How many judgments cite CIT v. Sridev Enterprises?

125 judgments on BharatTax cite CIT v. Sridev Enterprises (192 ITR 165), spanning 2010 to 2025.

CIT v. Sridev Enterprises

Q: Which sections of the Income Tax Act does CIT v. Sridev Enterprises come up under?

It is most often cited in judgments turning on Section 143(3), Section 36(1)(iii), Section 142(1), Section 14A, Section 1961 - Sections 14A, Section 1962 - Rule 8D.

192 ITR 165High Court1991#836 most cited

What is CIT v. Sridev Enterprises authority for?

Interest expenditure on borrowed funds, especially when used for making advances, should generally be allowed under Section 36(1)(iii) if its nature and business expediency remain consistent with previous assessment years. The character of an outstanding amount at the start of an accounting year is considered the same as at the end of the prior year, reinforcing the rule of consistency.

125

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2025.

Also referred to as

CIT v. Sridev Enterprises · Sridev Enterprises · Section 36(1)(iii) · interest disallowance · interest-free advances · borrowed funds · rule of consistency · business expediency · outstanding dues · consistency principle

Also reported as

59 Taxmann 439

Sections most often in play

Section 143(3)Section 36(1)(iii)Section 142(1)Section 14A Section 1961 - Sections 14A Section 1962 - Rule 8D Section 22 Section 23

Issues it is cited on

section 4(3)section 205 section 36(1)(v)section 10(23c)(iv)advancement of general public utility section 52 interest free advances going concern section 36(1)(iii)proviso to section 2(15)mli business expediency

Judgments citing CIT v. Sridev Enterprises

DCIT, NEW DELHI vs. M/S. CARGIL INDIA PVT. LTD., NEW DELHI

In the result the appeal of the Revenue is dismissed

ITA 5786/DEL/2014[2005-06]Status: DisposedITAT Delhi30 Dec 2025AY 2005-06

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2005-06 Acit, Circle5(2), Vs. M/S Cargil India Pvt.Ltd. New Delhi -110001 111 Rectangle–I Saket District Centre New Delhi Pan No. Aaacc3269J (Appellant) (Respondent)

Section 143(1)Section 143(2)Section 143(3)Section 36(1)(iii)

…1 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I”, DELHI BEFORE SH. S. RIFAUR RAHMAN, ACCOUNTANT MEMBER AND SH. SUDHIR KUMAR, JUDICIAL MEMBER Assessment Year: 2005-06 ACIT, Circle5(2), Vs. M/s Cargil India Pvt.Ltd. New Delhi -110001 111 Rectangle–I Saket District Centre New Delhi Pan NO. AAACC3269J (APPELLANT) (RESPONDENT) Appellant by Sh. Dharm Veer Singh, CIT(DR ) Respondent by Sh. Salil Kapoor, Adv. Ms. Ananya Kapoor, Adv. Ms. Soumya Singha, Adv. Date of hearing: 03/12/2025 Date of Pronouncement: 30/12/2025 ORDER PER SUDHIR KUMAR, JUDICIAL MEMBER: This appeal by the revenue is directed against the…

JCIT(OSD) CENTRAL CIRCLE 1, JHANDEWALAN vs. SAHARA INDIA REAL ESTATE CORPORATION LTD., LUCKNOW

ITA 1085/DEL/2024[2017-18]Status: DisposedITAT Delhi07 Oct 2025AY 2017-18

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahman

For Appellant: Sh. Ajay Vohra, Sr. Adv. &For Respondent: Sh. Mahesh Kumar, CIT-DR

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘G’, NEW DELHI Before Sh. Satbeer Singh Godara, Judicial Member & Sh. S. Rifaur Rahman, Accountant Member ITA No. 1085 & CO No. 36/Del/2024 : Asstt. Year: 2017-18 JCIT(OSD), Vs Sahara India Real Estate Central Circle-1, Corporation Ltd., 1, Sahara India New Delhi-110055 Bhawan, Kapoorthala, Complex Aliganj, Lucknow-226024 (APPELLANT) (RESPONDENT) PAN No. AAJCS7265F Assessee by : Sh. Ajay Vohra, Sr. Adv. & Sh. Aditya Vohra, Adv. Revenue by : Sh. Mahesh Kumar, CIT-DR Date of Hearing: 10.07.2025 Date of Pronouncement: 07.10.2025 ORDER Per Satbeer Singh Godara, Judici…

DCIT (LTU), NEW DELHI vs. M/S. MAWANA SUGAR LTD., NEW DELHI

In the result, all the appeals filed by the Revenue for AYs 2006-07, 2012-

ITA 6081/DEL/2016[2012-13]Status: DisposedITAT Delhi26 Mar 2025AY 2012-13

Bench: Shri Satbeer Singh Godara & Shris.Rifaur Rahman

For Appellant: Shri Taran Deep Singh, AdvocateFor Respondent: Ms. Baljeet Kaur, CIT DR

Section 2Section 2(47)Section 391

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘E’: NEW DELHI BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER and SHRIS.RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA No.457/DEL/2016 (Assessment Year: 2006-07) ITA No.5830/DEL/2016 (Assessment Year: 2012-13) ITA No.5490/DEL/2018 (Assessment Year: 2014-15) M/s. SIEL Limited, vs. DCIT, LTU-1, (Now known as Mawana Sugars Ltd.), New Delhi. 5th Floor, Kirti Mahal, 19, Rajendra Place, New Delhi – 110 008. (PAN :AAACS4902Q) ITA No.6081/DEL/2016 (Assessment Year: 2012-13) ITA No.457& 5830/DEL/2016 ITA No.5489 to 5490/DEL/2018 ITA No.516 & 6081/DEL/2016 ITA No.5835 & 5836/DEL/20…

SIEL LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the appeals filed by the Revenue for AYs 2006-07, 2012-

ITA 6301/DEL/2015[2011-12]Status: DisposedITAT Delhi26 Mar 2025AY 2011-12

Bench: Shri Satbeer Singh Godara & Shris.Rifaur Rahman

For Appellant: Shri Taran Deep Singh, AdvocateFor Respondent: Ms. Baljeet Kaur, CIT DR

Section 2Section 2(47)Section 391

SIEL LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the appeals filed by the Revenue for AYs 2006-07, 2012-

ITA 6300/DEL/2015[2003-04]Status: DisposedITAT Delhi26 Mar 2025AY 2003-04

Bench: Shri Satbeer Singh Godara & Shris.Rifaur Rahman

For Appellant: Shri Taran Deep Singh, AdvocateFor Respondent: Ms. Baljeet Kaur, CIT DR

Section 2Section 2(47)Section 391

ASST. COMMISSIONER OF INCOME TAX- 14(1)(2), MUMBAI, AAYAKAR BHAVAN, MUMBAI vs. T BHIMJYANI REALTY PRIVATE LIMITED, MUMBAI

In the result, the appeal filed by the revenue is dismissed

ITA 4901/MUM/2024[2018-19]Status: DisposedITAT Mumbai16 Jan 2025AY 2018-19

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeea.Y : 2018-19 :

For Appellant: Shri Hemanshu Joshi, Sr. DRFor Respondent: Shri Vijay Mehta

Section 28Section 36(1)(iii)Section 37

…in those years, the AO did not make such disallowance. In support of this proposition, the Ld A.R placed his reliance on the following case laws:- (a) ITO vs. M/s Abhinand Investment Ltd (ITA No.982/Kol/2016 dated 07-02-2018) (b) CIT vs. Sridev Enterprises (192 ITR 165)(Kar) (c) Virendar R Gandhi vs. ACIT (Tax Appeal No.20 of 2004 and 124 of 2005 dated 27-11-2014). 8 5. We shall now examine the disallowance of interest expenses made by the AO in respect of each of the loans given by the assessee. 5.1 The first item of interest disallowance is Rs.2,28,90,000/- , which is related to the following advances give…

M/S RAJ KUMAR SINGH & CO.,LUCKNOW vs. DY. COMMISSIONER OF INCOME TAX, LUCKNOW

In the result, the appeal of the assessee is partly allowed

ITA 1288/LKW/1993[1990-91]Status: DisposedITAT Lucknow26 Sept 2024AY 1990-91

Bench: Shri Sudhanshu Srivastava & Shri Anadee Nath Misshra

…sment year 1990-91 11. Brief synopsis 12. Copy of Hon'ble Supreme Court order 13. Year Wise details of capital accounts of partners 14. Year Wise details of unsecured loans 15. Year Wise details of scrutiny assessments 16. Copy of CIT vs. Sri Dev Enterprises [192 ITR 165-Ker] 17. Copy of Income Tax Officer vs. Anjani Synthetics [2011-10 ITR (Trib) 291-Hyd] Further summary of partners’ accounts from financial year 1986-87 to 1989- 90. Details of year-wise assessment proceedings from assessment year 1884-85 to 1989-90 were also furnished from assessee’s side. I.T.A. No.1288/Lkw/1993 Assessment year:2090-91 22 (C…

ITO, NEW DELHI vs. M/S ANSAL HOUSING & CONSTRUCTION LTD., NEW DELHI

In the result, the cross-objection filed by the assessee is dismissed

ITA 2731/DEL/2010[2007-08]Status: DisposedITAT Delhi26 Jul 2024AY 2007-08

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2007-08] Dcit, Vs Ansal Housing & Construction Ltd., Central Circle-20, Ugf-15, Indraprastha Building, 21, New Delhi. Barakhamba Road, New Delhi. Pan-Aaaca0377R Appellant Respondent

Section 143(3)Section 14ASection 80Section 80I

…buted to such investments/advances. Reliance placed on the judgment of Godrej & Boyce Hon’ble Supreme Court in the case of Manufacturing Company Ltd. vs DCIT 394 ITR 449 (SC); judgement of Hon’ble Karnatka High Court in the case of CIT vs Sridev Enterprises 192 ITR 165 (Kar.); and CIT vs Givo Ltd. in ITA No.941/2020 (Del.Trib.). 16. On the contrary, Ld. Sr. Counsel for the assessee, Shri Ajay Vohra, opposed the submissions of the Revenue and reiterated the submission made in the written synopsis. For the sake of clarity, the written synopsis of the assessee is reproduced as under:- Sl.No. Ground of A.O. CIT…

SUBRAMANYA CONSTRUCTION AND DEVELOPMENT COMPANY LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1)(2) , BANGALORE

In the result, we don to find any merit in this appeal, the same fails and is hereby dismissed

ITA 892/BANG/2024[2014-15]Status: DisposedITAT Bangalore02 Jul 2024AY 2014-15

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2014-15

For Appellant: Shri T.S. Rajan, CAFor Respondent: Shri `Subramanian S., Jt.CIT(DR)(ITAT), Bengaluru

Section 14A

…that investments were made prior to the previous year under consideration and no disallowance of interest expenditure could be made in the current year and relied on the judgment of jurisdictional Karnataka High Court in the case of CIT v. Sridev Enterprises, 192 ITR 165 (Karn). The assessee also submitted that investments which have not yielded any exempt income cannot be considered for disallowance. Disallowance can be made only to the extent of exempt income received and relied on coordinate Bench of the Tribunal decision in the appellant’s own case for AY 2009-10 in ITA No.404/Bang/2013 & CO 89/Bang/2013, ord…

STERLING ASSOCIATES,GURGAON vs. ACIT CIRCLE-4(1), GURGAON

In the result, the Appeal of the Assessee is allowed

ITA 2105/DEL/2019[2015-16]Status: DisposedITAT Delhi10 Apr 2024AY 2015-16

Bench: Shamim Yahya & Sh. Yogesh Kumar U.S.Ita No. 2105/Del/2019, (A.Y. 2015-16) Sterling Associates, Vs. Acit Plot No. 32, Sector-18, Circle 4(1) Gurgaon Gurgaon, Haryana Pan: Abifs6373H Appellant Respondent

Section 143

…uced the contentions of the assessee at page No.3 of the Assessing Order and has not drawn any adverse inference, therefore, the findings of the Ld. CIT(A) is erroneous. The Hon’ble High Court of Karnataka in the case of CIT Vs. Sridev Enterprises reported in 192 ITR 165 (Kar.) observed that outstanding due on the first day of the accounting year is the amount that stood outstanding on the last day of the previous accounting year, therefore, its nature and status cannot be different on the 1st day of the current accounting year, from its nature and status as on the last day of the previous accounting year. Consid…

ASSISTANT COMMISSIONER OF INCOME TAX, BANGALORE vs. M AND M EQUIPMENTS PRIVATE LIMITED, BANGALORE

In the result the appeal by the revenue is dismissed

ITA 713/BANG/2023[2015-16]Status: DisposedITAT Bangalore30 Jan 2024AY 2015-16

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2015-16

For Appellant: Ms. Neera Malhotra, CIT(DR)(ITAT), BengaluruFor Respondent: Shri S. Annamalai, Advocate

Section 143(1)Section 143(3)Section 68

…ledger account. The AO cannot consider the opening balance in the current assessment year for making addition. In this regard, we rely on the judgment of the jurisdictional High Court in the case of CIT v. Sridev Enterprises reported in (1991) 59 Taxman 439 / 192 ITR 165 (Kar). Therefore, we do not find any infirmity in the order of the CIT(Appeals) deleting the addition of Rs.11,59,30,375. 11. In the result the appeal by the revenue is dismissed. 12. The assessee in the CO has raised the ground that the assessment order passed u/s. 143(3) dated 29.12.2017 is barred by limitation and the CIT(Appeals) was not jus…

ACIT CIRCLE 5(1)(1), MUMBAI vs. M/S ESSAR SHIPPING LIMITED, MUMBAI

In the result, appeal filed by the learned AO is dismissed

ITA 2951/MUM/2022[2015-2016]Status: DisposedITAT Mumbai09 Jan 2024AY 2015-2016

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm M/S Essar Shipping Limited Acit, Circle 5(1)(1) Essar House, 11, R.No.568, Aaykar Bhavan, Vs. Kk Marg, Mahalaxmi, M.K. Road, Mumbai-400 020 Mumbai-400 034 (Appellant) (Respondent) Pan No. Aacce3707D

For Appellant: Shri Rishav Patawari, ARFor Respondent: Shri Manoj Sinha, CIT DR

Section 115VSection 143Section 144CSection 28Section 43Section 92Section 92CSection 92F

…ssar Ports Limited and A.Y. 2011-12 in case of assessee by the Assessing Officer in the scrutiny assessment order passed u/s 143(3) of the Act. In order to support this proposition, reliance was placed on the following decisions; a) CIT v Sridev Enterprises [192 ITR 165 (Kar)] b) Escorts Ltd. v. ACIT [104 ITD 427 (Del)] c) Maiwa Cotton Spg. Mills v. ACIT [89 lTD 65 (TM)(Chd)] d) ITO v. J.M.P. Enterprises [101 lTD 324 (SMC)(Asr)] e) Virendra R. Gandhi v. ACIT (Tax Appeal No. 20 of 2004 with Tax Appeal No. 124 of 2005) dated 27.11.2014( (Gujarat High Court) 38. Since we have already directed the A.O. to allow ded…

M/S NEWAGE HOSE MFG. CO.,,SURENDRANAGAR vs. THE DY. COMMR. INCOME TAX, SURENDRANAGAR CIRCLE,, SURENDRANAGAR

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

ITA 9/RJT/2018[2013-14]Status: DisposedITAT Rajkot08 Dec 2023AY 2013-14

Bench: Ms Suchitra Kamble & Shri Waseem Ahmedआयकरअपीलसं./Ita No. 09/Rjt/2018 धििाधरणणवध/Asstt. Year:2013-2014 M/S Newage Hose Mfg. Co., Vs. D.C.I.T, Ambawadi Indl. Estate, Surendranagar Circle, Wadhwancity, Surendranagar. Surendranagar.

For Appellant: Shri Tej Shah, A.RFor Respondent: Shri Shakeel Ansari, Sr. DR

Section 143(3)Section 37Section 37(1)

…आयकरअपीलीयअधिकरण, राजकोटनयायपीी IN THE INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT (Conducted through E-Court) BEFORE Ms SUCHITRA KAMBLE, JUDICIAL MEMBER And SHRI WASEEM AHMED, ACCOUNTANT MEMBER आयकरअपीलसं./ITA No. 09/Rjt/2018 धििाधरणणवध/Asstt. Year:2013-2014 M/s Newage Hose Mfg. Co., Vs. D.C.I.T, Ambawadi Indl. Estate, Surendranagar Circle, Wadhwancity, Surendranagar. Surendranagar. PAN: AACFN3557F (Applicant) (Respondent) Assessee by : Shri Tej Shah, A.R Revenue by : Shri Shakeel Ansari, Sr. DR सुिणाईकीतारीख/Date of Hearing : 28/11/2023 घोवणाकीतारीख/Date of Pronouncement: 08/12/2023 आदेश/O R D E R PER…

M/S. KIRLOSKAR ELECTRIC COMPANY LTD., ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(3)(1), BANGALORE

In the result, appeals filed by the assessee are allowed

ITA 700/BANG/2023[2018-19]Status: DisposedITAT Bangalore06 Dec 2023AY 2018-19

Bench: Shri George George K & Shri Laxmi Prasad Sahu

For Appellant: S/Shri. C. R. Krishna and Sachin Mehta, CAFor Respondent: Shri. V. Parithivel, JCIT(DR)(ITAT), Bengaluru

Section 143(3)Section 250Section 40A(2)(b)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos.699 and 700/Bang/2023 Assessment Years : 2017-18, 2018-19 M/s. Kirloskar Electric Company Ltd., Vs. DCIT, No.19, 2nd Main Road, Circle – 4(3)(1), Peenya 1st Stage, Bengaluru. Bengaluru – 560 058. PAN : AABCK 2721 Q APPELLANT RESPONDENT Assessee by : S/Shri. C. R. Krishna and Sachin Mehta, CA Revenue by : Shri. V. Parithivel, JCIT(DR)(ITAT), Bengaluru. Date of hearing : 06.12.2023 Date of Pronouncement : 06.12.2023 O R D E R Per George George K, Vice Presid…

M/S. KIRLOSKAR ELECTRIC COMPANY LTD. ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-4(3)(1), BANGALORE

In the result, appeals filed by the assessee are allowed

ITA 699/BANG/2023[2017-18]Status: DisposedITAT Bangalore06 Dec 2023AY 2017-18

Bench: Shri George George K & Shri Laxmi Prasad Sahu

For Appellant: S/Shri. C. R. Krishna and Sachin Mehta, CAFor Respondent: Shri. V. Parithivel, JCIT(DR)(ITAT), Bengaluru

Section 143(3)Section 250Section 40A(2)(b)

SAHARA INFRASTRUCTURE & HOUSING LIMITED,KOLKATA vs. ACIT CENTRAL CIRCLE-1, NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 1726/DEL/2020[2017-18]Status: DisposedITAT Delhi02 Nov 2023AY 2017-18

Bench: Shri M. Balaganesh & Shri Anubhav Sharmasahara Infrastructure & Vs. Acit, Housing Ltd, Central Circle-1, Sahara India Sadan, 2A, New Delhi Shakespeare Sarani, Kolkata-700071 (Appellant) (Respondent) Pan: Aabcg2655B Assessee By : Sh. Dinesh Verma, Adv Shri Hardeep Singh, Ca Revenue By: Shri Kanv Bali, Sr. Dr Date Of Hearing 30/10/2023 Date Of Pronouncement 02/11/2023

For Appellant: Sh. Dinesh Verma, AdvFor Respondent: Shri Kanv Bali, Sr. DR

Section 139(4)Section 143(3)

…uestion of imputing interest on notional basis or disallow the interest paid on borrowed funds, if any, in subsequent years. Reliance in this regard is placed on the decision of Hon’ble Karnataka High Court in the case of CIT vs Sridev Enterprises reported in 192 ITR 165 (Kar). d) Moreover, the addition towards interest has been made by the lower authorities only on a notional basis which is absolutely baseless forgetting the fact that only real income could be brought to tax. The ld AO has not even bothered to state under what provisions of the Act, this addition towards interest income was made by him. Our view…

SOHANLAL KAWAR,SHIMOGA vs. INCOME-TAX OFFICER, WARD-1 & TPS, SHIMOGA

In the result, all the appeals are allowed for statistical purposes

ITA 574/BANG/2023[2015-16]Status: DisposedITAT Bangalore25 Sept 2023AY 2015-16

For Appellant: Shri Sudheendra B.R., AdvocateFor Respondent: Shri Ganesh R. Ghale, Standing Counsel

Section 234ASection 36Section 36(1)(iii)Section 57

…f his arguments:- (i) R.T. Balasubmramaniam v. ITO, [1994] 50 ITD 512 (MAD)(SMC) (ii) CIT v. Anand Technology Resource Park (P) Ltd. [2011] 15 taxman.com 4 (Kar) (iii) CIT v. Rajendra Prasad Moody [1978] 115 ITR 519 (SC) (iv) CIT v. Sridev Enterprises [1991] 192 ITR 165 (Kar) (v) S.A. Builders Ltd. v. CIT, Appeal (Civil) 5811 of 2006 dated 14.12.2006. 6. On the other hand, the ld. DR relied on the order of lower authorities and submitted that loan was taken in personal capacity which cannot be compensated over and above the interest received on the loan advanced which is personal expenditure of assessee. He furt…

SOHANLAL KAWAR ,SHIMOGA vs. INCOME-TAX OFFICER, WARD-1,TPS, SHIMOGA

In the result, all the appeals are allowed for statistical purposes

ITA 573/BANG/2023[2014-15]Status: DisposedITAT Bangalore25 Sept 2023AY 2014-15

For Appellant: Shri Sudheendra B.R., AdvocateFor Respondent: Shri Ganesh R. Ghale, Standing Counsel

Section 234ASection 36Section 36(1)(iii)Section 57

SOHANLAL KAWAR,SHIMOGA vs. INCOME-TAX OFFICER, WAR-1 & TPS, SHIMOGA

In the result, all the appeals are allowed for statistical purposes

ITA 572/BANG/2023[2013-14]Status: DisposedITAT Bangalore25 Sept 2023AY 2013-14

For Appellant: Shri Sudheendra B.R., AdvocateFor Respondent: Shri Ganesh R. Ghale, Standing Counsel

Section 234ASection 36Section 36(1)(iii)Section 57

THOMSON PRESS (INDIA) LTD.,NEW DELHI vs. ADDL. CIT, SPL. RANGE- 9, NEW DELHI

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 6543/DEL/2018[2013-14]Status: DisposedITAT Delhi06 Apr 2023AY 2013-14

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraassessment Year: 2013-14

For Appellant: Shri Salil Agarwal, Sr. AdvocateFor Respondent: Shri Umesh Takiyar, Sr. DR

Section 10ASection 143(3)Section 14ASection 43B

…the basis of a concluded assessment is not ignored without actually reopening the assessment.” 14.4.1 The Hon’ble Delhi High Court in the decision (supra) noticed with approval the decision of Hon’ble Karnataka High Court in CIT vs. Sridev Enterprises (1991) 192 ITR 165 wherein it is held that a departure from a finding in respect of deductions permitted during the past years would result in a contradictory finding. 14.5 In view of the foregoing discussion, we hold that the impugned disallowance is without any legal basis and is totally uncalled for. We, therefore, set aside the order of the Ld. AO/CIT(A) and d…

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