Co. Ltd. & CIT (1971)82 ITR 363 (SC), J.K. Synthetics Limited v. O.S. Bajpai, ITO

125 ITR 33High Court1980#4515 most cited

What is Co. Ltd. & CIT (1971)82 ITR 363 (SC), J.K. Synthetics Limited v. O.S. Bajpai, ITO authority for?

A contingent or conditional liability cannot be recognized for tax purposes under the mercantile system of accounting. Such liabilities arise only when they are ascertained, unlike statutory liabilities where quantification does not postpone accrual.

26

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2021.

Also referred to as

Swadeshi Cotton Mill Co. Ltd. v. O.S. Bajpai · ITO · 125 ITR 33 · mercantile system of accounting · contingent liability · conditional liability · ascertained liability · statutory liability · section 10(2)(xv)

Issues it is cited on

section 10(2)(xv)section 10(2)section 10(1)rule of consistencysection 260section 260amercantile system of accountingsection 263section 10section 26salaryprevious year

Judgments citing Co. Ltd. & CIT (1971)82 ITR 363 (SC), J.K. Synthetics Limited v. O.S. Bajpai, ITO

ITO WD 11(1)(3), MUMBAI vs. SALIENT TRADERS P.LTD, MUMBAI

In the result , appeal of the assessee for A

ITA 3059/MUM/2017[2012-13]Status: DisposedITAT Mumbai23 Dec 2021AY 2012-13
Section 143(3)

…under consideration. The mercantile system cannot be used for provisional, contingent or notional payments. A contingent and conditional liability cannot be taken cognizance of, as held by the Allahabad High Court in Swadeshi Cotton Mill Co. Ltd. v. O7-[1980] 125 ITR 33 / 3 Taxman 280. 6.2 It is pertinent to mention at this juncture the fact that the assessee itself is not bound by the entries made in it books has been revealed when it itself has agreed to offer a 5% disallowance of the expenses claimed in its books. No plausible explanation or detail or evidence for offering the percentage of disallowance @ 5% h…

SMT. NEETA SHARMA,AGRA vs. A.C.I.T., CIRCLE-2, AGRA

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

ITA 299/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…the matter of Century Foams Pvt. Ltd. CIT 210 ITR 625 [CIT(A) Order Pg. 30] ,Newton Chikli collieries Ltdvs CIT 44ITR 495 SC .196 ITR Raman Lal Kacluralal . 15. Further the ld. DR had submitted that decision rendered by the High Court in Swadeshi Cotton Mills 125 ITR 33, is not applicable as onus is on the assessee to explain reasons for inflation of the stock statement and value, which warranted, the assessee for filing it to the bank. It was submitted by ld. DR once the CIT A had rejected the books of account and was not satisfied about the stock statement given in the audited balance sheet by the assessee , th…

A.C.I.T.-2, AGRA vs. SMT. NEETA SHARMA PROP., AGRA

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

ITA 286/AGR/2013[2007-08]Status: DisposedITAT Agra19 Aug 2019AY 2007-08

Bench: : Shri Laliet Kumar & Dr. Mitha Lal Meenaassessment Year: 2007-08

Section 234ASection 40A(2)(b)Section 40A(3)Section 46A

…the matter of Century Foams Pvt. Ltd. CIT 210 ITR 625 [CIT(A) Order Pg. 30] ,Newton Chikli collieries Ltdvs CIT 44ITR 495 SC .196 ITR Raman Lal Kacluralal . 15. Further the ld. DR had submitted that decision rendered by the High Court in Swadeshi Cotton Mills 125 ITR 33, is not applicable as onus is on the assessee to explain reasons for inflation of the stock statement and value, which warranted, the assessee for filing it to the bank. It was submitted by ld. DR once the CIT A had rejected the books of account and was not satisfied about the stock statement given in the audited balance sheet by the assessee , th…

KNIGHT RIDERS SPORTS P. LTD,MUMBAI vs. ASST CIT CEN CIR 29, MUMBAI

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 1307/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Dec 2017AY 2009-10

Bench: Shri G.S.Pannu, Am & Shri Ravish Sood, Jm M/S Knight Riders Sports Acit, Central Circle-29, Private Limited, Deepvan बिधम/ Mumbai. Anand Vihar Society, 20Th Vs. Road, Khar (W), Mumbai-400 052 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aadck3118M (अऩीराथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: Mr. J.D. Mistry, A.RFor Respondent: Mr. Rajesh Yadav, D.R
Section 143(3)Section 250Section 32(1)(ii)Section 37(1)

…is therefore the same is claimed as deduction while computing the taxable income for the year ending on 31 March 2009. In this regard reliance has been placed on the principles laid down in the following cases:  Swadeshi "cotton Mill Co. Ltd. vs. CIT Kanpur (125 ITR 33) (All) The Allahabad HC held "In our opinion, there is much substance in the submission made before us on behalf of the assessee and we agree that in the case of a statutory liability the quantification or ascertainment cannot postpone its accrual, but if the liability is based on some contractual obligation, it arises only when it is ascertained.…

AGGARWAL & MODI ENTERPISES CO. vs. COMMISSIONER OF INCOME TAX

ITA/1123/2007HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

AGGARWAL & MODI ENTERPRISES PV vs. C.I.T

ITA/770/2006HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISE vs. THE COMMISSIONER OF INCOME TAX

ITA/355/2003HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISE vs. COMMISSIONER OF INCOME TAX

ITA/876/2006HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISES vs. COMMISSIONER OF INCOME TAX

ITA/1277/2009HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISE vs. COMMISISONER OF INCOME TAX

ITA/801/2006HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISES PVT LTD vs. COMMISSIONER OF INCOME TAX

ITA/1273/2009HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISE vs. COMMISSIONER OF INCOME TAX

ITA/769/2006HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISES vs. THE COMMISSIONER OF INCOME TAX

ITA/354/2003HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

AGGARWAL & MODI ENTERPRISES CO vs. COMMISSIONER OF INCOME TAX

ITA/1122/2007HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISE vs. THE COMMISSIONER OF INCOME TAX

ITA/353/2003HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

AGGARWAL & MODI ENTERPRISES PV vs. C.I.T

ITA/767/2006HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISES vs. COMMISSIONER OF INCOME TAX

ITA/1274/2009HC Delhi21 Jan 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISES vs. COMMISSIONER OF INCOME TAX

ITA - 1274 / 2009HC Delhi21 Jan 2016

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISES vs. THE COMMISSIONER OF INCOME TAX

ITA - 354 / 2003HC Delhi21 Jan 2016

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

M/S AGGARWAL & MODI ENTERPRISE vs. THE COMMISSIONER OF INCOME TAX

ITA - 355 / 2003HC Delhi21 Jan 2016

…ITA Nos.353, 354, 355/2003; 767, 769, 770, 801, 876/2006; 1122, 1123/2007; 1273, 1274, 1277/2009 Page 1 of 31 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 14th December, 2015 Date of Decision: 21st January, 2016 + ITA 353/2003 M/s. AGGARWAL AND MODI ENTERPRISES (CINEMA PROJECT) CO. PVT. LTD ..... Appellant Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Advocate. versus THE COMMISSIONER OF INCOME TAX ..... Respondent Through: Ms. Suruchi Agarwal, Senior Standing Counsel with Ms. Vibhooti Malhotra, Jun…

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