CIT v. Punjab Tractor Co-operative Muli-purpose Society Ltd.

Asst CIT 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Jagadish ()

…t, the principle laid down by Hon’ble Supreme Court in the case of Madras Industrial Investment Corporation reported in 225 ITR 802 and of by Hon’ble Punjab & Haryana High Court in the case of Punjab Tractors Co-operative Multipurpose Society Ltd. reported in 234 ITR 105 is clearly applicable to the case of the assessee. 30.4. The assessee also relied in decision of coordinate bench of this Tribunal wherein the issue was decided in favour of assessee subject to verification for the assessment years 1984-85 to 1990-91. It was submitted that the Ld.AO in his order giving effect to the aforesaid orders of this Tribu…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Jagadish ()

…t, the principle laid down by Hon’ble Supreme Court in the case of Madras Industrial Investment Corporation reported in 225 ITR 802 and of by Hon’ble Punjab & Haryana High Court in the case of Punjab Tractors Co-operative Multipurpose Society Ltd. reported in 234 ITR 105 is clearly applicable to the case of the assessee. 30.4. The assessee also relied in decision of coordinate bench of this Tribunal wherein the issue was decided in favour of assessee subject to verification for the assessment years 1984-85 to 1990-91. It was submitted that the Ld.AO in his order giving effect to the aforesaid orders of this Tribu…

Deloitte Haskins and Sells LLP, Mumbai vs. Assistant Commissioner of Income-Tax-16(2), Mumbai

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

…counsel for the assessee that income must accrue first. Receipt normally follows accrual. For this proposition, reliance was placed on the decision of the Hon'ble Punjab & Haryana High Court in the case of Punjab Tractors Co-operative Multipurpose Society Ltd 234 ITR 105 wherein the Hon'ble court has held that receipt by itself is not sufficient to attract tax. 22. The Id. counsel for the assessee further drew our attention to the decision of the co-ordinate bench in the case of DHS Chennai in ITA No. 2077/Mds/2016 order dated 25.11.2016. The Id. counsel for the assessee pointed out that similar issue was conside…

Deloitte Haskins and Sells LLP, Mumbai vs. Assistant Commissioner of Income-Tax - 11(2), Mumbai

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

…counsel for the assessee that income must accrue first. Receipt normally follows accrual. For this proposition, reliance was placed on the decision of the Hon'ble Punjab & Haryana High Court in the case of Punjab Tractors Co-operative Multipurpose Society Ltd 234 ITR 105 wherein the Hon'ble court has held that receipt by itself is not sufficient to attract tax. 22. The Id. counsel for the assessee further drew our attention to the decision of the co-ordinate bench in the case of DHS Chennai in ITA No. 2077/Mds/2016 order dated 25.11.2016. The Id. counsel for the assessee pointed out that similar issue was conside…

Deloitte Haskins and Sells LLP, Mumbai vs. Joint Range- 11(2), Mumbai

Bench: Shri Saktijit Dey & Ms Padmavathy S, Am

…counsel for the assessee that income must accrue first. Receipt normally follows accrual. For this proposition, reliance was placed on the decision of the Hon'ble Punjab & Haryana High Court in the case of Punjab Tractors Co-operative Multipurpose Society Ltd 234 ITR 105 wherein the Hon'ble court has held that receipt by itself is not sufficient to attract tax. 22. The Id. counsel for the assessee further drew our attention to the decision of the co-ordinate bench in the case of DHS Chennai in ITA No. 2077/Mds/2016 order dated 25.11.2016. The Id. counsel for the assessee pointed out that similar issue was conside…