Kedarnath Jute Mfg. Co. Ltd. v. CIT

82 ITR 363Supreme Court of India1971#89 most cited

What is Kedarnath Jute Mfg. Co. Ltd. v. CIT authority for?

Tax liability for an item of income or expenditure is determined solely by the provisions of the Income-tax Act. Entries in an assessee's books of account are not conclusive and do not govern the taxability or deductibility of an item, as the legal rights and obligations under the Act prevail.

654

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 1998 to 2026.

Also referred to as

Kedarnath Jute Mfg. Co. Ltd. v. CIT · 82 ITR 363 SC · tax liability · accounting entries · books of account · Income-tax Act provisions · tax law vs accounting · section 145 · mercantile system · book profits · section 115JB · section 37(1) · section 43B

Sections most often in play

Section 143(3)Section 1961Section 37(1)Section 43BSection 14ASection 115JBSection 143(1)Section 145
Read the full judgment

Issues it is cited on

section 80hhcsection 80hhbook profitsrevenue expendituresection 80iamercantile system of accountingcapital expendituresection 115jsection 80idisallowance under section 14asection 37(1)section 115jb

Judgments citing Kedarnath Jute Mfg. Co. Ltd. v. CIT

Bank of Maharashtra, Pune vs. Deputy Commissioner of Income-Tax, Circle -1(1), Pune

The appeals are dismissed

ITA 472/PUN/2020[2015-16]Status: DisposedITAT Pune30 Jun 2022AY 2015-16

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2015-16 Bank Of Maharashtra Vs. Dcit, Circle 1501, Lokmangal, Shivajinagar, 1(1), Pune Pune – 411005 Pan : Aaccb0774B Appellant Respondent निर्धारण वषा / Assessment Year : 2015-16 Dcit, Circle Vs. Bank Of Maharashtra 1(1), Pune 1501, Lokmangal, Shivajinagar, Pune – 411005 Pan : Aaccb0774B Appellant Respondent

Section 115JSection 143(3)Section 36Section 36(1)(viia)Section 37

…n-fact, this aspect of the controversy has also been answered by the Hon‟ble Karnataka High Court in the case of Corporation Bank Ltd. (supra) by relying on the judgement of the Hon‟ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. vs. CIT, (1971) 82 ITR 363 (SC). Therefore, we do not find any merits in the above objection of the Revenue. Moreover, the plea of the learned CIT-DR that nature of HTM securities is distinct from AFS and HFT securities and thus HTM securities are not stock-in-trade, is quite wrong. It cannot be denied that the securities held by the bank are stock-in-trade. Another plea of…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

ITA 641/SRT/2018[2014-15]Status: DisposedITAT Surat23 Jun 2022AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

ITA 362/SRT/2018[2012-13]Status: DisposedITAT Surat23 Jun 2022AY 2012-13

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1544/AHD/2016[2011-12]Status: DisposedITAT Surat23 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1543/AHD/2016[2010-11]Status: DisposedITAT Surat23 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

ITA 1542/AHD/2016[2009-10]Status: DisposedITAT Surat23 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1531/AHD/2016[2011-12]Status: DisposedITAT Surat23 Jun 2022AY 2011-12

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1530/AHD/2016[2010-11]Status: DisposedITAT Surat23 Jun 2022AY 2010-11

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

ITA 1529/AHD/2016[2009-10]Status: DisposedITAT Surat23 Jun 2022AY 2009-10

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 254(1)Section 36(1)(viia)

…for a particular deduction otherwise allowable under the law, especially when the amount is in fact reduced from profits, even though as appropriation in the books of account as held by the Hon’ble Supreme Court in Kedarnath Jute Manufacturing Company (1971) 82 ITR 363 (SC). The ld. AR for the assessee further submits that similar deduction was allowed by the Assessing Officer in assessment year 2008-09 after considering the merits and noting in the assessment order. The order was challenged before CIT(A) and further to Tribunal, no enhancement was made by ld CIT(A). The ld. AR submits perusal of grounds of appe…

The Dy. CIT, Circle-2(1)(1), Ahmedabad vs. M/S. Gujarat Microwax Ltd., Ahmedabad

In the result, both of the Appeals of Revenue are partly allowed for statistical purposes

ITA 2683/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad15 Jun 2022AY 2012-13

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani

Section 10BSection 143(3)Section 92E

…nomenclature “Misc. income” has been used in books of account. Relying upon following decisions, Ld. AR contested that the description in the books of account is not decisive, the true nature of receipt has to be seen: (a) Kedarnath Jute Mfg. Co. Ltd. (1971) 82 ITR 363 (SC) (b) CIT Vs. Gopal Purohit 2010-TIOL-129-HC-MUM-IT Regarding interest income of Rs. 1,28,777/-, Ld. AR submitted that the assessee has earned interest income of Rs. 1,21,486/- on security deposit with Uttar Gujrat Vij Company Ltd. (UGVCL) and Rs. 7,291/- from bank. Ld. AR submitted that these receipts are in the course of business carried on b…

The Dy. CIT, Circle-2(1)(1), Ahmedabad vs. M/S. Gujarat Microwax Ltd., Ahmedabad

In the result, both of the Appeals of Revenue are partly allowed for statistical purposes

ITA 2682/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad15 Jun 2022AY 2011-12

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani

Section 10BSection 143(3)Section 92E

…nomenclature “Misc. income” has been used in books of account. Relying upon following decisions, Ld. AR contested that the description in the books of account is not decisive, the true nature of receipt has to be seen: (a) Kedarnath Jute Mfg. Co. Ltd. (1971) 82 ITR 363 (SC) (b) CIT Vs. Gopal Purohit 2010-TIOL-129-HC-MUM-IT Regarding interest income of Rs. 1,28,777/-, Ld. AR submitted that the assessee has earned interest income of Rs. 1,21,486/- on security deposit with Uttar Gujrat Vij Company Ltd. (UGVCL) and Rs. 7,291/- from bank. Ld. AR submitted that these receipts are in the course of business carried on b…

M/S. Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 292/CHNY/2019[2014-15]Status: DisposedITAT Chennai15 Jun 2022AY 2014-15

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 942/CHNY/2016[2012-13]Status: DisposedITAT Chennai15 Jun 2022AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 941/CHNY/2016[2011-12]Status: DisposedITAT Chennai15 Jun 2022AY 2011-12

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 940/CHNY/2016[2010-11]Status: DisposedITAT Chennai15 Jun 2022AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 939/CHNY/2016[2009-10]Status: DisposedITAT Chennai15 Jun 2022AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 938/CHNY/2016[2008-09]Status: DisposedITAT Chennai15 Jun 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

Tristar Container Services (Asia) Private Limited, Chennai vs. ACIT, Chennai

The appeal stands partly allowed

ITA 937/CHNY/2016[2007-08]Status: DisposedITAT Chennai15 Jun 2022AY 2007-08

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./Ita No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./Ita No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./Ita No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./Ita No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./Ita No.941/Chny/2016 (िनधाEरणवषE / Assessment Year: 2011-12) & आयकरअपीलसं./Ita No.942/Chny/2016 (िनधाEरणवषE / Assessment Year: 2012-13) & आयकरअपीलसं./Ita Nos.292/Chny/2019 (िनधाEरणवषE / Assessment Year: 2014-15) M/S. Tristar Container Services Acit बनाम/ (Asia) Private Limited Company Circle Iii (1), No. 18, Swamy Sivananda Salai, Chennai – 600 034. Vs. Chepauk, Chennai 600 005. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaact-4043-K (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri S. Sridhar (Advocate)-Ld. Ar ""थ"कीओरसे/Respondent By : Shri S. Palani Kumar (Cit)–Ld. Dr सुनवाईकीतारीख/ : 06-05-2022 Date Of Hearing घोषणाकीतारीख / : 15-06-2022 Date Of Pronouncement

For Appellant: Shri S. Sridhar (Advocate)-Ld. ARFor Respondent: Shri S. Palani Kumar (CIT)–Ld. DR

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No.937/Chny/2016 (िनधाEरणवषE / Assessment Year: 2007-08) & आयकरअपीलसं./ITA No.938/Chny/2016 (िनधाEरणवषE / Assessment Year: 2008-09) & आयकरअपीलसं./ITA No.939/Chny/2016 (िनधाEरणवषE / Assessment Year: 2009-10) & आयकरअपीलसं./ITA No.940/Chny/2016 (िनधाEरणवषE / Assessment Year: 2010-11) & आयकरअपीलसं./ITA No.941/Chny/2016 (िनधाEरणवषE / Assessm…

DCIT, New Delhi vs. M/S. Shilpi Cabletronics Ltd., New Delhi

In the result, the appeal of the Revenue is allowed for statistical

ITA 1047/DEL/2016[2011-12]Status: DisposedITAT Delhi01 Jun 2022AY 2011-12

Bench: Shri Shamim Yahya & Ms. Astha Chandra[Assessment Year: 2011-12]

Section 133(6)

…revious year’s expenditure in current year against the matching principle of accounting. Hence, the claim of the assessee made in the revised return of income is not tenable and rejected. The assessee relied upon the judgment of M/s Kedar Nath Jute Mills Ltd. 82 ITR 363 (SC) which is having quite distinguishable facts with respect to matter under consideration. 4. Against the order, assessee appealed before the ld. CIT(A) . 5. The Ld. CIT(A) in great detail referred to additional evidences submitted by assessee, the remand report of the Assessing Officer and rejoinder by the assessee. While making the decision…

The DCIT, Circle-1(1), Baroda vs. Gujarat Industries Power Co.Ltd., Baroda

ITA 1770/AHD/2012[2004-05]Status: DisposedITAT Ahmedabad26 May 2022AY 2004-05

Bench: Shri Mahavir Prasad, Judicial Memebr & Shri Waseem Ahmed, Accountant Memebr

For Appellant: 22-04-2022For Respondent: Shri Mohd. Usman, CIT DR &
Section 115J

…he provisions of the Income Tax Act. Further Classification of items in the books is not relevant for deciding the treatment of such items while computing taxable income as held by the Hon’ble Supreme Court in the case of Kedarnath Jute Manufacturing Co Ltd - 82 ITR 363. Thus the book entries are not conclusive for determining the nature of expenditure. The provisions of law prevail over the book entries. Accordingly, consumption of spares being only replacement of spare parts would qualify under the head "current repairs" and treated as Revenue Expenditure. The Ld AR submitted before the Bench a “Technical Write…