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.

Indus Towers Ltd., Gurgaon vs. DCIT Circle 12(1), New Delhi

In the result, the appeal of the revenue is dismissed

ITA 1962/DEL/2023[2010-11]Status: DisposedITAT Delhi10 Dec 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Vimal Kumarindus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Acit, Vs. Indus Towers Ltd, 4Th Floor, Dlf Cybercity, Central Circle-10, New Delhi Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Indus Towers Ltd (Formerly Vs. Dcit, Known As Bharti Infratel Ltd), Circle-12(1), 4Th Floor, Dlf Cybercity, New Delhi Building No. 10, Tower A, Dlf Qe, So Gurgaon, Haryana (Appellant) (Respondent) Pan: Aadcv0274F Assessee By : Shri Ajay Vohra, Sr. Adv Shri Rohit Jain, Adv Shri Deepesh Jain, Adv Ms. Shaurya Jain, Ca Revenue By: Shri Mukesh Kumar Jain, Cit Dr Date Of Hearing 12/09/2024 Date Of Pronouncement 10/12/2024

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri Mukesh Kumar Jain, CIT DR
Section 115JSection 139(5)Section 142Section 143(3)Section 148

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE SHRI M. BALAGANESH, ACCOUNTANT MEMBER AND SHRI VIMAL KUMAR, JUDICIAL MEMBER Indus Towers Ltd (formerly Vs. DCIT, known as Bharti Infratel Ltd), Circle-12(1), 4th Floor, DLF Cybercity, New Delhi Building No. 10, Tower A, DLF QE, SO Gurgaon, Haryana (Appellant) (Respondent) PAN: AADCV0274F ACIT, Vs. Indus Towers Ltd, 4th Floor, DLF Cybercity, Central Circle-10, New Delhi Gurgaon, Haryana (Appellant) (Respondent) PAN: AADCV0274F Indus Towers Ltd (formerly Vs. DCIT, known as Bharti Infratel Ltd), Circle-12(1), 4th Floor, DLF Cybercity, New Delhi Building…

ACIT, Circle-6(1), New Delhi vs. Chl Limited, New Delhi

In the result, appeals of the Assessee in ITA Nos

ITA 9298/DEL/2019[2015-16]Status: DisposedITAT Delhi10 Dec 2024AY 2015-16

Bench: Before Shri Shamim Yahya & Shri Yogesh Kumar U.S.Ita No. 8777 To 8780 /Del/2019 (A.Y 2013-14 To 2016-17) Chl Limited Acit The Hotel Surya New Circle-6(1) Friends Colony, Vs. New Delhi New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Acit Chl Limited Circle-6(1) The Hotel Surya New New Delhi Vs. Friends Colony, New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Appellant By Sh. Satish Khosla, Adv, Sh. Manish Malik, Adv & Sh. Pankaj Jain, Ar Respondent By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 06/11/2024 Date Of Pronouncement 10/12/2024

Section 14ASection 36(1)(iii)

…essment Orders for Assessment Year 2010-11 to 2012-13 which were passed u/s 143(3) of the Act. By following the Rule of consistency as reiterated by Hon'ble Supreme Court in the case of M/s CHL Ltd. Vs. ACIT& ACIT Vs. CHL Ltd Excel Industries Ltd. reported at 358 ITR 295(SC) and M/s Radhasoami Satsang reported at 193 ITR 321 and finding merit in the contention of the Ld. Assessee's Representative, we allow the Grounds of Appeal No. 2 of the Assessee for Assessment Year 2013-14 & 2014-15, the Grounds of Appeal No. 1 for Assessment Year 2015-16 and 2016-17 and delete the disallowance made by the A.O. u/s 36(1) (i…

Chl Limited, New Delhi vs. ACIT, Circle-6(1), New Delhi

In the result, appeals of the Assessee in ITA Nos

ITA 8780/DEL/2019[2016-17]Status: DisposedITAT Delhi10 Dec 2024AY 2016-17

Bench: Before Shri Shamim Yahya & Shri Yogesh Kumar U.S.Ita No. 8777 To 8780 /Del/2019 (A.Y 2013-14 To 2016-17) Chl Limited Acit The Hotel Surya New Circle-6(1) Friends Colony, Vs. New Delhi New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Acit Chl Limited Circle-6(1) The Hotel Surya New New Delhi Vs. Friends Colony, New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Appellant By Sh. Satish Khosla, Adv, Sh. Manish Malik, Adv & Sh. Pankaj Jain, Ar Respondent By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 06/11/2024 Date Of Pronouncement 10/12/2024

Section 14ASection 36(1)(iii)

…essment Orders for Assessment Year 2010-11 to 2012-13 which were passed u/s 143(3) of the Act. By following the Rule of consistency as reiterated by Hon'ble Supreme Court in the case of M/s CHL Ltd. Vs. ACIT& ACIT Vs. CHL Ltd Excel Industries Ltd. reported at 358 ITR 295(SC) and M/s Radhasoami Satsang reported at 193 ITR 321 and finding merit in the contention of the Ld. Assessee's Representative, we allow the Grounds of Appeal No. 2 of the Assessee for Assessment Year 2013-14 & 2014-15, the Grounds of Appeal No. 1 for Assessment Year 2015-16 and 2016-17 and delete the disallowance made by the A.O. u/s 36(1) (i…

Chl Limited, New Delhi vs. ACIT, Circle-6(1), New Delhi

In the result, appeals of the Assessee in ITA Nos

ITA 8779/DEL/2019[2015-16]Status: DisposedITAT Delhi10 Dec 2024AY 2015-16

Bench: Before Shri Shamim Yahya & Shri Yogesh Kumar U.S.Ita No. 8777 To 8780 /Del/2019 (A.Y 2013-14 To 2016-17) Chl Limited Acit The Hotel Surya New Circle-6(1) Friends Colony, Vs. New Delhi New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Acit Chl Limited Circle-6(1) The Hotel Surya New New Delhi Vs. Friends Colony, New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Appellant By Sh. Satish Khosla, Adv, Sh. Manish Malik, Adv & Sh. Pankaj Jain, Ar Respondent By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 06/11/2024 Date Of Pronouncement 10/12/2024

Section 14ASection 36(1)(iii)

…essment Orders for Assessment Year 2010-11 to 2012-13 which were passed u/s 143(3) of the Act. By following the Rule of consistency as reiterated by Hon'ble Supreme Court in the case of M/s CHL Ltd. Vs. ACIT& ACIT Vs. CHL Ltd Excel Industries Ltd. reported at 358 ITR 295(SC) and M/s Radhasoami Satsang reported at 193 ITR 321 and finding merit in the contention of the Ld. Assessee's Representative, we allow the Grounds of Appeal No. 2 of the Assessee for Assessment Year 2013-14 & 2014-15, the Grounds of Appeal No. 1 for Assessment Year 2015-16 and 2016-17 and delete the disallowance made by the A.O. u/s 36(1) (i…

Chl Limited, New Delhi vs. ACIT, Circle-6(1), New Delhi

In the result, appeals of the Assessee in ITA Nos

ITA 8778/DEL/2019[2014-15]Status: DisposedITAT Delhi10 Dec 2024AY 2014-15

Bench: Before Shri Shamim Yahya & Shri Yogesh Kumar U.S.Ita No. 8777 To 8780 /Del/2019 (A.Y 2013-14 To 2016-17) Chl Limited Acit The Hotel Surya New Circle-6(1) Friends Colony, Vs. New Delhi New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Acit Chl Limited Circle-6(1) The Hotel Surya New New Delhi Vs. Friends Colony, New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Appellant By Sh. Satish Khosla, Adv, Sh. Manish Malik, Adv & Sh. Pankaj Jain, Ar Respondent By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 06/11/2024 Date Of Pronouncement 10/12/2024

Section 14ASection 36(1)(iii)

…essment Orders for Assessment Year 2010-11 to 2012-13 which were passed u/s 143(3) of the Act. By following the Rule of consistency as reiterated by Hon'ble Supreme Court in the case of M/s CHL Ltd. Vs. ACIT& ACIT Vs. CHL Ltd Excel Industries Ltd. reported at 358 ITR 295(SC) and M/s Radhasoami Satsang reported at 193 ITR 321 and finding merit in the contention of the Ld. Assessee's Representative, we allow the Grounds of Appeal No. 2 of the Assessee for Assessment Year 2013-14 & 2014-15, the Grounds of Appeal No. 1 for Assessment Year 2015-16 and 2016-17 and delete the disallowance made by the A.O. u/s 36(1) (i…

Chl Limited, New Delhi vs. ACIT, Circle-6(1), New Delhi

In the result, appeals of the Assessee in ITA Nos

ITA 8777/DEL/2019[2013-14]Status: DisposedITAT Delhi10 Dec 2024AY 2013-14

Bench: Before Shri Shamim Yahya & Shri Yogesh Kumar U.S.Ita No. 8777 To 8780 /Del/2019 (A.Y 2013-14 To 2016-17) Chl Limited Acit The Hotel Surya New Circle-6(1) Friends Colony, Vs. New Delhi New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Acit Chl Limited Circle-6(1) The Hotel Surya New New Delhi Vs. Friends Colony, New Delhi Pan No: Aaacc2587M (Appellant) (Respondent) Appellant By Sh. Satish Khosla, Adv, Sh. Manish Malik, Adv & Sh. Pankaj Jain, Ar Respondent By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 06/11/2024 Date Of Pronouncement 10/12/2024

Section 14ASection 36(1)(iii)

…essment Orders for Assessment Year 2010-11 to 2012-13 which were passed u/s 143(3) of the Act. By following the Rule of consistency as reiterated by Hon'ble Supreme Court in the case of M/s CHL Ltd. Vs. ACIT& ACIT Vs. CHL Ltd Excel Industries Ltd. reported at 358 ITR 295(SC) and M/s Radhasoami Satsang reported at 193 ITR 321 and finding merit in the contention of the Ld. Assessee's Representative, we allow the Grounds of Appeal No. 2 of the Assessee for Assessment Year 2013-14 & 2014-15, the Grounds of Appeal No. 1 for Assessment Year 2015-16 and 2016-17 and delete the disallowance made by the A.O. u/s 36(1) (i…

Assistant Commissioner of Income Tax, Bengaluru vs. Cmr Jnanadhara Trust, Bengaluru

In the result, the appeal filed by the revenue is hereby dismissed

ITA 291/BANG/2024[2018-19]Status: DisposedITAT Bangalore03 Dec 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Narendra Kumar Jain, AdvocateFor Respondent: Shri D.K Mishra, CIT (DR)
Section 1Section 11Section 12ASection 13Section 13(1)(c)Section 13(3)

…ng the order, it would not be at all appropriate to allow the position to be changed in subsequent year." 13.2 Similarly, the Hon’ble Supreme Court has directed to adopt the principles of consistency 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…

Assistant Commissioner of Income Tax, Bengaluru vs. Cmr Jnanadhara Trust, Bengaluru

In the result, the appeal filed by the revenue is hereby dismissed

ITA 290/BANG/2024[2017-18]Status: DisposedITAT Bangalore03 Dec 2024AY 2017-18

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Narendra Kumar Jain, AdvocateFor Respondent: Shri D.K Mishra, CIT (DR)
Section 1Section 11Section 12ASection 13Section 13(1)(c)Section 13(3)

…ng the order, it would not be at all appropriate to allow the position to be changed in subsequent year." 13.2 Similarly, the Hon’ble Supreme Court has directed to adopt the principles of consistency 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…

DCIT, New Delhi vs. M/S Hudco Ltd., New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…111(Delhi); CIT v. Virtual Soft Systems Ltd. [2018] 92 taxmann.com 370/255 Taxman 352/404 ITR 409 (SC); CIT v. Woodward Governor India (P.) Ltd. [2007] 162 Taxman 60/294 ITR 451 (Delhi) and CIT v. Excel Industries Ltd. [2013] 38 taxmann.com 100/219 Taxman 379/358 ITR 295 (SC). 24. Mr. Zoheb Hossain and Mr. Deepak Anand, learned counsels for the revenue, on the other hand urged that the assessee was required to make the book of accounts in accordance with the provisions of the Companies Act, 1956. However, profits computed as per the provisions of the Companies Act need not necessarily be the same as Total Income…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…111(Delhi); CIT v. Virtual Soft Systems Ltd. [2018] 92 taxmann.com 370/255 Taxman 352/404 ITR 409 (SC); CIT v. Woodward Governor India (P.) Ltd. [2007] 162 Taxman 60/294 ITR 451 (Delhi) and CIT v. Excel Industries Ltd. [2013] 38 taxmann.com 100/219 Taxman 379/358 ITR 295 (SC). 24. Mr. Zoheb Hossain and Mr. Deepak Anand, learned counsels for the revenue, on the other hand urged that the assessee was required to make the book of accounts in accordance with the provisions of the Companies Act, 1956. However, profits computed as per the provisions of the Companies Act need not necessarily be the same as Total Income…

Venkat Rajasekhar Koneru, Hyderabad vs. ACIT, Central Circle-1(1), Hyderabad

In the result, all the appeals of the assessees are dismissed

ITA 627/HYD/2022[2016-17]Status: DisposedITAT Hyderabad22 Oct 2024AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Shri M. Chandramouleswara RaoFor Respondent: Shri Srinath Sadanala, Sr.AR
Section 132Section 139(4)Section 142(1)Section 143(2)Section 153C

…less 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 inco…

Pramod Reddy Tekula, Hyderabad vs. ACIT, Central Circle-1(1), Hyderabad

In the result, all the appeals of the assessees are dismissed

ITA 611/HYD/2022[2016-17]Status: DisposedITAT Hyderabad22 Oct 2024AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Shri M. Chandramouleswara RaoFor Respondent: Shri Srinath Sadanala, Sr.AR
Section 132Section 139(4)Section 142(1)Section 143(2)Section 153C

…less 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 inco…

Bandi Sudheer Reddy, Hyderabad vs. ACIT, Central Circle-1(4), Hyderabad

In the result, all the appeals of the assessees are dismissed

ITA 610/HYD/2022[2016-17]Status: DisposedITAT Hyderabad22 Oct 2024AY 2016-17

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

For Appellant: Shri M. Chandramouleswara RaoFor Respondent: Shri Srinath Sadanala, Sr.AR
Section 132Section 139(4)Section 142(1)Section 143(2)Section 153C

…less 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 inco…

ACIT, Circle-1(1)(1), Ahmedabad, Vejalpur vs. Aia Engineering Limited, Ahmedabad

In the result, the appeal filed by the Revenue is dismissed, whereas the appeal filed by the assessee is allowed

ITA 532/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad21 Oct 2024AY 2016-17

Bench: Mrs. Annapurna Gupta & Shri T.R. Senthil Kumarआयकर अपील सं / Ita No. 397/Ahd/2024 िनधा"रण वष"/Assessment Year: 2016-17 बनाम Aia Engineering Limited, Dcit Vs. 115, Gvmm Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad Pan : Aabca 2777 J आयकर अपील सं / Ita No. 532/Ahd/2024 िनधा"रणवष"/Assessment Year: 2016-17 बनाम Aia Engineering Limited, Acit, Vs. 115, Gvmm Estate, Odhav Road, Circle-1(1)(1), Odhav, Ahmedabad-382415 Ahmedabad Pan : Aabca 2777 J अपीलाथ" अपीलाथ"/ (Appellant) अपीलाथ" अपीलाथ" "" "" यथ" "" "" यथ" यथ"/ (Respondent) यथ" िनधा"रती की ओर से / Assessee By : Shri Tushar Hemani, Sr. Advocate & Shri Parimalsinh B. Parmar, Ar ""थ" की ओर से / Revenue By : Shri Pratik Sharma, Sr Dr & Shri Sudhendu Das, Cit-Dr तारीख/Date Of Hearing : 09.10.2024 सुनवाई क" क" तारीख सुनवाई सुनवाई सुनवाई क" क" तारीख तारीख घोषणा क" क" तारीख तारीख /Date Of Pronouncement: 21.10.2024 घोषणा घोषणा घोषणा क" क" तारीख तारीख आदेश आदेश/O R D E R आदेश आदेश

For Appellant: Shri Tushar Hemani, Sr. Advocate &For Respondent: Shri Pratik Sharma, Sr DR &
Section 154Section 250Section 32

…of consistency, depreciation having been allowed consistently in the preceding years, i.e. AYs 2014-15 and 2015-16, depreciation could not have been disallowed in the impugned year. Reference was made to the following decisions:- a. CIT Vs. Excel Industries, 358 ITR 295 (SC); b. Radhaswoami Satsang Vs. CIT, 193 ITR 0321 (SC); c. Bharat Sanchar Nigam Ltd – 283 ITR 273 (SC) (iii) That, depreciation on goodwill arising consequent to the scheme of amalgamation approved by the Hon’ble High Court of Gujarat was allowable in view of the settled legal position. Reliance was placed on the following decisions:- a. CIT Vs…

DCIT CC- 1(3), Aaykar Bhavan vs. Montecarlo Limited, Sindhu Bhawan Road, Bodakdev

In the result, the appeal filed by the revenue in ITA

ITA 599/AHD/2023[2020-21]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2020-21

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Makarand V Mahadeokar (Accountant Member)

Section 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Makarand V Mahadeokar, Accountant Member ITA Nos: 598 & 599/Ahd/2023 Asst. Years: 2018-19 & 2020-21 D.C.I.T., Montecarlo Construction Central Circle-1(1), Ltd. Ahmedabad Vs 706, Shilp Building, 7th Floor, Nr. Muncipal Market, C.G. Road, Navrangpura, Ahmedabad (Appellant) PAN: AAACM7958A (Respondent) Revenue Represented: Dr. Darsi Suman Ratnam, CIT-DR Assessee Represented: Shri Tushar Hemani, Sr. Adv. & Shri Mehul Patel, A.Rs. Date of hearing : 08-08-2024 Date of pronouncement : 27-09-202…

DCIT CC- 1(3), Aaykar Bhawan vs. Montecarlo Limited, Montecarlo House, Sindhu Bhawa

In the result, the appeal filed by the revenue in ITA

ITA 598/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad27 Sept 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Makarand V Mahadeokar (Accountant Member)

Section 143(3)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “D” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Makarand V Mahadeokar, Accountant Member ITA Nos: 598 & 599/Ahd/2023 Asst. Years: 2018-19 & 2020-21 D.C.I.T., Montecarlo Construction Central Circle-1(1), Ltd. Ahmedabad Vs 706, Shilp Building, 7th Floor, Nr. Muncipal Market, C.G. Road, Navrangpura, Ahmedabad (Appellant) PAN: AAACM7958A (Respondent) Revenue Represented: Dr. Darsi Suman Ratnam, CIT-DR Assessee Represented: Shri Tushar Hemani, Sr. Adv. & Shri Mehul Patel, A.Rs. Date of hearing : 08-08-2024 Date of pronouncement : 27-09-202…

Assistant Commissioner of Income Tax, Circle1(1), Kozhikode vs. N K Mohammed Ali and Bros, Kozhikode

In the result, appeal is allowed

ITA 244/COCH/2024[2006-07]Status: DisposedITAT Cochin25 Sept 2024AY 2006-07

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhacit, Circle 1(1) N.K. Mohammed Ali & Bros Aayakar Bhavan 6/1183 Kunhipari Building Mananchra Vs. Cherootty Road Kozhikode 673001 Calicut 673032 [Pan: Aacfn9210H] (Appellant) (Respondent)

For Appellant: Shri G. Surendranath Rao, CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 143(3)Section 2(22)(e)Section 250

…2 pending before the High Court. 3. The Commissioner of Income Tax (Appeals) has failed to note that this case has not reached the finality as mentioned in the CIT(A) order. Therefore, the decision of Hon'ble Supreme Court in the case of Excel Industries Ltd [358 ITR 295] that if certain facts were allowed to be attain finality, then contradictory opinion on those very fact in other years ought not to be taken, has no relevance in this case. 4. The Commissioner of Income Tax (Appeal) has erred in ignoring the fact that the order against which the appeal order was passed i.e, the order u/s 143(3) r.w.s 254 dated 3…

ACIT 3(3)(1) Mumbai, Aayakar Bhavan vs. Siroya Developers Pvt. Ltd, Mumbai

In the result ground nos

ITA 2961/MUM/2024[2014-15]Status: DisposedITAT Mumbai24 Sept 2024AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Gagan Goyal

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Vivek Perampurna (CIT-DR)
Section 143(3)Section 250Section 36(1)(iii)

…r section 143(3) of the Act and the project completion method was accepted. The ld.AR argued that the doctrine of consistency should be maintained and respectfully relied on the order of the Hon’ble Supreme Court in the case of CIT vs Excel Industries Limited 358 ITR 295 (SC).Held C.O. No. 166/Mum/2024 C.O. No. 167/Mum/2024 Siroya Developers Pvt Ltd “As the method of computation of profits have not been disturbed by the Revenue either for the earlier assessment year. The method cannot be disturbed in this particular assessment year.” 8. He further stated that the project completion method is based on an on- goin…

ACIT 3 (3)(1), Mumbai, Aayakar Bhavan vs. Siroya Developers Pvt. Ltd, Mumbai

In the result ground nos

ITA 2960/MUM/2024[2015-16]Status: DisposedITAT Mumbai24 Sept 2024AY 2015-16
Section 143(3)Section 250Section 36(1)(iii)

…r section 143(3) of the Act and the project completion method was accepted. The Id.AR argued that the doctrine of consistency should be maintained and respectfully relied on the order of the Hon'ble Supreme Court in the case of CIT vs Excel Industries Limited 358 ITR 295 (SC).Held 6 ITA No.2961/Mum/2024 ITA No.2960/Mum/2024 C.O. No. 166/Mum/2024 C.O. No. 167/Mum/2024 Siroya Developers Pvt Ltd “As the method of computation of profits have not been disturbed by the Revenue either for the earlier assessment year. The method cannot be disturbed in this particular assessment year." He further stated that the project c…

Deputy Commissioner of Income Tax Circle 5 1, Bhopal, Bhopal Madhya Pradesh vs. Mapaex Remedies Pvt Ltd, Bhopal Madhya Pradesh

Appeals are dismissed

ITA 510/IND/2024[2017-18]Status: DisposedITAT Indore10 Sept 2024AY 2017-18

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 143(2)Section 143(3)Section 147Section 148Section 80

…he abrupt disallowance in A.Y. 2014-15 without any change in facts is clearly arbitrary and unreasonable. Reliance in this regard is placed on following decisions:- Radhasoami Satsang Saomi Beas v. CIT, [1992] 193 ITR 321 (SC) CIT v Excel Industries Ltd (2013)358 ITR 295(SC) DCIT vs Sulabh Intemational Social Service Organisation (2011) 57 DTR 0008 (Patna HC) 7.22 Further, on identical facts, the Delhi High Court in the case of CIT v. A. K. J. Security Printers, (2003) 264 ITR 276 has held as follows:- "we are of the view that having accepted at least in three assessment years that the assessee's business activit…