CIT v. Virtual Soft Systems Ltd.

341 ITR 593High Court2012#3611 most cited

What is CIT v. Virtual Soft Systems Ltd. authority for?

A mandatory change in the method of accounting, if bonafide, allows for deductions based on the changed method when computing business income. The method of accounting for lease followed by an assessee, based on ICAI guidelines, was accepted.

33

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2013 to 2026.

Also referred to as

CIT v. Virtual Soft Systems Ltd · 341 ITR 593 · Delhi HC · method of accounting · lease accounting · ICAI guidelines · business income · deduction · bonafide change in accounting method

Also reported as

205 Taxmann 257

Sections most often in play

Section 271(1)(c)Section 274Section 143(3)Section 143(3) of the Income Tax ActSection 250Section 271(1)(c) of the Income Tax ActSection 275Section 275(1)(a)
Read the full judgment

Issues it is cited on

section 145(1)buyback of sharessection 275(1)(a)section 23aretention moneysection 211section 145(2)section 28(iv)waiver of loansection 115baasection 35dactual payment basis

Judgments citing CIT v. Virtual Soft Systems Ltd.

Axis Bank Limited, Ahmedabad vs. The ACIT, Circle-1(1)(1), Ahmedabad

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

ITA 1125/AHD/2025[2015-16]Status: DisposedITAT Ahmedabad16 Jan 2026AY 2015-16

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE MS. SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1121,1122,1123,1124 & 1125/AHD/2025 Assessment Years: 2011-12,2012-13,2013-14,2014-15 & 2015-16 Axis Bank Limited, Assistant Commissioner of Trishul, 3rd Floor Opp. Income Tax, Circle 1(1)(1), Samtheshwar Mahadev Near Ahmedabad - 380015 Law Garden, Ellisbridge, Vs. Ahmedabad – 380006 [PAN –AAACU2414K] (Appellant) (Respondent) Assessee by Shri Tushar Hemani, Sr. Advocate & Shri Kushal Fofaria, ARs Revenue by Shri Sher Singh, CIT. DR Date of He…

Axis Bank Limited, Ahmedabad vs. The ACIT, Circle-1(1)(1), Ahmedabad

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

ITA 1124/AHD/2025[2014-15]Status: DisposedITAT Ahmedabad16 Jan 2026AY 2014-15

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE MS. SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1121,1122,1123,1124 & 1125/AHD/2025 Assessment Years: 2011-12,2012-13,2013-14,2014-15 & 2015-16 Axis Bank Limited, Assistant Commissioner of Trishul, 3rd Floor Opp. Income Tax, Circle 1(1)(1), Samtheshwar Mahadev Near Ahmedabad - 380015 Law Garden, Ellisbridge, Vs. Ahmedabad – 380006 [PAN –AAACU2414K] (Appellant) (Respondent) Assessee by Shri Tushar Hemani, Sr. Advocate & Shri Kushal Fofaria, ARs Revenue by Shri Sher Singh, CIT. DR Date of He…

Axis Bank Limited, Ahmedabad vs. The ACIT, Circle-1(1)(1), Ahmedabad

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

ITA 1123/AHD/2025[2013-14]Status: DisposedITAT Ahmedabad16 Jan 2026AY 2013-14

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE MS. SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1121,1122,1123,1124 & 1125/AHD/2025 Assessment Years: 2011-12,2012-13,2013-14,2014-15 & 2015-16 Axis Bank Limited, Assistant Commissioner of Trishul, 3rd Floor Opp. Income Tax, Circle 1(1)(1), Samtheshwar Mahadev Near Ahmedabad - 380015 Law Garden, Ellisbridge, Vs. Ahmedabad – 380006 [PAN –AAACU2414K] (Appellant) (Respondent) Assessee by Shri Tushar Hemani, Sr. Advocate & Shri Kushal Fofaria, ARs Revenue by Shri Sher Singh, CIT. DR Date of He…

Axis Bank Limited, Ahmedabad vs. The ACIT, Circle-1(1)(1), Ahmedabad

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

ITA 1122/AHD/2025[2012-13]Status: DisposedITAT Ahmedabad16 Jan 2026AY 2012-13

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE MS. SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1121,1122,1123,1124 & 1125/AHD/2025 Assessment Years: 2011-12,2012-13,2013-14,2014-15 & 2015-16 Axis Bank Limited, Assistant Commissioner of Trishul, 3rd Floor Opp. Income Tax, Circle 1(1)(1), Samtheshwar Mahadev Near Ahmedabad - 380015 Law Garden, Ellisbridge, Vs. Ahmedabad – 380006 [PAN –AAACU2414K] (Appellant) (Respondent) Assessee by Shri Tushar Hemani, Sr. Advocate & Shri Kushal Fofaria, ARs Revenue by Shri Sher Singh, CIT. DR Date of He…

Axis Bank Limited, Ahmedabad vs. The ACIT, Circle-1(1)(1), Ahmedabad

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

ITA 1121/AHD/2025[2011-12]Status: DisposedITAT Ahmedabad16 Jan 2026AY 2011-12

Bench: Ms. Suchitra Raghunath Kamble & Shri Narendra Prasad Sinha

Section 143(3)Section 271(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD BEFORE MS. SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER ITA Nos. 1121,1122,1123,1124 & 1125/AHD/2025 Assessment Years: 2011-12,2012-13,2013-14,2014-15 & 2015-16 Axis Bank Limited, Assistant Commissioner of Trishul, 3rd Floor Opp. Income Tax, Circle 1(1)(1), Samtheshwar Mahadev Near Ahmedabad - 380015 Law Garden, Ellisbridge, Vs. Ahmedabad – 380006 [PAN –AAACU2414K] (Appellant) (Respondent) Assessee by Shri Tushar Hemani, Sr. Advocate & Shri Kushal Fofaria, ARs Revenue by Shri Sher Singh, CIT. DR Date of He…

DCIT, Circle-7(1), Delhi vs. Dlf Limited, Delhi

In the result, appeal of the Revenue is dismissed

ITA 715/DEL/2024[2021-22]Status: DisposedITAT Delhi30 Oct 2025AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…ccounting was considered bonafide and the consequent deduction on account of following the changed method was allowed while computing business income under the Act. a) In the case of CIT V. Virtual Soft Systems Limited [2012] 18 taxmann.com 119/205 Taxman 257/341 ITR 593 [Delhi HC] (affirmed by Supreme Court in the case of CIT vs. Virtual Soft Systems Ltd: 404 ITR 409 (SC)), (refer Page 284-296 of Paper Book Vol-2) method of accounting for lease followed by assessee on the basis of guidelines of ICAI was accepted. The relevant extracts of the decision are reproduced as under: “8.1 The foremost aspect which, thus…

DCIT, Circle-7(1), Delhi vs. Dlf Limited, Delhi

In the result, appeal of the Revenue is dismissed

ITA 714/DEL/2024[2020-21]Status: DisposedITAT Delhi30 Oct 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…ccounting was considered bonafide and the consequent deduction on account of following the changed method was allowed while computing business income under the Act. a) In the case of CIT V. Virtual Soft Systems Limited [2012] 18 taxmann.com 119/205 Taxman 257/341 ITR 593 [Delhi HC] (affirmed by Supreme Court in the case of CIT vs. Virtual Soft Systems Ltd: 404 ITR 409 (SC)), (refer Page 284-296 of Paper Book Vol-2) method of accounting for lease followed by assessee on the basis of guidelines of ICAI was accepted. The relevant extracts of the decision are reproduced as under: “8.1 The foremost aspect which, thus…

DCIT, Circle-7(1), Delhi vs. Dlf Limited, Delhi

In the result, appeal of the Revenue is dismissed

ITA 713/DEL/2024[2019-20]Status: DisposedITAT Delhi30 Oct 2025AY 2019-20

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…ccounting was considered bonafide and the consequent deduction on account of following the changed method was allowed while computing business income under the Act. a) In the case of CIT V. Virtual Soft Systems Limited [2012] 18 taxmann.com 119/205 Taxman 257/341 ITR 593 [Delhi HC] (affirmed by Supreme Court in the case of CIT vs. Virtual Soft Systems Ltd: 404 ITR 409 (SC)), (refer Page 284-296 of Paper Book Vol-2) method of accounting for lease followed by assessee on the basis of guidelines of ICAI was accepted. The relevant extracts of the decision are reproduced as under: “8.1 The foremost aspect which, thus…

Dlf Limited, Delhi vs. National Faceless Assessment Centre, Delhi

In the result, appeal of the Revenue is dismissed

ITA 677/DEL/2024[2021-22]Status: DisposedITAT Delhi30 Oct 2025AY 2021-22

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…ccounting was considered bonafide and the consequent deduction on account of following the changed method was allowed while computing business income under the Act. a) In the case of CIT V. Virtual Soft Systems Limited [2012] 18 taxmann.com 119/205 Taxman 257/341 ITR 593 [Delhi HC] (affirmed by Supreme Court in the case of CIT vs. Virtual Soft Systems Ltd: 404 ITR 409 (SC)), (refer Page 284-296 of Paper Book Vol-2) method of accounting for lease followed by assessee on the basis of guidelines of ICAI was accepted. The relevant extracts of the decision are reproduced as under: “8.1 The foremost aspect which, thus…

Dlf Limited, Delhi vs. National Faceless Assessment Centre, Delhi

In the result, appeal of the Revenue is dismissed

ITA 676/DEL/2024[2020-21]Status: DisposedITAT Delhi30 Oct 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal

Section 142(1)Section 143(2)Section 143(3)Section 14A

…ccounting was considered bonafide and the consequent deduction on account of following the changed method was allowed while computing business income under the Act. a) In the case of CIT V. Virtual Soft Systems Limited [2012] 18 taxmann.com 119/205 Taxman 257/341 ITR 593 [Delhi HC] (affirmed by Supreme Court in the case of CIT vs. Virtual Soft Systems Ltd: 404 ITR 409 (SC)), (refer Page 284-296 of Paper Book Vol-2) method of accounting for lease followed by assessee on the basis of guidelines of ICAI was accepted. The relevant extracts of the decision are reproduced as under: “8.1 The foremost aspect which, thus…

Asst CIT (Ltu) 1, Mumbai vs. Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1248/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…also submitted that in the return of income out of abundant caution the said amount has been disallowed and that the same is now claimed as a deduction by relying on the decision of the Delhi High Court in the case of CIT Vs. Virtual Soft Systems Ltd. (2012) 341 ITR 593 (Del.). The AO did not accept the claim of the assessee stating that the deduction has not been claimed in the return of income and in this regard the AO placed reliance on the decision of the Hon'ble Supreme Court in the case of M/s Goetze India Ltd. Vs. CIT 284 ITR 323 (SC). The AO also considered the issue on merits and held that the amount ca…

Grasim Industries Limited (As A Successor to Aditya Birla Nuvo Ltd), Mumbai vs. Addl CIT Ltu, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 1065/MUM/2017[2011-12]Status: DisposedITAT Mumbai28 Dec 2023AY 2011-12

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri Yogesh Thar, ARFor Respondent: Ms. A. Alankrutha, Sr. DR
Section 10BSection 115JSection 14ASection 234BSection 271(1)(c)Section 32(1)(iia)Section 37Section 40Section 43BSection 80I

…also submitted that in the return of income out of abundant caution the said amount has been disallowed and that the same is now claimed as a deduction by relying on the decision of the Delhi High Court in the case of CIT Vs. Virtual Soft Systems Ltd. (2012) 341 ITR 593 (Del.). The AO did not accept the claim of the assessee stating that the deduction has not been claimed in the return of income and in this regard the AO placed reliance on the decision of the Hon'ble Supreme Court in the case of M/s Goetze India Ltd. Vs. CIT 284 ITR 323 (SC). The AO also considered the issue on merits and held that the amount ca…

Jt.CIT.(OSD), Circle-1(1)(1), Ahmedabad vs. Axis Bank Limited, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 956/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad29 Mar 2022AY 2015-16

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 852/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-2016 Axis Bank Limited, J.C.I.T., “Trishul”, 3Rd Floor, Vs. Circle-1(1)(1), Opp. Samtheshwar Mahadev, Ahmedabad. Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT.D.R
Section 133Section 14ASection 43D

…t in the circumstances of lease being cancelled, the expenditure allowed would be claimed as deduction and the income would never be taxed in the hands of the recipient. The AO has noted that judgment of Delhi High Court in the case of Virtual Soft System Ltd 341 ITR 593 was on different issue and was not applicable. The appellant has mainly relied on AS- 19 and the case laws on Accounting Standards required to be followed. The appellant has submitted that Accounting Standard ('AS') -19 has mandated straight line basis (SLM) for accounting of lease expenses. The SLM mandated by AS-19 means that if the lease agree…

Axis Bank Limited, Ahmedabad vs. Jt.CIT., Circle-1(1)(1), Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 852/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad29 Mar 2022AY 2015-16

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 852/Ahd/2019 िनधा"रण वष"/Asstt. Year: 2015-2016 Axis Bank Limited, J.C.I.T., “Trishul”, 3Rd Floor, Vs. Circle-1(1)(1), Opp. Samtheshwar Mahadev, Ahmedabad. Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar Sr. Advocate with Shri Parin Shah, A.RFor Respondent: Shri Vijaykumar Jaiswal, CIT.D.R
Section 133Section 14ASection 43D

…t in the circumstances of lease being cancelled, the expenditure allowed would be claimed as deduction and the income would never be taxed in the hands of the recipient. The AO has noted that judgment of Delhi High Court in the case of Virtual Soft System Ltd 341 ITR 593 was on different issue and was not applicable. The appellant has mainly relied on AS- 19 and the case laws on Accounting Standards required to be followed. The appellant has submitted that Accounting Standard ('AS') -19 has mandated straight line basis (SLM) for accounting of lease expenses. The SLM mandated by AS-19 means that if the lease agree…

M/S. Fiberlink Software Private Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-3(1)(1), Bengaluru

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

ITA 2703/BANG/2017[2013-14]Status: DisposedITAT Bangalore20 Dec 2021AY 2013-14

Bench: Shri Chandra Poojari & Shri George George K

For Appellant: Shri K. Nageswar Rao, AdvocateFor Respondent: Dr. Manjunath Karkaihalli, CIT (DR)
Section 234BSection 234CSection 253Section 271(1)(c)

…ion should not be disallowed by the AO. The contention of the Ld.AR is that this was provided in the books of accounts on the basis of AS-19 and this issue was considered by Hon’ble Delhi High Court in the case of CIT vs. Virtual Soft Systems Ltd. reported in 341 ITR 593 wherein held as under: “14.3 Lease rental in monetary terms is a sum total of: the financing charge and the amount embedded in it in the form of the capital sum. What the assessee needs to do, while offering for tax income derived from lease is, to separate the financing charge from the amount recovered towards capital, that is, the capital recov…

Axis Bank Limited, Ahmedabad vs. The Dy.CIT, Circle-1 Now Circle-1(1)(1), Ahmedabad

In the result appeal of the Revenue is partly allowed for statistical purposes

ITA 311/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Oct 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Smt. Urvashi Shodhan, and Shri Parin Shah,For Respondent: Shri Anshu Prakash, CIT.DR
Section 14A

…आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ IN THE INCOME TAX APPELLATE TRIBUNAL, ‘’ A’’ BENCH, AHMEDABAD (CONDUCTED THROUGH VIRTUAL COURT AT AHMEDABAD) BEFORE SHRI RAJPAL YADAV, VICE PRESIDENT And SHRI WASEEM AHMED, ACCOUNTANT MEMBER Sl. ITA No(s) Asset. Appeal(s) by No(s) Year(s) Appellant vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. PAN: AAACU2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3rd Floor, Circle-1(1)(1) Opp. Samtheshwa…

DCIT, New Delhi vs. M/S. Paramount Communication Pvt. Ltd., New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 2288/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…d is required to ITANo.1378 & 2288/Del/2017 be followed in computing the income as required by section 145(1) read with section 145(2) of the Act. Referring to the decision of the Hon’ble Delhi High Court in the case of CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 593(Del) @ 602 – 603, he submitted that the Hon’ble Delhi High Court has elaborated the duty of the AO to follow Accounting Standards. This judgment has been approved by Hon’ble Supreme Court in CIT v. Virtual Soft Systems Ltd. [2018] 404 ITR 409(SC). 20.8. Referring to page 78 of the paper book, he drew the attention of the Bench to the companies…

Paramount Communications Ltd., New Delhi vs. DCIT, New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 1378/DEL/2017[2010-11]Status: DisposedITAT Delhi15 Jun 2021AY 2010-11

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…d is required to ITANo.1378 & 2288/Del/2017 be followed in computing the income as required by section 145(1) read with section 145(2) of the Act. Referring to the decision of the Hon’ble Delhi High Court in the case of CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 593(Del) @ 602 – 603, he submitted that the Hon’ble Delhi High Court has elaborated the duty of the AO to follow Accounting Standards. This judgment has been approved by Hon’ble Supreme Court in CIT v. Virtual Soft Systems Ltd. [2018] 404 ITR 409(SC). 20.8. Referring to page 78 of the paper book, he drew the attention of the Bench to the companies…

M/S. Paramount Communictions Ltd., New Delhi vs. DCIT, New Delhi

In the result, ITA No.767/Del/2014 is partly allowed,

ITA 767/DEL/2014[2009-10]Status: DisposedITAT Delhi15 Jun 2021AY 2009-10

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 43A

…d is required to ITANo.1378 & 2288/Del/2017 be followed in computing the income as required by section 145(1) read with section 145(2) of the Act. Referring to the decision of the Hon’ble Delhi High Court in the case of CIT v. Virtual Soft Systems Ltd. (2012) 341 ITR 593(Del) @ 602 – 603, he submitted that the Hon’ble Delhi High Court has elaborated the duty of the AO to follow Accounting Standards. This judgment has been approved by Hon’ble Supreme Court in CIT v. Virtual Soft Systems Ltd. [2018] 404 ITR 409(SC). 20.8. Referring to page 78 of the paper book, he drew the attention of the Bench to the companies…

M/S. Veerabhadrappa Sangappa & Company, Sandur vs. The Assistant Commissioner of Income Tax, Circle- 1, Bellary

In the result appeal filed by assessee stands partly allowed

ITA 1054/BANG/2019[2013-14]Status: DisposedITAT Bangalore08 Dec 2020AY 2013-14

Bench: Shri. B. R. Baskaran & Smt. Beena Pillaiassessment Year : 2013–14

For Appellant: Shri Chythanya K.K, AdvocateFor Respondent: Shri Muzaffar Hussain, CIT
Section 145Section 28Section 5

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SHRI. B. R. BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2013–14 M/s Veerabhadrappa The Asst. Commissioner of Sangappa & Co., Income Tax, No.2/138, Bellary Road, Circle – 1, Sandur-583 119. Vs. Bellary. PAN – AACFV 4029 J. APPELLANT RESPONDENT Appellant by : Shri Chythanya K.K, Advocate Respondent by : Shri Muzaffar Hussain, CIT Date of Hearing : 11-09-2020 Date of Pronouncement : 08-12-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal has been filed by assessee against order dated 22/03/2019…