CIT v. Virtual Soft Systems Ltd.

404 ITR 409Supreme Court of India2018#1620 most cited

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

The method of accounting followed by an assessee, especially when based on Accounting Standards and Guidance Notes issued by the ICAI, must be accepted for computing income under the Income Tax Act. This includes methods adopted for lease accounting and income recognition.

70

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Virtual Soft Systems Ltd. · 404 ITR 409 · Section 145(1) Income Tax Act · method of accounting · ICAI Accounting Standards · ICAI Guidance Notes · income recognition · lease accounting · computation of real income · acceptance of accounting method

Also reported as

92 Taxmann.com 370255 Taxmann 352

Sections most often in play

Section 1961Section 143(3)Section 250 of the Income Tax ActSection 147Section 132Section 153ASection 139(1)Section 250
Read the full judgment

Issues it is cited on

section 145(1)section 40a(i)section 9(i)section 275(1)(a)section 5(2)(b)section 23asection 145(2)retention moneysection 211section 28(iv)section 35dsection 115baa

Judgments citing CIT v. Virtual Soft Systems Ltd.

DCIT, New Delhi vs. M/S Hudco Ltd., New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…relied upon the decisions in CIT v. Shriram Investments Ltd. [2015] 62 taxmann.com 298/234 Taxman 868/378 ITR 533 (Mad.); CIT v. Bharat Aluminium Co. Ltd. [2010] 187 Taxman 111(Delhi); CIT v. Virtual Soft Systems Ltd. [2018] 92 taxmann.com 370/255 Taxman 352/404 ITR 409 (SC); CIT v. Woodward Governor India (P.) Ltd. [2007] 162 Taxman 60/294 ITR 451 (Delhi) and CIT v. Excel Industries Ltd. [2013] 38 taxmann.com 100/219 Taxman 379/358 ITR 295 (SC). 24. Mr. Zoheb Hossain and Mr. Deepak Anand, learned counsels for the revenue, on the other hand urged that the assessee was required to make the book of accounts in acc…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. Addl. CIT, New Delhi

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…relied upon the decisions in CIT v. Shriram Investments Ltd. [2015] 62 taxmann.com 298/234 Taxman 868/378 ITR 533 (Mad.); CIT v. Bharat Aluminium Co. Ltd. [2010] 187 Taxman 111(Delhi); CIT v. Virtual Soft Systems Ltd. [2018] 92 taxmann.com 370/255 Taxman 352/404 ITR 409 (SC); CIT v. Woodward Governor India (P.) Ltd. [2007] 162 Taxman 60/294 ITR 451 (Delhi) and CIT v. Excel Industries Ltd. [2013] 38 taxmann.com 100/219 Taxman 379/358 ITR 295 (SC). 24. Mr. Zoheb Hossain and Mr. Deepak Anand, learned counsels for the revenue, on the other hand urged that the assessee was required to make the book of accounts in acc…

Ndtv Worldwide Ltd, New Delhi vs. DCIT 18(1), New Delhi

ITA 1180/DEL/2019[2014-15]Status: DisposedITAT Delhi29 Jul 2024AY 2014-15

Bench: Shri G.S. Pannu & Shri Anubhav Sharmandtv Worldwide Ltd, Vs. Dcit, Okhla Industrial Estate, Circle-18(1), Phase-Ii, New Delhi New Delhi (Appellant) (Respondent) Pan: Aaccn9121G

For Appellant: Shri Rohit Tiwari, Ms Tanya &For Respondent: Shri Sandeep K Mishra &
Section 1Section 142Section 143Section 143(3)Section 2Section 3

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “E”: NEW DELHI BEFORE SHRI G.S. PANNU, VICE PRESIDENT AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER NDTV Worldwide Ltd, Vs. DCIT, Okhla Industrial Estate, Circle-18(1), Phase-II, New Delhi New Delhi (Appellant) (Respondent) PAN: AACCN9121G Assessee by : Shri Rohit Tiwari, Ms Tanya & Ms Shivani, Advocates Revenue by: Shri Sandeep K Mishra & Ms Garima Sharma, Sr. DRs & Date of Hearing 26/07/2024 Date of pronouncement 29/07/2024 O R D E R PER ANUBHAV SHARMA, J. M.: The appeal has been preferred by the Assessee against the order dated 27.12.2018 of Ld. Commissioner of Income Ta…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1223/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

DCIT, Circle-8(1), Kolkata vs. Itc Limited, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1222/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “ए’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date of…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1166/KOL/2017[2011-12]Status: DisposedITAT Kolkata10 May 2024AY 2011-12

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

Itc Limited, Kolkata vs. ACIT, Range-8, Kolkata

In the result appeals of the assessee are partly allowed for statistical purposes and the appeals of the revenue are dismissed

ITA 1068/KOL/2017[2010-11]Status: DisposedITAT Kolkata10 May 2024AY 2010-11

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 115JSection 143(1)Section 37

…आयकर अपील"य अ"धकरण, कोलकाता पीठ “सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी संजय शमा" "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 1068 & 1166/Kol/2017 Assessment Year: 2010-11 & 2011-12 M/s ITC Limited Vs. ACIT, Range-8, Kolkata (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / I.T.A. No. 1222 & 1223/Kol/2017 Assessment Year: 2010-11 & 2011-12 DCIT, Circle-8(1), Kolkata Vs. M/s ITC Limited (PAN: AAACI 5950 L) ( अपीलाथ" ) Respondent / !"यथ" Appellant / 14.03.2023 Date o…

ACIT, Central Circle-1(1), Chennai vs. M/S Cognizant Technology Solutions India Pvt. Ltd., Chennai

Appeal is dismissed

ITA 462/CHNY/2023[2018-19]Status: DisposedITAT Chennai06 Mar 2024AY 2018-19

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.462/Chny/2023 (िनधा*रण वष* / Assessment Year: 2018-19) Acit M/S. Cognizant Technology Solutions India Pvt. Ltd. Central Circle-1(1), बनाम/ Vs. Chennai. No.5/535, Old Mahabalipuram Road, Okkiyam Thoraipakkam, Chennai-600 097. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacd-3312-M (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri V. Nandakumar (Cit)- Ld. Dr " थ"कीओरसे/Respondent By : Shri N.V. Balaji (Advocate)-Ld. Ar सुनवाईकीतारीख/Date Of Final Hearing : 06-03-2024 घोषणाकीतारीख /Date Of Pronouncement : 06-03-2024 आदेश / O R D E R

For Appellant: Shri V. Nandakumar (CIT)- Ld. DRFor Respondent: Shri N.V. Balaji (Advocate)-Ld. AR
Section 115JSection 143(3)

…आयकर अपीलीय अिधकरण “बी” "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय "ी महावीर िसंह, उपा ! एवं माननीय "ी मनोज कुमार अ&वाल ,लेखा सद) के सम!। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ ITA No.462/Chny/2023 (िनधा*रण वष* / Assessment Year: 2018-19) ACIT M/s. Cognizant Technology Solutions India Pvt. Ltd. Central Circle-1(1), बनाम/ Vs. Chennai. No.5/535, Old Mahabalipuram Road, Okkiyam Thoraipakkam, Chennai-600 097. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACD-3312-M (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant by :…

DCIT, Vapi vs. Gujarart Polysol Chemical Ltd, Vapi

In the result, the appeal of assessee is partly allowed whereas appeal of Revenue is dismissed

ITA 595/SRT/2023[2018-19]Status: DisposedITAT Surat28 Dec 2023AY 2018-19

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.513 & 595/Srt/2023 (Ay 2018-19) (Hearing In Physical Court) Gujarat Polysol Chemicals Ltd. Assistant Commissioner Of 1, Plot No.1734, 3Rd Phase. Income Tax, Central Circle-1, Vs Gidc, Vapi-396195 Vapi, 8Th Floor, Fortune Square- Pan No. Aaacg 8908 Q Ii, Above Tbz, Chala-396191 अपीलाथ"/Appellant ""थ" /Respondent /Ita No.595/Srt/2023 (Ay 2018-19) Deputy Commissioner Of Gujarat Polysol Chemicals Ltd., Income Tax, Central Circle, I, Plot No.1734, 3Rd Phase, Gidc, Vs Vapi, 9Th Floor, Fortune Vapi-396195 Pan No.Aaacg 8908 Q Square-Ii, Daman Road, Chala, Vapi-396191 अपीलाथ"/Appellant ""थ" /Respondent

Section 147Section 148Section 156Section 254(1)Section 270A

…A-II)] dated 30.03.2011, wherein CBDT directed to obtain the report of technical expert in case of complex issues, decision of Hon’ble Apex Court in the case of CIT vs. Virtual Soft Systems Ltd. [2018] 92 taxmann.com 370 (SC)/[2018] 255 Taxman 352 (SC)/[2018] 404 ITR 409 (SC)/[2018] 302 CTR 65 (SC) [24-04[2018]; CIT vs. Emptee Poly-Yarn (P.) Ltd. [2010] 188 Taxman 188 (SC)/[2010] 320 ITR 665 (SC)/[2010] 229 CTR 1 (SC)[20-01-2010] and in the case of PCIT (Inv.) & Ors. Vs. Laljibhai Kanjibhai Mandalia 2022 IETL 1944: (2022) 446 ITR 18 : (2022) 327 CTR 353 : (2022) 215 DTR 417 : (2022) 288 Taxman 361. 11. On merit o…

Gujarat Polysol Chemicals Limited Limited, Vapi vs. The Asst. Commissioner of Income Tax, Central Circle-1, Vapi

In the result, the appeal of assessee is partly allowed whereas appeal of Revenue is dismissed

ITA 513/SRT/2023[2018-19]Status: DisposedITAT Surat28 Dec 2023AY 2018-19

Bench: Shri Pawan Singh & Dr Arjun Lal Sainiआ.अ.सं./Ita No.513 & 595/Srt/2023 (Ay 2018-19) (Hearing In Physical Court) Gujarat Polysol Chemicals Ltd. Assistant Commissioner Of 1, Plot No.1734, 3Rd Phase. Income Tax, Central Circle-1, Vs Gidc, Vapi-396195 Vapi, 8Th Floor, Fortune Square- Pan No. Aaacg 8908 Q Ii, Above Tbz, Chala-396191 अपीलाथ"/Appellant ""थ" /Respondent /Ita No.595/Srt/2023 (Ay 2018-19) Deputy Commissioner Of Gujarat Polysol Chemicals Ltd., Income Tax, Central Circle, I, Plot No.1734, 3Rd Phase, Gidc, Vs Vapi, 9Th Floor, Fortune Vapi-396195 Pan No.Aaacg 8908 Q Square-Ii, Daman Road, Chala, Vapi-396191 अपीलाथ"/Appellant ""थ" /Respondent

Section 147Section 148Section 156Section 254(1)Section 270A

…A-II)] dated 30.03.2011, wherein CBDT directed to obtain the report of technical expert in case of complex issues, decision of Hon’ble Apex Court in the case of CIT vs. Virtual Soft Systems Ltd. [2018] 92 taxmann.com 370 (SC)/[2018] 255 Taxman 352 (SC)/[2018] 404 ITR 409 (SC)/[2018] 302 CTR 65 (SC) [24-04[2018]; CIT vs. Emptee Poly-Yarn (P.) Ltd. [2010] 188 Taxman 188 (SC)/[2010] 320 ITR 665 (SC)/[2010] 229 CTR 1 (SC)[20-01-2010] and in the case of PCIT (Inv.) & Ors. Vs. Laljibhai Kanjibhai Mandalia 2022 IETL 1944: (2022) 446 ITR 18 : (2022) 327 CTR 353 : (2022) 215 DTR 417 : (2022) 288 Taxman 361. 11. On merit o…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(2), Bangalore

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

ITA 1982/BANG/2018[2012-13]Status: DisposedITAT Bangalore12 Jan 2023AY 2012-13

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

…ITA Nos.1980 to 1982/Bang/2018 M/s. Harman Connected Services Corporation India Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER ITA Nos.1980 to 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13 M/s. Harman Connected Services Corporation India Pvt. Ltd. (formerly known as Symphony Teleca Addl. CIT Corporation India Private Ltd.) Range-12 No.3 & 3A, EOIZ Industrial Area (currently with ACIT Survey No.85 & 86, Sadarmangala Vs. Circle-3(1)(2)) Village Bangalore Krishnarajapuram Hobli B…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Deputy Commissioner of Income Tax Circle-3(1)(2), Bangalore

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

ITA 1981/BANG/2018[2010-11]Status: DisposedITAT Bangalore12 Jan 2023AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

…ITA Nos.1980 to 1982/Bang/2018 M/s. Harman Connected Services Corporation India Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER ITA Nos.1980 to 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13 M/s. Harman Connected Services Corporation India Pvt. Ltd. (formerly known as Symphony Teleca Addl. CIT Corporation India Private Ltd.) Range-12 No.3 & 3A, EOIZ Industrial Area (currently with ACIT Survey No.85 & 86, Sadarmangala Vs. Circle-3(1)(2)) Village Bangalore Krishnarajapuram Hobli B…

M/S Harman Connected Services Corporation India Private Limited, Bangalore vs. Additional Commissioner of Income Tax Range-12, Bangalore

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

ITA 1980/BANG/2018[2009-10]Status: DisposedITAT Bangalore12 Jan 2023AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

For Appellant: Shri T. Suryanarayana, Sr. A.RFor Respondent: Shri Sreenivas T. Bidari, D.R
Section 143(3)

…ITA Nos.1980 to 1982/Bang/2018 M/s. Harman Connected Services Corporation India Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER ITA Nos.1980 to 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13 M/s. Harman Connected Services Corporation India Pvt. Ltd. (formerly known as Symphony Teleca Addl. CIT Corporation India Private Ltd.) Range-12 No.3 & 3A, EOIZ Industrial Area (currently with ACIT Survey No.85 & 86, Sadarmangala Vs. Circle-3(1)(2)) Village Bangalore Krishnarajapuram Hobli B…

Clp Wind Farms (India) Pvt. Ltd., New Delhi vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1606/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2016-17
For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R
Section 250(6)Section 37(1)

…tating that the claim of premium paid on foreign exchange contracts was in accordance with the Accounting Standards issued by the ICAI in this regard and as per the decision of the Hon’ble Apex Court in the case of CIT- VI vs. Virtual Soft Systems Ltd. [2018] 404 ITR 409 holding that where there was no specific bar in the Act regarding application of Accounting Standards prescribed by the ICAI, deduction on the basis of these Accounting Standards was to be allowed. He further reiterated that the claim was in accordance with the accounting standard prescribed by the Act in ICDS I.T.A No. 1110/Ahd/2010 and Ors. A.…

Clp Wind Farms (India) Pvt. Ltd., New Delhi vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1605/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2015-16
For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R
Section 250(6)Section 37(1)

…tating that the claim of premium paid on foreign exchange contracts was in accordance with the Accounting Standards issued by the ICAI in this regard and as per the decision of the Hon’ble Apex Court in the case of CIT- VI vs. Virtual Soft Systems Ltd. [2018] 404 ITR 409 holding that where there was no specific bar in the Act regarding application of Accounting Standards prescribed by the ICAI, deduction on the basis of these Accounting Standards was to be allowed. He further reiterated that the claim was in accordance with the accounting standard prescribed by the Act in ICDS I.T.A No. 1110/Ahd/2010 and Ors. A.…

Clp Wind Farms (India) Pvt. Ltd., Ahmedabad vs. DCIT Circle-1(1)(2), Ahmedabad

Appeal of the assessee is allowed

ITA 1110/AHD/2018[2014-15]Status: DisposedITAT Ahmedabad31 Aug 2022AY 2014-15
For Appellant: Shri S. N. Soparkar Sr. AdvFor Respondent: Shri Alokkumar, CIT/D.R
Section 250(6)Section 37(1)

…tating that the claim of premium paid on foreign exchange contracts was in accordance with the Accounting Standards issued by the ICAI in this regard and as per the decision of the Hon’ble Apex Court in the case of CIT- VI vs. Virtual Soft Systems Ltd. [2018] 404 ITR 409 holding that where there was no specific bar in the Act regarding application of Accounting Standards prescribed by the ICAI, deduction on the basis of these Accounting Standards was to be allowed. He further reiterated that the claim was in accordance with the accounting standard prescribed by the Act in ICDS I.T.A No. 1110/Ahd/2010 and Ors. A.…

Olectra Greentech Limited, Secunderabad vs. Assistant Commissioner of Income Tax, Central Circle-3(2), Hyderabad

ITA 63/HYD/2022[2018-19]Status: DisposedITAT Hyderabad27 Jun 2022AY 2018-19

Bench: Shri Laliet Kumar & Shri L.P.Sahuassessment Year: 2018-19

For Appellant: Sri P. Murali Mohan Rao, CAFor Respondent: Sri Rajendra Kumar, CIT-DR
Section 132Section 143(2)Section 143(3)Section 153ASection 153D

…ITA No 63 of 2022 Olectra Greentech Ltd Secunderabad IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Shri Laliet Kumar, Judicial Member AND Shri L.P.SAHU, Accountant Member Assessment Year: 2018-19 Olectra Greentech Ltd Vs. Asstt. Commissioner of Secunderabad Income Tax, PAN:AABCG3455B Central Circle 3(2), Hyderabad (Appellant) (Respondent) Assessee by: Sri P. Murali Mohan Rao, CA Revenue by: Sri Rajendra Kumar, CIT-DR Date of hearing: 05/05/2022 Date of pronouncement: 27/06/2022 ORDER Per Laliet Kumar, J.M. This is assessee’s appeal for the A.Y 2018-19 against the order of t…

Neptune Polymers Pvt.Ltd., Ahmedabad vs. The ITO, Ward-3(1)(1), Ahmedabad

In the result, Ground Number 5 of the assessee’s appeal is dismissed

ITA 249/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad30 May 2022AY 2015-16
For Appellant: Shri S.N. Divatia, A.RFor Respondent: Shri R.R. Makwana, Sr. D.R
Section 250

…" 3,80,00,000/- directly paid by the purchaser M/s Sukruti Polymers directly to the bank. I.T.A No. 249/Ahd/2019 A.Y. 2015-16 Page No. 5 Neptune Polymers Pvt. Ltd. vs. ITO Further, the counsel for the assessee relied on the case of CIT v Virtual Soft System 404 ITR 409 (SC) to contend that the assessee can only be charged on the “real income” which can be calculated only after applying the prescribed method. The assessee also challenged the rejection of declared book loss and its substitution by net profit computed @5% of turnover of the assessee. The Ld. CIT(Appeals) rejected the assessee’s arguments and held…

ACIT-31(1), Mumbai vs. Ecomomes Township LLP, Mumbai

In the result, appeal filed by the Revenue is allowed

ITA 5888/MUM/2019[2014-15]Status: DisposedITAT Mumbai07 Feb 2022AY 2014-15

Bench: Shri C.N. Prasad, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleacit – 31(1) V. M/S. Ecohomes Township Llp 14Th Floor, Eco Star Room No. 602, 6Th Floor Vishweshar Nagar Cross Road Kautilya Bhavan, C-41 To C-43 Off. Aarey Road, Goregaon (E) Bandra Kurla Complex Mumbai – 400063 Bandra(E), Mumbai - 400051 Pan: Aadfe2724Q (Appellant) (Respondent) Assessee By : Ms. Aarti Vissanji Department By : Shri B.K. Bagchi

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri B.K. Bagchi
Section 143(1)Section 143(2)

…is liable to tax under the Act can be arrived at after applying the Guidance Note, for that purpose she relied on the following case laws: - (i). CIT v. Punjab Stainless Steel Industries [(2014) 364 ITR 144 (SC)] (ii). CIT v. Virtual Soft Systems Ltd. [(2018) 404 ITR 409 (SC)]. (iii). Bhoomi Construction Projects ITAT (Mum) 11. Further she relied in the case of CIT v. Bilahari Investment Pvt. Ltd., [(2008) 299 ITR 1)] and submitted that in the case of a chit fund, the attempt of the Dept. to change the method followed by the assessee from completed contract to deferred revenue was rejected since income had been…

ACIT, Circle- 1, Ltu, New Delhi vs. Indian Rail Finance Corp. Ltd., New Delhi

In the result, the appeal filed by the Revenue in ITA No

ITA 1746/DEL/2018[2013-14]Status: DisposedITAT Delhi01 Sept 2021AY 2013-14

Bench: Shri N.K. Billaiya & Shri Kuldip Singh

For Appellant: Shri S. Krishnan, AdvFor Respondent: Ms Sunita Singh, CIT- DR
Section 115J

…g book profit under Section 115JA of the Act? 6. The Hon'ble Jurisdictional High Court decided the issue in favour of the assessee and against the Revenue. 7. This quarrel was considered by the Hon'ble Supreme Court in the case of Virtual Soft Systems Ltd 404 ITR 409 wherein the Hon'ble Apex Court held that the decision of the Hon'ble High Court cannot be interfered with and in this judgment, the Hon'ble Supreme Court affirmed the order of the Hon'ble High Court of Delhi in the case of the assessee. 8. We find that the ld. CIT(A) has decided the appeal in favour of the assessee by following the precedents…