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

Bhagwati Gases Ltd., Kolkata vs. DCIT, Cir-8, Kolkata

In the result, the appeal of assessee is partly allowed and appeal of revenue is allowed for statistical purpose

ITA 345/KOL/2016[2006-07]Status: DisposedITAT Kolkata11 Apr 2019AY 2006-07

Bench: Shri P.M. Jagtap & Shri A. T. Varkey, Jm]

…cannot be held to be interest liable for TDS deduction. Mere classification in the accounts or recording entries in the books cannot determine the true nature of transaction. The Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 held: “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 or conclusive in the matter .... " 31. The provisions of Sec. 40(a)(ia) of the…

DCIT, Cir-8(1), Kolkata vs. M/S Bhagwati Gases Ltd., Kolkata

In the result, the appeal of assessee is partly allowed and appeal of revenue is allowed for statistical purpose

ITA 339/KOL/2016[2006-07]Status: DisposedITAT Kolkata11 Apr 2019AY 2006-07

Bench: Shri P.M. Jagtap & Shri A. T. Varkey, Jm]

…cannot be held to be interest liable for TDS deduction. Mere classification in the accounts or recording entries in the books cannot determine the true nature of transaction. The Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 held: “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 or conclusive in the matter .... " 31. The provisions of Sec. 40(a)(ia) of the…

DCIT, New Delhi vs. M/S Sql Star International Ltd., Delhi

In the result, both the appeals of the revenue are dismissed

ITA 3850/DEL/2013[2008-09]Status: DisposedITAT Delhi22 Mar 2019AY 2008-09

Bench: Shri Prashant Maharishi & Shri K.Narasimha Chary

For Appellant: NoneFor Respondent: Shri N.K. Bansal, Sr. DR
Section 37

…me cannot be treated as revenue and, therefore, he disallowed it and added it back to the income of the assessee. 4. Aggrieved by the said addition, the assessee preferred appeal and submitted that as held in the case of Kedar Nath Jute Mfg. Co. Ltd. vs CIT, 82 ITR 363, the existence or absence of entries is neither decisive nor conclusive factor to determine the allowability or otherwise of an expenditure and one has to look into the expenditure.Learned CIT(A) by placing reliance on the decision reported in the case of Tuticorin Alkali & Chemicals Ltd. vs CIT (1997) 227 ITR 172(SC) and also in the case of Keda…

DCIT, New Delhi vs. M/S. Sql Star International Ltd., New Delhi

In the result, both the appeals of the revenue are dismissed

ITA 3782/DEL/2013[2009-10]Status: DisposedITAT Delhi22 Mar 2019AY 2009-10

Bench: Shri Prashant Maharishi & Shri K.Narasimha Chary

For Appellant: NoneFor Respondent: Shri N.K. Bansal, Sr. DR
Section 37

…me cannot be treated as revenue and, therefore, he disallowed it and added it back to the income of the assessee. 4. Aggrieved by the said addition, the assessee preferred appeal and submitted that as held in the case of Kedar Nath Jute Mfg. Co. Ltd. vs CIT, 82 ITR 363, the existence or absence of entries is neither decisive nor conclusive factor to determine the allowability or otherwise of an expenditure and one has to look into the expenditure.Learned CIT(A) by placing reliance on the decision reported in the case of Tuticorin Alkali & Chemicals Ltd. vs CIT (1997) 227 ITR 172(SC) and also in the case of Keda…

Karanja Terminal & Logistics P. Ltd, Mumbai vs. DCIT Cen Cir 6(3), Mumbai

The appeal of the assessee is allowed

ITA 2472/MUM/2018[2013-14]Status: DisposedITAT Mumbai20 Mar 2019AY 2013-14

Bench: Shri Rajesh Kumar, Hon'Ble Accountantmember & Shri Ramlal Negi, Hon'Ble Judicialmember

For Appellant: Shri J.P. BairagraFor Respondent: Shri B. Srinivas
Section 115JSection 147Section 148

…2.2018 in which the Hon’ble Bombay High Court has held that mere accounting entries in the books of accounts are not sufficient to decide the taxability of the amount received by following the decision of the Apex Court in the case of Kedarnath Jute Mills Ltd 82 ITR 363 and Tapariya Tools Ltd 372 ITR 605. Further, the ld AR submitted that principal of resjudicutta does not apply to the income tax proceedings by relying the decision of Radha Soami Satsang Vs CIT 193 ITR 391. 16. We have heard the rival parties and carefully perused the materials placed before us including the case laws relied upon by both the part…

DCIT, Cir-6(1), Kolkata vs. M/S Cesc Ltd., Kolkata

In the result, the appeal of assessee is allowed for statistical purposes and that of the revenue is dismissed

ITA 1186/KOL/2015[2011-2012]Status: DisposedITAT Kolkata15 Mar 2019AY 2011-2012

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 263

…nor can the existence or absence of entries in his books of account be decisive or conclusive in the matter. The said proposition in law has been very clearly laid down by the Hon’ble Supreme Court in the case of Kedarnath Jute Manufacturing Co. Ltd. vs. CIT 82 ITR 363 (SC) and in Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT 227 ITR 172 (SC). In fact, as stated above, at page 7 of' the order under appeal, the Assessing Officer, has himself taxed the royalty income of Rs. 4,64,95,455/- accruing to the appellant during the year in terms of the-Trademark License Agreement dated 31st March, 2009. Allowance…

Cesc Ltd., Kolkata vs. DCIT, Cir-6(1), Kolkata

In the result, the appeal of assessee is allowed for statistical purposes and that of the revenue is dismissed

ITA 1133/KOL/2015[2011-2012]Status: DisposedITAT Kolkata15 Mar 2019AY 2011-2012

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

Section 263

…nor can the existence or absence of entries in his books of account be decisive or conclusive in the matter. The said proposition in law has been very clearly laid down by the Hon’ble Supreme Court in the case of Kedarnath Jute Manufacturing Co. Ltd. vs. CIT 82 ITR 363 (SC) and in Tuticorin Alkali Chemicals & Fertilizers Ltd. vs. CIT 227 ITR 172 (SC). In fact, as stated above, at page 7 of' the order under appeal, the Assessing Officer, has himself taxed the royalty income of Rs. 4,64,95,455/- accruing to the appellant during the year in terms of the-Trademark License Agreement dated 31st March, 2009. Allowance…

ITO, New Delhi vs. M/S. Paragon Xt, New Delhi

In the result appeal of the revenue is dismissed

ITA 363/DEL/2015[2010-11]Status: DisposedITAT Delhi14 Mar 2019AY 2010-11

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2010-11

For Appellant: NoneFor Respondent: Shri Surender Pal, Sr. DR
Section 194C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER Asstt. Year: 2010-11 ITO Paragon XT Ward-53(3), Room No. 1509, 221-Aashirwad Complex, E-2 Block, Civic Centre, Green Park, Minto Road New Delhi – 110 016 Vs. New Delhi – 110 002 PAN AAJFP8032G (Appellant) (Respondent) Department by: Shri Surender Pal, Sr. DR Assessee by : None Date of Hearing 18/02/2019 Date of 14/03/2019 pronouncement O R D E R PER L. P. Sahu, A.M. This is an appeal filed by the assessee against the order of Ld. CIT(Appeals)-XXVI, New Delhi vide order dat…

Deputy Commissioner of Income-Tax, Circle - 8, Pune vs. M/S. Dynomerk Controls, Pune

In the result, the appeal of Revenue is dismissed

ITA 904/PUN/2018[2013-14]Status: DisposedITAT Pune16 Jan 2019AY 2013-14

Bench: "ी "वकास अव"थी, "या"यक सद"य के सम" Shri Vikas Awasthy, Jm

For Appellant: Shri Suhas BoraFor Respondent: Shri M.K. Verma
Section 143(2)

…. ACIT Vs. Medicamen Biotech Ltd. 1 SOT 347 (Delhi). 4. Hero Honda Motors Ltd. Vs. JCIT 3 SOT 572 (Delhi). 5. Charak Pharmaceuticals Vs. JCIT 4SOT 393. 6. Madras Industrial Investment Ltd. Vs. CIT 225 ITR 802. 7. Kedatnath Jute Manufacturing Co Ltd. Vs. CIT 82 ITR 363 SC. 5. Shri M.K. Verma representing the Department submitted that huge expenditure has been incurred by assessee for product development which would result in enduring benefit to the assessee over a period of time. The ld.D.R. placed reliance on the decision of Hon’ble Gujarat High Court in the case of Torrent Pharmaceuticals Ltd., Vs. ACIT re…

Vasant Shankar Walanj, Pune vs. Income-Tax Officer

ITA 1006/PUN/2015[2010-11]Status: DisposedITAT Pune10 Jan 2019AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Nikhil Pathak &For Respondent: Shri Pankaj Garg
Section 143(3)

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपील सं./ ITA No.1005/PUN/2015 "नधा"रण वष" / Assessment Year : 2010-11 Jagdish Nandkishor Khandelwal, 31, Bhangaewadi, Lonavala, Tal. Maval, Dist. Pune-410 401 Maharashtra. PAN : ANIPK7647J .......अपीलाथ" / Appellant बनाम / V/s. The Income Tax Officer, Ward 8(3), Pune. ……""यथ" / Respondent आयकर अपील सं./ ITA No.1006/PUN/2015 "नधा"रण वष" /Assessment Year : 2010-11 Vasant Shankar Walanj, Vardhaman Society, Lonavala, Tal. Maval, Dist. Pun…

Jagdish Nandkishor Khandelwal, Pune vs. Income-Tax Officer

ITA 1005/PUN/2015[2010-11]Status: DisposedITAT Pune10 Jan 2019AY 2010-11

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Nikhil Pathak &For Respondent: Shri Pankaj Garg
Section 143(3)

…आयकर अपील"य अ"धकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपील सं./ ITA No.1005/PUN/2015 "नधा"रण वष" / Assessment Year : 2010-11 Jagdish Nandkishor Khandelwal, 31, Bhangaewadi, Lonavala, Tal. Maval, Dist. Pune-410 401 Maharashtra. PAN : ANIPK7647J .......अपीलाथ" / Appellant बनाम / V/s. The Income Tax Officer, Ward 8(3), Pune. ……""यथ" / Respondent आयकर अपील सं./ ITA No.1006/PUN/2015 "नधा"रण वष" /Assessment Year : 2010-11 Vasant Shankar Walanj, Vardhaman Society, Lonavala, Tal. Maval, Dist. Pun…

B.R. Associates Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 4966/DEL/2012[2007-08]Status: DisposedITAT Delhi10 Jan 2019AY 2007-08

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 10Section 132Section 153ASection 2(22)Section 234ASection 68

…012 CIT vs. International Land Lastly the nomenclature by the assessee or the opinion of the auditor cannot 5.2 be a conclusive basis to disregard and overlook the true nature of the transaction. Reliance is placed on the following judicial pronouncements: 82 ITR 363 (SC) Kedarnath Jute Mfg. Co. Ltd. i) 227 ITR 172 (SC) Tuticorn Alkali Chemicals and Fertilizers Ltd. vs. CIT 285 ITR 221 (Mad) CIT vs. Idhayam Publications Ltd ii) 6 In view of the aforesaid, it is submitted that since the amount received is for the commercial consideration as such same is outside the purview of section 2(22)(e) of the Act. The…

B.R. Associates Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 4965/DEL/2012[2006-07]Status: DisposedITAT Delhi10 Jan 2019AY 2006-07

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 10Section 132Section 153ASection 2(22)Section 234ASection 68

…012 CIT vs. International Land Lastly the nomenclature by the assessee or the opinion of the auditor cannot 5.2 be a conclusive basis to disregard and overlook the true nature of the transaction. Reliance is placed on the following judicial pronouncements: 82 ITR 363 (SC) Kedarnath Jute Mfg. Co. Ltd. i) 227 ITR 172 (SC) Tuticorn Alkali Chemicals and Fertilizers Ltd. vs. CIT 285 ITR 221 (Mad) CIT vs. Idhayam Publications Ltd ii) 6 In view of the aforesaid, it is submitted that since the amount received is for the commercial consideration as such same is outside the purview of section 2(22)(e) of the Act. The…

B.R. Associates Pvt. Ltd., New Delhi vs. ACIT, New Delhi

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

ITA 4964/DEL/2012[2005-06]Status: DisposedITAT Delhi10 Jan 2019AY 2005-06

Bench: : Shri Amit Shukla & Shri L.P. Sahu

Section 10Section 132Section 153ASection 2(22)Section 234ASection 68

…012 CIT vs. International Land Lastly the nomenclature by the assessee or the opinion of the auditor cannot 5.2 be a conclusive basis to disregard and overlook the true nature of the transaction. Reliance is placed on the following judicial pronouncements: 82 ITR 363 (SC) Kedarnath Jute Mfg. Co. Ltd. i) 227 ITR 172 (SC) Tuticorn Alkali Chemicals and Fertilizers Ltd. vs. CIT 285 ITR 221 (Mad) CIT vs. Idhayam Publications Ltd ii) 6 In view of the aforesaid, it is submitted that since the amount received is for the commercial consideration as such same is outside the purview of section 2(22)(e) of the Act. The…

The DCIT, (OSD), Circle-8, Ahmedabad vs. M/S. V. F. Arvind Brands Private Limited, Ahmedabad

In the result, the appeal of the Revenue is dismissed, and the CO of the assessee is allowed

ITA 1904/AHD/2013[2008-09]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2008-09

Bench: Shri Mahavir Prasad & Shri Waseem Ahmedआयकर अपील सं./Ita No.1904/Ahd/2013 & Cross Objection No. 204/Ahd/2013 (In Ita No.1904/Ahd/2013) िनधा"रण वष"/Assessment Year : 2008-09 D.C.I.T.(Osd), M/S. V. F. Arvind Brands Pvt. Circle-8, Vs. Ltd. Ahmedabad. Arvind Mills Premises, Naroda Road, Ahmedabad-380025. Pan: Aaccv 2727 L (Applicant) (Responent) / Cross Objector

For Appellant: ShriFor Respondent: Smt Aparna M. Agarwal, CIT.D.R
Section 251(1)(a)

…eduction. It has been held repeatedly by this Court that entries in the books of account are not determinative or conclusive and the matter is to be examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co.Ltd. v. CIT [1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of account…

Cosmos Industries Ltd., Ghaziabad vs. DCIT, New Delhi

In the result, the appeal filed by the assessee is allowed

ITA 3730/DEL/2015[2010-11]Status: DisposedITAT Delhi31 Dec 2018AY 2010-11

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2010-11 Cosmos Industries Ltd., Vs. Dcit, C/O Garg R. Kumar & Associates, Cas, Circle-3(1), 7, Advocate Chambers, New Delhi. Raj Nagar District Centre, Above Dominos Pizza, Ghaziabad. Pan: Aaacc6682R (Appellant) (Respondent) Assessee By : Shri Akhilesh Kumar, Advocate Revenue By : Shri Anil Katoch, Sr.Dr Date Of Hearing : 17.12.2018 Date Of Pronouncement : 31.12.2018 Order Per R.K. Panda, Am: This Appeal By The Assessee Is Directed Against The Order Dated 18Th March, 2015 Of The Cit(A)-14, New Delhi, Relating To Assessment Year 2010-11. 2. The Facts Of The Case, In Brief, Are That The Assessee Is A Company & Is Engaged In The Business Of Manufacturing & Trading Of Sugar. It Filed Its Return Of Income On 31St March, 2011 Declaring Total Income Of Rs.3,36,93,430/- & Income U/S 115Jb At Rs.4,01,70,500/-. This Case Was Selected For Scrutiny By Issue Of Statutory Notices. During The Course Of Assessment Proceedings, The Assessing

For Appellant: Shri Akhilesh Kumar, AdvocateFor Respondent: Shri Anil Katoch, Sr.DR
Section 115JSection 2(14)Section 37

…see by itself cannot be a ground to determine the nature of the asset held by the assessee and consequently the loss incurred on sale of such an asset. This has also been stated by the Hon’ble Supreme Court in the case of CIT vs. Kedarnath Jute Mfg. Co. Ltd. 82 ITR 363 wherein it has been held as under: "We are wholly unable to appreciate the suggestion that if an assessee under some misapprehension or mistake fails to make an entry in the books of account and although, under the law, a deduction must be allowed by the Income-tax Officer, the assessee will lose the right of claiming or will be debarred from bein…

ACIT, New Delhi vs. M/S. Housing & Urban Development Corporation Ltd., New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 6151/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)
Section 143(3)Section 14ASection 263

…Fit for Publication ITA Nos.-5705 & 6151/Del/2014. (AM) (JM) Housing & Urban Development Corporation Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘C’: NEW DELHI) BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 5705/Del/2014 (Assessment Year: 2007-08) M/s Housing & Urban Development Addl. Commissioner of Income Corporation Ltd., Vs. Tax, (HUDCO), Hudco Bhawan, Range-12, New Delhi. Lodhi Road, New Delhi-110003. PAN No: AAACH0632A APPELLANT RESPONDENT ITA No:- 6151/Del/2014 (Assessment Year: 2007-08) ACIT, M/s Housing & Urban Circle 12(1), Vs. Developme…

M/S. Housing & Urban Development Corporation Ltd. (Hudco), New Delhi vs. DCIT, New Delhi

In the result, Assessee’s appeal vide ITA No

ITA 5705/DEL/2014[2007-08]Status: DisposedITAT Delhi21 Dec 2018AY 2007-08

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. Gagan Kumar, Adv. &For Respondent: Sh. K.J. Singh, CIT (DR)
Section 143(3)Section 14ASection 263

…Fit for Publication ITA Nos.-5705 & 6151/Del/2014. (AM) (JM) Housing & Urban Development Corporation Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘C’: NEW DELHI) BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 5705/Del/2014 (Assessment Year: 2007-08) M/s Housing & Urban Development Addl. Commissioner of Income Corporation Ltd., Vs. Tax, (HUDCO), Hudco Bhawan, Range-12, New Delhi. Lodhi Road, New Delhi-110003. PAN No: AAACH0632A APPELLANT RESPONDENT ITA No:- 6151/Del/2014 (Assessment Year: 2007-08) ACIT, M/s Housing & Urban Circle 12(1), Vs. Developme…

Prabhatam Advertising Pvt. Ltd., Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is partly allowed

ITA 5798/DEL/2014[2009-10]Status: DisposedITAT Delhi19 Dec 2018AY 2009-10

Bench: Shri Amit Shukla & Shri Prashant Maharishi

For Appellant: Shri Gautam Jain, Piyush KamalFor Respondent: Shri Surender Pal, Sr.D.R
Section 143(3)Section 14ASection 40a

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “F” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER I.T.A. No.5798/DEL/2014 Assessment Year: 2009-10 Prabhatam Advertising vs. Dy. Commissioner of Pvt. Ltd., Income Tax, Circle-14(1), Rashtriya Tower, New Delhi. 38, Rani Jhansi Road, Jhandewalan, Delhi. TAN/PAN:AAECP 0417B (Appellant) (Respondent) Appellant by: Shri Gautam Jain, Piyush Kamal, Adv.& Shri Lalit Mohan, CA Respondent by: Shri Surender Pal, Sr.D.R Date of hearing: 04 10 2018 Date of pronouncement: 19 12 2018 O R D E R PER AMIT SHUKLA, J.M.: The afor…

M/S. Technico Agri Sciences Ltd., Chandigarh vs. ACIT, New Delhi

In the result, all the five appeals of the assessee stand

ITA 3114/DEL/2013[2006-07]Status: DisposedITAT Delhi19 Nov 2018AY 2006-07

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaassessment Year: 2001-02 Assessment Year: 2003-04 Assessment Year: 2004-05 Assessment Year: 2005-06 Assessment Year: 2006-07

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Shri Pradeep Singh Gautam, Sr.DR
Section 143(3)

…eduction. It has been held repeatedly by this Court that entries in the books of account are not determinative or conclusive and the matter is to be examined on the touchstone of provisions contained in the Act [See - Kedarnath Jute Mfg. Co. Ltd. v. CIT[1971] 82 ITR 363 (SC); Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT [1997] 227 ITR 172/93 Taxman 502 (SC); Sutlej Cotton Mills Ltd. v. CIT [1979] 116 ITR 1 (SC) and United Commercial Bank v. CIT [1999] 240 ITR 355/106 Taxman 601 (SC). 20. At the most, an inference can be drawn that by showing this expenditure in a spread over manner in the books of accou…