 (SC) which reiterated the decision in Radha Saomi Satsang v. CIT (1992)193 ITR 321(SC) 113. As already noticed, the so-called audited accounts that were presented to the AO by the INC for AY 1994-95, and later in a 'consolidated' form on 4th November 1997 before the CIT(A), does not inspire confidence. The same type of incomplete accounts…

Indian National Cong. (I) Aicc vs. C.I.T.- XI

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…for all the AYs, earlier to and later than AY 1994-95, have been accepted by the Department without demur, then why must only AY 1994-95 be picked up for a different treatment? Reliance was placed on the decision in Excel International Ltd. v. CIT (2013) 358 ITR 295 (SC) which reiterated the decision in Radha Saomi Satsang v. CIT (1992)193 ITR 321(SC) 113. As already noticed, the so-called audited accounts that were presented to the AO by the INC for AY 1994-95, and later in a 'consolidated' form on 4th November 1997 before the CIT(A), does not inspire confidence. The same type of incomplete accounts…

Indian National Cong. (I) Aicc vs. C.I.T.- XI

…for all the AYs, earlier to and later than AY 1994-95, have been accepted by the Department without demur, then why must only AY 1994-95 be picked up for a different treatment? Reliance was placed on the decision in Excel International Ltd. v. CIT (2013) 358 ITR 295 (SC) which reiterated the decision in Radha Saomi Satsang v. CIT (1992)193 ITR 321(SC) 113. As already noticed, the so-called audited accounts that were presented to the AO by the INC for AY 1994-95, and later in a 'consolidated' form on 4th November 1997 before the CIT(A), does not inspire confidence. The same type of incomplete accounts…

ACIT, New Delhi vs. M/S Dlf Ltd., New Delhi

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

…se, assesse has already offered to tax this income in AY 2007-08 in which the registration of conveyance deed is made and has paid due tax in that year. Therefore, relying on the decision of Hon’ble Supreme Court in case of CIT v. Excel Industries Ltd. [2013] 358 ITR 295, and fact of payment of tax in subsequent year, it is incorrect on the part of the CIT (A) to state that it is a technique to defer the taxes. g) His next argument is that as the income has already been offered for taxation in AY 2007-08, if the addition is sustained in this year and it will result into double taxation. To further strengthen his…

Dlf Ltd., New Delhi vs. Addl. CIT, New Delhi

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

…se, assesse has already offered to tax this income in AY 2007-08 in which the registration of conveyance deed is made and has paid due tax in that year. Therefore, relying on the decision of Hon’ble Supreme Court in case of CIT v. Excel Industries Ltd. [2013] 358 ITR 295, and fact of payment of tax in subsequent year, it is incorrect on the part of the CIT (A) to state that it is a technique to defer the taxes. g) His next argument is that as the income has already been offered for taxation in AY 2007-08, if the addition is sustained in this year and it will result into double taxation. To further strengthen his…

Sh. Harpreet Singh Puniani, Delhi vs. Pr. CIT, New Delhi

The appeal is allowed

Bench: Shri I.C. Sudhir & Shri Prashant Maharishi Assessment Year: 2010-11 Harpreet Singh Puniani, Vs. Principal Cit, Prop. M/S. Broadband Technologies, Xvi, 84-B, Old Lajpat Rai Market, New Delhi. Delhi. (Pan: Aaipp2364E) (Appellant) (Respondent) Assessee By: Shri Manoj Kumar Mittal, Adv. Department By: Shri A.K. Saroha, Cit( Dr) Date Of Hearing : 20.01.2016 Date Of Pronouncement: 03 :03.2016 Order Per I.C. Sudhir:The Assessee Has Impugned The Revisional Order Passed Under Sec. 263 Of The Income-Tax Act, 1961 On Several Grounds Involving The Sole Issue Regarding The Validity Of The Order Passed Under Sec. 263 Of The Income-Tax Act, 1961. 2. The Assessee Has Also Moved Application For Condonation Of Delay In Filing The Present Appeal Late By 15 Days. It Has Been Explained That The Assessee Had Engaged Mr. Rakesh Kumar, Learned Ca To Represent Its Case Before The Learned Cit Against The Show-Cause Notice Issued Under Sec. 263

…tailed reply to the show-cause notice was submitted before the Learned CIT. He placed reliance on the following decisions: i) Electric Supply Co. Ltd., vs. CIT - 89 ITR 266; ii) CIT vs. Birla Gwalior Pvt. Ltd. - 57 ITR 521; iii) CIT vs. Excel Ind. Ltd. (SC) - 358 ITR 295; 7 iv ) CIT vs. Contimeters Electricals P. Ltd. - 317 ITR 249 (Del.); v ) CIT vs. Ashish Rajpal (2010) - 320 ITR 674 (Del.); & vi) CIT vs. Sunbeam Auto Ltd. - 332 ITR 167 (Del.) 8. Learned CIT(DR) on the other hand tried to justify the revisional order in question. He submitted that the Assessing Officer had not made any inquiry on the issues ra…

M/S. Paliwal Infrastructure (P) Ltd., New Delhi vs. ACIT, New Delhi

In the result, appeals of the assessee are allowed

Bench: Sh. N. K. Saini, Am & Smt. Beena Pillai, Jm Ita Nos. 1978 & 1979/Del/2011 : Asstt. Years : 2007-08 & 2008-09 M/S Paliwal Infrastructure (P) Ltd. Vs Deputy Commissioner Of Income B-14, Greater Kailash-1, Tax, Circle-12(2), New Delhi Bangalore (Appellant) (Respondent) Pan No. Aabcr7764E Assessee By : Sh. Satish Kumar Goel, Adv. Revenue By : Smt. Rasmita Jha, Sr. Dr Date Of Hearing : 16.12.2015 Date Of Pronouncement : 08.02.2016 Order Per N. K. Saini, Am:

…tained by the ld. CIT(A) on account of notional interest was not justified. The reliance was placed on the following case laws: " CIT (Central), Ludhiana Vs Rockman Cycle Industries (P.) Ltd. 238 CTR 363 " Commissioner of Income-tax vs. Excel Industries Ltd. 358 ITR 295 13. In her rival submissions the ld. DR strongly supported the orders of the authorities below and reiterated the observations made by the ld. CIT(A) in the impugned order. She further submitted that the assessee earned share profits of Rs.31,24,346/- from M/s Abhitex International being partner and such profit was exempt from tax in the hands of…

Aggarwal & Modi Enterpises Co vs. Commissioner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

Aggarwal & Modi Enterprises Pv vs. C.I.T

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

M/S Aggarwal & Modi Enterprise vs. The Commissioner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

M/S Aggarwal & Modi Enterprise vs. Commissioner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

M/S Aggarwal & Modi Enterprises vs. Commissioner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

M/S Aggarwal & Modi Enterprise vs. Commisisoner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

M/S Aggarwal & Modi Enterprises Pvt Ltd vs. Commissioner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…

M/S Aggarwal & Modi Enterprise vs. Commissioner of Income Tax

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…rovision of interest as claimed by the Assessee was allowed. This was the position as regards AYs 1982-83 to 1986-87, 1993-94, 1994- 95, 1996-97, 2002-03, 2004-05 to 2008-09. Mr. Aggarwal referred to the decision in CIT v. Excel International Limited (2013) 358 ITR 295 (SC) ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 18 of 31 which affirmed the earlier decision of the Supreme Court in Radhasoami Satsang Saomi Bagh v. CIT (1992)193 ITR 321(SC). Submissions of counsel for the Revenue 36. It was submitted by Ms. Suruchi Aggarwal an…