J.B. Boda & Co. (P.) Ltd. v. CBDT

223 ITR 271Supreme Court of India1997#5469 most cited

What is J.B. Boda & Co. (P.) Ltd. v. CBDT authority for?

The method of settlement of accounts is irrelevant in determining the true nature of a transaction for tax purposes. Export proceeds received in foreign exchange and utilized abroad are considered deemed receipts in India if properly reported.

21

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

J.B. Boda & Co. v. CBDT · Section 194H · Section 194I · nature of transaction · settlement of accounts · convertible foreign exchange · export proceeds · deemed receipt

Also reported as

89 Taxmann 311

Sections most often in play

Section 194-ISection 194HSection 201(1)Section 201(1A)Section 133ASection 194CSection 250

Issues it is cited on

convertible foreign exchangesection 194iasection 194hsection 194isection 194jsection 201(1a)assessee in defaultsection 201(1)section 194csection 201section 194section 20

Judgments citing J.B. Boda & Co. (P.) Ltd. v. CBDT

DCIT(TDS)OSD-1(2), Mumbai, Cumballa Hill vs. House of Anita Dongre Pvt Ltd, Bandra West

In the result, the appeal filed by the revenue is dismissed

ITA 5211/MUM/2024[2017-18]Status: DisposedITAT Mumbai11 Apr 2025AY 2017-18

Bench: BEFOR SHRI ANIKESH BANERJEE (Judicial Member)

Section 201(1)Section 250Section 29

…ue in its books in line with the accounting standard -9 and therefore transaction would not come under ambit of 194H, without appreciating the fact that Hon'ble Supreme Court's decision in the case of B. Boda & Co. Pvt. Ltd. vs. Central Board of Direct Taxes (223 ITR 271], affirms the principle that the method of settlement of accounts is of no consequence in determining the true nature of a transaction. 6. "Whether on the facts and circumstances of the case and in law, the Ld. Addl./Jt. CIT(A) has erred in holding that that LFS players are not in business of letting out space and relationship between them is of…

DCIT(TDS)OSD-1(2), Mumbai, Cumballa Hill vs. House of Anita Dongre Pvt Ltd, Bandra West

In the result, the appeal filed by the revenue is dismissed

ITA 5210/MUM/2024[2016-17]Status: DisposedITAT Mumbai11 Apr 2025AY 2016-17

Bench: BEFOR SHRI ANIKESH BANERJEE (Judicial Member)

Section 201(1)Section 250Section 29

…ue in its books in line with the accounting standard -9 and therefore transaction would not come under ambit of 194H, without appreciating the fact that Hon'ble Supreme Court's decision in the case of B. Boda & Co. Pvt. Ltd. vs. Central Board of Direct Taxes (223 ITR 271], affirms the principle that the method of settlement of accounts is of no consequence in determining the true nature of a transaction. 6. "Whether on the facts and circumstances of the case and in law, the Ld. Addl./Jt. CIT(A) has erred in holding that that LFS players are not in business of letting out space and relationship between them is of…

DCIT(TDS)-1(2), Mumbai vs. House of Anita Dongre Pvt Ltd, Bandra West

In the result, the appeal filed by the revenue is dismissed

ITA 5165/MUM/2024[2018-19]Status: DisposedITAT Mumbai11 Apr 2025AY 2018-19

Bench: BEFOR SHRI ANIKESH BANERJEE (Judicial Member)

Section 201(1)Section 250Section 29

…ue in its books in line with the accounting standard -9 and therefore transaction would not come under ambit of 194H, without appreciating the fact that Hon'ble Supreme Court's decision in the case of B. Boda & Co. Pvt. Ltd. vs. Central Board of Direct Taxes (223 ITR 271], affirms the principle that the method of settlement of accounts is of no consequence in determining the true nature of a transaction. 6. "Whether on the facts and circumstances of the case and in law, the Ld. Addl./Jt. CIT(A) has erred in holding that that LFS players are not in business of letting out space and relationship between them is of…

ACIT.Commissioner of Income Tax, Range 10(1), Mumbai vs. M/S Tata Consultancy Services Ltd (Successor Company to M/S Cmc Limited), Mumbai

Accordingly the same is dismissed

ITA 6824/MUM/2011[2007-08]Status: DisposedITAT Mumbai03 May 2023AY 2007-08

Bench: Shri Aby T.Varkey, Jm & Shri Om Prakash Kant, Am आयकर अपील सं/I.T.A.No.6824/Mum/2011 (निर्धारणवर्ा/Assessment Year:2007-08) Assistant Commissioner Of बिधम M/S Tata Consultancy Income Tax-10 (1) Services Ltd (Successor Vs. 455, Aayakar Bhavan, 4Th Company To M/S Cmc Floor, M.K. Marg, Ltd.) Mumbai-400 020 9Th Floor, Nirmal Building Nariman Point, Mumbai-400 021 स्थधयीलेखधसं/.जी. आइ. आर. सं/.Pan/Gir No: .Aaacc2030K .. अपीलार्थी प्रत्यर्थी / Appellant / Respondent

For Respondent: Shri Harsh Kothari
Section 10A

…2022 (A.Y.2008-09) ITA No.510/MUM/2016 (A.Y.2010-11) TATA CONSULTANCY SERVICES LTD. language is pari-materia to Section 10A of the Act, this Tribunal following the ratio laid down by the Hon’ble Supreme Court in the case of JB Boda & Co. (P) Ltd v CBDT (1997) 223 ITR 271 (SC) had held that export proceeds which were received in foreign exchange and at the same time utilized for its business abroad was to be considered as a deemed receipt in India, provided that assessee has submitted all the details of exports, receipts of foreign exchange, withholding tax by foreign parties and expenses incurred abroad out of ex…

Srinivas Rudrappa, Bangalore vs. Income Tax Officer, TDS, Ward-3(1), Bangalore

In the result, both the appeals filed by the assessee stands allowed

ITA 703/BANG/2022[2014-15]Status: DisposedITAT Bangalore02 Dec 2022AY 2014-15

Bench: Smt. Beena Pillai & Shri. Laxmi Prasad Sahu

For Appellant: Shri Rajiv C Nulvi, C.A : Smt. Priyadarshini
Section 133ASection 194HSection 201Section 201(1)

…hus submitted that M/s. Bigtree provided indirect services to the assessee. She also submitted that the case is squarely in favour of the Revenue as per the decision of Hon’ble Supreme Court in the case of M/s. JB Boda & Company Pvt. Ltd. vs. CBDT reported in 223 ITR 271. She thus submitted that the assessee was liable to deduct tax at source on the transaction / service fee retained by M/s. Bigtree. 7.3. We have perused the submissions advanced by both sides in the light of records placed before us. The assessee is running cinema theatre and has allowed M/s. Bigtree for booking tickets by the end customer. M/s.…

Srinivas Rudrappa, Bangalore vs. Income Tax Officer, TDS, Ward-3(1), Bangalore

In the result, both the appeals filed by the assessee stands allowed

ITA 702/BANG/2022[2013-14]Status: DisposedITAT Bangalore02 Dec 2022AY 2013-14

Bench: Smt. Beena Pillai & Shri. Laxmi Prasad Sahu

For Appellant: Shri Rajiv C Nulvi, C.A : Smt. Priyadarshini
Section 133ASection 194HSection 201Section 201(1)

…hus submitted that M/s. Bigtree provided indirect services to the assessee. She also submitted that the case is squarely in favour of the Revenue as per the decision of Hon’ble Supreme Court in the case of M/s. JB Boda & Company Pvt. Ltd. vs. CBDT reported in 223 ITR 271. She thus submitted that the assessee was liable to deduct tax at source on the transaction / service fee retained by M/s. Bigtree. 7.3. We have perused the submissions advanced by both sides in the light of records placed before us. The assessee is running cinema theatre and has allowed M/s. Bigtree for booking tickets by the end customer. M/s.…

Deputy Commissioner of Income-Tax Circle -5, Pune vs. Serum Institute of India Pvt Ltd., Pune

In the result, the appeal filed by the Revenue stands dismissed

ITA 323/PUN/2021[2013-14]Status: DisposedITAT Pune15 Sept 2022AY 2013-14
For Appellant: Shri Percy PardiwallaFor Respondent: Shri J. P. Chadraker
Section 10ASection 14ASection 35Section 35(1)

…d in the manner to be inconsistent with EXIM policy. Finally, he submits that a two way traffic cannot be read into the provisions of section 10AA placing reliance on the decision of Hon’ble Supreme Court in the case of J.B. Boda & Co. (P.) Ltd. vs. 41 CBDT, 223 ITR 271 in the context of provisions of section 80-O of the Act. 34. We heard the rival submissions and perused the material on record. The issue in the present ground of appeal relates to the eligibility of profits earned out of sales made to UNICEF for its program in India. Admittedly, the respondent-assessee company had received consideration in conve…

M/S Metrix Precision Components Pvt Limited vs. The Deputy Commissioner of Income-Tax

In the result, the appeal is allowed

ITA/383/2014HC Karnataka23 Sept 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 10BSection 260Section 260A

…stablishing perversity in the impugned order? (iii) Whether the Appellate Tribunal is correct in confirming the disallowance of the deduction u/s 10B of the Act overlooking the principles laid down by the Supreme Court in the decision reported in 223 ITR 271 and the principles laid down by the Co-ordinate Bench rendered in the case of M/s Granite Mart P Ltd.,? 2. For the reasons assigned by us in the order passed today in I.T.A.No.384/2014, the substantial questions of law framed by this court are answered in favour of the assessee and against the revenue. The orders passed by the Assessing…

M/S Metrix Precision Components Pvt. Limited vs. The Deputy Commissioner of Income Tax

In the result, the appeal is allowed

ITA/384/2014HC Karnataka23 Sept 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 10BSection 10B(3)Section 260Section 260A

…ablishing perversity in the impugned order? (iii) Whether the Appellate Tribunal is correct in confirming the disallowance of the deduction u/s 10B of the Act overlooking the principles laid down by the Supreme Court in the decision reported in 223 ITR 271 and the principles laid down by the Co-ordinate Bench rendered in the case of M/s Granite Mart P Ltd.,?.” 2. Facts leading to filing of the appeal briefly stated are that the assessee is a company engaged in the business, manufacture and exports of automotive components. The assessee filed the return of income for the Assessment Year 20…

Ramnath and Co vs. The Commissioner of Income Tax

C.A. No.-002506-002509 - 2020Supreme Court05 Jun 2020

Bench: HON'BLE MR. JUSTICE DINESH MAHESHWARI

Section 80

…‘commission’, which could relate to ordinary commercial activities, is also covered by Section 80-O. 30 9.3. While strongly relying upon the decision of this Court in the case of J. B. Boda & Co. Pvt. Ltd v. Central Board of Direct Taxes, New Delhi: (1997) 223 ITR 271 (SC), the learned senior counsel has argued that therein, even a commission received by the reinsurance broker, who only sent information to the foreign reinsurance company regarding the risk involved and other related data, was held entitled to the benefit of Section 80-O of the Act in respect of the entire commission. The learned counsel has a…

Regal Buildtech P.Ltd, New Delhi vs. ACIT, Circle-21(1), New Delhi

Appeal of the assessee is partly allowed for statistical purpose

ITA 7505/DEL/2018[2014-15]Status: DisposedITAT Delhi18 Jun 2019AY 2014-15

Bench: Shri R. K. Panda & Ms Suchitra Kambleregal Buildtech P. Ltd. Vs Acit 2/48, Shopping Centre, Malcha Circle-21(1) Marg, New Delhi New Delhi Aaccr9566P (Appellant) (Respondent)

Section 292BSection 56(2)(vii)Section 56(2)(viib)

…ITO 94 taxmann.com 181 order dated 22/5/2018. Kerala High Court " Pr. CIT(A) Vs. NDR Promoters Pvt. Ltd. ITA No. 49/2018 dated 17/1/2019. (Del. HC) " Sonia Gandhi Vs. ACIT , W.P (C) 8482/2018, dated 10/9/2018. (Del. HC) " J. B Boda & Co. (P) Ltd. Vs. CBDT 223 ITR 271 dated 30/10/1996 (SC) 10. We have heard both the parties and perused the material available on record. It is pertinent to note that the Assessing Officer as well as the CIT(A) observed that projected figures are not verifiable. But during the course of assessment proceedings, the assessee had provided the clarifications dated 16.12.2016 as to fr…

Smt. Birma Devi, Jaipur vs. Income Tax Officer, Ward-6-2, Jaipur

In the result, appeal of the assessee is allowed in terms indicated

ITA 678/JPR/2018[2013-14]Status: DisposedITAT Jaipur12 Apr 2019AY 2013-14

Bench: The Hearing Of This Appeal.”

For Appellant: Shri S.L. Poddar (Adv)For Respondent: Shri B.K. Gupta (CIT-DR)
Section 139(1)Section 139(4)Section 143(3)Section 2(14)(iii)Section 54B

…tent to entertain any laful claimed which the assessee failed to claim in the return before the Assessing Officer. (v) Anju Mittal v/s ACIT. (ITAT JP) - ITA 201/JP/2014 dt 30.04.15 (vi) Keshavji Ramji v/s CIT (SC) 183 ITR 1 (vii) J.P. Boder Co. v/s CBDT (SC) 223 ITR 271 (viii) CIT v/s Hero Cycles (SC) 228 ITR 463 (ix) CIT v/s National Thermal Power Co. Ltd. (SC) 157 CTR 249 (x) C.I.T v/s Ramco International 332 ITR 306 (P&H) (xi) C.I.T v/s Bhaskar Mitter (Cal) 73 TAXMAN 437 (xii) C.I.T v/s Rajasthan Fasteners Pvt. Ltd. (Raj) 100 DTR 152 (xiii) Wipro Vs. CIT 282 CTR 346 15 ITA 678/JP/2018_ Birma Devi Vs. ITO (x…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7129/MUM/2016[2009-10]Status: DisposedITAT Mumbai13 Jul 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…d draft/cheque, the parties as and by way of commercial prudence have settled the account by netting off the accounts and paid the balance by account payee cheque. Relying on a decision of the Apex Court in the case of J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271 /[1996] 89 Taxman 311, counsel for the assessee submitted that the two-way traffic of forwarding bank draft and receiving back more or less same amount by way of bank draft was unnecessary and, therefore, in the facts of the present case, no fault could be found with the repayment of loan through journal entries. 11. Mr. Pardiwala submitted that…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7128/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…d draft/cheque, the parties as and by way of commercial prudence have settled the account by netting off the accounts and paid the balance by account payee cheque. Relying on a decision of the Apex Court in the case of J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271 /[1996] 89 Taxman 311, counsel for the assessee submitted that the two-way traffic of forwarding bank draft and receiving back more or less same amount by way of bank draft was unnecessary and, therefore, in the facts of the present case, no fault could be found with the repayment of loan through journal entries. 11. Mr. Pardiwala submitted that…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7127/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…d draft/cheque, the parties as and by way of commercial prudence have settled the account by netting off the accounts and paid the balance by account payee cheque. Relying on a decision of the Apex Court in the case of J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271 /[1996] 89 Taxman 311, counsel for the assessee submitted that the two-way traffic of forwarding bank draft and receiving back more or less same amount by way of bank draft was unnecessary and, therefore, in the facts of the present case, no fault could be found with the repayment of loan through journal entries. 11. Mr. Pardiwala submitted that…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7126/MUM/2016[2008-09]Status: DisposedITAT Mumbai13 Jul 2018AY 2008-09

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…d draft/cheque, the parties as and by way of commercial prudence have settled the account by netting off the accounts and paid the balance by account payee cheque. Relying on a decision of the Apex Court in the case of J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271 /[1996] 89 Taxman 311, counsel for the assessee submitted that the two-way traffic of forwarding bank draft and receiving back more or less same amount by way of bank draft was unnecessary and, therefore, in the facts of the present case, no fault could be found with the repayment of loan through journal entries. 11. Mr. Pardiwala submitted that…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7125/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…d draft/cheque, the parties as and by way of commercial prudence have settled the account by netting off the accounts and paid the balance by account payee cheque. Relying on a decision of the Apex Court in the case of J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271 /[1996] 89 Taxman 311, counsel for the assessee submitted that the two-way traffic of forwarding bank draft and receiving back more or less same amount by way of bank draft was unnecessary and, therefore, in the facts of the present case, no fault could be found with the repayment of loan through journal entries. 11. Mr. Pardiwala submitted that…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7124/MUM/2016[2007-08]Status: DisposedITAT Mumbai13 Jul 2018AY 2007-08

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…d draft/cheque, the parties as and by way of commercial prudence have settled the account by netting off the accounts and paid the balance by account payee cheque. Relying on a decision of the Apex Court in the case of J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271 /[1996] 89 Taxman 311, counsel for the assessee submitted that the two-way traffic of forwarding bank draft and receiving back more or less same amount by way of bank draft was unnecessary and, therefore, in the facts of the present case, no fault could be found with the repayment of loan through journal entries. 11. Mr. Pardiwala submitted that…

DCIT, Bangalore vs. M/S Gumbi Software Pvt. Ltd., Bangalore

In the result, the appeal filed by the revenue is dismissed

ITA 1061/BANG/2015[2011-12]Status: DisposedITAT Bangalore30 Nov 2015AY 2011-12

Bench: Smt Asha Vijayaraghavan & Shri Inturi Rama Rao

For Appellant: Shri H. Shambhu Sharma, CAFor Respondent: Shri Neera Malhotra, CIT
Section 10ASection 115JSection 143(3)Section 1O

…ssee claimed exemption under section 10A on net income- However, Assessing Officer denied exemption on ground that provisions of section 10A were not complied with as entire sale proceeds were not brought into India In J.B. Boda & Co. (P.) Ltd. v. CBDT [1997] 223 ITR 271/[1996] 89 Taxman 311, Supreme Court held that if net proceeds are received in foreign exchange and credited, then assessee would not be disentitled from exemption Whether in view of said decision, exemption under section 10A should not be denied to assessee Held, yes [In favour of assessee." Hazel Mercantile Ltd v ACIT- Mumbai ITAT dated 30-04-2…

ACIT, Hubli vs. M/S Gumbi Software Pvt. Ltd., Bangalore

In the result, the appeal by the Revenue is dismissed

ITA 1520/BANG/2013[2010-11]Status: DisposedITAT Bangalore19 Jun 2015AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2010-11

For Appellant: Shri T.S.N. Murthy, CIT-III(DR)For Respondent: Shri H. Shambhu Sharma, CA
Section 10A

…2011.” Regarding the import payments to be made to Evergo Technology, Hongkong. Accordingly, the Appellant applied to Authorised Dealer, Union Bank of India requesting for Netting off the bills. The Hon’ble Supreme Court in the Case of J B Boda & Co Pvt. Ltd. 223 ITR 271 has observed that two way traffic is unnecessary and the assessee can adjusted the receivable against the payments. Hence the contention of the AO that export receipts were not received within six months of the stipulated Page 7 of 15 period is not justifiable as the assessee has approached the RBI to receive the receipts beyond six months of th…

J.B. Boda & Co. (P.) Ltd. v. CBDT (223 ITR 271) — Cited in 21 Judgments | BharatTax