CIT v. United Colleries Ltd.

357 ITR 750High Court2013#4685 most cited

What is CIT v. United Colleries Ltd. authority for?

A credit to a lease equalization account based on a consistent accounting practice is relevant only for accounting purposes, not for determining taxable income.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. United Colleries Ltd. · lease equalization account · deduction of income · consistent practice · accounting practice · profit and loss account · taxable income

Sections most often in play

Section 115JB Section 115U Section 14A Section 244A Section 271(1)(c)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)

Issues it is cited on

section 50(1)section 80ab section 54e section 70(2)section 80m section 10(15)section 10(33)section 14a(1)section 54ec long-term capital asset section 36(1)(viii)section 111a

Judgments citing CIT v. United Colleries Ltd.

ACIT-2(3)(1), Mumbai vs. Hdfc Bank Ltd ( Merged Entity Hdfc Investments Limited ), Mumbai

ITA 2980/MUM/2024[2014-15]Status: DisposedITAT Mumbai28 Jan 2025AY 2014-15

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate a

…hose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - HDFC Bank Ltd. 14. 1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its pr…

Hdfc Bank Limited (As Successor to Hdfc Ltd), Mumbai vs. DCIT 2(3)(1), Mumbai

ITA 2665/MUM/2024[2015-16]Status: DisposedITAT Mumbai28 Jan 2025AY 2015-16

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…nd those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year | Ground No. in Assessee's appeal | Ground No. in Revenue's appeal ---|---|--- 2003-04 | 4 | - 14. 1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its profit…

ACIT-2(3)(1), Mumbai vs. Hdfc Bank Limited (Merged Entity Housing Development Finance Corporation Limited), Mumbai

In the result, appeals of both, assessee and revenue are decided

ITA 2597/MUM/2024[2020-21]Status: DisposedITAT Mumbai28 Jan 2025AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…nd those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) i) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is that asse…

ACIT-1(1)(1), Mumbai vs. M/S. Housing Development Finance Corporation Ltd., Delhi

ITA 2049/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…ssed and those by the assessee are allowed. 13.6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14.1. Fact of the matter is that assessee credited an…

ACIT-1(1)(1), Mumbai vs. M/S. Housing Development Finance Corporation Ltd., Delhi

In the result, appeals of both, assessee and revenue are decided

ITA 2047/MUM/2023[2018-19]Status: DisposedITAT Mumbai28 Jan 2025AY 2018-19

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…nd those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is that as…

ACIT-1(1)(1), Mumbai vs. M/S Housing Development Finance Corporation Ltd, Mumbai

ITA 2046/MUM/2023[2017-2018]Status: DisposedITAT Mumbai28 Jan 2025AY 2017-2018

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 14. 1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its profit and loss acc…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd.), Mumbai vs. DCIT, Range-1(1)(2), Mumbai

ITA 1890/MUM/2023[2016-17]Status: DisposedITAT Mumbai28 Jan 2025AY 2016-17

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi

…hose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 14. 1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to its profit and loss ac…

DCIT Range-1(1)(2), Mumbai vs. Housing Development Finance Corporation Ltd, Mumbai

ITA 5110/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi

…hose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is that…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. DCIT Range-1(1)(2), Mumbai

ITA 4983/MUM/2017[2013-14]Status: DisposedITAT Mumbai28 Jan 2025AY 2013-14

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate andFor Respondent: Shri Biswanath Das, CIT

…d and those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 53 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is that assessee cre…

DCIT - 1(1)(2), Mumbai vs. Housing Development Finance Corporartion Ltd., Mumbai

In the result, appeals of both, assessee and revenue are decided

ITA 2861/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advoc

…ose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) i i) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is tha…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. DCIT RG 1(1), Mumbai

In the result, appeals of both, assessee and revenue are decided

ITA 2609/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Jan 2025AY 2011-12

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…hose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is tha…

DCIT 1(1)(2), Mumbai vs. Housing Development Finance Corporation Ltd, Mumbai

ITA 2326/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Jan 2025AY 2009-10

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Josh

…hose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter i…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, appeals of both, assessee and revenue are decided

ITA 2093/MUM/2017[2009-10]Status: DisposedITAT Mumbai28 Jan 2025AY 2009-10

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…hose by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: | Assessment year | Ground No. in Assessee's appeal | Ground No. in Revenue's appeal |---|---|---| | 2003-04 | 4 | - 14. 1. Fact of the matter is that assessee credited an amount of Rs.48,04,720/- to…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. DCIT 1(1), Mumbai

ITA 2867/MUM/2012[2006-07]Status: DisposedITAT Mumbai28 Jan 2025AY 2006-07

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR

…sed and those by the assessee are allowed. 13.6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Revenue's Assessee's appeal appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14.1. Fact of the matter is that assessee credited…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. Addl CIT RG 1(1), Mumbai

ITA 5033/MUM/2010[2006-07]Status: DisposedITAT Mumbai28 Jan 2025AY 2006-07

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR

…sed and those by the assessee are allowed. 13.6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Revenue's Assessee's appeal appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14.1. Fact of the matter is that assessee credited…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. DCIT RG 1(1), Mumbai

ITA 4314/MUM/2010[2003-04]Status: DisposedITAT Mumbai28 Jan 2025AY 2003-04

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

…ed and those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is that assessee credited…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. DCIT RG 1(1), Mumbai

ITA 4313/MUM/2010[2002-03]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-03

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR

…sed and those by the assessee are allowed. 13.6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Revenue's Assessee's appeal appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14.1. Fact of the matter is that assessee credited…

Addl CIT RG 1(1), Mumbai vs. Hdfc Ltd, Mumbai

ITA 3785/MUM/2009[2004-05]Status: DisposedITAT Mumbai28 Jan 2025AY 2004-05

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and Shri Ninad Patade, CAFor Respondent: Shri Biswanath Das, CIT DR

…sed and those by the assessee are allowed. 13.6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Ground No. in Revenue's Assessee's appeal appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14.1. Fact of the matter is that assessee credited…

Hdfc Bank Limited (As Successor to Housing Development Finance Corporation Ltd), Mumbai vs. The Addl CIT RG 1(1), Mumbai

ITA 4315/MUM/2007[2002-2003]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-2003

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…nd those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) ii) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is that as…

DCIT Cir 1(1), Mumbai vs. M/S Housing Developement Finance Corporation Ltd, Mumbai

In the result, appeals of both, assessee and revenue are decided

ITA 4161/MUM/2007[2002-2003]Status: DisposedITAT Mumbai28 Jan 2025AY 2002-2003

Bench: Shri Anikesh Banerjee & Shri Girish Agrawal

For Appellant: Shri Nitesh Joshi, Advocate and

…those by the assessee are allowed. 13. 6. Our findings are fortified by the following decisions: i) CIT vs. Mahendra Sobhagchand Shah, 203 ITR 178 (Bom) i) CIT vs. United Colleries Ltd., [1993] 203 ITR 857 (Cal) iii) CIT vs. Modern Terry Towels Ltd., 357 ITR 750 (Bom) VI. Deduction of income by the amount credited to lease equalization account. 14. This issue arises in the following appeals: Assessment year Ground No. in Assessee's appeal Ground No. in Revenue's appeal 2003-04 4 - 54 HDFC Bank Ltd. ITA No.4315/MUM/2007 and Ors. AYs 2002-03 to 2020-21 14. 1. Fact of the matter is tha…

CIT v. United Colleries Ltd. (357 ITR 750) — Cited in 25 Judgments | BharatTax