CIT v. Shiv Prakash Janak Raj and Co. P. Ltd.

222 ITR 583Supreme Court of India1996#9542 most cited

What is CIT v. Shiv Prakash Janak Raj and Co. P. Ltd. authority for?

Interest income accrues to an assessee and is taxable irrespective of whether it has been entered in the assessee's accounts. The accrual of income cannot be postponed merely because it has not been recorded.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2023.

Also referred to as

CIT v. Shiv Prakash Janak Raj and Co. P. Ltd. · 222 ITR 583 · SC · interest income · accrual basis · accounting · taxable income · postponed income · commercial justification

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Judgments citing CIT v. Shiv Prakash Janak Raj and Co. P. Ltd.

Rajeshwara Rao Peri, Vishakhapatnam vs. CIT(A)-TDS(2), Delhi

The appeal is dismissed

ITA 185/DEL/2021[2013-14]Status: DisposedITAT Delhi12 Apr 2023AY 2013-14

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmash. Rajeshwera Rao Peri Vs. Cit (Tds)-2, Flat No. 303, Vayuputra Heights New Delhi & Anr, Chandrampalem, Durganagar Madhurawada, Vishakhapatnam- 530041 Pan : Acupp7109B (Appellant) (Respondent)

Section 192Section 201(1)Section 263Section 89

…ted that when the waiver of accrued income is not based on commercial justification such income is assessable to tax and the written submissions dated 20.02.2023 with reference has been made to judgments in CIT vs. Mahar Singh 90 ITR 219; CIT vs. Shiv Prakash 222 ITR 583 SC and CIT vs. Hindustan Motors 202 ITR 839. 7. Ld. DR however submitted that the assessee is in fact coming in appeal for the benefit of Revenue. However, as to applicability of the provisions of TDS he admitted that there is no liability to deduct TDS on accrual basis and TDS has to be deducted only at the time of payment. 8. The Bench has giv…

Modern Autotronix, New Delhi vs. Jt. CIT Range-18, New Delhi

In the result, the appeal of the assessee is allowed

ITA 3974/DEL/2019[2014-15]Status: DisposedITAT Delhi29 Dec 2021AY 2014-15

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3974/Del/2019 : Asstt. Year : 2014-15 M/S Modern Autotronix, Vs Jcit, B-11, Diwan Shree Apartment, Range-18, 30, Firozshah Road, New Delhi-110002 New Delhi-110001 (Appellant) (Respondent) Pan No. Aarfm8678B

For Appellant: Sh. A. K. Srivastava, CAFor Respondent: Sh. Birender Singh, Sr. DR

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘A’, NEW DELHI Before Ms. Suchitra Kamble, Judicial Member Dr. B. R. R. Kumar, Accountant Member (Through Video Conferencing) ITA No. 3974/Del/2019 : Asstt. Year : 2014-15 M/s Modern Autotronix, Vs JCIT, B-11, Diwan Shree Apartment, Range-18, 30, Firozshah Road, New Delhi-110002 New Delhi-110001 (APPELLANT) (RESPONDENT) PAN No. AARFM8678B Assessee by : Sh. A. K. Srivastava, CA Revenue by : Sh. Birender Singh, Sr. DR Date of Hearing: 29.09.2021 Date of Pronouncement: 29.12.2021 ORDER Per Dr. B. R. R. Kumar, Accountant Member: Heard the arguments of both the pa…

Aarsree Investments Private Limited, Chennai vs. ACIT Corporate Circle 1(1), Chennai

In the result, the appeal of the assessee is dismissed

ITA 3099/CHNY/2018[2005-06]Status: DisposedITAT Chennai05 Nov 2019AY 2005-06

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri L. Shibi, CSFor Respondent: Shri AR.V. Sreenivasan, JCIT

…. The Assessing Officer found that the assessee is following accrual method of accounting. Therefore, following the decisions of the Hon’ble Supreme Court in the case of Indermani Jatia v. CIT, 35 ITR 298 (SC) and CIT v. Shiv Prakash Janak Raj and Co.P. Ltd., 222 ITR 583 (SC), treated the interest receivable at Rs.3,85,000/- at the rate of 10.5% as income and concluded the assessment. Aggrieved against that order, the assessee filed an appeal before the CIT(A). The ld.CIT(A) dismissed the appeal. Aggrieved against that order, the assessee filed this appeal with the following grounds:- 1. The Appellant challenges…

The Deputy Commissioner of Income Tax, Circle-1(3), Ahmedabad vs. The Kalupur Commercial Co. Op. Bank Ltd., Ahmedabad

In the result, the question is answered in favour of the assessee and against the Revenue and all Tax Appeals are dismissed

ITA 1864/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad18 Jun 2019AY 2014-15

Bench: Shri Pramod Kumar & Ms. Madhumita Roy

For Appellant: Shri N. R. Soni, CIT-D.RFor Respondent: Shri S. N. Soparkar & Parin Shah, A.R
Section 142(1)Section 143(3)

…r the year under consideration and therefore the question of extending the benefit under section 43D to the assessee bank does not arise. 5.8 It may be relevant to refer to the decision of Hon'ble Supreme Court in C1T Vs Shiv Prakash Janak Raj and Co Pvt Ltd 222 ITR 583 where the Apex Court had an occasion to examine the concept of real income and review the case law on the subject and held under: In slate Bank of Trauancore. V CIT (1986) 158 ITR 102/24 Taxman 337(SC), this court held that the interest on sticky advances did accrue to the assessee bank according to the mercantile system of accounting and that,…

ACIT, Cir.-1(2), Pune vs. Global Infrastructure & Technologies Ltd., Pune

In the result, the appeal of Revenue in ITA

ITA 351/PUN/2007[1996-97]Status: DisposedITAT Pune28 Feb 2018AY 1996-97

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: NoneFor Respondent: Mrs. Nirupama Kotru
Section 143(3)Section 271(1)(c)

…आयकर अपील"य अ"धकरण] पुणे "यायपीठ “बी” पुणे म" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपील सं. / ITA No.624/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 The Dy.Commissioner of Income Tax, ………. अपीलाथ" / Circle 1(1), Pune. Appellant बनाम v/s M/s. Global Infrastructure & Technologies ……. ""यथ" / Ltd., 929, Mantri House, Respondent F.C. Road, Pune. PAN : AAACM8350N. आयकर अपील सं. / ITA No.722/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 M/s. Global Infrastructure & Technologies ………. अपीलाथ" / Ltd., 929, Mantri House, Appel…

M/S. Global Infrastructure & Technologies Ltd., Pune vs. ITO, WD.-3(3), Pune

In the result, the appeal of Revenue in ITA

ITA 722/PUN/2004[1996-97]Status: DisposedITAT Pune28 Feb 2018AY 1996-97

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: NoneFor Respondent: Mrs. Nirupama Kotru
Section 143(3)Section 271(1)(c)

…आयकर अपील"य अ"धकरण] पुणे "यायपीठ “बी” पुणे म" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपील सं. / ITA No.624/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 The Dy.Commissioner of Income Tax, ………. अपीलाथ" / Circle 1(1), Pune. Appellant बनाम v/s M/s. Global Infrastructure & Technologies ……. ""यथ" / Ltd., 929, Mantri House, Respondent F.C. Road, Pune. PAN : AAACM8350N. आयकर अपील सं. / ITA No.722/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 M/s. Global Infrastructure & Technologies ………. अपीलाथ" / Ltd., 929, Mantri House, Appel…

DCIT, Cir.-1(1), Pune vs. Global Infrastructure & Technologies Ltd., Mumbai

In the result, the appeal of Revenue in ITA

ITA 624/PUN/2004[1996-97]Status: DisposedITAT Pune28 Feb 2018AY 1996-97

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: NoneFor Respondent: Mrs. Nirupama Kotru
Section 143(3)Section 271(1)(c)

…आयकर अपील"य अ"धकरण] पुणे "यायपीठ “बी” पुणे म" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपील सं. / ITA No.624/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 The Dy.Commissioner of Income Tax, ………. अपीलाथ" / Circle 1(1), Pune. Appellant बनाम v/s M/s. Global Infrastructure & Technologies ……. ""यथ" / Ltd., 929, Mantri House, Respondent F.C. Road, Pune. PAN : AAACM8350N. आयकर अपील सं. / ITA No.722/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 M/s. Global Infrastructure & Technologies ………. अपीलाथ" / Ltd., 929, Mantri House, Appel…

DCIT, Cir.-1(1), Pune vs. Mantri Housing & Constructions Ltd., Pune

In the result, the appeal of Revenue in ITA

ITA 1027/PUN/2004[1998-99]Status: DisposedITAT Pune28 Feb 2018AY 1998-99

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: NoneFor Respondent: Mrs. Nirupama Kotru
Section 143(3)Section 271(1)(c)

…आयकर अपील"य अ"धकरण] पुणे "यायपीठ “बी” पुणे म" IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE MS. SUSHMA CHOWLA, JM AND SHRI ANIL CHATURVEDI, AM आयकर अपील सं. / ITA No.624/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 The Dy.Commissioner of Income Tax, ………. अपीलाथ" / Circle 1(1), Pune. Appellant बनाम v/s M/s. Global Infrastructure & Technologies ……. ""यथ" / Ltd., 929, Mantri House, Respondent F.C. Road, Pune. PAN : AAACM8350N. आयकर अपील सं. / ITA No.722/PUN/2004 "नधा"रण वष" / Assessment Year : 1996-97 M/s. Global Infrastructure & Technologies ………. अपीलाथ" / Ltd., 929, Mantri House, Appel…

DCIT, New Delhi vs. M/S. Janta Co- Operative Bank Ltd., New Delhi

Appeal of the Revenue is dismissed

ITA 2074/DEL/2012[2008-09]Status: DisposedITAT Delhi06 Dec 2016AY 2008-09

Bench: Shri R. S. Syal & Smt Suchitra Kamble

Section 41(1)

…of the AS 9. Paragraph 8.2 of AS 9 provides for recognition of interest on accrual basis. The Ld. DR relied upon the various judgments. a) Southern Technologies Ltd. Vs. JCIT (2010) 187 Taxman 346 (SC) b) CIT Vs. Shiv Prakash Janak Raj & Co. Pvt. Ltd. (1996) 222 ITR 583 (SC) c) Saraswati Insurance Co. Ltd. Vs. CIT (2001) 252 ITR 430 (Del) d) Benares State Bank Ltd. Vs. CIT (1989) 180 ITR 231 (All) e) Grindlays Bank P.L.C. Vs. CIT (1993) 201 ITR 148 (Cal) f) CIT Vs. Allahabad Bank (1991) 192 ITR 182 (Cal) 8. The Ld. AR relied upon the order of the CIT(A) and various case laws. 9. We have heard both the parties…

ITO, Chennai vs. Chentech Computer Services Pvt. Ltd., Chennai

In the result, the appeal of the Revenue in ITA

ITA 550/CHNY/2016[2011-12]Status: DisposedITAT Chennai25 May 2016AY 2011-12

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No.550/Mds/2016 "नधा"रण वष" /Assessment Year : 2011-2012

For Appellant: Shri. K.N. Dhandapani, IRS, JCITFor Respondent: Shri. R. Dhiraj, Advocate
Section 143(2)Section 143(3)Section 145Section 260ASection 43D

…ssee cannot postpone the income on receipt basis except in the cases of assessee covered by the provision of section 43D. 2.6 The learned CIT(A) ought to have followed the decision of the Hon'ble Supreme Court in the case of Shiv Prakash Janak Raj & Co P Ltd (222 ITR 583) wherein it is held that the interest accrues to the assessee notwithstanding the fact that no entries might have been made in the accounts of the assessee’’. The Brief facts of the case that the assessee is in the 3. business of investment activities and computer software services and :- 3 -: filed return of income electronically on 30.9.2011…

Madhu Sudan Dalmia, Kolkata vs. A.C.I.T Cir - 31, Kolkata

In the result, appeal of assessee is partly allowed

ITA 524/KOL/2013[2009-10]Status: DisposedITAT Kolkata03 Feb 2016AY 2009-10

Bench: Shri Mahavir Singh, Jm & Shri M. Balaganesh, Am]

For Appellant: Shri A. K. Gupta, FCAFor Respondent: Shri R. K. Kureel, JCIT
Section 143(3)

…se was shown by the assessee for non-production of the agreement before the Assessing Officer. 10. We, therefore, find that having regard to the position of law laid down by the Supreme Court in the case of CIT v. Shiv Prakash Janak Raj and Co. P. Ltd. [1996] 222 ITR 583 (SC), relied upon by the Commissioner of Income-tax (Appeals), the Tribunal erred in law in setting aside the order of the Commissioner of Income-tax (Appeals) on the alleged ground of concession which itself was incorrect.” In view of the above proposition of law laid down by Hon’ble Calcutta High Court, the waiver of interest before the year en…

CIT v. Shiv Prakash Janak Raj and Co. P. Ltd. (222 ITR 583) — Cited in 11 Judgments | BharatTax