Godhra Electricity Co. Ltd. v. CIT

225 ITR 746Supreme Court of India1997#130 most cited

What is Godhra Electricity Co. Ltd. v. CIT authority for?

Income is not taxable until it actually accrues or is received; hypothetical income, based on a mere claim not yet settled, is not chargeable to tax.

514

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2009 to 2026.

Also referred to as

Godhra Electricity Co. Ltd. v. CIT · income accrual · hypothetical income · actual receipt · unconfirmed claims · income tax

Sections most often in play

Section 143(3)Section 147Section 148Section 14ASection 40A(3)Section 37(1)Section 142(2A)Section 153A

Issues it is cited on

section 10(31a)section 100section 76undisclosed foreign income and assetssection 142(2c)section 149(1)(c)section 4(2)section 153b(1)(b)section 201(3)section 158basection 153b(1)rectification under section 154

Judgments citing Godhra Electricity Co. Ltd. v. CIT

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1256/CHNY/2017[2012-13]Status: DisposedITAT Chennai22 Dec 2021AY 2012-13

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ncertainty on realization of interest due to adverse business conditions and hence, the assessee has taken a decision not to charge interest. In this regard, relied upon the decision of Hon’ble Supreme Court in the case of Godhra Electric Supplu Co Ltd vs CIT 225 ITR 746 (SC). The assessee has also relied upon the decision of the Hon’ble Supreme Court in the case of CIT vs Reliance Industries Ltd 307 CTR 121 (SC), CIT vs Hotel Savera 229 ITR 795 (Mad) and S.A. Builders Vs CIT(A) 288 ITR 1(SC). 33. The Ld. DR, on the other hand supporting the order of the Ld. CIT(A) submitted that the assessee has not made any :-…

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1255/CHNY/2017[2011-12]Status: DisposedITAT Chennai22 Dec 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ncertainty on realization of interest due to adverse business conditions and hence, the assessee has taken a decision not to charge interest. In this regard, relied upon the decision of Hon’ble Supreme Court in the case of Godhra Electric Supplu Co Ltd vs CIT 225 ITR 746 (SC). The assessee has also relied upon the decision of the Hon’ble Supreme Court in the case of CIT vs Reliance Industries Ltd 307 CTR 121 (SC), CIT vs Hotel Savera 229 ITR 795 (Mad) and S.A. Builders Vs CIT(A) 288 ITR 1(SC). 33. The Ld. DR, on the other hand supporting the order of the Ld. CIT(A) submitted that the assessee has not made any :-…

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1254/CHNY/2017[2010-11]Status: DisposedITAT Chennai22 Dec 2021AY 2010-11

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT
Section 28Section 37(1)

…ncertainty on realization of interest due to adverse business conditions and hence, the assessee has taken a decision not to charge interest. In this regard, relied upon the decision of Hon’ble Supreme Court in the case of Godhra Electric Supplu Co Ltd vs CIT 225 ITR 746 (SC). The assessee has also relied upon the decision of the Hon’ble Supreme Court in the case of CIT vs Reliance Industries Ltd 307 CTR 121 (SC), CIT vs Hotel Savera 229 ITR 795 (Mad) and S.A. Builders Vs CIT(A) 288 ITR 1(SC). 33. The Ld. DR, on the other hand supporting the order of the Ld. CIT(A) submitted that the assessee has not made any :-…

63 Moons Technologies Ltd. (Formerly Known As Financial Technologies (India) Ltd.), Mumbai vs. DCIT, Cent. Cir. - 8(3), Mumbai

In the result, assessee’s appeals are partly allowed

ITA 4775/MUM/2016[2009-10]Status: DisposedITAT Mumbai16 Dec 2021AY 2009-10

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

For Appellant: Shri Chetan A.KariaFor Respondent: Shri Vatsalya Saxena
Section 14ASection 14A(1)Section 40Section 92C

…Tax Act, 1961 and accounting treatment is not sacrosanct. It has been held by the Hon'ble Supreme Court in the following cases that entries in books of accounts are not determinative of its tax treatment: - Kedarnath Jute 82 ITR 363 (SC) - Godhra Electricity 225 ITR 746 (SC) - Bokara Steel 236 ITR 315 (SC) - United Commercial Bank 240 ITR 355 (SC) The assessee submits that adopting differing treatment in books of accounts and Income Tax Return cannot be equated with shifting stand. The assessee respectfully submits that it has not shifted its stand. What the assessee has done is computed its income as per specif…

Jindal Steel & Power Ltd., New Delhi vs. Addl. CIT, Haryana

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4185/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4067/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

Jindal Steel & Power Ltd., New Delhi vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2280/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

ACIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 2230/DEL/2011[2007-08]Status: DisposedITAT Delhi01 Dec 2021AY 2007-08

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

Jindal Steel & Power Ltd., Haryana vs. DCIT, Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 413/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

DCIT, Hisar vs. Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 341/DEL/2010[2006-07]Status: DisposedITAT Delhi01 Dec 2021AY 2006-07

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

ACIT, Hisar vs. M/S Jindal Steel & Power Ltd., Hisar

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 220/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

Jindal Steel & Power Limited vs. Addl. CIT

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 167/DEL/2009[2003-04]Status: DisposedITAT Delhi01 Dec 2021AY 2003-04

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…. Taxation of the aforesaid amount is, contrary to the settled principle of taxation of real income and not any notional/ hypothetical income, as has been held in the following cases: 73 ITA. No. 167/Del/2009 & 7 ors. • In Godhra Electricity Co. Ltd. v. CIT: 225 ITR 746 (SC), the assessee, an electricity supply company, unilaterally enhanced the rates of electricity, which was later approved by the Supreme Court. The assessee was, however, directed not to recover the enhanced rates by the Government. In those facts, the Supreme Court held that taxation of additional tariff, which could not ultimately be recovere…

ACIT, New Delhi vs. M/S Subash Dabas, New Delhi

In the result, all the appeals of the Assessees are allowed

ITA 2399/DEL/2016[2009-10]Status: DisposedITAT Delhi25 Nov 2021AY 2009-10

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2009-10]

Section 132Section 133(6)Section 139(1)Section 153ASection 2(22)(e)Section 40Section 68Section 69

…has failed to consider the concept of real income for the purpose of determining the correct tax liability and correct determination of income of the assessees. We rely upon the Judgment of the Hon’ble Supreme Court in the case of Godhra Electricity Co. Ltd., 225 ITR 746 (SC). This fact is also not verified and considered by the JCIT while granting approval under section 153D of the I.T. Act. It may be noted here that entire sale proceeds when cannot be added in the hands of M/s JIL as income which is also not done in the case of M/s. JIL, rightly so, how the same sale proceeds could be added as income in the han…

Axis Bank Limited, Ahmedabad vs. The Dy.CIT, Circle-1 Now Circle-1(1)(1), Ahmedabad

In the result appeal of the Revenue is partly allowed for statistical purposes

ITA 311/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Oct 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Smt. Urvashi Shodhan, and Shri Parin Shah,For Respondent: Shri Anshu Prakash, CIT.DR
Section 14A

…missions, we hove carefully considered the orders of the authorities below. It Is a settled proposition of law that what is relevant far income Tax on the basis is the real income as held by the Hon'ble Supreme Court in the cose of'Godhra Electricity Co. Ltd. 225 ITR 746. Various High Courts have given due recognition to RBI guidelines which determined the taxation of banks/NBFC. The Hon'ble Vttarunchat High Court in the case of Nainltal Bank Ltd, 309 ITR 335, Hon'ble Allahabad High Court In the case of Koihsh Auto Finance Ltd. 320 tTR 394 and also Hon'ble High Court of Delhi in the case of Elgi Finance Ltd. 293…

ACIT, Circle- 17(2), New Delhi vs. National Fertilizers Ltd., New Delhi

Appeal are dismissed

ITA 3698/DEL/2018[2014-15]Status: DisposedITAT Delhi30 Sept 2021AY 2014-15

Bench: Ms Suchitra Kamble & Sh. Prashant Maharishi

Section 145Section 14ASection 32Section 37(1)Section 40

…terest had accrued to the Assessee and should have been added to its income. 11. Learned counsel for the Assessee, on the other hand, states that the concept of ‘real income’ has been accepted by the Supreme Court in Godhra Electricity Co. Ltd. v. CIT, (1997) 225 ITR 746 (SC) and this was followed by this Court in its decision dated 19th May, 2015 in ITA No. 268/2008 (Liquidator Polymerland India Pvt. Ltd. v. DCIT). It is pointed out that where no part of the advance has been able to be recovered by the Assessee, notwithstanding the Award in its favour, no ‘real income’ can be said to have accrued to it. 12. The…

ACIT, Circle- 17(2), New Delhi vs. National Fertilizers Ltd., New Delhi

Appeal are dismissed

ITA 3697/DEL/2018[2013-14]Status: DisposedITAT Delhi30 Sept 2021AY 2013-14

Bench: Ms Suchitra Kamble & Sh. Prashant Maharishi

Section 145Section 14ASection 32Section 37(1)Section 40

…terest had accrued to the Assessee and should have been added to its income. 11. Learned counsel for the Assessee, on the other hand, states that the concept of ‘real income’ has been accepted by the Supreme Court in Godhra Electricity Co. Ltd. v. CIT, (1997) 225 ITR 746 (SC) and this was followed by this Court in its decision dated 19th May, 2015 in ITA No. 268/2008 (Liquidator Polymerland India Pvt. Ltd. v. DCIT). It is pointed out that where no part of the advance has been able to be recovered by the Assessee, notwithstanding the Award in its favour, no ‘real income’ can be said to have accrued to it. 12. The…

National Fertilizers Ltd., New Delhi vs. DCIT, Circle- 17(2), New Delhi

Appeal are dismissed

ITA 3438/DEL/2018[2014-15]Status: DisposedITAT Delhi30 Sept 2021AY 2014-15

Bench: Ms Suchitra Kamble & Sh. Prashant Maharishi

Section 145Section 14ASection 32Section 37(1)Section 40

…terest had accrued to the Assessee and should have been added to its income. 11. Learned counsel for the Assessee, on the other hand, states that the concept of ‘real income’ has been accepted by the Supreme Court in Godhra Electricity Co. Ltd. v. CIT, (1997) 225 ITR 746 (SC) and this was followed by this Court in its decision dated 19th May, 2015 in ITA No. 268/2008 (Liquidator Polymerland India Pvt. Ltd. v. DCIT). It is pointed out that where no part of the advance has been able to be recovered by the Assessee, notwithstanding the Award in its favour, no ‘real income’ can be said to have accrued to it. 12. The…

National Fertilizers Ltd., New Delhi vs. DCIT, Circle- 17(2), New Delhi

Appeal are dismissed

ITA 3437/DEL/2018[2013-14]Status: DisposedITAT Delhi30 Sept 2021AY 2013-14

Bench: Ms Suchitra Kamble & Sh. Prashant Maharishi

Section 145Section 14ASection 32Section 37(1)Section 40

…terest had accrued to the Assessee and should have been added to its income. 11. Learned counsel for the Assessee, on the other hand, states that the concept of ‘real income’ has been accepted by the Supreme Court in Godhra Electricity Co. Ltd. v. CIT, (1997) 225 ITR 746 (SC) and this was followed by this Court in its decision dated 19th May, 2015 in ITA No. 268/2008 (Liquidator Polymerland India Pvt. Ltd. v. DCIT). It is pointed out that where no part of the advance has been able to be recovered by the Assessee, notwithstanding the Award in its favour, no ‘real income’ can be said to have accrued to it. 12. The…

M/S. National Fertilizers Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed and that of the Revenue is partly allowed for statistical purposes

ITA 3367/DEL/2017[2012-13]Status: DisposedITAT Delhi17 Aug 2021AY 2012-13

Bench: Shri O.P. Kant & Shri K. Narasimha Charyassessment Year: 2012-13

For Appellant: Sh. Ved Jain, AdvocateFor Respondent: Sh. Gaurav Pundir, Sr. DR
Section 143(3)Section 145Section 14ASection 37

…erest had accrued to the Assessee and should have been added to its income. 11. Learned counsel for the Assessee, on the other hand, states that the concept of 'real income’ has been accepted by the Supreme Court in Godhra Electricity Co. Ltd. v. CIT, (1997) 225 ITR 746 (SC) and this was followed by this Court in its decision dated 19lh May, 2015 in ITA No.268/2008 (Liquidator Polymerland India Pvt. Ltd. v. DCLT). It is pointed out that where no part of the advance has been able to be recovered by the Assessee, notwithstanding the Award in its favour, no 'real income' can be said to have accrued to it. 12.The IT…

DCIT, New Delhi vs. M/S. Et Infra Developers Pvt. Ltd., New Delhi

In the result, appeal filed by the Revenue is dismissed and the Cross Objection filed by the assessee is partly allowed

ITA 3563/DEL/2016[2011-12]Status: DisposedITAT Delhi28 Jul 2021AY 2011-12

Bench: Shri R.K. Panda & Ms. Suchitra Kamble[Assessment Year: 2011-12] Dy. Commissioner Of Income M/S Et Infra Developers Pvt. Tax, Ltd. Central Circle-28, Room E-9, Panchsheel Park, No.317, Ara Centre, New Delhi-110017 Jhandewalan, New Delhi-110055 Pan-Aacce3646D Revenue Assessee Cross Objection No.277/Del/2016 (Arising Out Of Ita No.3563/Del/2016) [Assessment Year: 2011-12] M/S Et Infra Developers Pvt. Dy. Commissioner Of Income Ltd. Tax, E-9, Panchsheel Park, Central Circle-28, Room New Delhi-110017 No.317, Ara Centre, Jhandewalan, New Delhi-110055 Pan-Aacce3646D Assessee Revenue Revenue By Sh. Satpal Gulati Cit-Dr Assessee By Sh. M.P. Rastogi, Advocate

Section 132Section 153A

…1IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘A’: NEW DELHI (Through Video Conferencing) BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER [Assessment Year: 2011-12] Dy. Commissioner of Income M/s ET Infra Developers Pvt. Tax, Ltd. Central Circle-28, Room E-9, Panchsheel Park, No.317, ARA Centre, New Delhi-110017 Jhandewalan, New Delhi-110055 PAN-AACCE3646D Revenue Assessee Cross Objection No.277/Del/2016 (Arising out of ITA No.3563/DEL/2016) [Assessment Year: 2011-12] M/s ET Infra Developers Pvt. Dy. Commissioner of Income Ltd. Tax, E-9, Panchsheel Park, Central Circle-28,…