CIT v. Excel Industries Ltd.

60 Taxmann.com 347High Court2015#2758 most cited

What is CIT v. Excel Industries Ltd. authority for?

Tax is levied only on real income that has actually accrued or been received by the assessee, not on notional income or notional interest. The case also holds that certain expenses are allowable as revenue deductions.

43

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Excel Industries Ltd. · Excel Industries Ltd. · 60 Taxmann.com 347 · 358 ITR 395 · real income theory · notional interest · section 37(1) · revenue deduction · taxable income · accrued income · received income · share application money

Also reported as

4 Taxmann 89358 ITR 395

Sections most often in play

Section 234ASection 40A(2)(b)Section 139(1)Section 143(3)Section 244ASection 250Section 37(1)Section 115JB

Issues it is cited on

section 35esection 10(5)section 92eresulting companysection 92basection 288tax collected at sourcesection 244demergersection 135csr expendituresection 199

Judgments citing CIT v. Excel Industries Ltd.

ALTFORT MERCHANTS PVT. LTD., ,KOLKATA vs. ITO, WARD 1(1), KOLKATA

In the result, appeal filed by the assessee is allowed

ITA 834/KOL/2025[2015-2016]Status: DisposedITAT Kolkata04 Jul 2025AY 2015-2016

Bench: SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

Section 14ASection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH”, KOLKATA SHRI GEORGE MATHAN, JUDICIAL MEMBER SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No. 834/KOL/2025 (Assessment Year 2015-16) Altfort Merchants Pvt. Ltd., Room No. 320, 3rd Floor, 7/1A, Grant Lane - 700012 [PAN: AAICA9847L] ……..…...…………….... Appellant vs. Income Tax Officer, Ward 1(1), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata - 700069 ................................. Respondent Appearances by: Assessee represented by : Sunil Surana, FCA Department represented by : Bonnie Debbarma, Addl. CIT, Sr. DR Date of concluding the hearing : 24.0…

ACIT, C. R. BUILDING vs. HANSDEEP INDUSTRIES AND TRADING COMPANY LTD., FOURTH FLOOR, LINK HOUSE,

In the result, the appeal is allowed

ITA 3466/DEL/2023[2016-17]Status: DisposedITAT Delhi28 May 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalassessment Year: 2016-17 Vs. M/S. Acit, Hansdeep Industries C.R. Building & Trading Company Ltd., New Delhi 4Th Floor, Link House, 3 Bahadur Shah Zafar Marg, New Delhi Pan: Aabcj0776A (Appellant) (Respondent) Assessee By Sh. Ankit Kumar, Adv. Sh. Lalit Mohan, Ca Department By Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing 28.05.2025 Date Of Pronouncement 28.05.2025 Order

Section 143(3)Section 5Section 57

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘B’ NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI MANISH AGARWAL, ACCOUNTANT MEMBER Assessment Year: 2016-17 Vs. M/s. ACIT, Hansdeep Industries C.R. Building, and Trading Company Ltd., New Delhi 4th Floor, Link House, 3 Bahadur Shah Zafar Marg, New Delhi PAN: AABCJ0776A (Appellant) (Respondent) Assessee by Sh. Ankit Kumar, Adv. Sh. Lalit Mohan, CA Department by Sh. Rajesh Kumar Dhanesta, Sr. DR Date of hearing 28.05.2025 Date of pronouncement 28.05.2025 ORDER PER SATBEER SINGH GODARA, JM This Revenue’s appeal for assessment year 2016-17, a…

ASSAM VALLEY FINANCE AND INVESTMENTS PVT LTD,GUWAHATI vs. D.C.I.T., CIRCLE 1, GUWAHATI

Appeal of the assessee is allowed

ITA 169/GTY/2024[2018-2019]Status: DisposedITAT Guwahati19 Mar 2025AY 2018-2019

Bench: SHRI MANOMOHAN DAS, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

Section 143(2)Section 143(3)Section 234Section 250Section 69A

…IN THE INCOME TAX APPELLATE TRIBUNAL GUWAHATI BENCH, GUWAHATI (VIRTUAL HEARING AT KOLKATA) SHRI MANOMOHAN DAS, JUDICIAL MEMBER SHRI SANJAY AWASTHI, ACCOUNTANT MEMBER I.T.A. No. 169/GTY/2024 Assessment Year: 2018-19 Assam Valley Finance and Investments Pvt. Ltd., House No. 7, 3rd Floor, Seujpur, Khanapara C/O- Manik Deka, Kamrup Metro, Kamrup Guwahati (Assam) - 781022 [PAN: AABCA6974B] .....................…...……………....Appellant vs. D.C.I.T, Circle-1, Guwahati, Aayakar Bhawan, Christian Basti, G.S. Road, Assam - 781005 ............…..….................... Respondent Appearances by: Assessee represented by : M…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6, , JAIPUR

In the result, ITA No. 457/JPR/2023 is partly allowed, whereas the ITA

ITA 459/JPR/2023[2014-15]Status: DisposedITAT Jaipur01 Jan 2025AY 2014-15

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: Ms. Alka Gautam, CIT, Ld. DR
Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 457 to 459/JPR/2023 (A.Y.s 2012-13 to 2014-15) Barmer Lignite Mining Company Limited, Udyog Bhawan, Campus Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 PAN No.: AADCB 0574G. ..... Appellant Vs. DCIT, Circle-06, Jaipur, NCRB, Jaipur ..... Respondent Appellant by : Mr. P. C. Parwal, CA, Ld. AR Respondent by : Ms. Alka Gautam, CIT, Ld. DR Date of hearing : 10/12/2024 Date of pronouncement : 01/01/2025 O R D E R PER GAGAN GOYAL, A.M: These three app…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6,, JAIPUR

In the result, ITA No. 457/JPR/2023 is partly allowed, whereas the ITA

ITA 458/JPR/2023[2013-14]Status: DisposedITAT Jaipur01 Jan 2025AY 2013-14

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: Ms. Alka Gautam, CIT, Ld. DR
Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 457 to 459/JPR/2023 (A.Y.s 2012-13 to 2014-15) Barmer Lignite Mining Company Limited, Udyog Bhawan, Campus Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 PAN No.: AADCB 0574G. ..... Appellant Vs. DCIT, Circle-06, Jaipur, NCRB, Jaipur ..... Respondent Appellant by : Mr. P. C. Parwal, CA, Ld. AR Respondent by : Ms. Alka Gautam, CIT, Ld. DR Date of hearing : 10/12/2024 Date of pronouncement : 01/01/2025 O R D E R PER GAGAN GOYAL, A.M: These three app…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6, , JAIPUR

In the result, ITA No. 457/JPR/2023 is partly allowed, whereas the ITA

ITA 457/JPR/2023[2012-13]Status: DisposedITAT Jaipur01 Jan 2025AY 2012-13

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: Ms. Alka Gautam, CIT, Ld. DR
Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 457 to 459/JPR/2023 (A.Y.s 2012-13 to 2014-15) Barmer Lignite Mining Company Limited, Udyog Bhawan, Campus Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 PAN No.: AADCB 0574G. ..... Appellant Vs. DCIT, Circle-06, Jaipur, NCRB, Jaipur ..... Respondent Appellant by : Mr. P. C. Parwal, CA, Ld. AR Respondent by : Ms. Alka Gautam, CIT, Ld. DR Date of hearing : 10/12/2024 Date of pronouncement : 01/12/2024 O R D E R PER GAGAN GOYAL, A.M: These three app…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 463/JPR/2023[2020-21]Status: DisposedITAT Jaipur16 Dec 2024AY 2020-21

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 462/JPR/2023[2018-19]Status: DisposedITAT Jaipur16 Dec 2024AY 2018-19

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 461/JPR/2023[2017-18]Status: DisposedITAT Jaipur16 Dec 2024AY 2017-18

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

BARMER LIGNITE MINING CO. LTD.,C-SCHEME, JAIPUR vs. DCIT, CIRCLE-6, JAIPUR

ITA 460/JPR/2023[2016-17]Status: DisposedITAT Jaipur16 Dec 2024AY 2016-17
Section 234ASection 250Section 94E

…{"clean_text": "2\nPER GAGAN GOYAL, A.M:\nThese are cross appeals by the revenue and assessee both are directed\nagainst the order of NFAC, Delhi dated 29.05.2023 passed u/s. 250 of the Income\nTax Act, 1961 (in short ‘the Act') for A.Ys. 2016-17 to 2018-19 & 2020-21.\nThe revenue has raised the following grounds of appeal:-\nIn ITA No. 452/JP/2023\n1. Whether in the facts and circumstances of the case and in law the Ld. CIT (A)\nhas erred in upholding the assessee's claim for Mines Closure Plan of Rs.9, 06,\n00,000/- as admissible expenditure in the year under consideration without\nappreciating the fact that th…

DCIT, CIRCLE-6, JAIPUR, NCRB, JAIPUR vs. BARMER LIGNITE MINING COMPANY LIMITED, UDYOG BHAWAN, JAIPUR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 455/JPR/2023[2020-21]Status: DisposedITAT Jaipur16 Dec 2024AY 2020-21

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

DCIT, CIRCLE-6, JAIPUR, NCRB, JAIPUR vs. BARMER LIGNITE MINING COMPANY LIMITED, UDYOG BHAWAN, JAIPUR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 454/JPR/2023[2018-19]Status: DisposedITAT Jaipur16 Dec 2024AY 2018-19

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

DCIT, CIRCLE 6, JAIPUR, NCRB, JPR vs. BARMER LIGNITE MINING COMPANY LIMITED, UDYOG BHAWAN JAIPUR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 453/JPR/2023[2017-18]Status: DisposedITAT Jaipur16 Dec 2024AY 2017-18

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

DCIT, CIRCLE-6 JAIPUR, NCRB, JAIPUR vs. BARMER LIGNITE MINING COMPANY LIMITED, UDYOG BHAWAN, TILAK NAGAR JPR

Appeals of the assessee are allowed for statistical purposes in view of our detailed order (supra)

ITA 452/JPR/2023[2016-17]Status: DisposedITAT Jaipur16 Dec 2024AY 2016-17

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyal

For Appellant: Mr. P. C. Parwal, CA, Ld. ARFor Respondent: MS. Alka Gautam, CIT, Ld. DR
Section 234ASection 250Section 94E

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH “B”, JAIPUR BEFORE Dr. S. SEETHALAKSHMI, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA Nos. 452 to 455/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) DCIT, Circle-6, Jaipur, NCRB, Jaipur – 302 001 PAN No.: AADCB 0574G ..... Appellant Vs. M/s. Barmer Lignite Mining Company Limited Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 005 ..... Respondent ITA Nos. 460 to 463/JPR/2023 (A.Ys. 2016-17 to 2018-19 & 2020-21) M/s. Barmer Lignite Mining Company Limited, Udyog Bhawan Campus, Khanij Bhawan, Tilak Marg, C-Scheme, Jaipur-302 0…

SIMOCO SYSTEMS AND INFRASTRUCTURE SOLUTIONS LIMITED,KOLKATA vs. ITO WARD 2 (1), KOLKATA

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

ITA 123/KOL/2024[2018-19]Status: DisposedITAT Kolkata29 Nov 2024AY 2018-19

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishraassessment Year: 2018-19

For Appellant: Indranil Banerjee, ARFor Respondent: Ankur Goyal, JCIT, Sr. DR
Section 115JSection 133(6)Section 143(3)Section 144BSection 250

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA BEFORE SHRI SONJOY SARMA, JUDICIAL MEMBER AND SHRI RAKESH MISHRA, ACCOUNTANT MEMBER Assessment Year: 2018-19 Simoco Systems and ITO Ward 2(1), Kolkata, Infrastructure Solutions Aaykar Bhavan, Limited, Kolkata, Chowringhee Square, Godrej Genesis Building, Kolkata - 700069 Vs 2nd Floor, Block EP and GP, Sector V, Salt Lake, Kolkata - 700091 (PAN: AAKCS8592A) (Appellant) (Respondent) Present for: Appellant by : Indranil Banerjee, AR Respondent by : Ankur Goyal, JCIT, Sr. DR Date of Hearing : 18.09.2024 Date of Pronouncement : 29.11.2024 O R D E R PER RAKESH MI…

CANDOR GURGAON ONE REALTY PROJECTS PVT. LTD. (FORMERLY KNOWN AS UNITECH REALTY PROJECTS PVT. LTD.),MUMBAI vs. DCIT CIRCLE- 18(1), NEW DELHI

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

ITA 6399/DEL/2019[2011-12]Status: DisposedITAT Delhi26 Nov 2024AY 2011-12

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

For Appellant: Shri K.M. Gupta, AdvFor Respondent: Shri Krishana Ramavat, Sr. DR
Section 14ASection 271(1)(c)

…rging notional interest. Only real income which has accrued or received is to be taxed in the hands of the assessee. The ld. counsel for the assessee relied upon the decision of the Hon'ble Jurisdictional High Court in the case of Shivnandan Buildcon (P) Ltd 60 Taxmann.com 347. 22. The ld. counsel for the assessee vehemently argued with respect to invocation of the Companies Act by the AO, that the Companies Act only obligates the recipient of share application money to return the share application money with interest where shares are not allotted within three months. It is the say of ld AR that the Companies…

TEAM GLOBAL LOGISTICS PVT. LTD.,MUMBAI vs. DCIT-11(3)(1), MUMBAI

In the result the appeal is allowed

ITA 4453/MUM/2023[2012-13]Status: DisposedITAT Mumbai15 Oct 2024AY 2012-13

Bench: SHRI BR BASKARAN (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 143(2)Section 143(3)Section 147Section 148Section 151(1)Section 250Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E’ BENCH MUMBAI BEFORE: SHRI BR BASKARAN, ACCOUNTANT MEMBER & SHRI SUNIL KUMAR SINGH, JUDICIAL MEMBER Team Global Vs. DCIT-11(3)(1) Logistics Pvt. Ltd. Aayakar Bhavan, 701-702, Times M.K.Road, Square Building, Mumbai-400020. Andheri Kurla Road, Sakinaka, Andheri-400005. PAN/GIR No. AACCT2540H (Appellant) .. (Respondent) Assessee by Shri. Dharmesh Shah a/w Ms. Mitali Parekh Revenue by Shri. P.D. Chougule (Addl. CIT) SR. DR Date of Hearing 16/07/2024 Date of Pronouncement 15/10/2024 आदेश / O R D E R PER SUNIL KUMAR SINGH (J.M): 1. This appeal has been preferred against…

THE ASSISTANT COMMISSIONER OF INCOME TAX , AKOLA CIRCLE , AKOLA vs. SHRI RAMKISAN NATHA DARADE, BULDHANA

In the result, appeal filed by the Revenue is dismissed

ITA 388/NAG/2019[2015-16]Status: DisposedITAT Nagpur02 Sept 2024AY 2015-16

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri Abhay AgrawalFor Respondent: Shri Abhay Y. Marathe

…ame has not been objected by the Revenue. 10. The learned Counsel for the assessee placed reliance on the following judicial precedents in support of his arguments:– i) CIT v/s Excel Industries, 358 ITR 295 (SC); and ii) CIT v/s Millenium Estates Pvt. Ltd., 93 Taxmann.com 41 (Bom.). Shri Ramkisan Natha Darade ITA no.388/Nag./2019 11. We further find that it is beyond comprehension as to how the non– commensurate amount of work–in–progress amounting to ` 69,31,666, convert the advances as an income. The Assessing Officer has ultimately added ` 2,00,95,900, as an unaccounted receipts from Samiti. The Assessing O…

GUARDIAN NUTRITION & HEALTH SUPPLEMENTS PVT. LTD.,NEW DELHI vs. DCIT, CIRCLE- 10(2), NEW DELHI

Appeal of the assessee is dismissed

ITA 6738/DEL/2017[2012-13]Status: DisposedITAT Delhi21 Nov 2022AY 2012-13

Bench: Shri Narendra Kumar Billaiya & Shri Kul Bharat[Assessment Year: 2012-13

Section 143(3)Section 36(1)(iii)Section 40

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “C”: NEW DELHI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER [Assessment Year: 2012-13 M/s Guardian Nutrition & Health Supplements Vs DCIT, Circle 10(2), Pvt. Ltd., New Delhi. A-258, Phase-I, Okhla Industrial Area, New Delhi-110020. PAN:AACCG2848K APPELLANT RESPONDENT Assessee represented by None Department represented by Sh. Anuj Garg, Sr. DR Date of hearing 21.11.2022 Date of pronouncement 21.11.2022 O R D E R PER KUL BHARAT, JM: This appeal, by the assessee, is directed against the order of the learned Commiss…

BBC WORLD DISTRIBUTION LTD.,GURGAON vs. ADIT, NEW DELHI

In the result, all the appeals are allowed, as indicated above

ITA 610/DEL/2011[2007-08]Status: DisposedITAT Delhi21 Nov 2022AY 2007-08

Bench: Shri G.S. Pannu, Hon’Ble & Shri Saktijit Deyassessment Year: 2006-07 & Assessment Year: 2007-08 & Assessment Year: 2008-09

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: ‘D’ NEW DELHI BEFORE SHRI G.S. PANNU, HON’BLE PRESIDENT AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER Assessment Year: 2006-07 And Assessment Year: 2007-08 And Assessment Year: 2008-09 BBC World Distribution Ltd., Vs. ADIT, C/o-Building No. 10, Circle-1(1), Intl. Taxation, 8th Floor, DLF Cyber City, New Delhi Phase-II, Gurgaon PAN :AACCB7999Q (Appellant) (Respondent) Appellant by Sh. Ajit Jain, CA Respondent by Ms. Anupama Anand, CIT(DR) Date of hearing 24.08.2022 Date of pronouncement 21.11.2022 ORDER PER SAKTIJIT DEY, JM: Captioned appeals by the assessee are f…

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CIT v. Excel Industries Ltd. (60 Taxmann.com 347) — Cited in 43 Judgments | BharatTax