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, Pune

In the result, the appeal of assessee is partly allowed in the terms aforesaid

ITA 634/PUN/2017[2011-12]Status: DisposedITAT Pune27 Jun 2019AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri S. Ananthan with Mrs. Lalitha RFor Respondent: Mrs. Kesang Y. Sherpa

…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…

Deputy Commissioner of Income Tax, Pune vs. Bank of Maharashtra, Pune

In the result, the appeal of assessee is partly allowed in the terms aforesaid

ITA 581/PUN/2017[2012-13]Status: DisposedITAT Pune27 Jun 2019AY 2012-13

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri S. Ananthan with Mrs. Lalitha RFor Respondent: Mrs. Kesang Y. Sherpa

…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…

Deputy Commissioner of Income Tax, Pune vs. Bank of Maharashtra, Pune

In the result, the appeal of assessee is partly allowed in the terms aforesaid

ITA 579/PUN/2017[2011-12]Status: DisposedITAT Pune27 Jun 2019AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri S. Ananthan with Mrs. Lalitha RFor Respondent: Mrs. Kesang Y. Sherpa

…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…

Randox Laboratories (India) P.Ltd, Mumbai vs. ITO 7(2)(1) Or CIT(A) 7, Mumbai

In the result, Revenue’s appeal is dismissed

ITA 507/MUM/2015[2010-11]Status: DisposedITAT Mumbai07 Jun 2019AY 2010-11

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

For Appellant: Shri Ajit Kumar JainFor Respondent: Shri Rakesh Ranjan
Section 143(3)Section 144C(13)

…are incurred for day–to–day running of business, hence, allowable as revenue expenditure. In support of his contention, the learned Counsel for the assessee relied upon the decision of the Hon'ble Supreme Court in Kedarnath Jute Mfg. Co. Ltd. v/s CIT, [1971] 82 ITR 363 (SC). 20. We have considered rival submissions and perused material on record. From the facts on record, it is evident that the disputed expenditure was incurred towards consumables and misc. expenditure. Thus, from the nature of expenditure incurred by the assessee, it is very much clear that they are for day–to–day running of the business and h…

The ITO, Ward-2(1)(4), Ahmedabad vs. Medical Technologies Pvt. Ltd., Ahmedabad

In the result, the appeal is dismissed

ITA 3328/AHD/2016[2013-14]Status: DisposedITAT Ahmedabad03 Jun 2019AY 2013-14
Section 143(3)Section 41(1)

…. 6. We find that whether the credit is routed through the profit and loss account or not is wholly irrelevant for determining the nature of receipt. As held by Hon’ble Supreme Court’s landmark judgment in the case of Kedarnath Jute Mfg Co Ltd Vs CIT [(1971) 82 ITR 363 (SC)], the accounting entries cannot be determinative of the nature of receipt. In any case, what can be added to income under section 41(1) is something in respect of which deduction has been allowed in past. It is an essential prerequisite for invoking section 41(1) that “an allowance or deduction has been made in the assessment for any year in…

St- Ericsson India Pvt. Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

ITA 6247/DEL/2015[2011-12]Status: DisposedITAT Delhi28 May 2019AY 2011-12
For Appellant: Shri S.D. Kapila, Advocate &For Respondent: Shri Sarabjeet Singh, Sr. DR
Section 143(3)Section 144CSection 92CSection 92D

….” 5 5. The ld. counsel for the assessee, relying various decisions, submitted that it is the settled law that there is no estoppel against the statute. For the above proposition, he relied on the following decisions:- i) Kedarnath Jute Mfg. Co. Ltd. vs. CIT, 82 ITR 363 (SC); ii) CWT vs. Meattles (P) Ltd., 156 ITR 569; iii) CIT vs. Mrs. V. Chandra, 245 ITR 619; iv) Director of Inspection of Income-tax (Inv.) vs. Pooran Mall & Sons, 96 ITR 390 v) PV Doshi vs. CIT, 113 ITR 22 (Guj) vi) CIT vs. Continental Commercial Corp., 110 ITR 170 (Mad) vii) Pullangode Rubber Produce Co. Ltd vs. State of Kerala, 91 ITR 18 viii)…

ITO, New Delhi vs. M/S. Citi Financial Cosumer Finance India Ltd., New Delhi

ITA 2638/DEL/2016[2009-10]Status: DisposedITAT Delhi23 May 2019AY 2009-10

Bench: Shri N.K. Billaiya & Shri Kuldip Singhito, Ward 6 (2), Vs. M/S. Citi Financial Consumer Finance New Delhi. India Ltd., 3, Local Shopping Centre, Pushpa Bhawan, Pushp Vihar, New Delhi – 110 062. (Pan : Aabca3223B) (Appellant) (Respondent) Assessee By : Shri C.S. Agarwal, Senior Advocate Shri Shailesh Gupta, Advocate Revenue By : Shri H.K. Choudhary, Cit Dr Date Of Hearing : 02.05.2019 Date Of Order : 23.05.2019

For Appellant: Shri C.S. Agarwal, Senior AdvocateFor Respondent: Shri H.K. Choudhary, CIT DR
Section 143Section 92C

…are concerned, it is well settled that they do not clinch the issue either way, and are not determinative of the allowability or otherwise of the expenditure. The decisions of the Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 and in the case of CIT v. Indian Discounts Co. Ltd. [1970] 75 ITR 191 (SC) are clear on the issue. The accounting entries in the books of accounts are occasioned by a diverse set of considerations and issues such as compliance with statutory laws and mandatory accounting standards/principles and of course management decisions as to the treatment o…

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITA 3455/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 May 2019AY 2012-13

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vipul JoshiFor Respondent: Shri Abdul Hakeem M
Section 143(3)Section 148

…nature of a transaction. What is important and relevant is substance of a C.O. No. 280/MUM/2018 M/s. AAA Technologies Pvt. Ltd., transaction and not its form. Reliance, in this regards, is placed on certain decisions as follows: (i) Kedarnath Jute v/s. CIT - [82 ITR 363, 367 (SC)] (ii) Sutlej Cotton - [116 ITR 1, 5 (SC)] [For income] (iii) CIT v/s. India Cement - [75 ITR 191,195 (SC)] (iv) CIT v/s. ShoorjiVallabhdas - [46 ITR 144 (SC)] (v) CIT v/s. Central Provinces Manganese - [112 ITR 734 (Bom)] (vi) ACIT v/s. Buckau Wolf- [157 ITR 751 (Bom)] (vii) CIT v/s. Century Enka Ltd. - [239 ITR 804 (Cal)] (viii) Tamilna…

ITO 2(1)(1), Mumbai vs. Aaa Technologies P.Ltd, Mumbai

ITA 3454/MUM/2017[2009-10]Status: DisposedITAT Mumbai17 May 2019AY 2009-10

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Ble

For Appellant: Shri Vipul JoshiFor Respondent: Shri Abdul Hakeem M
Section 143(3)Section 148

…nature of a transaction. What is important and relevant is substance of a C.O. No. 280/MUM/2018 M/s. AAA Technologies Pvt. Ltd., transaction and not its form. Reliance, in this regards, is placed on certain decisions as follows: (i) Kedarnath Jute v/s. CIT - [82 ITR 363, 367 (SC)] (ii) Sutlej Cotton - [116 ITR 1, 5 (SC)] [For income] (iii) CIT v/s. India Cement - [75 ITR 191,195 (SC)] (iv) CIT v/s. ShoorjiVallabhdas - [46 ITR 144 (SC)] (v) CIT v/s. Central Provinces Manganese - [112 ITR 734 (Bom)] (vi) ACIT v/s. Buckau Wolf- [157 ITR 751 (Bom)] (vii) CIT v/s. Century Enka Ltd. - [239 ITR 804 (Cal)] (viii) Tamilna…

DCIT CC 38, Mumbai vs. K Sera Sera Productions Ltd, Mumbai

In the result, the appeal is allowed for statistical purposes

ITA 29/MUM/2012[2006-07]Status: DisposedITAT Mumbai16 May 2019AY 2006-07

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2006-07 Acit, Cc-36, Room No. M/S K. Sera Sera Productions 32(1), Ground Floor, Ltd., 18, 4Th Floor, Mohid Vs. Aayakarbhavan, Mumbai- Heights, Above Masala 400020. Mantra Restaurant, Lokhandwala Road, Andheri (West), Mumbai-400053. Pan No. Aaacg5103D Appellant Respondent Revenue By : Mr. D.G. Pansari, Dr Assessee By : Mr. Satish Modi, Ar Date Of Hearing : 22/02/2019 Date Of Pronouncement: 16/05/2019

For Appellant: Mr. Satish Modi, ARFor Respondent: Mr. D.G. Pansari, DR
Section 132Section 143(3)Section 153A

…nd loss account, which is against the basic principle of taxation that only real income can be taxed, reliance is placed by the Ld. counsel on the decision in Delhi Stock Exchange Association Ltd. v. CIT 41 ITR 495, Kedarnath Jude Manufacturing Co Ltd. v. CIT 82 ITR 363, CIT v. Shoorji Vallabhdas & Co. Ltd. 43 ITR 144, Pullangode Rubber Produce Company Ltd. v. State of Kerala & Anr 91 ITR 18 K.S. Narayanswami Iyer v. CIT 29 ITR 515, CIT v. Nagri Mills Co. Ltd. 33 ITR 681, CIT v. J.D. Italia 141 ITR 948. Responding to the contentions of the Ld. DR that books of accounts were not produced to verify the claim made b…

The Akola Urban Co. Op. Bank Ltd., Akola vs. Dy. CIT- Akola Circle, Akola

In the result, both the appeals of assessee are allowed for statistical purpose

ITA 91/NAG/2015[2010-11]Status: DisposedITAT Nagpur14 May 2019AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: S/Shri C.J. Thakar & S.C. ThakarFor Respondent: Shri U.U. Kasar

…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 o…

The Akola Urban Co Op. Bank Ltd, Akola vs. D.C.I.T. Akola Cricle, Akola

In the result, both the appeals of assessee are allowed for statistical purpose

ITA 248/NAG/2015[2011-12]Status: DisposedITAT Nagpur14 May 2019AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: S/Shri C.J. Thakar & S.C. ThakarFor Respondent: Shri U.U. Kasar

…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 o…

M/S Volvo India Pvt. Ltd vs. ACIT, Bangalore

In the result, appeal of the Assessee is partly allowed

ITA 1537/BANG/2012[2008-09]Status: DisposedITAT Bangalore08 May 2019AY 2008-09

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri Ajay Vohra, Sr. Advocate &For Respondent: Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru
Section 139Section 143Section 143(3)Section 144Section 153(1)Section 18

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER IT(TP)A No.1537/Bang/2012 Assessment year : 2008-09 M/s. Volvo India Pvt. Ltd., Vs. The Assistant Commissioner of Yelchenahalli Village, Income Tax (LTU), Tavareker Post, Hoskote, Bangalore. Bangalore – 562 122. PAN: AAACV 6747N APPELLANT RESPONDENT Appellant by : Shri Ajay Vohra, Sr. Advocate & Ms. Tejasvi Jain, CA Respondent by : Shri Pradeep Kumar, CIT(DR)(ITAT), Bengaluru. Date of hearing : 30.04.2019 Date of Pronouncement : 08.05.2019 O R D E R Per N V Vasudeva…

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeals filed by the Revenue are dismissed

ITA 162/COCH/2017[2013-14]Status: DisposedITAT Cochin06 May 2019AY 2013-14

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Alok MitraFor Respondent: Sri.Abraham Joseph Markose
Section 56(2)(ii)

…It is well settled principle that treatment in books of accounts is not determinative of the nature and taxability of income as held in the case of Tuticorin alkali Chemicals and Fertilizers Ltd. v. CIT 227 ITR 172 (SC) and Kedarnath Jute Mfg. Co. Ltd. v CIT 82 ITR 363 (SC). 8.27 For the sake of completeness, it is stated that it is well settled law that if there is a new ground or a material change in the factual and legal position precedents do not have binding character. In the case of Bharat Sanchar Nigam Ltd. v UOI WP (Civil) 183/2003 (SC), it was noted as under: “Even if the said orders are passed under th…

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeals filed by the Revenue are dismissed

ITA 161/COCH/2017[2012-13]Status: DisposedITAT Cochin06 May 2019AY 2012-13

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Alok MitraFor Respondent: Sri.Abraham Joseph Markose
Section 56(2)(ii)

…It is well settled principle that treatment in books of accounts is not determinative of the nature and taxability of income as held in the case of Tuticorin alkali Chemicals and Fertilizers Ltd. v. CIT 227 ITR 172 (SC) and Kedarnath Jute Mfg. Co. Ltd. v CIT 82 ITR 363 (SC). 8.27 For the sake of completeness, it is stated that it is well settled law that if there is a new ground or a material change in the factual and legal position precedents do not have binding character. In the case of Bharat Sanchar Nigam Ltd. v UOI WP (Civil) 183/2003 (SC), it was noted as under: “Even if the said orders are passed under th…

The ACIT, Cochin vs. M/S.Ptl Enterprises Ltd, Cochin

In the result, the appeals filed by the Revenue are dismissed

ITA 160/COCH/2017[2011-12]Status: DisposedITAT Cochin06 May 2019AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Alok MitraFor Respondent: Sri.Abraham Joseph Markose
Section 56(2)(ii)

…It is well settled principle that treatment in books of accounts is not determinative of the nature and taxability of income as held in the case of Tuticorin alkali Chemicals and Fertilizers Ltd. v. CIT 227 ITR 172 (SC) and Kedarnath Jute Mfg. Co. Ltd. v CIT 82 ITR 363 (SC). 8.27 For the sake of completeness, it is stated that it is well settled law that if there is a new ground or a material change in the factual and legal position precedents do not have binding character. In the case of Bharat Sanchar Nigam Ltd. v UOI WP (Civil) 183/2003 (SC), it was noted as under: “Even if the said orders are passed under th…

Arun S. Patil, Pune vs. Income-Tax Officer

In the result, the appeal of the Revenue is dismissed

ITA 1224/PUN/2015[2010-11]Status: DisposedITAT Pune29 Apr 2019AY 2010-11
For Appellant: Shri Nikhil PathakFor Respondent: Shri S. B. Prasad, CIT
Section 143(3)Section 2(47)(iv)Section 269U

…harging provisions of the Act provide that any income becomes chargeable to tax when the assessee has acquired a right to receive such income. The apex court in above mentioned decision and later decisions such as in Kedarnath Jute Mfg. Co. Ltd. Vs CIT (1971) 82 ITR 363 (SC) have conclusively settled the law in this regard. 4.4 In view of the above facts, the additional ground of appeal no.1 raised by the appellant is allowed.” 11. Thus, the undisputed facts with reference to the transaction of sale of the property to Kreato Developers include that the land was proposed for sale vide MOU dated 04.03.2008. The rel…

Income-Tax Officer vs. Shri Arun S. Patil, Pune

In the result, the appeal of the Revenue is dismissed

ITA 1204/PUN/2015[2010-11]Status: DisposedITAT Pune29 Apr 2019AY 2010-11
For Appellant: Shri Nikhil PathakFor Respondent: Shri S. B. Prasad, CIT
Section 143(3)Section 2(47)(iv)Section 269U

…harging provisions of the Act provide that any income becomes chargeable to tax when the assessee has acquired a right to receive such income. The apex court in above mentioned decision and later decisions such as in Kedarnath Jute Mfg. Co. Ltd. Vs CIT (1971) 82 ITR 363 (SC) have conclusively settled the law in this regard. 4.4 In view of the above facts, the additional ground of appeal no.1 raised by the appellant is allowed.” 11. Thus, the undisputed facts with reference to the transaction of sale of the property to Kreato Developers include that the land was proposed for sale vide MOU dated 04.03.2008. The rel…

DCIT, Circle - 1(1), Kolkata vs. M/S. Exide Industries Ltd., Kolkata

Appeal is dismissed

ITA 1378/KOL/2017[2002-03]Status: DisposedITAT Kolkata24 Apr 2019AY 2002-03

Bench: Shri J.Sudhakar Reddy & Shri S.S.Godaraassessment Year: 2002-03 Dcit, Circle-1(1), M/S Exide Industries Ltd. बनाम P-7, Chowringhee Exide House, 59E, / Square, R.No.20, V/S. Chowringhee Road, 7Th Floor, Kolkta-69 Kolkata-700 020 [Pan No.Aaace 6641 E] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri C.J.Singh,Jcit-Sr-Dr अपीलाथ" क" ओर से/By Appellant Shri A. Sinha, Aca ""यथ" क" ओर से/By Respondent 24-01-2019 सुनवाई क" तार"ख/Date Of Hearing 24-04-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2002-03 Arises Against The Commissioner Of Income Tax (Appeals)-22, Kolkata’S Order Dated 27.03.2017 Passed In Case No.123/Cit(A)-22/02-0310-11/Kol, Involving Proceedings U/S 143(3) R.W.S. 251 R.W.S. 254 Of The Income Tax Act, 1961; In Short ‘The Act’. 2. The Revenue Pleads The Following Substantive Grounds In Its Instant Appeal:- “1. Whether On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Is Justified In Deleting Rs.3.85 Crores Routed Through P&L A/C Under The Head Dealers Incentive Disregarding The Fact That The Assessing Officer'S Addition Has Been Based On Discrepancies, Crystal Clear As It Looks, In Terms Of The Supporting Credit Notes Furnished By The Assessee. 2. Whether On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Is Justified In Deleting The Addition Of Rs.2.04 Crores Routed Through Balance Sheet On Account Of Dealers Incentive – This Is The Area Of Contention Because The

Section 143(3)

…ny Ltd. 112 ITR 276 (Cal) and v) Hukumchand Jute & Industries Ltd. –Vs- CIT 241 ITR 517 (Cal). 8. Concluding his arguments and further making reliance on a decision of the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. –Vs- CIT reported in 82 ITR 363 (SC) wherein it was held that whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on the view which the assessee might take of his rights nor can the existence or absence of entries in the books of account be decisive in the matter, the Ld. Counsel for the assessee submitte…

Rajendra B. Raisoni, Pune vs. Assistant Commissioner of Income-Tax

In the result, the appeal of assessee is partly allowed

ITA 737/PUN/2015[2007-08]Status: DisposedITAT Pune18 Apr 2019AY 2007-08

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपील सं. / Ita No.737/Pun/2015 "नधा"रण वष" / Assessment Year : 2007-08 Rajendra B. Raisoni, 401/402, Poonam Plaza, ………. अपीलाथ" / Market Yard Road, Market Yard, Appellant Pune – 411 037. Pan : Aaspr4761K. बनाम V/S

For Appellant: Shri Vipin GujarathiFor Respondent: Shri Sudhendu Das
Section 132Section 143(3)Section 153ASection 2(14)

…as on 31.03.2005 but the entries in the books of accounts were not conclusive for determination of character of asset and for which he placed reliance on the decision of Hon’ble Apex Court in the case of Kedhrnath Jute Manufacturing Co., Vs. CIT reported in 82 ITR 363. He further submitted that Hon’ble Ld.CIT(A) did not decide as to whether the profit has arisen from the sale of land was capital gain or profits and gains from the business but mixed the issue of fresh claim in the original return vis-à-vis returns submitted and in response to notice u/s 153A of the Act. He further submitted that Ld.CIT(A) did n…