CIT v. Realest Builders & Services Ltd.

307 ITR 202Supreme Court of India2008#1759 most cited
64

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2010 to 2025.

Also referred to as

CIT v. Realest Builders & Services Ltd. · 307 ITR 202 SC · income accrual · Section 45(2) capital gains · Section 145(3) method of accounting · sale deed registration · tripartite agreement · transfer of rights · Section 2(47)(v) · project completion method · percentage completion method · retention money

Sections most often in play

Section 133(6)Section 143(3)Section 14ASection 36(1)(iii)Section 37Section 40A(2)(a)
Read the full judgment

Issues it is cited on

section 45(2)section 145(1)retention moneysection 23asection 145(2)project completion methodsection 211section 2(47)(v)section 115baapercentage completion methodsection 28(iv)section 53a

Judgments citing CIT v. Realest Builders & Services Ltd.

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

ITA 2677/DEL/2011[2006-07]Status: DisposedITAT Delhi11 Mar 2016AY 2006-07

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

Section 133ASection 142Section 143(2)Section 144Section 146Section 250

…mitted that percentage completion method is applicable only in case of constructed projects and in not in case of plot of land. For this, he relied upon the decision of Hon’ble Supreme Court in the case of Real Estate Developers and Services Limited vs. CIT – 307 ITR 202 wherein it is held that on sale of land income accrues to the seller on execution of conveyance deed in favour of buyer and not before. He stated that as the conveyance deed in these two properties is executed in the next year, hence according to this decision, it is rightly offered for taxation in the year in which conveyance deed is executed. f…

M/S the Mysore Electrical Industries Ltd., Bangalore vs. CIT, Bangalore

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

ITA 565/BANG/2014[2007-08]Status: DisposedITAT Bangalore08 Jan 2016AY 2007-08

Bench: Shri N.V.Vasudevan & Shri Inturi Rama Rao

For Appellant: Shri Gurunathan, AdvocateFor Respondent: Mrs Neera Malhotra, CIT
Section 143(3)Section 147Section 148Section 263

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH ‘B, BANGALORE BEFORE SHRI N.V.VASUDEVAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA No.565(Bang.)/2014 (Assessment year : 2007-08) The Mysore Electrical Industries Ltd. PB No.2221, Tumkur Road, Bangalore Appellant Vs The Commissioner of Income-tax, Bangalore-III, Bangalore Respondent Assessee by : Shri Gurunathan, Advocate Revenue by : Mrs Neera Malhotra, CIT Date of hearing : 30-12-2015 Date of pronouncement : 08-01-2016 O R D E R PER SHRI INTURI RAMA RAO, AM This appeal is filed by the assessee company directed against the order…

Bses Rajdhani Power Ltd., New Delhi vs. ACIT, New Delhi

The appeal is partly allowed

ITA 3688/DEL/2011[2005-06]Status: DisposedITAT Delhi05 Oct 2015AY 2005-06

Bench: Shri I.C. Sudhir & Shri Inturi Rama Rao Assessment Year : 2005-06 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2005-06 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year : 2006-07 Bses Rajdhani Power Ltd., Vs. Assistant Cit, Bses Bhawan, Nehru Place, Circle-3(1), New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent) Assessment Year: 2006-07 Deputy Cit, Vs. Bses Rajdhani Power Ltd., Circle 3(1), Bses Bhavan, Nehru Place, New Delhi. New Delhi. (Pan: Aagcs3187H) (Appellant) (Respondent)

Section 154

…enue in the subsequent years, there is no warrant to disturb the same in the year under appeal. 19.22 Reliance in this regard has been placed on the following decisions: - CIT v. Excel Industries Ltd.: 358 ITR 295 (SC) - CIT v. Realest Builders and Services: 307 ITR 202 (SC) 20. Having gone through the orders of the authorities below, we find that the relevant facts are that in the assessment year under consideration, the assessee-company has consistently followed the method of valuation of stock comprising of stores and spares at cost or net realizable value, whichever was lower. However, for the purpose of de…

Commissioner of Income Tax vs. Triveni Engineering & Industries Ltd

ITA - 346 / 2009HC Delhi29 Nov 2010
Section 37(1)

…010:DHC:5743-DB regularly followed/not in accordance with the notified accounting standards. For this, he relied upon the following judgments: (i) CIT vs. Bilhari Investment P. Ltd. [299 ITR 1]; (ii) CIT vs. Realest Builders and Services Limited [307 ITR 202] (iii) CIT vs. Woodward Governor India P. Limited [312 ITR 254] 2) His another facet of submission was based on the proposition that being a company incorporated under the Companies Act, it was obligatory on the part of the assessee that it is the accounts must conform to the mandatory accounting standards issued by the ICAI. Ref…