CIT v. West Coast Paper Mills Ltd.

Asst CIT 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Jagadish ()

…in to the year, created as in consequence of an adoption of the revised accounting standard. 19. The fact that in year of change of accounting method there may be a distortion was accepted by the Bombay High Court in CIT vs. West Coast Paper Mills Ltd. [1992] 193 ITR 349 (Bombay). The Court was concerned with a case where the assessee changed its method of accounting for claiming deduction of bonus payments to employees from cash to mercantile. Consequently, in the year of change it claimed such deduction in respect of the cash payment for the past year accounts as well as for the provision made for the current y…

State Bank of India, Mumbai vs. Asst CIT Cir 2(2), Mumbai

In the result appeal filed by the assessee as well as revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Jagadish ()

…in to the year, created as in consequence of an adoption of the revised accounting standard. 19. The fact that in year of change of accounting method there may be a distortion was accepted by the Bombay High Court in CIT vs. West Coast Paper Mills Ltd. [1992] 193 ITR 349 (Bombay). The Court was concerned with a case where the assessee changed its method of accounting for claiming deduction of bonus payments to employees from cash to mercantile. Consequently, in the year of change it claimed such deduction in respect of the cash payment for the past year accounts as well as for the provision made for the current y…

Asst CIT Cir 2(2)(1), Mumbai vs. State Bank of India, Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.3645/Mum./2016 (Assessment Year : 2009–10) State Bank of India Finance Reporting & Taxation Department 3rd Floor, Corporate Centre ……………. Appellant Madam Cama Road, Nariman Point Mumbai 400 021 PAN – AAACS8577K v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–2(2)(1), Mumbai ITA no.4564/Mum./2016 (Assessment Year : 2009–10) Asstt. Commissioner of Income Tax ……………. Appellant Circle–2(2)(1), Mumbai v/s State Bank of India Finance Reporting & Taxat…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal by the Revenue is partly allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.3645/Mum./2016 (Assessment Year : 2009–10) State Bank of India Finance Reporting & Taxation Department 3rd Floor, Corporate Centre ……………. Appellant Madam Cama Road, Nariman Point Mumbai 400 021 PAN – AAACS8577K v/s Dy. Commissioner of Income Tax ……………. Respondent Circle–2(2)(1), Mumbai ITA no.4564/Mum./2016 (Assessment Year : 2009–10) Asstt. Commissioner of Income Tax ……………. Appellant Circle–2(2)(1), Mumbai v/s State Bank of India Finance Reporting & Taxat…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

…&4563/Mum/2016 created as in consequence of an adoption of the revised accounting standard. 19. The fact that in year of change of accounting method there may be a distortion was accepted by the Bombay High Court in CIT vs. West Coast Paper Mills Ltd. [1992] 193 ITR 349 (Bombay). The Court was concerned with a case where the assessee changed its method of accounting for claiming deduction of bonus payments to employees from cash to mercantile. Consequently, in the year of change it claimed such deduction in respect of the cash payment for the past year accounts as well as for the provision made for the current y…

Addl CIT -- 10(1), Mumbai vs. Agc Network Ltd ( Formerly Known As Avaya Global Connect Ltd), Mumbai

In the result, Revenue’s appeal is dismissed

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…d., 114 CTR 271 (Cal.); ii) CIT v/s Atul Products Ltd., 225 ITR 85 (Del.); 39 AGC Network Ltd. (Formerly known as Avaya Global Connect Ltd.) iii) CIT v/s Kesoram Industries & Cotton Mills Ltd., 204 ITR 154 (Cal.); and iv) CIT v/s West Cost Paper Mills Ltd., 193 ITR 349 (Bom.). 38. The learned Authorised Representative submitted, the assessee has adopted project completion method which has been accepted as valid method for recognising revenue. He submitted, the same revenue recognition policy is also followed by other reputed companies like IBM Ltd. and Cisco Ltd. having similar business operation like the asse…

Sbi Capitalmarkets Ltd vs. DCIT Sp. RG 27

The appeal of the AO stands dismissed

…assessee. 10.1.During the course of appeal before the FAA,the assessee made elaborate submissions and placed reliance on the ratio laid down in 4 cases,namely National & Grindlays Ltd.(202 ITR 559) Doom Dooma India Ltd.(200ITR496) West Coast Paper Mills Ltd.(193 ITR 349) and Memould Corporation(202 ITR 789). After considering the available material,the FAA held that the method followed by the assessee was a recognised method of accounting,that there was no material to hold that the method followed was not bonafide,that it was incorrect to hold that it could visualise that the tax rates would fall in the subseque…

Religare Technova Global Solutions Ltd, New Delhi vs. ACIT Cir 2(1), Mumbai

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey, Jm & Shri N. K. Pradhan, Am

…ts (India) Ltd. (2010) 39 SOT 438 (Chennai (SB); CIT vs. Dinesh Kumar Goyal (2011) 331 ITR 10 (Del); DCIT vs. TVS Electronics Ltd. (2012) 52 SOT 287 (Chennai); CIT vs. Bank of Rajasthan Ltd. (2010) 326 ITR 526 (Bom); CIT vs. West Coast Paper Mills Ltd. (1992) 193 ITR 349 (Bom). The ld. counsel thus submits that the order of the ld. CIT(A) upholding the addition of unearned income is contrary to the provisions of the Act. 3.4 The case was fixed for clarification on 27.10.2016. We brought to the notice of the ld. counsel of the assessee the decision in the case of CIT vs. Tanjore Permanent Bank Ltd. (1984) 149 I…