What is Investment Ltd. v. CIT authority for?

The principle of valuing closing stock at cost or market value, whichever is lower, is a recognized and acceptable method of accounting.

How many judgments cite Investment Ltd. v. CIT?

85 judgments on BharatTax cite Investment Ltd. v. CIT (77 ITR 533), spanning 2015 to 2026.

Which sections of the Income Tax Act does Investment Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 14A, Section 143(3), Section 37(1), Section 43B, Section 131, Section 132(4).

Investment Ltd. v. CIT (77 ITR 533)

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

ITA 3882/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

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

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) & SHRI JAGADISH (ACCOUNTANT MEMBER) I.T.A. No. 3680/Mum/2017 Assessment Year: 2010-11 State Bank of India Vs. The Assistant Commissioner of Financial Reporting & Taxation Income-tax, Circle-2(2)(1), Dept. Mumbai 3rd Floor, Corporate Centre Madam Cama Road Nariman Point Mumbai - 400021 [PAN: AAACS8577K] (Appellant) (Respondent) I.T.A. No. 3882/Mum/2017 Assessment Year: 2010-11 The Assistant Commissioner Vs. State Bank of India of Income-tax, Circle-2(2)(1), Financial Reporting & Taxation Mumbai Dept. 3rd Floor, Corpor…

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

ITA 3680/MUM/2017[2010-11]Status: DisposedITAT Mumbai21 Apr 2026AY 2010-11

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

Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) & SHRI JAGADISH (ACCOUNTANT MEMBER) I.T.A. No. 3680/Mum/2017 Assessment Year: 2010-11 State Bank of India Vs. The Assistant Commissioner of Financial Reporting & Taxation Income-tax, Circle-2(2)(1), Dept. Mumbai 3rd Floor, Corporate Centre Madam Cama Road Nariman Point Mumbai - 400021 [PAN: AAACS8577K] (Appellant) (Respondent) I.T.A. No. 3882/Mum/2017 Assessment Year: 2010-11 The Assistant Commissioner Vs. State Bank of India of Income-tax, Circle-2(2)(1), Financial Reporting & Taxation Mumbai Dept. 3rd Floor, Corpor…

DEPUTY COMMISSIONER OF INCOME TAX-6, LUCKNOW vs. M/S. U.P. STATE CONSTRUCTION & INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED, LUCKNOW

ITA 617/LKW/2019[2014-15]Status: DisposedITAT Lucknow28 Nov 2025AY 2014-15

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 143Section 143(3)Section 251Section 263

…1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘A’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER AND SHRI SUBHASH MALGURIA, JUDICIAL MEMBER I.T.A. No.617/Lkw/2019 Assessment Year:2014-15 Dy.C.I.T. Vs. M/s U.P. State Construction & Range-6, Infrastructure Development Lucknow. Corpn. Ltd., TC/46V, Vibhuti Khand, Gomti Nagar, Lucknow. PAN:AAACU1932C (Appellant) (Respondent) C.O.No.01/Lkw/2020 (in I.T.A. No.617/Lkw/2019) Assessment Year:2014-15 M/s U.P. State Construction & Vs. Dy.C.I.T. Infrastructure Development Range-6, Corpn. Ltd., Lucknow. TC/46V, Vibhuti Khand, Gomti Nagar, Lucknow. PAN:A…

G R N FINSEC PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, MUMBAI

In the result, the appeal filed by the assessee in ITA No

ITA 5341/MUM/2024[2016-17]Status: DisposedITAT Mumbai26 Aug 2025AY 2016-17

Bench: Shri Vikram Singh Yadav & Shri Sandeep Gosain

For Appellant: Shri Madhur Agrawal &For Respondent: Shri Swapnil Choudhary

Section 143(3)Section 14ASection 36(1)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “G” BENCH : MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER ITA No. A.Y. Appellant Respondent Deputy Commissioner of Income Tax, 5329/Mum/2024 2015-16 Circle-1(1)(2), GRN Finsec Private 533, 5th Floor, Limited, Aayakar Bhavan, 815, Tulsiani Chambers, Maharshi Karve Road, 212, Nariman Point, Mumbai-400020. Mumbai-400021. Asst. [PAN: AAFCM2069R] Commissioner of 5341/Mum/2024 2016-17 Income Tax, Aayakar Bhavan, Maharshi Karve Road, Mumbai-400020. Assessee by : Shri Madhur Agrawal & Shri Fenil Bhatt Revenue by : Shri Swapn…

G R N FINSEC PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - CIRCLE 1(1)(2), MUMBAI

In the result, the appeal filed by the assessee in ITA No

ITA 5329/MUM/2024[2015-16]Status: DisposedITAT Mumbai26 Aug 2025AY 2015-16

Bench: Shri Vikram Singh Yadav & Shri Sandeep Gosain

For Appellant: Shri Madhur Agrawal &For Respondent: Shri Swapnil Choudhary

Section 143(3)Section 14ASection 36(1)Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “G” BENCH : MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, JUDICIAL MEMBER ITA No. A.Y. Appellant Respondent Deputy Commissioner of Income Tax, 5329/Mum/2024 2015-16 Circle-1(1)(2), GRN Finsec Private 533, 5th Floor, Limited, Aayakar Bhavan, 815, Tulsiani Chambers, Maharshi Karve Road, 212, Nariman Point, Mumbai-400020. Mumbai-400021. Asst. [PAN: AAFCM2069R] Commissioner of 5341/Mum/2024 2016-17 Income Tax, Aayakar Bhavan, Maharshi Karve Road, Mumbai-400020. Assessee by : Shri Madhur Agrawal & Shri Fenil Bhatt Revenue by : Shri Swapn…

DEPUTY COMMSSIONER OF INCOME TAX, VISAKHAPATNAM vs. VISAKHAPATNAM PORT AUTHORITY, VISAKHAPATNAM

In the result, appeal filed by the revenue is dismissed

ITA 103/VIZ/2025[2017-18]Status: DisposedITAT Visakhapatnam27 Jun 2025AY 2017-18

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.100/Viz/2025 (निर्धारण वर्ा/ Assessment Year: 2017-18) Visakhapatnamportauthority Vs. Theasst.Cit -Circle-1(1) Administrative Office Building 4 Th Floor, Prathyakshkar Bhavan Port Area, Visakhapatnam 530001 Mvp Road, Beside Post Office Andhra Pradesh-530001. Sector-8, Mvp Colony Visakhapatnam – 530017 [Pan:Aaalv0035C] Andhrapradesh (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपीलसं./I.T.A.No.103/Viz/2025 (निर्धारण वर्ा/ Assessment Year: 2017-18) The Dy.Cit Vs. Visakhapatnamportauthority Room No. 412, 4 Th Floor Administrative Office Building Prathyakshkar Bhavan Port Area, Visakhapatnam 530035 Mvp Double Road Andhra Pradesh Opp. Rythubazar Visakhapatnam – 530014 [Pan:Aaalv0035C] Andhrapradesh (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Shri Gvn Hari, Advocate राजस्व का प्रतततितित्व/ Department Represented By : Dr.Satyasai Rath, Cit(Dr)

Section 142(1)Section 143(2)Section 143(3)Section 36(1)

…od is in accordance with the accounting policy and also complying with the provisions of section 145 of the Act. On this issue, the Ld. AR relied on the following case laws: (i) CIT vs. McMillan & Co. [1958] 33 ITR 182 (SC). (ii) Investment Ltd vs. CIT [1970] 77 ITR 533 (SC) (iii) MKB Asia (P.) Ltd vs. CIT [2008] 167 Taxman 256 (Gau.) (iv) JuggilalKamlaat Bankers vs. CIT [1975] 101 ITR 40 (All.) (v) CIT vs. Smt. Vimala D. Sonwand [1994] 75 Taxman 335 (Bom.) 32. The Ld. AR further submitted that the assessee can cancel the agreement and reassume the possession of the land by giving six months prior notice, and in…

VISAKHAPATNAM PORT AUTHORITY,VISAKHAPATNAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VISAKHAPATNAM

In the result, appeal filed by the revenue is dismissed

ITA 100/VIZ/2025[2017-18]Status: DisposedITAT Visakhapatnam27 Jun 2025AY 2017-18

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.100/Viz/2025 (निर्धारण वर्ा/ Assessment Year: 2017-18) Visakhapatnamportauthority Vs. Theasst.Cit -Circle-1(1) Administrative Office Building 4 Th Floor, Prathyakshkar Bhavan Port Area, Visakhapatnam 530001 Mvp Road, Beside Post Office Andhra Pradesh-530001. Sector-8, Mvp Colony Visakhapatnam – 530017 [Pan:Aaalv0035C] Andhrapradesh (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपीलसं./I.T.A.No.103/Viz/2025 (निर्धारण वर्ा/ Assessment Year: 2017-18) The Dy.Cit Vs. Visakhapatnamportauthority Room No. 412, 4 Th Floor Administrative Office Building Prathyakshkar Bhavan Port Area, Visakhapatnam 530035 Mvp Double Road Andhra Pradesh Opp. Rythubazar Visakhapatnam – 530014 [Pan:Aaalv0035C] Andhrapradesh (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Shri Gvn Hari, Advocate राजस्व का प्रतततितित्व/ Department Represented By : Dr.Satyasai Rath, Cit(Dr)

Section 142(1)Section 143(2)Section 143(3)Section 36(1)

…od is in accordance with the accounting policy and also complying with the provisions of section 145 of the Act. On this issue, the Ld. AR relied on the following case laws: (i) CIT vs. McMillan & Co. [1958] 33 ITR 182 (SC). (ii) Investment Ltd vs. CIT [1970] 77 ITR 533 (SC) (iii) MKB Asia (P.) Ltd vs. CIT [2008] 167 Taxman 256 (Gau.) (iv) JuggilalKamlaat Bankers vs. CIT [1975] 101 ITR 40 (All.) (v) CIT vs. Smt. Vimala D. Sonwand [1994] 75 Taxman 335 (Bom.) 32. The Ld. AR further submitted that the assessee can cancel the agreement and reassume the possession of the land by giving six months prior notice, and in…

M/S. LALITHA JEWELLERY MART LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-1(4), CHENNAI

In the result, all the appeals of the assessee are partly allowed

ITA 679/CHNY/2025[2020-21]Status: DisposedITAT Chennai12 Jun 2025AY 2020-21

Bench: Shri Aby T. Varkey & Shrimanoj Kumar Aggarwal

For Appellant: Mr. D. Anand, AdvocateFor Respondent: Mr. Shiva Srinivas, CIT

Section 132Section 153A

…Ys 2016 16-17 to 2021-22) M/s. Lalithaa Jewellery Mart Ltd. M/s. Lalithaa Jewellery Mart Ltd. :: 184 :: 38.6 We also take note of decision of Hon’ble We also take note of decision of Hon’ble Supreme Court Supreme Court in the case of Investment Ltd. v. CIT (77 ITR 533) Investment Ltd. v. CIT (77 ITR 533) wherein it was held that, wherein it was held that, principle of valuing closing stock at valuing closing stock at cost or market value, whichever is t or market value, whichever is lower; is a recognized and acceptable method of valuation. Same view is ; is a recognized and acceptable method of valuation. Sam…

M/S. LALITHA JEWELLERY MART LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-1(4), CHENNAI

In the result, all the appeals of the assessee are partly allowed

ITA 678/CHNY/2025[2019-20]Status: DisposedITAT Chennai12 Jun 2025AY 2019-20

Bench: Shri Aby T. Varkey & Shrimanoj Kumar Aggarwal

For Appellant: Mr. D. Anand, AdvocateFor Respondent: Mr. Shiva Srinivas, CIT

Section 132Section 153A

…Ys 2016 16-17 to 2021-22) M/s. Lalithaa Jewellery Mart Ltd. M/s. Lalithaa Jewellery Mart Ltd. :: 184 :: 38.6 We also take note of decision of Hon’ble We also take note of decision of Hon’ble Supreme Court Supreme Court in the case of Investment Ltd. v. CIT (77 ITR 533) Investment Ltd. v. CIT (77 ITR 533) wherein it was held that, wherein it was held that, principle of valuing closing stock at valuing closing stock at cost or market value, whichever is t or market value, whichever is lower; is a recognized and acceptable method of valuation. Same view is ; is a recognized and acceptable method of valuation. Sam…

M/S. LALITHA JEWELLERY MART LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-1(4), CHENNAI

In the result, all the appeals of the assessee are partly allowed

ITA 677/CHNY/2025[2018-19]Status: DisposedITAT Chennai12 Jun 2025AY 2018-19

Bench: Shri Aby T. Varkey & Shrimanoj Kumar Aggarwal

For Appellant: Mr. D. Anand, AdvocateFor Respondent: Mr. Shiva Srinivas, CIT

Section 132Section 153A

…Ys 2016 16-17 to 2021-22) M/s. Lalithaa Jewellery Mart Ltd. M/s. Lalithaa Jewellery Mart Ltd. :: 184 :: 38.6 We also take note of decision of Hon’ble We also take note of decision of Hon’ble Supreme Court Supreme Court in the case of Investment Ltd. v. CIT (77 ITR 533) Investment Ltd. v. CIT (77 ITR 533) wherein it was held that, wherein it was held that, principle of valuing closing stock at valuing closing stock at cost or market value, whichever is t or market value, whichever is lower; is a recognized and acceptable method of valuation. Same view is ; is a recognized and acceptable method of valuation. Sam…

DBS BANK LTD (DBS BANK LTD., INDIA BRANCHES NOW CONVERTED INTO DBS BANK INDIA LTD),MUMBAI vs. DCIT (INT TXT)-2(1)(2), MUMBAI

In the result, appeal of the assessee in ITA No

ITA 3691/MUM/2023[2015-16]Status: DisposedITAT Mumbai21 Nov 2024AY 2015-16

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sunil Kumar Singh, Hon’Ble

For Appellant: Shri P.J. Pardiwala/Shri Madhur Agarwal, A/RsFor Respondent: Shri Vivek Permpurna, CIT, D/R

Section 143(3)Section 14ASection 28Section 36Section 36(1)(vii)Section 36(1)(viia)Section 36(2)Section 37(1)Section 44C

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI SUNIL KUMAR SINGH, HON’BLE JUDICIAL MEMBER I.T.A. No. 3691/Mum/2023 Assessment Year: 2015-16 DBS Bank Ltd. Officer of the Deputy (DBS Bank Ltd. India branches Commissioner of Income Tax Vs (International taxation) -2(1)(2) now converted into wholly owned subsidiary DBS Bank India Limited) First Floor, Express Tower Nariman Point Mumbai - 400021 [PAN: AAACT 4652 J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) I.T.A. No. 4722/Mum/2023 Assessment Year: 2015-…

INFINA FINANCE PRIVATE LIMITED,MUMBAI vs. ACIT CIRCLE 2(2)(1), MUMBAI

ITA 416/MUM/2024[2016-2017]Status: DisposedITAT Mumbai16 Oct 2024AY 2016-2017

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Honbleι.Τ.Α. No. 413/Mum/2024

For Appellant: Shri Madhur Agarwal, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R

Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HONBLE JUDICIAL MEMBER Ι.Τ.Α. No. 413/Mum/2024 Assessment Year: 2020-2021 Infina Finance Private Limited 7th Floor, Dani Corporate Park 158 CST Road, Kalina Santacruz East Maharashtra - 400098 [PAN: AACCM1561D] अपीलार्थी/ (Appellant) Vs NeAC, Delhi प्रत्यर्थी/ (Respondent) Ι.Τ.Α. No. 414/Mum/2024 Assessment Year: 2018-19 Infina Finance Private Limited 7th Floor, Dani Corporate Park 158 CST Road, Kalina Santacruz East Maharashtra - 40…

INFINA FINANCE PRIVATE LIMITED,MUMBAI vs. ACIT CIRCLE 2(2)(1), MUMBAI

ITA 415/MUM/2024[2017-2018]Status: DisposedITAT Mumbai16 Oct 2024AY 2017-2018

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Honbleι.Τ.Α. No. 413/Mum/2024

For Appellant: Shri Madhur Agarwal, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R

Section 14A

…आयकर अपीलीय अधिकरण न्यायपीठ, मुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON'BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HONBLE JUDICIAL MEMBER Ι.Τ.Α. No. 413/Mum/2024 Assessment Year: 2020-2021 Infina Finance Private Limited 7th Floor, Dani Corporate Park 158 CST Road, Kalina Santacruz East Maharashtra - 400098 [PAN: AACCM1561D] अपीलार्थी/ (Appellant) Vs NeAC, Delhi प्रत्यर्थी/ (Respondent) Ι.Τ.Α. No. 414/Mum/2024 Assessment Year: 2018-19 Infina Finance Private Limited 7th Floor, Dani Corporate Park 158 CST Road, Kalina Santacruz East Maharashtra - 40…

INFINA FINANCE PRIVATE LIMITED,MUMBAI vs. ACIT CIRCLE 2(2)(1), MUMBAI

In the result, the captioned appeals are allowed for statistical purposes

ITA 414/MUM/2024[2018-2019]Status: DisposedITAT Mumbai16 Oct 2024AY 2018-2019

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Shri Madhur Agarwal, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R

Section 14A

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON’BLE JUDICIAL MEMBER I.T.A. No. 413/Mum/2024 Assessment Year: 2020-2021 Infina Finance Private Limited NeAC, Delhi 7th Floor, Dani Corporate Park Vs 158 CST Road, Kalina Santacruz East Maharashtra - 400098 [PAN: AACCM1561D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) I.T.A. No. 414/Mum/2024 Assessment Year: 2018-19 Infina Finance Private Limited ACIT, Circle-2(2)(1), Mumbai 7th Floor, Dani Corporate Park Vs 158 CST Road, Kalina Santac…

INFINA FINANCE PRIVATE LIMITED,MUMBAI vs. NEAC, DELHI

In the result, the captioned appeals are allowed for statistical purposes

ITA 413/MUM/2024[2020-2021]Status: DisposedITAT Mumbai16 Oct 2024AY 2020-2021

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Raj Kumar Chauhan, Hon’Ble

For Appellant: Shri Madhur Agarwal, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R

Section 14A

…| आयकर अपीलीय अिधकरण "ायपीठ, मुंबई | IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, HON’BLE ACCOUNTANT MEMBER & SHRI RAJ KUMAR CHAUHAN, HON’BLE JUDICIAL MEMBER I.T.A. No. 413/Mum/2024 Assessment Year: 2020-2021 Infina Finance Private Limited NeAC, Delhi 7th Floor, Dani Corporate Park Vs 158 CST Road, Kalina Santacruz East Maharashtra - 400098 [PAN: AACCM1561D] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) I.T.A. No. 414/Mum/2024 Assessment Year: 2018-19 Infina Finance Private Limited ACIT, Circle-2(2)(1), Mumbai 7th Floor, Dani Corporate Park Vs 158 CST Road, Kalina Santac…

DCIT 2(2), MUMBAI vs. STATE BANK OF INDIA, MUMBAI

In the result appeal filed by the assessee for assessment year 2006 – 07 and 2007 – 08 is partly allowed

ITA 4952/MUM/2013[2006-07]Status: DisposedITAT Mumbai11 Oct 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm A.Y.2006-07 [ By Assessee] &

Section 14Section 143Section 36Section 41

…` IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS KAVITHA RAJAGOPAL , JM A.Y.2006-07 [ by Assessee] & ITA No. 4952/MUM /2013 [By AO ] ITA No 4128/MUM /2014 A.Y.2007-08 [ By AO] & [By Assessee] Vs. State Bank of India The Additional 3rd Floor, Commissionerof Income tax Corporate Centre Circle 2 (2) Mumbai Madam Cama Road Room No 545, Aykar Bhavan Nariman Point Maharishi Karve Road Mumbai 400021 Mumbai 400020 (Appellant) (Respondent) PAN AAACS8577K Assessee by Shri Ketan Ved &Abdulkadir Jawad Wala Revenue by Shri P C Chhhotaray Special Counsel Shri Dr Kishor Dhule…

STATE BANK OF INDIA,MUMBAI vs. ADDL CIT CIR 2(2), MUMBAI

In the result appeal filed by the assessee for assessment

ITA 3868/MUM/2013[2006-07]Status: DisposedITAT Mumbai11 Oct 2024AY 2006-07

Bench: Shri Prashant Maharishi, Am & Ms Kavitha Rajagopal , Jm

Section 14Section 143Section 36Section 41

…Page | 1 IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND MS KAVITHA RAJAGOPAL , JM ITA No. 3868/MUM/2013 [ by Assessee] & ITA No . 4952/MUM /2013 [By AO ] Vs. ITA No 4128/MUM /2014 [ By AO] & ITA no 4105/MUM/2014 [By Assessee] A.Y .2006-07 A.Y .2007-08 State Bank of India 3 r d Floor, Corporate Centre Madam Cama Road Nariman Point Mumbai 400021 The Add it ional Commissionerof Income tax Circle 2 (2) Mumbai Room No 545 , Aykar Bhavan Maharishi Karve Road Mumbai 400020 (Appellant) (Respondent) PAN AAACS8577K Assessee by Shri Ketan Ved &Abdulka…

PRAGATI POWER CORPORATION LTD,NEW DELHI vs. ACIT, CIRCLE 20(1), NEW DELHI

In the result, the appeal filed by the assessee is partly allowed as indicated above

ITA 1617/DEL/2023[2018-19]Status: DisposedITAT Delhi14 Aug 2024AY 2018-19

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Section 115JSection 145(2)Section 32Section 36Section 36(1)(iii)Section 37Section 43ASection 46ASection 80I

…efect in the method of accounting or any finding that true and fair profits cannot be deduced therefrom. The assessee is relying upon the following cases:- PCIT vs Panchsheel Colonizers Pvt. Ltd. (2019) 111 Taxmann.com 459 (Raj) Investment Ltd. vs CIT (1970) 77 ITR 533 (SC) CIT vs McMillan & Company (1958) 33 ITR 182 (SC) CIT vs Manish Buildwell (P) Ltd. (2011) 63 DTR 369 (Del), Manu/De/4468/2011 iii) In the assessment orders, the Assessing Officer has number of times stated that assessee Co had to recognize recoverable LPSC as income and could have claim deduction for the same as "bad debts" separately u/s36(1…

ANIL BHUTANI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-1, NOIDA

In the result, the substantial question of law is answered in favour of the appellant and against the revenue

ITA 430/DEL/2020[2017-18]Status: DisposedITAT Delhi03 May 2024AY 2017-18

Bench: SHRI G. S. PANNU (Vice President), SHRI ANUBHAV SHARMA (Judicial Member)

Section 131Section 132(1)Section 132(4)Section 143(3)Section 69ASection 69C

…n assessment in the manner provided in Section 144.” 10. In support of the above findings this Court had placed reliance on the following decisions of the Apex Court. (1) Chainruy Sampatram v. CIT 24 ITR 481. Anil Bhutani vs. DCIT (2) Investment Ltd. v. CIT. 77 ITR 533 and (3) A.L.A. Firm v. CIT 189 ITR 285. 11. We may recapitulate the following observations of the hon'be Supreme Court in Investigation Ltd. (supra): “A taxpayer is free to employ for the purpose of his trade, his own method of keeping accounts, and for that purpose to value his stock-in-trade either at cost or at market price. A method of account…

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. VISAKHAPATNAM PORT AUTHORITY, VISAKHAPATNAM

In the result, appeal of the Revenue is dismissed

ITA 201/VIZ/2023[2014-15]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2014-15

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

…od is in accordance with the accounting policy and also complying with the provisions of section 145 of the Act. On this issue, the Ld. AR relied on the following case laws: (i) CIT vs. McMillan & Co. [1958] 33 ITR 182 (SC). (ii) Investment Ltd vs. CIT [1970] 77 ITR 533 (SC) (iii) MKB Asia (P.) Ltd vs. CIT [2008] 167 Taxman 256 (Gau.) (iv) JuggilalKamlaat Bankers vs. CIT [1975] 101 ITR 40 (All.) (v) CIT vs. Smt. Vimala D. Sonwand [1994] 75 Taxman 335 (Bom.) 32. The Ld. AR further submitted that the assessee can cancel the agreement and reassume the possession of the land by giving six months prior notice, and in…

Investment Ltd. v. CIT

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Judgments citing Investment Ltd. v. CIT

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M/S. LALITHA JEWELLERY MART LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-1(4), CHENNAI

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ANIL BHUTANI,NEW DELHI vs. DCIT, CENTRAL CIRCLE-1, NOIDA

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. VISAKHAPATNAM PORT AUTHORITY, VISAKHAPATNAM