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

DCIT Circle 1, Tirunelveli vs. Rm Kv Fashion Garments Pvt Ltd, Tirunelveli

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

ITA 761/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

ACIT Circle 1, Tirunelveli vs. M/S Rm Kv Fbrics Private Limited, Tirunelveli

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

ITA 760/CHNY/2018[2014--15]Status: DisposedITAT Chennai30 Apr 2018

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

ACIT Circle 1, Tirunelveli vs. M/S Rm K V Silks Private Limited, Tirunelveli

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

ITA 759/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

M/S Rm Kv Fbrics Private Limited, Tirunelveli vs. ACIT Circle 1, Tirunelveli

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

ITA 614/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

M/S Rm K V Silks Private Limited, Tirunelveli vs. ACIT Circle 1, Tirunelveli

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

ITA 613/CHNY/2018[2014-15]Status: DisposedITAT Chennai30 Apr 2018AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

DCIT Circle 1, Tirunelveli vs. Rmkv Fashion Garments Pvt. Ltd., Tirunelveli

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

ITA 1626/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

DCIT Circle 1, Tirunelveli vs. Rmkv Fashion Garments Pvt. Ltd., Tirunelveli

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

ITA 1625/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

DCIT Circle 1, Tirunelveli vs. Rmkv Fabrics Pvt. Ltd., Tirunelveli

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

ITA 1624/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

DCIT Circle 1, Tirunelveli vs. Rmkv Fabrics Pvt. Ltd., Tirunelveli

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

ITA 1623/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

DCIT Circle 1, Tirunelveli vs. Rmkv Silks Pvt. Ltd., Tirunelveli

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

ITA 1622/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

DCIT Circle 1, Tirunelveli vs. Rmkv Silks Pvt. Ltd., Tirunelveli

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

ITA 1621/CHNY/2017[2012-13]Status: DisposedITAT Chennai30 Apr 2018AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

Rm.K.V.Fabrics Private Limited, Tirunelveli vs. DCIT Circle 1(1), Tirunelveli

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

ITA 1594/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

Rm.K.V.Silks Private Limited, Tirunelveli vs. DCIT Circle 1, Tirunelveli

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

ITA 1593/CHNY/2017[2013-14]Status: DisposedITAT Chennai30 Apr 2018AY 2013-14

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyq आयकर अपील सं./Ita No.1621/Chny/2017 "नधा"रण वष" /Assessment Year: 2012-13 Dy. Commissioner Of Income Tax, M/S. Rmkv Silks Pvt. Ltd., Circle-1, Vs. 176F, Trivandrum Road, Tirunelveli. Tirunelveli – 627 003. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.1593/Chny/2017 & Cross Appeal By Revenue In Ita No.1622/Chny/2017 "नधा"रण वष" /Assessment Year: 2013-14 M/S. Rmkv Silks Pvt. Ltd., Vs. Dy. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, Tirunelveli. [Pan: Aafcr 4024B] आयकर अपील सं./Ita No.613/Chny/2018 Cross Appeal By Revenue In Ita No.759/Chny/2018 "नधा"रण वष" /Assessment Year: 2014-15 M/S. Rmkv Silks Pvt. Ltd., Vs. Asst. Commissioner Of Income 176F, Trivandrum Road, Tax, Tirunelveli – 627 003. Circle-1, [Pan: Aafcr 4024B] Tirunelveli.

Section 47

…untancy, and also tax”. Having regard to the above position of law in the absence of enforceable liability, the question of payment interest thereon does not arise. Further, the Hon’ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC) held that the mere book entry cannot create enforceable liability by holding as under: “The main contention of the learned Solicitor-General is that the assessee failed to debit the liability in its books of accounts and, therefore, it was debarred from claiming the same as deduction either under section 10(1) or under section 10(2)(xv) of…

Synthes Medical P.Ltd, Mumbai vs. ACIT Ltu-1, Mumbai

The appeal of the Revenue is dismissed

ITA 1784/MUM/2016[2011-12]Status: DisposedITAT Mumbai13 Apr 2018AY 2011-12
For Appellant: S/Shri M.P. Lohia/Pranay GandhiFor Respondent: S/Shri V. Jenardhanan /V.Jayant Kumar-CIT-DR
Section 143(3)Section 254(1)

…duction. 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 ITA Nos. 6005 & 6006/Del/2013 & ITA No. 5807/Del/2013 (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 expen…

DCIT, Cir-1(2), Kolkata vs. M/S the Braithwaite Burn & Jessop Construction Co. Ltd., Kolkata

In the result, appeal filed by Revenue stands dismissed

ITA 994/KOL/2015[2004-2005]Status: DisposedITAT Kolkata04 Apr 2018AY 2004-2005

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2004-05 Dcit, Circle-1(2), V/S. M/S The Braithwaite Burn Aayakar Bhawan, Room & Jessop Construction Co. 14, 7Th Floor, P-7, Ltd. 27, R.N. Mukherjee Chowrnghee Square, Road, Kolkata-700 001 Kol-700 09 [Pan No.Aaact 9760 B] .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Usman, Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Ravi Tulsiyan, Fca ""यथ" क" ओर से/By Respondent 18-01-2018 सुनवाई क" तार"ख/Date Of Hearing 04-04-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-1, Kolkata Dated 20.03.2015. Assessment Was Framed By Acit, Circle-1, Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 31.08.2006 For Assessment Year 2004-05. The Revenue Has Raised The Following Grounds:- “1. That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Is Not Justified In Law In Deleting The Addition Of Rs.15,74,43,000/- Made By The Ao On Account Of Prior Period Expenses In Respect Of Closing Stock Of Raw Materials & Work In Progress. 2. That The Appellant Craves Leave To Add, Alter, Amend Or Modify The Grounds Of Appeal During The Course Of Hearing Proceedings Of This Case.”

Section 143(3)

…. Page 6 of work-in-progress for earlier years disclosed as extra-ordinary expenses is allowable in its entirety. Attention is also invited to the decision of the Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. v. Commissioner of Income- tax 82 ITR 362 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 or conclusive in the matter.’ The appellant has also relied…

DCIT Cir 3(3), Mumbai vs. Small Industries Development Bank of India Ltd, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4220/MUM/2011[2007-08]Status: DisposedITAT Mumbai23 Mar 2018AY 2007-08

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar
Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…wn in Circular No.14(XL-35) dated 11-4-1955 of the Central Board of Direct Taxes; (iii) the principle laid down in Commissioner of Income-tax v. Chandulal Keshavlal & Co. [1960] 38 ITR 601 (SC) and (iv) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee.” 12. Insofar as the Ground…

DCIT Cir 3(3), Mumbai vs. Small Industries Development Bank of India Ltd, Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4219/MUM/2011[2006-07]Status: DisposedITAT Mumbai23 Mar 2018AY 2006-07

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar
Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…wn in Circular No.14(XL-35) dated 11-4-1955 of the Central Board of Direct Taxes; (iii) the principle laid down in Commissioner of Income-tax v. Chandulal Keshavlal & Co. [1960] 38 ITR 601 (SC) and (iv) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee.” 12. Insofar as the Ground…

Small Industries Development Bank of India, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4048/MUM/2011[2007-08]Status: DisposedITAT Mumbai23 Mar 2018AY 2007-08

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar
Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…wn in Circular No.14(XL-35) dated 11-4-1955 of the Central Board of Direct Taxes; (iii) the principle laid down in Commissioner of Income-tax v. Chandulal Keshavlal & Co. [1960] 38 ITR 601 (SC) and (iv) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee.” 12. Insofar as the Ground…

Small Industries Development Bank of India, Mumbai vs. DCIT RG 3(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4047/MUM/2011[2006-07]Status: DisposedITAT Mumbai23 Mar 2018AY 2006-07

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar
Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…wn in Circular No.14(XL-35) dated 11-4-1955 of the Central Board of Direct Taxes; (iii) the principle laid down in Commissioner of Income-tax v. Chandulal Keshavlal & Co. [1960] 38 ITR 601 (SC) and (iv) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee.” 12. Insofar as the Ground…

Small Industries Development Bank of India, Mumbai vs. DCIT Cir 3(3), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4045/MUM/2011[2004-05]Status: DisposedITAT Mumbai23 Mar 2018AY 2004-05

Bench: Shri G.S. Pannu & Shri Pawan Singh

For Respondent: Shri Jayant Kumar
Section 143(3)Section 147Section 234DSection 36(1)(viia)Section 36(1)(viii)

…wn in Circular No.14(XL-35) dated 11-4-1955 of the Central Board of Direct Taxes; (iii) the principle laid down in Commissioner of Income-tax v. Chandulal Keshavlal & Co. [1960] 38 ITR 601 (SC) and (iv) the principle laid down in Kedarnath Jute Mfg. Co. Ltd., 82 ITR 363 (S.C.), Sutlej Cotton Mills Ltd., 116 ITR 1 (S.C.), Fort Properties P. Ltd., 208 ITR 232 (Bom.) and Tuticorin Alkali Chemicals & Fertilizers Ltd., 227 ITR 172 (S.C.) wherein it has been held that deductions/allowances are to be made as per provisions of law and not as per entries in the books of account of the assessee.” 12. Insofar as the Ground…