CIT v. Hyundai Heavy Industries Co. Ltd.

291 ITR 482Supreme Court of India2007#588 most cited

What is CIT v. Hyundai Heavy Industries Co. Ltd. authority for?

The Supreme Court held that the 'project completion method' and the 'percentage of completion method' are recognized accounting methods for ascertaining profit for contracts. The case affirms these methods in the context of contract accounts.

166

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2011 to 2025.

Also referred to as

CIT v Hyundai Heavy Industries Co. Ltd · completed contract method · percentage of completion method · contract accounts · profit ascertainment · accounting methods · 291 ITR 482 · 161 Taxmann 191 · SC

Also reported as

161 Taxmann 191

Sections most often in play

Section 9(1)(vii)Section 143(3)Section 234BSection 37Section 40(a)(i)Section 115JBSection 44CSection 195
Read the full judgment

Issues it is cited on

section 44bbbsection 209(1)section 44bbsection 44csection 44bsection 145(1)fixed place pedependent agent pesection 9(1)(i)construction pesection 9(1)(vii)project completion method

Judgments citing CIT v. Hyundai Heavy Industries Co. Ltd.

Dsd Noell Gmbh, New Delhi vs. DCIT Circle -1(2)(2), International Taxation, New Delhi

In the result, the appeals of the assessee are allowed

ITA 115/DEL/2021[2017-18]Status: DisposedITAT Delhi21 Nov 2023AY 2017-18

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…s Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that were relied upon by the parties before us. We find that the issues to be decided in these appeals are as under:- a) Whether…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), Circle-1(2)(2), New Delhi

In the result, the appeals of the assessee are allowed

ITA 7282/DEL/2019[2016-17]Status: DisposedITAT Delhi21 Nov 2023AY 2016-17

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…s Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that were relied upon by the parties before us. We find that the issues to be decided in these appeals are as under:- a) Whether…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), Circle-1(2)(2), New Delhi

In the result, the appeals of the assessee are allowed

ITA 7070/DEL/2018[2015-16]Status: DisposedITAT Delhi21 Nov 2023AY 2015-16

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…s Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that were relied upon by the parties before us. We find that the issues to be decided in these appeals are as under:- a) Whether…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), Circle-1(2)(2), New Delhi

In the result, the appeals of the assessee are allowed

ITA 6190/DEL/2017[2014-15]Status: DisposedITAT Delhi21 Nov 2023AY 2014-15

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…s Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that were relied upon by the parties before us. We find that the issues to be decided in these appeals are as under:- a) Whether…

Dsd Noell Gmbh, New Delhi vs. ACIT (International Taxation), New Delhi

In the result, the appeals of the assessee are allowed

ITA 255/DEL/2017[2012-13]Status: DisposedITAT Delhi21 Nov 2023AY 2012-13

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…s Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that were relied upon by the parties before us. We find that the issues to be decided in these appeals are as under:- a) Whether…

Dsd Noell Gmbh, New Delhi vs. DCIT (International Taxation), New Delhi

In the result, the appeals of the assessee are allowed

ITA 3186/DEL/2016[2011-12]Status: DisposedITAT Delhi21 Nov 2023AY 2011-12

Bench: SHRI CHALLA NAGENDRA PRASAD (Judicial Member), SHRI M. BALAGANESH (Accountant Member)

Section 271Section 44BSection 9Section 9(1)(vii)

…s Mitsui Engineering reported in 123 Taxman 182 (Del) ; h) Decision of Hon’ble Supreme Court in the case of ONGC Ltd vs CIT reported in 376 ITR 306 (SC); i) Decision of Hon’ble Supreme Court in the case of CIT vs Hyundai Heavy Industries Co. Ltd reported in 291 ITR 482 (SC) j) Decision of Delhi Tribunal in the case of SMS Concast AG vs DDIT in ITA No. 1361/Del/2012 dated 16.6.2023 11. We have heard the rival submissions , perused the materials available on record and the case laws that were relied upon by the parties before us. We find that the issues to be decided in these appeals are as under:- a) Whether…

Standard Chartered Bank, Mumbai vs. DDIT (It) 2(1), Mumbai

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

ITA 4867/MUM/2017[2001-02]Status: DisposedITAT Mumbai13 Nov 2023AY 2001-02

Bench: Shri Vikas Awasthy & Shri Gagan Goyalstandard Chartered Bank Taxation Department, 23-25, M. G. Road, 3Rd Floor, Fort, Mumbai-400 001 Pan: Aabcs4681D ..... Appellant Vs. Ddit (Intl. Tax)-2(1) Scindia House, Ballard Estate, N. M. Marg, Mumbai-400 038 ..... Respondent

For Appellant: Shri Madhur Agarwal, Ld. ARFor Respondent: Shri Anil Sant, Ld. DR
Section 14ASection 250Section 40

…computation is thus based on this fiction. We must also remember that the taxable unit is the foreign company itself, and not the Indian PE. As observed by the Hon'ble Supreme Court in the case of CIT v. Hyundai Heavy Industries Co. Ltd. [2007] 161 Taxman 191/291 ITR 482, "it is clear that under the Act, a taxable unit is a foreign company and not its branch or PE in India". It is in this light that one has to analyze the fact situation that we are dealing with. The assessee has eleven Korean expatriates working in India and running the entire show with respect to its Indian banking operations. These persons are…

M/S. S.R. Ferro Alloys, Jhabua vs. The PCIT, Bhopal

In the result, the appeal of assessee is allowed

ITA 148/IND/2021[2015-16]Status: DisposedITAT Indore09 Nov 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanis.R. Ferro Alloys Pr. Cit, Central 9, Siddheswar Colony Bhopal Vs. Jhabua (Appellant / Assessee) (Revenue) Pan: Abhfs7377Q Appellant By Shri Sumit Nema, Sr. Adv. & Gagan Tiwari, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 12.10.2023 Date Of Pronouncement 09.11.2023

Section 263

…ding no merit in these appeals, the same are dismissed." Ashoka Hi-Tech Builders Pvt.Ltd &686/Ind/2016 38. It is well settled that the project completion method is one of the recognized methods of accounting. In CIT v Hyundai Heavy Industries Co. Ltd (2007) 291 ITR 482/ 161 Taxman 191 (SC) the Supreme Court held as follows:- "Lastly, there is a concept in accounts which is called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, "completed contract method" and "percentage of completion method". To know the results of his operations, the contr…

M/S Parth Developers, Dhar vs. The PCIT -1, Indorer

In the result, appeal of assessee is allowed

ITA 419/IND/2022[2015-16]Status: DisposedITAT Indore28 Aug 2023AY 2015-16

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Parth Developers Pr. Cit-1 Manawar Dist. Indore Vs. Dhar (Appellant / Assessee) (Respondent/ Revenue) Pan: Aalfp 4509 N Assessee By Shri Milind Wadhwani, Ar Revenue By Shri P.K. Mishra, Cit-Dr Date Of Hearing 22.06.2023 Date Of Pronouncement 28.07.2023

Section 142(1)Section 143Section 143(3)Section 263Section 43C

…ding no merit in these appeals, the same are dismissed." Ashoka Hi-Tech Builders Pvt.Ltd &686/Ind/2016 38. It is well settled that the project completion method is one of the recognized methods of accounting. In CIT v Hyundai Heavy Industries Co. Ltd (2007) 291 ITR 482/ 161 Taxman 191 (SC) the Supreme Court held as follows:- "Lastly, there is a concept in accounts which is called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, "completed contract method" and "percentage of completion method". To know the results of his operations, the contr…

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1825/MUM/2022[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1824/MUM/2022[2016-17]Status: DisposedITAT Mumbai31 Jul 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

DCIT Central Circel-2(4), Mumbai vs. Rustomji Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1349/MUM/2022[2013-2014]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-2014

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM AND SHRI S. RIFAUR RAHMAN, AM आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) DCIT, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close to 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising out of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ DCIT, Central Circle-2(4) Room No. 802, 8…

Atomstroyexport, Mumbai vs. Dycit (It)Circle-1(1)(2), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 523/MUM/2022[2018-2019]Status: DisposedITAT Mumbai19 Jul 2023AY 2018-2019
Section 143(3)Section 234ASection 234BSection 44B

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & M/s. ATOMSTROYEXPORT Vs. Deputy Commissioner C/o. Nuclear Power of Income Tax, Corporation of India Ltd. International Tax 16th Floor, Centre-1 Circle-1(1)(2) World Trade Centre Mumbai Cuff Parade Mumbai – 400 005 PAN/GIR No.AAFCA3658N (Appellant) .. (Respondent) Assessee by Shri Manish Kanth Revenue by Shri Chetan M Kacha Date of Hearing 21/04/2023 Date of Pronouncement 19/07/2023 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeals have been filed by the assesse…

Atomstroyexport, Mumbai vs. DCIT (It)Circle -1(1)(2), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 522/MUM/2022[2019-20]Status: DisposedITAT Mumbai19 Jul 2023AY 2019-20
Section 143(3)Section 234ASection 234BSection 44B

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & M/s. ATOMSTROYEXPORT Vs. Deputy Commissioner C/o. Nuclear Power of Income Tax, Corporation of India Ltd. International Tax 16th Floor, Centre-1 Circle-1(1)(2) World Trade Centre Mumbai Cuff Parade Mumbai – 400 005 PAN/GIR No.AAFCA3658N (Appellant) .. (Respondent) Assessee by Shri Manish Kanth Revenue by Shri Chetan M Kacha Date of Hearing 21/04/2023 Date of Pronouncement 19/07/2023 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeals have been filed by the assesse…

Baker Hughes Energy Technologies Uk Limited, United Kingdom vs. ACIT, Circle-1(1)(2), Int. Taxation, New Delhi

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

ITA 521/DEL/2023[2020-21]Status: DisposedITAT Delhi06 Jun 2023AY 2020-21
For Appellant: Shri Sachit Jolly, AdvocateFor Respondent: Shri Vijay Vasanta, CIT DR
Section 448Section 44B

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER and SHRI KUL BHARAT, JUDICIAL MEMBER Stay Appln. No.100/Del/2023 (in ITA No.521/Del./2023) (ASSESSMENT YEAR : 2020-21) in / and ITA No.521/Del./2023 (ASSESSMENT YEAR : 2020-21) Baker Hughes Energy Technologies UK Ltd., vs. ACIT, Circle 1(1)(2), Soneywood Park North, Dyee, International Taxation, Aberdeen, UK. (PAN : AAHCG6037F) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Sachit Jolly, Advocate Shri Soham Dua, Advocate Ms. Disha Jham, Advocate REVENUE BY : Shri Vijay Vasanta, CIT DR Date of Hearing : 29.05.202…

DCIT, New Delhi vs. M/S. Sahara India Power Corporation Ltd., Pune

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 5067/DEL/2013[2005-06]Status: PendingITAT Delhi28 Apr 2023AY 2005-06

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…ntial question of law arises. Consequently, finding no merit in these appeals, the same are dismissed." 38. It is well settled that the project completion method is one of the recognized methods of accounting. In CIT v Hyundai Heavy Industries Co. Ltd (2007) 291 ITR 482/161 Taxman 191 (SC) the Supreme Court held as follows:- "Lastly, there is a concept in accounts which is called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, "completed contract method" and "percentage of completion method". To know the results of his operations, the cont…

Sahara India Power Corporation Ltd, Pune vs. DCIT, New Delhi

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 1155/DEL/2009[2004-05]Status: DisposedITAT Delhi28 Apr 2023AY 2004-05

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…ntial question of law arises. Consequently, finding no merit in these appeals, the same are dismissed." 38. It is well settled that the project completion method is one of the recognized methods of accounting. In CIT v Hyundai Heavy Industries Co. Ltd (2007) 291 ITR 482/161 Taxman 191 (SC) the Supreme Court held as follows:- "Lastly, there is a concept in accounts which is called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, "completed contract method" and "percentage of completion method". To know the results of his operations, the cont…

Sahara India Power Corporation Ltd., Pune vs. Assistant Commissioner of Income-Tax

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 109/PUN/2007[2003-04]Status: DisposedITAT Delhi28 Apr 2023AY 2003-04

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…ntial question of law arises. Consequently, finding no merit in these appeals, the same are dismissed." 38. It is well settled that the project completion method is one of the recognized methods of accounting. In CIT v Hyundai Heavy Industries Co. Ltd (2007) 291 ITR 482/161 Taxman 191 (SC) the Supreme Court held as follows:- "Lastly, there is a concept in accounts which is called the concept of contract accounts. Under that concept, two methods exist for ascertaining profit for contracts, namely, "completed contract method" and "percentage of completion method". To know the results of his operations, the cont…

Uk Grid Solution Ltd, United Kingdom vs. DCIT, Circle-3(1)(1), International Taxation, New Delhi

The appeal is allowed

ITA 2088/DEL/2022[2019-20]Status: DisposedITAT Delhi17 Apr 2023AY 2019-20

Bench: Sh. N.K.Billaiya & Sh.Anubhav Sharmaita No. 2088/Del/2022, A.Y. 2019-20 Uk Grid Solution Limited Vs. Deputy Commissioner Of St. Loeonards Building, Harry Income Tax Kerr Drive, Circle- 3(1)(1), Stafford, St16 1Wt, International Taxation United Kingdom New Delhi Pan : Aaica6271A

Section 143(3)Section 90(2)

…16 (SC), DIT vs Morgan Stanley & Co Inc: 292 ITR 416 (SC), The Anglo French Textile Co Ltd vs CIT: 25 ITR 27 (SC), Annamalais Timber Trust and Co vs CIT: 41 ITR 781 (Mad), CIT vsBertrams Scotts Ltd: 31 Taxman 444 (Cal), CIT vs Hyundai Heavy Industries Co Ltd: 291 ITR 482 (SC), Samsung Heavy Industries Co Ltd vs DIT: 265 CTR 109 (Uttarakhand), Affirmed by the Supreme Court in 426 ITR 1(SC), DCIT vs Roxon OY: 106 ITD 489 (Mum Trib.) 10. Ld. DR however, supported the findings of Ld. Tax Authorities below and submitted that it was not a case of consortium but one consolidated bid was fragmented. It was submitted tha…

Uk Grid Solution Ltd, United Kingdom vs. DCIT, Circle-3(1)(1), International Taxation, New Delhi

The appeal is allowed

ITA 2087/DEL/2022[2018-2019]Status: DisposedITAT Delhi12 Apr 2023AY 2018-2019

Bench: Sh. N.K.Billaiya & Sh.Anubhav Sharmaita No. 2087/Del/2022, A.Y. 2018-19 Uk Grid Solution Limited Vs. Deputy Commissioner Of St. Loeonards Building, Harry Income Tax Kerr Drive, Circle- 3(1)(1), Stafford, St16 1Wt, International Taxation United Kingdom New Delhi Pan : Aaica6271A

Section 143(3)Section 9Section 90(2)

…16 (SC), DIT vs Morgan Stanley & Co Inc: 292 ITR 416 (SC), The Anglo French Textile Co Ltd vs CIT: 25 ITR 27 (SC), Annamalais Timber Trust and Co vs CIT: 41 ITR 781 (Mad), CIT vsBertrams Scotts Ltd: 31 Taxman 444 (Cal), CIT vs Hyundai Heavy Industries Co Ltd: 291 ITR 482 (SC), Samsung Heavy Industries Co Ltd vs DIT: 265 CTR 109 (Uttarakhand), Affirmed by the Supreme Court in 426 ITR 1(SC), DCIT vs Roxon OY: 106 ITD 489 (Mum Trib.) 10. Ld. DR however, supported the findings of Ld. Tax Authorities below and submitted that it was not a case of consortium but one consolidated bid was fragmented. It was submitted tha…