Durgabati & Smt.Narmadabala Gupta v. CIT

DCIT-Ltu - 2, Mumbai vs. Ambuja Cements Ltd, Mumbai

In the result, the appeal of the revenue is dismissed

…ts, we may usefully refer to the observations made by a coordinate bench in the case of Dheeraj Amin Vs ACIT [(2016) 71 taxmann.com 288 (Bang)], wherein and after analysing the judgment of Hon‟ble Supreme Court in the case of Chainrup Sampatram Vs CIT [(1953) 54 ITR 506 (SC)], the coordinate bench, speaking through one of us (i.e. the Vice President), observed that “The principle is thus unambiguous. The principles of conservatism, and considerations of prudence, in the accounting treatment require that no anticipated profits be treated as income until the profits are realized, and, at the same ITA Nos. 1889 and…