E.D. Sassoon & Co. Ltd. v. CIT

26 ITR 27Supreme Court of India1954#326 most cited

What is E.D. Sassoon & Co. Ltd. v. CIT authority for?

Income is taxable only when it represents real income, not notional income. It accrues only when there is a vested right to receive it, typically upon the occurrence of a transfer or event, rather than merely on a time basis.

256

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 1992 to 2026.

Also referred to as

E.D. Sassoon & Co. Ltd. v. CIT · 26 ITR 27 · Supreme Court · real income principle · notional income · income accrual · right to receive income · section 48 · capital gains computation · timing of tax liability · mercantile system · section 145

Also reported as

1 SCR 313

Sections most often in play

Section 143(3)Section 250Section 143(2)Section 36(1)(va)Section 48Section 115JBSection 142(1)Section 143(1)
Read the full judgment

Issues it is cited on

right to receivesection 145(2)mercantile system of accountingsection 48section 45section 34liable to taxbook profitsprofits and gains of business or professionsection 145section 115jrevenue expenditure

Judgments citing E.D. Sassoon & Co. Ltd. v. CIT

M/S High Range Foods Private Ltd, Kochi vs. ITO Corporate Ward 1(3), Kochi

In the result, the assessee’s appeal is partly allowed

ITA 22/COCH/2023[2015-16]Status: DisposedITAT Cochin11 Dec 2023AY 2015-16

Bench: Shri Sanjay Arora & Shri Manomohan Dashigh Range Foods Pvt. Ltd. The Income Tax Officer 28/3030, Cheruparambath Road Corporate Ward – 1(3) Vs. Kadavanthra, Kochi 682020 Kochi [Pan:Aaach6076L] (Appellant) (Respondent) Assessee By: Shri P.M. Veeramani, Ca Revenue By: Smt. J.M. Jamuna Devi, Sr. D.R. Date Of Hearing: 11.09.2023 Date Of Pronouncement: 11.12.2023 O R D E R Per Sanjay Arora, Am This Appeal By The Assessee Is Directed Against The Order Dated 28.06.2022 By The Commissioner Of Income Tax (Appeals), Nfac, Delhi [Cit(A)], Disallowing The Assessee’S Appeal Contesting It’S Assessment Under Section 143(3) Of The Income Tax Act, 1961 (‘The Act’) Dated 27.12.2017 For Assessment Year (Ay) 2015-16. 2. The Appeal, Filed On 09.01.2023, Is Delayed By 135 Days. The Condonation Petition Accompanying The Appeal, Which Is Supported By A Sworn Affidavit Dated 29.12.2022 By Shri Simon John, The Director & Principal Officer Of The Assessee- Company, Explains The Delay In Terms Of Non-Conveyance Of The Impugned Order Inasmuch As It’S Uploading On The Itba Was Not Accompanied By A Simultaneous Uploading On The Mobile Application As Well As A Real Time Alert Through Sms, As Required By Clause 11 Of The National Faceless Appeal Scheme (Nfas), So That The Order Cannot Be Regarded As Served On 28.6.2022, The Date Of The Impugned Order And

For Appellant: Shri P.M. Veeramani, CAFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 143(3)Section 41(1)

…, being axiomatic, could that be disputed, signify as it does the right to receive, case law on which is legion, viz. Keshav Mills Ltd. vs. CIT (1953) 23 ITR 230 (SC) Turner Morrison & Co. Ltd. v. CIT [1953] 23 ITR 152 (SC) E.D.Sassoon & Co. Ltd. v. CIT[1954] 26 ITR 27 (SC) Morvi Industries Ltd. v. CIT[1971] 82 ITR 835 (SC) R.B. Jodha Mal Kuthiala v. CIT [1971] 82 ITR 570 (SC) CIT v. Excel Industries Ltd. [2013] 358 ITR 295 (SC) The amount having been already received, income arises to that extent; the assessee acquiring a dominion or unqualified right over the same. That the assessee may not have appropriated it…

Ranjan Dagar, New Delhi vs. ACIT, Int. Tax. Circle-1(2)(2), Delhi

In the result, the appeal of the assessee is allowed

ITA 761/DEL/2023[2016-17]Status: DisposedITAT Delhi21 Nov 2023AY 2016-17

Bench: Us:-

Section 147Section 148

…been earned but has not been earned. Vide—CIT Vs. Shoorji Vallabhdas & Co. 46 ITR 144 (SC) Godhra Electricity Co. Ltd. Vs. CIT 225 ITR 746 (SC) (ii) Income accrues when the assessee acquires a right to receive the income. Vide—E.D. Sassoon & Co. Ltd. Vs. CIT 26 ITR 27 (SC) 4. The on the facts and circumstances of the case and in law the CIT(A) failed to consider the following:- (i) that the interest income of Rs.39,70,120/- from Omax Ltd. was disputed and subject to litigation and hence could not be brought to tax during A.Y.2016-17; (ii) that merely since the TDS on said interest income was reflected in Form 26…

M/S Bellary Iron-Ores Private Limited, Bellary vs. The Assistant Commissioner of Income Tax Circle-1, Bellary

ITA 15/BANG/2019[2015-16]Status: DisposedITAT Bangalore20 Sept 2023AY 2015-16

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Year: 2014-15

For Appellant: Shri Shivprasad Reddy, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 102Section 139(1)Section 173Section 194ASection 226(3)

…on succession of the deceased person was settled by compromise decree. 4.5 He submitted that the Larger Bench of the Hon’ble Supreme Court explained the basic concept of income in its landmark decision, way-back in 1954, reported in E.D. Sassoon & Co. [1954] 26 ITR 27 (SC). In summary, it held as under: “It is clear therefore that income may accrue to the assessee without the actual receipt of the same. If the assessee acquires the right to receive the income, the income can be said to have accrued to him ITA No.1540/Bang/2018 & M/s. Bellary Iron Ores Pvt. Ltd., Bellary Page 9 of 42 though it may be received l…

M/S Bellary Iron-Ores Pvt Ltd, Bellary vs. The Income Tax Officer Ward-2, Hospet

ITA 1540/BANG/2018[2014-15]Status: DisposedITAT Bangalore20 Sept 2023AY 2014-15

Bench: Shri Chandra Poojari & Ms. Madhumita Royassessment Year: 2014-15

For Appellant: Shri Shivprasad Reddy, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 102Section 139(1)Section 173Section 194ASection 226(3)

…on succession of the deceased person was settled by compromise decree. 4.5 He submitted that the Larger Bench of the Hon’ble Supreme Court explained the basic concept of income in its landmark decision, way-back in 1954, reported in E.D. Sassoon & Co. [1954] 26 ITR 27 (SC). In summary, it held as under: “It is clear therefore that income may accrue to the assessee without the actual receipt of the same. If the assessee acquires the right to receive the income, the income can be said to have accrued to him ITA No.1540/Bang/2018 & M/s. Bellary Iron Ores Pvt. Ltd., Bellary Page 9 of 42 though it may be received l…

M/s. Sathavahana Ispat Limited vs. Deputy Commissioner of Income Tax

ITTA/261/2007HC Telangana14 Sept 2023

Bench: P.SAM KOSHY,LAXMI NARAYANA ALISHETTY

Suresh Kumar, Chennai vs. DCIT, Central Circle-3(3), Chennai

In the result, appeal filed by the assessee is allowed

ITA 167/CHNY/2023[2019-20]Status: DisposedITAT Chennai31 Aug 2023AY 2019-20

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 167/Chny/2023 िनधा"रण वष" / Assessment Year: 2019-20 Suresh Kumar, Deputy Commissioner Of 114/10 (Ligh), Gandhi Road, V. Income Tax, West Tambaram, Central Circle 1(3), Chennai – 600 045. Chennai – 600 034. [Pan: Aagps-0396-D] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. D. Anand, Advocate अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. Ar V Sreenivasan, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 16.08.2023 घोषणा क" तारीख/Date Of Pronouncement : 31.08.2023 आदेश /O R D E R

For Respondent: Shri. AR V Sreenivasan, Addl. CIT
Section 131Section 133ASection 69B

…at the outset, it may be noted that the AO has made addition on account of notional interest of Rs. 1,39,366/-. There cannot be any addition on account of notional income as held by the Hon’ble Supreme Court in case of E.D. Sassoon & Co. & Ors. vs. CIT (1954) 26 ITR 27 and Godhra Electricity Co. Ltd. vs. CIT (1997) 225 ITR 746 where it was held that only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum. Therefore, the addition made by the AO is not as per law and the same be deleted. The ld. CIT(A) has confirmed the addition by stating that it is the disallowance of…

ACIT, Circle-18(2), Noida vs. Noida Toll Bridge Co. Ltd., Noida

In the result, appeal of the assessee is allowed

ITA 4973/DEL/2018[2009-10]Status: DisposedITAT Delhi08 Aug 2023AY 2009-10

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. ASTHA CHANDRA, JUDICIAL MEMBER SA No. 564/DEL/2018 [A/o ITA No.4410/DEL/2018 [A.Y. 2006-07]] SA No. 565/DEL/2018 [A/o ITA No.4411/DEL/2018 [A.Y. 2007-08]] SA No. 566/DEL/2018 [A/o ITA No.4412/DEL/2018 [A.Y. 2008-09]] SA No. 567/DEL/2018 [A/o ITA No.4413/DEL/2018 [A.Y. 2009-10]] SA No. 568/DEL/2018 [A/o ITA No.4415/DEL/2018 [A.Y. 2010-11]] SA No. 569/DEL/2018 [A/o ITA No.4417/DEL/2018 [A.Y. 2011-12]] & ITA No.4410/DEL/2018 [A.Y. 2006-07] ITA No.4411/DEL/2018 [A.Y. 2007-08] ITA No.4412/DEL/2018…

ACIT, Circle-18(2), Noida vs. Noida Toll Bridge Co. Ltd., Noida

In the result, appeal of the assessee is allowed

ITA 4972/DEL/2018[2011-12]Status: DisposedITAT Delhi08 Aug 2023AY 2011-12

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. ASTHA CHANDRA, JUDICIAL MEMBER SA No. 564/DEL/2018 [A/o ITA No.4410/DEL/2018 [A.Y. 2006-07]] SA No. 565/DEL/2018 [A/o ITA No.4411/DEL/2018 [A.Y. 2007-08]] SA No. 566/DEL/2018 [A/o ITA No.4412/DEL/2018 [A.Y. 2008-09]] SA No. 567/DEL/2018 [A/o ITA No.4413/DEL/2018 [A.Y. 2009-10]] SA No. 568/DEL/2018 [A/o ITA No.4415/DEL/2018 [A.Y. 2010-11]] SA No. 569/DEL/2018 [A/o ITA No.4417/DEL/2018 [A.Y. 2011-12]] & ITA No.4410/DEL/2018 [A.Y. 2006-07] ITA No.4411/DEL/2018 [A.Y. 2007-08] ITA No.4412/DEL/2018…

ACIT, Circle-18(2), Noida vs. Noida Toll Bridge Co. Ltd., Noida

In the result, appeal of the assessee is allowed

ITA 4971/DEL/2018[2010-11]Status: DisposedITAT Delhi08 Aug 2023AY 2010-11

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. ASTHA CHANDRA, JUDICIAL MEMBER SA No. 564/DEL/2018 [A/o ITA No.4410/DEL/2018 [A.Y. 2006-07]] SA No. 565/DEL/2018 [A/o ITA No.4411/DEL/2018 [A.Y. 2007-08]] SA No. 566/DEL/2018 [A/o ITA No.4412/DEL/2018 [A.Y. 2008-09]] SA No. 567/DEL/2018 [A/o ITA No.4413/DEL/2018 [A.Y. 2009-10]] SA No. 568/DEL/2018 [A/o ITA No.4415/DEL/2018 [A.Y. 2010-11]] SA No. 569/DEL/2018 [A/o ITA No.4417/DEL/2018 [A.Y. 2011-12]] & ITA No.4410/DEL/2018 [A.Y. 2006-07] ITA No.4411/DEL/2018 [A.Y. 2007-08] ITA No.4412/DEL/2018…

ACIT, Circle-18(2), Noida vs. Noida Toll Bridge Co. Ltd., Noida

In the result, appeal of the assessee is allowed

ITA 4970/DEL/2018[2008-09]Status: DisposedITAT Delhi08 Aug 2023AY 2008-09

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. ASTHA CHANDRA, JUDICIAL MEMBER SA No. 564/DEL/2018 [A/o ITA No.4410/DEL/2018 [A.Y. 2006-07]] SA No. 565/DEL/2018 [A/o ITA No.4411/DEL/2018 [A.Y. 2007-08]] SA No. 566/DEL/2018 [A/o ITA No.4412/DEL/2018 [A.Y. 2008-09]] SA No. 567/DEL/2018 [A/o ITA No.4413/DEL/2018 [A.Y. 2009-10]] SA No. 568/DEL/2018 [A/o ITA No.4415/DEL/2018 [A.Y. 2010-11]] SA No. 569/DEL/2018 [A/o ITA No.4417/DEL/2018 [A.Y. 2011-12]] & ITA No.4410/DEL/2018 [A.Y. 2006-07] ITA No.4411/DEL/2018 [A.Y. 2007-08] ITA No.4412/DEL/2018…

ACIT, Circle-18(2), Noida vs. Noida Toll Bridge Co. Ltd., Noida

In the result, appeal of the assessee is allowed

ITA 4969/DEL/2018[2007-08]Status: DisposedITAT Delhi08 Aug 2023AY 2007-08

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. ASTHA CHANDRA, JUDICIAL MEMBER SA No. 564/DEL/2018 [A/o ITA No.4410/DEL/2018 [A.Y. 2006-07]] SA No. 565/DEL/2018 [A/o ITA No.4411/DEL/2018 [A.Y. 2007-08]] SA No. 566/DEL/2018 [A/o ITA No.4412/DEL/2018 [A.Y. 2008-09]] SA No. 567/DEL/2018 [A/o ITA No.4413/DEL/2018 [A.Y. 2009-10]] SA No. 568/DEL/2018 [A/o ITA No.4415/DEL/2018 [A.Y. 2010-11]] SA No. 569/DEL/2018 [A/o ITA No.4417/DEL/2018 [A.Y. 2011-12]] & ITA No.4410/DEL/2018 [A.Y. 2006-07] ITA No.4411/DEL/2018 [A.Y. 2007-08] ITA No.4412/DEL/2018…

ACIT, Circle-18(2), Noida vs. Noida Toll Bridge Co. Ltd., Noida

In the result, appeal of the assessee is allowed

ITA 4968/DEL/2018[2006-07]Status: DisposedITAT Delhi08 Aug 2023AY 2006-07

Bench: Shri N.K. Billaiya & Ms. Astha Chandra

For Appellant: Shri Ajay Vohra, Sr. AdvFor Respondent: Shri G.C. Srivastava, Adv
Section 143(3)Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI ‘E’ BENCH, NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER, AND MS. ASTHA CHANDRA, JUDICIAL MEMBER SA No. 564/DEL/2018 [A/o ITA No.4410/DEL/2018 [A.Y. 2006-07]] SA No. 565/DEL/2018 [A/o ITA No.4411/DEL/2018 [A.Y. 2007-08]] SA No. 566/DEL/2018 [A/o ITA No.4412/DEL/2018 [A.Y. 2008-09]] SA No. 567/DEL/2018 [A/o ITA No.4413/DEL/2018 [A.Y. 2009-10]] SA No. 568/DEL/2018 [A/o ITA No.4415/DEL/2018 [A.Y. 2010-11]] SA No. 569/DEL/2018 [A/o ITA No.4417/DEL/2018 [A.Y. 2011-12]] & ITA No.4410/DEL/2018 [A.Y. 2006-07] ITA No.4411/DEL/2018 [A.Y. 2007-08] ITA No.4412/DEL/2018…

Assistant Commissioner of Income Tax Circle- 2(1), Bilaspur vs. M/S Jila Sahkari Kendriya Bank Maryadit, Bilaspur

In the result, the appeal filed by the revenue is allowed in terms of our aforesaid observations

ITA 92/RPR/2018[2012-13]Status: DisposedITAT Raipur04 Jul 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 92/Rpr/2018 "नधा"रण वष" / Assessment Year : 2012-13 The Assistant Commissioner Of Income Tax, Circle-2(1), Bilaspur .......अपीलाथ" / Appellant बनाम / V/S. M/S. Jila Sahakari Kendriya Bank Maryadit, Sahakari Bhawan, Nehru Chowk, Bilaspur (C.G.) Pan : Aaaaj0607P ……""यथ" / Respondent

For Appellant: Shri Nikhilesh Begani, CAFor Respondent: Smt. Ila M. Parmar, CIT-DR
Section 143(3)Section 263(1)

…stries Ltd. (2013) 358 ITR 295 (SC) (ii) P.G And W. Sawoo Pvt. Ltd. Vs. CIT (2016) 385 ITR 60 (SC) (iii) Morvi Industries Ltd. Vs. CIT (1971) 82 ITR 835 (SC) (iv) CIT Vs. Ashokbhai Chimanbhai (1965) 56 ITR 42 (SC) (v) E.D. Sasson & Company Ltd. Vs. CIT (1954) 26 ITR 27 (SC) (vi) Godhra Electricity Co. Ltd. Vs. CIT (1997) 225 ITR 746 (SC) (vii) CIT Vs. Birla Gwalior (P) Ltd. (1973) 89 ITR 266 (SC) (viii) CIT Vs. Suman Dhamija (2016) 382 ITR 343 (SC) (ix) CIT Vs. Bechtel International Inc. (2019) 414 ITR 558 (Bom. HC) (x) CIT Vs. Asea Brown Boveri Ltd. (2020) 427 ITR 166 ( Kar.HC) (xi) CIT Vs. Mahalaxmi Textile Mil…

Assistant Commissioner of Income Tax Circle-1, Jammu vs. Gravita Metal Inc, Kathua

ITA 594/ASR/2019[2016-17]Status: DisposedITAT Amritsar15 Jun 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

For Appellant: Shri. P.C. Parwal, CAFor Respondent: Shri Rohit Mehra, CIT DR
Section 10Section 2(24)Section 2(24)(xviii)

…o tax by the ITO did not represent the income which had really accrued to the assessee-company during the relevant previous years. The High Court, in our opinion, was in error in upsetting the said view of the Tribunal. E.D. Sassoon & Co. Ltd. Vs. CIT (1954) 26 ITR 27 (SC) Income may accrue to an assessee without the actual receipt of the same. If the assessee acquires a right to receive the income, the income can be said to have accrued to him though it may be received later on its being ascertained. The basic conception is that he must have acquired a right to receive the income. There must be a debt owed to h…

Measage Gravita Metal Inc, Kathua vs. Income Tax Officer Ward- 1(4), Kathua

ITA 587/ASR/2019[2016-17]Status: DisposedITAT Amritsar15 Jun 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

For Appellant: Shri. P.C. Parwal, CAFor Respondent: Shri Rohit Mehra, CIT DR
Section 10Section 2(24)Section 2(24)(xviii)

…o tax by the ITO did not represent the income which had really accrued to the assessee-company during the relevant previous years. The High Court, in our opinion, was in error in upsetting the said view of the Tribunal. E.D. Sassoon & Co. Ltd. Vs. CIT (1954) 26 ITR 27 (SC) Income may accrue to an assessee without the actual receipt of the same. If the assessee acquires a right to receive the income, the income can be said to have accrued to him though it may be received later on its being ascertained. The basic conception is that he must have acquired a right to receive the income. There must be a debt owed to h…

DCIT, New Delhi vs. M/S. Sahara India Power Corporation Ltd., Pune

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 5067/DEL/2013[2005-06]Status: PendingITAT Delhi28 Apr 2023AY 2005-06

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…ITA No. 109/Pun/2007 1 AND ITA.1155/Del/2009 & ITA.5067/Del/2013 AND C. O. No. 55/Del/2014 Sahara India Power Corporation Ltd., Pune IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH : ‘A’ NEW DELHI ] BEFORE Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR US, JUDICIAL MEMBER I.T.A. No. 109/PUN/2007 (A.Y. 2003-04) Sahara India Power ACIT, Vs. Corporation Limited, Circle : 6, Amby Valley, Sahara Lake City, Pune. Village Ambavane, Distt. Lonavala, Pune– 410401, Maharastra. PAN No. AAGCS8313P I.T.A. No. 1155/DEL/2009 (A.Y. 2004-05) Sahara India Power DCIT, Vs. Corporation Limited, Amby Valley, Cen…

Sahara India Power Corporation Ltd, Pune vs. DCIT, New Delhi

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 1155/DEL/2009[2004-05]Status: DisposedITAT Delhi28 Apr 2023AY 2004-05

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…ITA No. 109/Pun/2007 1 AND ITA.1155/Del/2009 & ITA.5067/Del/2013 AND C. O. No. 55/Del/2014 Sahara India Power Corporation Ltd., Pune IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH : ‘A’ NEW DELHI ] BEFORE Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR US, JUDICIAL MEMBER I.T.A. No. 109/PUN/2007 (A.Y. 2003-04) Sahara India Power ACIT, Vs. Corporation Limited, Circle : 6, Amby Valley, Sahara Lake City, Pune. Village Ambavane, Distt. Lonavala, Pune– 410401, Maharastra. PAN No. AAGCS8313P I.T.A. No. 1155/DEL/2009 (A.Y. 2004-05) Sahara India Power DCIT, Vs. Corporation Limited, Amby Valley, Cen…

Sahara India Power Corporation Ltd., Pune vs. Assistant Commissioner of Income-Tax

In the result, the appeal filed by the revenue for the AY 2005-06 in I

ITA 109/PUN/2007[2003-04]Status: DisposedITAT Delhi28 Apr 2023AY 2003-04

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

For Appellant: Shri Ajay VohraFor Respondent: Shri Kanv Bali

…ITA No. 109/Pun/2007 1 AND ITA.1155/Del/2009 & ITA.5067/Del/2013 AND C. O. No. 55/Del/2014 Sahara India Power Corporation Ltd., Pune IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH : ‘A’ NEW DELHI ] BEFORE Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER AND SHRI YOGESH KUMAR US, JUDICIAL MEMBER I.T.A. No. 109/PUN/2007 (A.Y. 2003-04) Sahara India Power ACIT, Vs. Corporation Limited, Circle : 6, Amby Valley, Sahara Lake City, Pune. Village Ambavane, Distt. Lonavala, Pune– 410401, Maharastra. PAN No. AAGCS8313P I.T.A. No. 1155/DEL/2009 (A.Y. 2004-05) Sahara India Power DCIT, Vs. Corporation Limited, Amby Valley, Cen…

M/S Overseas Leathers, Ranipet vs. DCIT, Chennai

In the result, appeal filed by the assessee is allowed

ITA 962/CHNY/2022[2018-19]Status: DisposedITAT Chennai05 Apr 2023AY 2018-19

Bench: Shri Aby T. Varkey, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 962/Chny/2022 िनधा"रण वष" / Assessment Year: 2018-19 M/S. Overseas Leathers, Deputy Commissioner Of No. 131, Sidco Industrial V. Income-Tax, Estates, Central Circle -3(3), Sipcot, Ranipet, Ranipet New No. 46, Old No. 108, District – 632 403 Mahatma Gandhi Road, [Pan: Aaafo-0375-L] Chennai – 600 034. (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Anand, Advocate : Shri. P. Sajit Kumar, Jcit ""यथ" क" ओर से/Respondent By सुनवाई की तारीख/Date Of Hearing : 20.03.2023 घोषणा की तारीख/Date Of Pronouncement : 05.04.2023

For Appellant: Shri. D. Anand, Advocate
Section 115BSection 69B

…at the outset, it may be noted that the AO has made addition on account of notional interest of Rs. 1,39,366/-. There cannot be any addition on account of notional income as held by the Hon’ble Supreme Court in case of E.D. Sassoon & Co. & Ors. vs. CIT (1954) 26 ITR 27 and Godhra Electricity Co. Ltd. vs. CIT (1997) 225 ITR 746 where it was held that only real income can be taxed, hypothetical income cannot be taxed nor income can be taxed in vacuum. Therefore, the addition made by the AO is not as per law and the same be deleted. The ld. CIT(A) has confirmed the addition by stating that it is the disallowance of…

Lifecell International Pvt Ltd., Chennai vs. ACIT, Chennai

In the result, appeal filed by the assessee is dismissed

ITA 3334/CHNY/2019[2016-17]Status: DisposedITAT Chennai04 Jan 2023AY 2016-17

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 3334/Chny/2019 िनधा"रण वष" / Assessment Year: 2016-17 M/S. Lifecell International Assistant Commissioner Of Private Ltd., V. Income Tax, No. 26, Vandalur Corporate Circle 4(1), Kelambakkam Main Road, Chennai. Keelakkottaiyur, Chennai. [Pan: Aaeca-7997-B] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. Ajith Kumar Choradia, Ca ""यथ" क" ओर से/Respondent By : Shri. S. Senthil Kumaran, Cit सुनवाई की तारीख/Date Of Hearing : 23.11.2022 घोषणा की तारीख/Date Of Pronouncement : 04.01.2023 आदेश /O R D E R

For Appellant: Shri. Ajith Kumar Choradia, CAFor Respondent: Shri. S. Senthil Kumaran, CIT

…ssessee only when he had created a debt in his favour, a debt could come into existence only when he acquitted a right to receive the payment. This concept was accepted by the Hon’ble Supreme Court in the case of E.D. Sassoon & Company Ltd and Others vs. CIT, 26 ITR 27, wherein it was held that the word "earned" even though it does not appear in section 4 of the Act has been very often used in the course of the judgments bv learned Judges both in the High Courts as well as the Supreme Court, (Vide CIT Bombay v. Ahmedbhai Umarbhai & Co., Bombay [1950] 18 ITR 472, and CIT Madras v. K.R.M.T.T. Thiagaraja Chetty & Co…