CIT v. Shoorji Vallabhdas & Co.

46 ITR 144Supreme Court of India1962#114 most cited

What is CIT v. Shoorji Vallabhdas & Co. authority for?

Income tax is levied only on real income that actually materializes, not on hypothetical or notional income, even if accounting entries suggest otherwise. If no income results, there is no tax liability.

551

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2010 to 2026.

Also referred to as

CIT v. Shoorji Vallabhdas & Co. · 46 ITR 144 · real income theory · notional income · hypothetical income · income tax levy · accrual of income · receipt of income · Section 48 · Income Tax Act 1961

Sections most often in play

Section 143(3)Section 147Section 148Section 37(1)Section 115JBSection 153ASection 1961Section 14A

Issues it is cited on

real income theoryright to receivemercantile system of accountingsection 48section 45section 35section 28loose papersliable to taxsection 145capital expendituresection 37(1)

Judgments citing CIT v. Shoorji Vallabhdas & Co.

Vasantdada Sahakari Sakhar Karkhana Ltd, Sangli vs. Assistant Commisssioner of Income Tax, Circle -2, Sangli

In the result, all the appeals are fully/partly allowed for statistical purposes in the manner aforesaid as the case may be

ITA 1693/PUN/2017[2013-14]Status: DisposedITAT Pune01 Oct 2019AY 2013-14

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

…आयकर अपीऱीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI R.S.SYAL, VP AND SHRI PARTHA SARATHI CHAUDHURY, JM Sl. ITA No. Name of Appellant Name of Respondent Asst. Year No. 1-2 344/PUN/2017 Manganga Sahakari ACIT, Circle-2, 2010-11 545/PUN/2017 Sakhar Karkhana Ltd. Sangli 2012-13 A/p. Sonarsiddhanagar, Tal. Atpadi, Dist. Sangli-415 301 PAN:AAAAM1794J 3 1886/PUN/2017 Ganesh Sahakari Sakhar ACIT, Ahmednagar 2013-14 Karkhana Ltd. Circle, Ahmednagar A/p. Rajangaon Khurd, Tal. Rahata, Dist. Ahmednagar Pin-413 719 PAN: AAEAS0636H 4 1675/PUN/2017 Rena Sahakari Sakhar…

Rena Sahakari Sakhar Karkhana Ltd, Latur vs. Deputy Commissioner of Income-Tax, Latur Circle, Latur

In the result, all the appeals are fully/partly allowed for statistical purposes in the manner aforesaid as the case may be

ITA 1675/PUN/2017[2013-14]Status: DisposedITAT Pune01 Oct 2019AY 2013-14

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

…आयकर अपीऱीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI R.S.SYAL, VP AND SHRI PARTHA SARATHI CHAUDHURY, JM Sl. ITA No. Name of Appellant Name of Respondent Asst. Year No. 1-2 344/PUN/2017 Manganga Sahakari ACIT, Circle-2, 2010-11 545/PUN/2017 Sakhar Karkhana Ltd. Sangli 2012-13 A/p. Sonarsiddhanagar, Tal. Atpadi, Dist. Sangli-415 301 PAN:AAAAM1794J 3 1886/PUN/2017 Ganesh Sahakari Sakhar ACIT, Ahmednagar 2013-14 Karkhana Ltd. Circle, Ahmednagar A/p. Rajangaon Khurd, Tal. Rahata, Dist. Ahmednagar Pin-413 719 PAN: AAEAS0636H 4 1675/PUN/2017 Rena Sahakari Sakhar…

Sahakar Maharshi Shankarrao Mohite Patil Ssk Ltd, Solapur vs. Assistant Commissioner of Income Tax, Solapur

In the result, all the appeals are fully/partly allowed for statistical purposes in the manner aforesaid as the case may be

ITA 1318/PUN/2017[2013-14]Status: DisposedITAT Pune01 Oct 2019AY 2013-14

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

…आयकर अपीऱीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI R.S.SYAL, VP AND SHRI PARTHA SARATHI CHAUDHURY, JM Sl. ITA No. Name of Appellant Name of Respondent Asst. Year No. 1-2 344/PUN/2017 Manganga Sahakari ACIT, Circle-2, 2010-11 545/PUN/2017 Sakhar Karkhana Ltd. Sangli 2012-13 A/p. Sonarsiddhanagar, Tal. Atpadi, Dist. Sangli-415 301 PAN:AAAAM1794J 3 1886/PUN/2017 Ganesh Sahakari Sakhar ACIT, Ahmednagar 2013-14 Karkhana Ltd. Circle, Ahmednagar A/p. Rajangaon Khurd, Tal. Rahata, Dist. Ahmednagar Pin-413 719 PAN: AAEAS0636H 4 1675/PUN/2017 Rena Sahakari Sakhar…

Kranti Ssk Ltd, Sangli vs. Assistant Commissioner of Income Tax, Sangli

In the result, all the appeals are fully/partly allowed for statistical purposes in the manner aforesaid as the case may be

ITA 1021/PUN/2017[2010-11]Status: DisposedITAT Pune01 Oct 2019AY 2010-11

Bench: Shri R.S.Syal, Vp & Shri Partha Sarathi Chaudhury, Jm

…आयकर अपीऱीय अधिकरण “ए” न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, PUNE BEFORE SHRI R.S.SYAL, VP AND SHRI PARTHA SARATHI CHAUDHURY, JM Sl. ITA No. Name of Appellant Name of Respondent Asst. Year No. 1-2 344/PUN/2017 Manganga Sahakari ACIT, Circle-2, 2010-11 545/PUN/2017 Sakhar Karkhana Ltd. Sangli 2012-13 A/p. Sonarsiddhanagar, Tal. Atpadi, Dist. Sangli-415 301 PAN:AAAAM1794J 3 1886/PUN/2017 Ganesh Sahakari Sakhar ACIT, Ahmednagar 2013-14 Karkhana Ltd. Circle, Ahmednagar A/p. Rajangaon Khurd, Tal. Rahata, Dist. Ahmednagar Pin-413 719 PAN: AAEAS0636H 4 1675/PUN/2017 Rena Sahakari Sakhar…

M/S Nokia Corporation, New Delhi vs. ADIT, New Delhi

In the result, appeals of the assessee on the grounds- a

ITA 5819/DEL/2010[2007-08]Status: DisposedITAT Delhi02 Sept 2019AY 2007-08

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

ADIT, New Delhi vs. Nokia Corportion, Gurgaon

In the result, appeals of the assessee on the grounds- a

ITA 1237/DEL/2010[2005-06]Status: DisposedITAT Delhi02 Sept 2019AY 2005-06

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

ADIT, New Delhi vs. Nokia Corportion, Gurgaon

In the result, appeals of the assessee on the grounds- a

ITA 1236/DEL/2010[2004-05]Status: DisposedITAT Delhi02 Sept 2019AY 2004-05

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

M/S. Nokia Corporation (Formerly Nokia Networks Oy), New Delhi vs. ACIT, New Delhi

In the result, appeals of the assessee on the grounds- a

ITA 1007/DEL/2010[2005-06]Status: DisposedITAT Delhi02 Sept 2019AY 2005-06

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

ADIT, New Delhi vs. Nokia Corportion, Gurgaon

In the result, appeals of the assessee on the grounds- a

ITA 1238/DEL/2010[2006-07]Status: DisposedITAT Delhi02 Sept 2019AY 2006-07

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

M/S. Nokia Corporation (Formerly Nokia Networks Oy), New Delhi vs. ACIT, New Delhi

In the result, appeals of the assessee on the grounds- a

ITA 1008/DEL/2010[2006-07]Status: DisposedITAT Delhi02 Sept 2019AY 2006-07

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

M/S. Nokia Corporation (Formerly Nokia Networks Oy), New Delhi vs. ACIT, New Delhi

In the result, appeals of the assessee on the grounds- a

ITA 1006/DEL/2010[2004-05]Status: DisposedITAT Delhi02 Sept 2019AY 2004-05

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumarita No. 1006/Del/2010 : Asstt. Year : 2004-05 Ita No. 1007/Del/2010 : Asstt. Year : 2005-06 Ita No. 1008/Del/2010 : Asstt. Year : 2006-07 Ita No. 5819/Del/2010 : Asstt. Year : 2007-08 Nokia Corporation Vs Asstt. Director Of Income Tax, Circle-2(1), International Taxation, (Formerly Nokia Networks Oy) New Delhi C/O Tarandeep Singh, F-99, Lajpat Nagar-Ii, New Delhi-110024 (Appellant) (Respondent) Pan No. Aabcn3748E Ita No. 1236/Del/2010 : Asstt. Year : 2004-05 Ita No. 1237/Del/2010 : Asstt. Year : 2005-06 Ita No. 1238/Del/2010 : Asstt. Year : 2006-07

For Appellant: Ms. Rashmi Chopra, AdvFor Respondent: Sh. G. K. Dhall, CIT DR

…o it or it has a right to receive the income. This proposition has been well settled by Hon'ble Supreme Court in the case of E.D. Sassoon Co. Ltd. v. CIT [1954] 26 ITR 27, CIT v. Ashokbhai Chaamanbhai [1965] 56 ITR 42, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144 and Godhara Electricity Co. Ltd. v. CIT, [1997] 225 ITR 746/91 Taxman 351. Further, the judgment of Hon'ble Supreme Court in the case of ITA Nos. 1006 to 1008, 1236 42 to 1238 & 5819/Del/2010 Nokia Corporation State Bank of Travancore, (supra) which has been relied upon by the ld. CIT (A), has not been treated to be correct enunciation of law b…

At & T Communication Services India Pvt. Ltd., Gurgaon vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6322/DEL/2014[2009-10]Status: DisposedITAT Delhi14 Aug 2019AY 2009-10

Bench: Smt Beena A Pillai & Shri Prashant Maharishiat& T Communication Services Vs. Dcit, India Pvt Ltd, Circle-2(1), Vatika Triangle, 3Rd Floor, New Delhi Sushant Lok-1, Block-A, Gurgaon Pan: Aacca8033E (Appellant) (Respondent)

For Appellant: Shri K. M. Gupta, AdvFor Respondent: Shri Raman Chopra, CIT DR
Section 143Section 144CSection 153(1)Section 40

…ext accounting year goes to show that there was no income accrued. Mere entries in the books of accounts does not establish the accrual of income in the hands of the payee as held by the Hon‟ble Supreme Court in the case of CIT Vs M/s Shoorji Vallabhdas & Co. 46 ITR 144 wherein it was held as follows; 2. “That the subsequent agreement had altered the rate of commission in such a way as to make the income which really accrued to the assessee different from what had been entered in the books of account. This was nota case of a gift by the assessee to the managed companies of a portion of income which had already a…

DCIT, New Delhi vs. M/S. Citi Financial Cosumer Finance India Ltd., New Delhi

In the result, appeal filed by Revenue is dismissed

ITA 3118/DEL/2016[2010-11]Status: DisposedITAT Delhi29 Jul 2019AY 2010-11

Bench: Shri H.S. Sidhu & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Gupta, AdvFor Respondent: Shri S.S. Rana, CIT(DR)
Section 143(3)

…the expenditure is not revenue in nature. In support, the assessee relied upon the decisions in Kedarnath Jute Mfg. Co. Ltd. Vs. CIT (Central)(1971), 82 ITR 363(SC); Sutlej cotton Mills Ltd. Vs. CIT 116 ITR (SC); and CIT Vs. Messrs. Shoorji Vallabhdas and Co. 46 ITR 144.In the light of these submissions, the Id. CIT(A) allowed the claim of the assessee in the AY 2003-04,holding as under: "10. I have gone through appellant's submission and judicial rulings cited by the appellant in this regard. The appellant's case is squarely covered by the decision of the Humble Supreme Court in the case of India Cements (supra…

DCIT- 14(1)(2), Mumbai vs. Commtel Networks Pvt. Ltd., Mumbai

In the result appeal of the Revenue is dismissed

ITA 3427/MUM/2018[2014-15]Status: DisposedITAT Mumbai23 Jul 2019AY 2014-15

Bench: Shri G. Manjunatha & Shri Ram Lal Negidcit-14(1)(2) Vs. M/S Commtel Networks Room No.470, 4Th Floor Private Limited Aaykar Bhawan, M.K.Road 23, White Castle, 34-35 Mumbai-400 020 Union Park, Chembur Mumbai-400 071 Pan/Gir No.Aaacc8966G Appellant) .. Respondent)

Section 211

…be income unless income has actually resulted. If income does not result at all, there cannot be a tax, even though in book keeping an entry is made about a ‘hypothetical income.’ 24. The decision of Hon’ble Supreme Court in case of Shoorji Vallabhdas & Co., 46 ITR 144, Kedarnath Jute Mfg. Co. Ltd., (1971) 82 ITR 363, Birla Gwalior Pvt. Ltd., (1973) 89 ITR 266, 273(SC) and Sutlej Cotton Mills Ltd., (1979) 116 1,5 supports our contention. Further recent decision of Hon’ble Supreme Court in case of Taparia Tools Ltd., dated 23/03/2015 reiterated the above principle. In view of the above, merely because retention m…

Yug Developers, Mumbai vs. ACIT-17(3), Mumbai

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

ITA 7130/MUM/2018[2013-14]Status: DisposedITAT Mumbai17 Jul 2019AY 2013-14

Bench: Shri Pawan Singh, Jm & Shri M.Balaganesh, Am

Section 143(3)

…hich would only lead to bringing to tax hypothetical income which is not permissible in the eyes of law. Reliance in this regard has been rightly made by the ld AR on the decision of Hon’ble Apex Court in the case of CIT vs Shoorji Vallabhdas & Co reported in 46 ITR 144 (SC). 4.5. We find lot of force in the final argument made by the ld AR before us that the entire exercise is revenue neutral since the assessee has ultimately offered its entire profit on actual basis from the project to tax in the year of completion of project which is far higher than the originally estimated profit and that this profit has bee…

ACIT Circle 1, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, appeal of the Revenue in ITA 1316/CHNY/2018

ITA 1316/CHNY/2018[2014-15]Status: DisposedITAT Chennai09 Jul 2019AY 2014-15

Bench: Shri George Mathan & Shri Inturi Rama Rao

For Appellant: Shri. S. Ananthan,C.AFor Respondent: Shri. Sailendra Mamidi, IRS
Section 143(3)Section 14ASection 36(1)Section 36(1)(vii)Section 40Section 41(1)

…made in T.C.(A) Nos.15 and 24 of 2003 (Commissioner of Income Tax, Madurai v. Tamilnadu Mercantile Bank Ltd., Tuticorin), after referring to the decisions in Commissioner of Income-tax v. Canara Bank [1992] 195 ITR 66, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144, H.M.Kashiparekh and Co. Ltd. v. CIT [1960] 39 ITR 706, Poona Electric Supply Co. Ltd. v. CIT [1965] 57 ITR 521, Morvi Industries Ltd. v. CIT, [1971] 82 ITR 835, State Bank of Travancore v. CIT [1986] 158 ITR 102 (SC), Godhra Electricity Co. Ltd., v. Commissioner of Income-tax, [1997] 225 ITR 746 held that the assessee is taxable for interest on s…

ACIT Circle 1, Kumbakonam vs. City Union Bank Limited, Kumbakonam

In the result, appeal of the Revenue in ITA 1316/CHNY/2018

ITA 1315/CHNY/2018[2012-13]Status: DisposedITAT Chennai09 Jul 2019AY 2012-13

Bench: Shri George Mathan & Shri Inturi Rama Rao

For Appellant: Shri. S. Ananthan,C.AFor Respondent: Shri. Sailendra Mamidi, IRS
Section 143(3)Section 14ASection 36(1)Section 36(1)(vii)Section 40Section 41(1)

…made in T.C.(A) Nos.15 and 24 of 2003 (Commissioner of Income Tax, Madurai v. Tamilnadu Mercantile Bank Ltd., Tuticorin), after referring to the decisions in Commissioner of Income-tax v. Canara Bank [1992] 195 ITR 66, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144, H.M.Kashiparekh and Co. Ltd. v. CIT [1960] 39 ITR 706, Poona Electric Supply Co. Ltd. v. CIT [1965] 57 ITR 521, Morvi Industries Ltd. v. CIT, [1971] 82 ITR 835, State Bank of Travancore v. CIT [1986] 158 ITR 102 (SC), Godhra Electricity Co. Ltd., v. Commissioner of Income-tax, [1997] 225 ITR 746 held that the assessee is taxable for interest on s…

City Union Bank Limited, Kumbakonam vs. ACIT Circle 1, Kumbakonam

In the result, appeal of the Revenue in ITA 1316/CHNY/2018

ITA 1130/CHNY/2018[2014-15]Status: DisposedITAT Chennai09 Jul 2019AY 2014-15

Bench: Shri George Mathan & Shri Inturi Rama Rao

For Appellant: Shri. S. Ananthan,C.AFor Respondent: Shri. Sailendra Mamidi, IRS
Section 143(3)Section 14ASection 36(1)Section 36(1)(vii)Section 40Section 41(1)

…made in T.C.(A) Nos.15 and 24 of 2003 (Commissioner of Income Tax, Madurai v. Tamilnadu Mercantile Bank Ltd., Tuticorin), after referring to the decisions in Commissioner of Income-tax v. Canara Bank [1992] 195 ITR 66, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144, H.M.Kashiparekh and Co. Ltd. v. CIT [1960] 39 ITR 706, Poona Electric Supply Co. Ltd. v. CIT [1965] 57 ITR 521, Morvi Industries Ltd. v. CIT, [1971] 82 ITR 835, State Bank of Travancore v. CIT [1986] 158 ITR 102 (SC), Godhra Electricity Co. Ltd., v. Commissioner of Income-tax, [1997] 225 ITR 746 held that the assessee is taxable for interest on s…

City Union Bank Limited, Kumbakonam vs. ACIT Circle 1, Kumbakonam

In the result, appeal of the Revenue in ITA 1316/CHNY/2018

ITA 1129/CHNY/2018[2012-13]Status: DisposedITAT Chennai09 Jul 2019AY 2012-13

Bench: Shri George Mathan & Shri Inturi Rama Rao

For Appellant: Shri. S. Ananthan,C.AFor Respondent: Shri. Sailendra Mamidi, IRS
Section 143(3)Section 14ASection 36(1)Section 36(1)(vii)Section 40Section 41(1)

…made in T.C.(A) Nos.15 and 24 of 2003 (Commissioner of Income Tax, Madurai v. Tamilnadu Mercantile Bank Ltd., Tuticorin), after referring to the decisions in Commissioner of Income-tax v. Canara Bank [1992] 195 ITR 66, CIT v. Shoorji Vallabhdas and Co. [1962] 46 ITR 144, H.M.Kashiparekh and Co. Ltd. v. CIT [1960] 39 ITR 706, Poona Electric Supply Co. Ltd. v. CIT [1965] 57 ITR 521, Morvi Industries Ltd. v. CIT, [1971] 82 ITR 835, State Bank of Travancore v. CIT [1986] 158 ITR 102 (SC), Godhra Electricity Co. Ltd., v. Commissioner of Income-tax, [1997] 225 ITR 746 held that the assessee is taxable for interest on s…

Red Fort Shahjahan Properties Pvt. Ltd., New Delhi vs. DCIT, Circle-21(1), New Delhi

The appeal is allowed with above direction

ITA 7239/DEL/2018[2014-15]Status: DisposedITAT Delhi14 Jun 2019AY 2014-15

Bench: Shri Kuldip Singh & Shri Prashant Maharishired Fort Shahjahan Properties Vs. Dcit, Pvt. Ltd, Circle-21(1), N-226, Lgf, Greater Kailash-1, New Delhi New Delhi Pan: Aadcr6247E (Appellant) (Respondent)

For Appellant: Shri K. M. Gupta, AdvFor Respondent: Shri H. K. Choudhary, CIT DR
Section 143Section 144Section 144CSection 92C(3)Section 92D

…ted that it is trite law that tax can be imposed only on real income and not on notional income. He further relied upon several judicial precedent as under:- a. Godhra electricity Co Ltd vs CIT (Supreme Court) 225 ITR 746 b. CIT vs Soorji Vallabhdas & company 46 ITR 144 c. CIT vs Arihant avenues and credit Ltd (Gujarat) 217 Taxman 105 d. Maruti securities Ltd vs Deputy Commissioner Of Income Tax (Hyderabad) ITA number 1651/HYD/2017. e. Seth Madan Lal Modi vs CIT (Delhi) 261 ITR 49 f. CIT vs Modipon Ltd 171 ITR 658 g. Highway Construction Co Private Limited vs CIT 199 ITR 702 17. The learned authorised representa…