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.

Asst CIT 25(3), Mumbai vs. Rajul V. Vora, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 2575/MUM/2017[2012-13]Status: DisposedITAT Mumbai26 Jul 2019AY 2012-13

Bench: Shri G.S. Pannu & Shri Ram Lal Negi: A.Y : 2012-13

For Appellant: Dr. Rajeev HaritFor Respondent: Dr. K. Shivaram
Section 143(3)Section 69

…ion rather than its form. In support of his contention, he relied on the following decisions: i) Sir Kikabhai Premchand vs. CIT, 24 ITR 506 (SC) ii) CIT vs. The 21st Society of Immaculate Conception, 241 ITR 193 (Mad.) iii) CIT vs. Virtual Soft Systems Ltd., 404 ITR 409 (SC) 10. Further the ld. Representative relied on the following case laws to support his argument that merely because the land stood in the name of Partner of the assessee, no addition can be made in the hands of the assessee when the same was held by him in a fiduciary capacity as Partner of the firm :- 6 Shri Rajul V. Vora i) ITO vs. Shri A…

The DCIT, Circle-4(1)(2), Ahmedabad vs. M/S. Vodafone Shared Services Ltd., (Formerly Known As Vodafone Essar Shared Services Ltd.), Ahmedabad

In the result, Revenue’s appeal in ITA No

ITA 124/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad28 May 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadsl.

For Appellant: Shri S.N. Soparkar, Sr.Adv. with Shri Bandish SoparkarFor Respondent: Shri O.P. Vaishnav, CIT-DR

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘सी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, AHMEDABAD सव"ी "द"प कुमार के"डया, लेखा सद"य एवं महावीर "साद, "या"यक सद"य के सम" । BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Sl. ITA No(s) Assessment Appeal(s) by Nos. Year (s) Appellant vs. Respondent Appellant Respondent 1. 124/Ahd/2017 2012-13 DCIT Vodafone Shared Circ-4(1)(2) Services Ltd. Ahmedabad (formerly Known as Vodafone Essar Shared Services Ltd) Bldg-B, Vodafone House Corporate Road Prahladnagar, Ahmedabad PAN:AADCV 1145 K (Revenue) (Assessee) 2. 16…

Vodafone Business Services Limited ( Formerly Known As Vodafone Shared Services Limited), Ahmedabad vs. The Dy. CIT, Circle-4(1)(2), Ahmedabad

In the result, Revenue’s appeal in ITA No

ITA 1923/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad28 May 2019AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadsl.

For Appellant: Shri S.N. Soparkar, Sr.Adv. with Shri Bandish SoparkarFor Respondent: Shri O.P. Vaishnav, CIT-DR

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘सी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, AHMEDABAD सव"ी "द"प कुमार के"डया, लेखा सद"य एवं महावीर "साद, "या"यक सद"य के सम" । BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Sl. ITA No(s) Assessment Appeal(s) by Nos. Year (s) Appellant vs. Respondent Appellant Respondent 1. 124/Ahd/2017 2012-13 DCIT Vodafone Shared Circ-4(1)(2) Services Ltd. Ahmedabad (formerly Known as Vodafone Essar Shared Services Ltd) Bldg-B, Vodafone House Corporate Road Prahladnagar, Ahmedabad PAN:AADCV 1145 K (Revenue) (Assessee) 2. 16…

The Jt. CIT, Range-8, Ahmedabad vs. Vodafone Shared Services Ltd., (Formerly Known As Vodafone Essar Shared Services Ltd.), Ahmedabad

In the result, Revenue’s appeal in ITA No

ITA 162/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 May 2019AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadsl.

For Appellant: Shri S.N. Soparkar, Sr.Adv. with Shri Bandish SoparkarFor Respondent: Shri O.P. Vaishnav, CIT-DR

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘सी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, AHMEDABAD सव"ी "द"प कुमार के"डया, लेखा सद"य एवं महावीर "साद, "या"यक सद"य के सम" । BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Sl. ITA No(s) Assessment Appeal(s) by Nos. Year (s) Appellant vs. Respondent Appellant Respondent 1. 124/Ahd/2017 2012-13 DCIT Vodafone Shared Circ-4(1)(2) Services Ltd. Ahmedabad (formerly Known as Vodafone Essar Shared Services Ltd) Bldg-B, Vodafone House Corporate Road Prahladnagar, Ahmedabad PAN:AADCV 1145 K (Revenue) (Assessee) 2. 16…

The DCIT, Circle-4(1)(2), Ahmedabad vs. M/S. Vodafone Shared Services Ltd., (Formerly Known As Vodafone Essar Shared Services Ltd.), Ahmedabad

In the result, Revenue’s appeal in ITA No

ITA 1468/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad28 May 2019AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadsl.

For Appellant: Shri S.N. Soparkar, Sr.Adv. with Shri Bandish SoparkarFor Respondent: Shri O.P. Vaishnav, CIT-DR

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘सी’, अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ C ” BENCH, AHMEDABAD सव"ी "द"प कुमार के"डया, लेखा सद"य एवं महावीर "साद, "या"यक सद"य के सम" । BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER Sl. ITA No(s) Assessment Appeal(s) by Nos. Year (s) Appellant vs. Respondent Appellant Respondent 1. 124/Ahd/2017 2012-13 DCIT Vodafone Shared Circ-4(1)(2) Services Ltd. Ahmedabad (formerly Known as Vodafone Essar Shared Services Ltd) Bldg-B, Vodafone House Corporate Road Prahladnagar, Ahmedabad PAN:AADCV 1145 K (Revenue) (Assessee) 2. 16…

Infrastructure Leasing & Financial Services Ltd., Mumbai vs. Addl. CIT, Range-10(1), Mumbai

In the result, appeals filed by the Revenue for all assessment years are partly

ITA 3339/MUM/2011[2005-06]Status: DisposedITAT Mumbai30 Apr 2019AY 2005-06

Bench: Shri G. Manjunatha & Shri Ravish Sood, Assessment Years: 2005-06 Addl. Commissioner Of Infrastructure Leasing & Income Tax-Range 10(1) Financial Services Limited बनाम/ Mumbai The Il&Fs Financial Center Vs. Plot No. C-22, G Block Bandra Kurla Complex Bandra (E) Mumbai 400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaaci-0989-F Assessment Years: 2005-06 Infrastructure Leasing & Addl. Commissioner Of Financial Services Limited Income Tax-Range 10(1) बनाम/ The Il&Fs Financial Center Mumbai Vs. Plot No. C-22, G Block Bandra Kurla Complex Bandra (E) Mumbai 400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaaci-0989-F Assessment Years: 2006-07 Addl. Commissioner Of Infrastructure Leasing & Income Tax-Range 10(1) Financial Services Limited बनाम/ Mumbai The Il&Fs Financial Center Vs. Plot No. C-22, G Block Bandra Kurla Complex Bandra (E) Mumbai 400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aaaci-0989-F

Section 10(230)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “C”, MUMBAI Before Shri G. MANJUNATHA, Accountant Member and Shri RAVISH SOOD, Judicial Member, Assessment Years: 2005-06 ADDL. COMMISSIONER OF INFRASTRUCTURE LEASING & INCOME TAX-Range 10(1) FINANCIAL SERVICES LIMITED बनाम/ Mumbai The IL&FS Financial Center Vs. Plot No. C-22, G Block Bandra Kurla Complex Bandra (E) Mumbai 400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. AAACI-0989-F Assessment Years: 2005-06 INFRASTRUCTURE LEASING & ADDL. COMMISSIONER OF FINANCIAL SERVICES LIMITED INCOME TAX-Range 10(1) बनाम/ The IL&FS Financial Center Mumbai Vs. Plot No.…

The Pr. Commissioner of Income Tax (4) vs. M/S Chamundi Winery and Distillery

ITA/172/2017HC Karnataka25 Sept 2018

Bench: S.SUJATHA,VINEET KOTHARI

Section 260

…] 56 ITR 521 (SC) 80-85 17 CIT Vs. Chamanlal Mangaldas & Co. 39 ITR 8 (SC) 101-104 18 CIT Vs. Chamanlal Mangaldas & Co. 29 ITR 987 (Bom) 105-110 19 CIT Vs. Harivallabhadas Kalidas & Co. 39 ITR 1 (SC) 111-115 28 CIT Vs. Virtual Soft Systems Ltd 404 ITR 409 (SC) 172-184 29 CIT Vs. Lakshmi Machine Works 290 ITR 667 (SC) 185-196 30 Miss Dhun Dadbhoy Kapadia Vs. CIT 63 ITR 651 (SC) 197-200 Date of Judgment 25-09-2018 I.T.A.No.155/2016 and connected matters The Pr. Commissioner of Income Tax & Ors. Vs. M/s. Chamundi Winery and D…

Pr. Commissioner of Income Tax vs. M/S Chamundi Winery and Distillery

ITA/467/2015HC Karnataka25 Sept 2018

Bench: S.SUJATHA,VINEET KOTHARI

Section 260

…] 56 ITR 521 (SC) 80-85 17 CIT Vs. Chamanlal Mangaldas & Co. 39 ITR 8 (SC) 101-104 18 CIT Vs. Chamanlal Mangaldas & Co. 29 ITR 987 (Bom) 105-110 19 CIT Vs. Harivallabhadas Kalidas & Co. 39 ITR 1 (SC) 111-115 28 CIT Vs. Virtual Soft Systems Ltd 404 ITR 409 (SC) 172-184 29 CIT Vs. Lakshmi Machine Works 290 ITR 667 (SC) 185-196 30 Miss Dhun Dadbhoy Kapadia Vs. CIT 63 ITR 651 (SC) 197-200 Date of Judgment 25-09-2018 I.T.A.No.155/2016 and connected matters The Pr. Commissioner of Income Tax & Ors. Vs. M/s. Chamundi Winery and D…

DCIT-9(1)(2), Mumbai vs. Atc India Tower Corporation Pvt. Ltd, Mumbai

In the result, appeal filed by assessee is allowed

ITA 2620/MUM/2016[2008-09]Status: DisposedITAT Mumbai31 Jul 2018AY 2008-09

Bench: Shri G.S. Pannu & Shri Pawan Singhin The Matter Of Deputy Commissioner Of Income-Tax -9(2) Room No. 260A, 2Nd Floor, Aayakar Bhawan, M. K. Road, Mumbai-400020 ------- Appellant/ Revenue (Revenue Through Sh. Rajesh Kumar Yadav Sr Dr Versus M/S Atc India Tower Corporation, 404, 4Th Floor, Skyline Icon, Andheri Kurla Road, Andheri East, Mumbai- 400049 Pan: Aajcs7669H -------- Respondent / Assessee (Assessee Through Sh. Satyen Sethi Advocate Reserve For Order : 02.05.2018 Date Of Pronouncement : 31.07.2018 Order Under Section 254(1) Of Income -Tax Act Per Pawan Singh; 1. This Appeal By Revenue Under Section 253 Of Income-Tax Act Is Directed Against The Order Of Commissioner (Appeals)-16, Mumbai Dated 22Nd January 2016, Which Arise From Assessment Order Passed Under Section 143(3) Read With Section 147 Dated 25Th March 2013 For Assessment Year

Section 143(3)Section 147Section 148Section 253Section 254(1)

…IN THE INCOME-TAX APPELLATE TRIBUNAL“A”BENCH, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER In the matter of Deputy Commissioner of Income-tax -9(2) Room No. 260A, 2nd Floor, Aayakar Bhawan, M. K. Road, Mumbai-400020 ------- Appellant/ Revenue (Revenue through Sh. Rajesh Kumar Yadav Sr DR Versus M/s ATC India Tower Corporation, 404, 4th Floor, Skyline Icon, Andheri Kurla Road, Andheri East, Mumbai- 400049 PAN: AAJCS7669H -------- Respondent / Assessee (Assessee through Sh. Satyen Sethi Advocate Reserve for order : 02.05.2018 Date of Pronouncement : 31.07.2018 Order unde…

The Commissioner of income Tax-II vs. M/s.Ideal Industrial Explosives Ltd

ITTA/100/2010HC Telangana01 Mar 2016

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY