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 366,470 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

The Hong Kong & Shanghai Banking Corporation Ltd., Mumbai vs. Jt. Director of Income Tax (International Taxation) - Range -3, Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 4765/MUM/2016[2005-06]Status: DisposedITAT Mumbai30 Apr 2024AY 2005-06

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…d of legally sustainable merits. As far as expenditure not being debited in the books of account of Indian operations is concerned, this is not really relevant in the light of law laid down by Hon'ble Supreme Court in the case of Kedarnath Jute Mills Limited (82 ITR 363). As long as the expenditure is really incurred and is otherwise deductible, the deduction cannot be declined on the ground that it has not been debited in the books of accounts. We have also noted that as noted in the Assessing officer's orders itself, the requisite details were duly furnished by the assessee. Keeping all these factors in mind, a…

DDIT (It) 3(1), Mumbai vs. Hongkong & Sanghai Banking Corporation Ltd, Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 7824/MUM/2010[2004-05]Status: DisposedITAT Mumbai30 Apr 2024AY 2004-05

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘H’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA No.7336/Mum/2010 (Assessment Year :2004-05) & ITA No.4765/Mum/2016 (Assessment Year :2005-06) The Hongkong & Shanghai Banking Corporation Ltd. Srnior Vice President Tax, India Area Management 5th Floor, Hongkong Bank Building, 52/60, MG Road Fort, Mumbai – 400 001 (Appellant) Vs. The Joint Director of Income Tax (International Taxation)-3, Mumbai 1st Flo

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…d of legally sustainable merits. As far as expenditure not being debited in the books of account of Indian operations is concerned, this is not really relevant in the light of law laid down by Hon'ble Supreme Court in the case of Kedarnath Jute Mills Limited (82 ITR 363). As long as the expenditure is really incurred and is otherwise deductible, the deduction cannot be declined on the ground that it has not been debited in the books of accounts. We have also noted that as noted in the Assessing officer's orders itself, the requisite details were duly furnished by the assessee. Keeping all these factors in mind, a…

The Hongkong & Shanghai Banking Corporation Ltd, Mumbai vs. DDIT (It) 3(1), Mumbai

In the result, assessee’s appeals are allowed wherein

ITA 7336/MUM/2010[2004-05]Status: DisposedITAT Mumbai30 Apr 2024AY 2004-05

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL, ACCOUNTANT MEMBER & The Hongkong & Shanghai Banking Corporation Ltd. Srnior (Vice President)

Section 10(15)(iv)Section 10(34)Section 143(3)Section 14A

…d of legally sustainable merits. As far as expenditure not being debited in the books of account of Indian operations is concerned, this is not really relevant in the light of law laid down by Hon'ble Supreme Court in the case of Kedarnath Jute Mills Limited (82 ITR 363). As long as the expenditure is really incurred and is otherwise deductible, the deduction cannot be declined on the ground that it has not been debited in the books of accounts. We have also noted that as noted in the Assessing officer's orders itself, the requisite details were duly furnished by the assessee. Keeping all these factors in mind, a…

Concentrix Services India Private Limited (Formerly Known As Minacs Private Limited, Minacs Limited and Aditya Birla Minacs Worldwide Limited), Mumbai vs. DCIT 10(2)(2), Mumbai

In the result, the additional ground of appeal of the assessee is dismissed

ITA 1235/MUM/2015[2010-11]Status: DisposedITAT Mumbai29 Apr 2024AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1235/Mum/2015 (निर्धारण वर्ा / Assessment Year: 2010-11) Concentrix Services India बिधम/ Dcit-10(2)(2) Pvt. Ltd Room No. 209, Aayakar Vs. (Formerly Known As Minacs Bhavan, M. K. Road, Pvt. Ltd, Minacs Limited Churchgate, Mumbai- & Aditya Birla Minacs 400020. Worldwide Limited) 9Th Floor, Symphony It Park, Chandivali Farm Road, Andheri (E), Mumbai-400072. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaact1567A (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Chaitanya Joshi & Riken Shah Revenue By: Shri P. Sudhakar Naik सुनवाई की तारीख / Date Of Hearing: 01/04/2024 घोषणा की तारीख /Date Of Pronouncement: 29/04/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Appeal Is Filed By The Assessee Against The Assessment Order Passed U/S 143(3) Read With Section 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Dated 30.01.2015 Passed By The Dcit- 10(2)(2), Mumbai For Ay. 2010-11, Pursuant To Direction Of The Dispute Resolution Panel-1, Mumbai (Hereinafter “The Ld. Drp”) Dated 27.10.2014. 2. At The Outset, The Ld. Ar Has Brought To Our Notice That This Appeal Of The Assessee Company For The Relevant Year I.E. Ay. 2010-11 Was Partly Allowed By This Tribunal Vide Order Dated 12.06.2023. & Thereafter, The Assessee Preferred A Miscellaneous Application (Ma)

For Appellant: Shri Chaitanya Joshi & Riken ShahFor Respondent: Shri P. Sudhakar Naik
Section 143(3)Section 144C(13)Section 37

…HC) 5 A.Y. 2010-11 M/s. Concentrix Services India Pvt. Ltd. 7. According to Ld. AR, accounting treatment is not decisive of allowability of the claim made by assessee and relied on the following case laws: - i. Kedarnath Jute Manufacturing Co. Ltd Vs. CIT (82 ITR 363) (SC) ii. DCIT Vs. M/s. Bombay Dyeing & Mfg. Co Limited (ITA. No.5059/Mum/2003) iii. India Cements Ltd Vs. CIT (60 ITR 52) (SC) 8. In the light of the above submissions, he pleaded that the additional ground may be admitted and allowed in favour of the assessee. 9. Per contra, the Ld. DR opposes the admission of the additional ground and also re…

Jameson Abraham, Kollam vs. Principal Commissioner of Income Tax, Trivandrum

In the result, the assessee’s appeal is dismissed

ITA 979/COCH/2022[2016-17]Status: DisposedITAT Cochin12 Apr 2024AY 2016-17

Bench: Shri Sanjay Arora & Shri Manomohan Dasjameson Abraham Principal Commissioner Emmanuel Cashes Industries Of Income Tax Chepara P.O., Kottarakara Vs. Thiruvananthuparam Kollam 691520 [Pan: Afopa7312Q] (Appellant) (Respondent)

For Appellant: Shri Surendranath Rao, CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 143(3)Section 263

…non-passing of accounting entries. Income, and which includes deduction of admissible expenditure, is to be assessed irrespective of the entries, for the right year; each year being an independent unit of assessment (KedarnathJute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC); Sutlej Cotton Mills vs. CIT [1979] 116 ITR 1(SC)). True, income is to be assessed in accordance with the method of accounting regularly followed, but implicit in the dictum is the proper maintenance of accounts, only which would lead to determination of correct income. How could that be claimed when the parties had not reconciled their accou…

M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd), Mumbai vs. Dy Comm of Income Tax- Central Circle-7(2), Mumbai

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 320/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…pon the provision of law relating thereto. The existence or absence of entries in the books of account be decisive or conclusive in the matter. This legal principle has been laid down by the Hon’ble Supreme Court in the case of Kedar Jute Mfg Co. Ltd. vs CIT (82 ITR 363) wherein the Hon’ble Court has clearly stated as follows: “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 taken of its right nor can the existence or absence of entries in the books of account be decisive or conclusive in the matter…

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

In the result, the appeal and cross objections of the assessee are

ITA 1176/MUM/2023[2012-13]Status: DisposedITAT Mumbai05 Apr 2024AY 2012-13

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. बनाम / M/S. Patanjali Foods Ltd Vs. (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. Cross Objection No.51/Mum/2023 (Arising Out Of I.T. A. No. 1172/Mum/2023) (निर्धारण वर्ष / Assessment Year: 2010-11) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. बनाम / Dcit, Central Circle-7(2) Vs. Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. & आयकर अपील सं/ I.T. A. No. 320/Mum/2023 (निर्धारण वर्ष / Assessment Year: 2012-13) M/S. Patanjali Foods Ltd (Formerly Known As Ruchi Soya Industries Ltd) बनाम / Vs. Dcit, Central Circle-7(2) Room No. 637, 6Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. 616, Tulsiani Chambers, Nariman Point, Mumbai- 400021. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaci1220M 2

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…pon the provision of law relating thereto. The existence or absence of entries in the books of account be decisive or conclusive in the matter. This legal principle has been laid down by the Hon'ble Supreme Court in the case of Kedar Jute Mfg Co. Ltd. vs CIT (82 ITR 363) wherein the Hon'ble Court has clearly stated as follows: “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 taken of its right nor can the existence or absence of entries in the books of account be decisive or conclusive in the matter…

DCIT, CC-7(2), Mumbai vs. M/S. Patanjali Foods Ltd., ( Formerly Known As Ruchi Soya Industries Ltd, Mumbai

In the result, the appeal and cross objections of the assessee are partly allowed and the appeals of the revenue are dismissed

ITA 1172/MUM/2023[2010-11]Status: DisposedITAT Mumbai05 Apr 2024AY 2010-11

Bench: Shri Aby T. Varkey, Jm & Shri S Rifaur Rahman, Am आयकर अपील सं/ I.T. A. No. 1172/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2010-11) & आयकर अपील सं/ I.T. A. No. 1175/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13) & आयकर अपील सं/ I.T. A. No. 1176/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2012-13)

For Appellant: Shri S. S. Nagar & Shri BFor Respondent: Dr. Mahesh Akhade (DR)
Section 132Section 143(2)Section 153A

…pon the provision of law relating thereto. The existence or absence of entries in the books of account be decisive or conclusive in the matter. This legal principle has been laid down by the Hon’ble Supreme Court in the case of Kedar Jute Mfg Co. Ltd. vs CIT (82 ITR 363) wherein the Hon’ble Court has clearly stated as follows: “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 taken of its right nor can the existence or absence of entries in the books of account be decisive or conclusive in the matter…

Dy. Commissioner of Income Tax - Circle 3(3)(1), Mumbai vs. Reliance Corporate It Park Limited, Mumbai

The appeal stands dismissed

ITA 2819/MUM/2023[2015-16]Status: DisposedITAT Mumbai04 Apr 2024AY 2015-16

Bench: Justice (Retd.) C V Bhadang, Hon’Ble & Shri B R Baskaran, Hon’Ble

For Appellant: Ms Sanyogita Nagpal (CIT-DR)For Respondent: Shri Nimesh Vora & Ms. Moksha Mehta
Section 115JSection 32

…of depreciation which will be governed by the provisions of the Income Tax Act. Reliance in this regard is placed on the decision of the Hon’ble Supreme Court in Sutlej Cotton Mills vs. CIT [1979] 116 ITR 1 (SC) and Kedarnath Jute Mfg. Co. Ltd. vs. CIT [1971] 82 ITR 363 (SC), which have been referred to by the CIT(A) in the impugned order. It is next submitted that the CBDT has also taken cognizance of the Accounting Standards issued by the ICAI creating a distinction between finance lease and an operating lease. However, by virtue of Circular no. 2 of 2001, the CBDT has clarified that the same will have no impli…

The Kerala Minerals and Metals Ltd., Kollam vs. The Dict, Kollam

In the result, the assessee’s appeal is dismissed

ITA 96/COCH/2022[2005-06]Status: DisposedITAT Cochin28 Mar 2024AY 2005-06

Bench: Shri Sanjay Arora & Shri Manomohan Dasthe Kerala Minerals & Metals Ltd. Dy. Commissioner Of Income Tax Sankaramangalam Circle - 1, Kollam Chavara, Kollam 691001 Vs. [Pan:Aaact8118R] (Appellant) (Respondent)

For Appellant: Shri Rajeev R., CAFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 154Section 244A

…g the process of law. It is the correct legal position that is relevant, and not the view that the parties may take of their rights in the matter: CIT v. C. Parakh & Co. (India) Ltd. [1956] 29 ITR 661 (SC) (also see: Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC)). No refund would have arisen to the assessee without it applying for the same upon accepting the dismissal of it’s claim for deduction for AY 2004-05 by the Hon'ble Court. That the AO’s satisfaction is also, in part, on account of the observation by the Hon'ble High Court, is another matter. In fact, the Revenue having disallowed the assesse…

Principal Commissioner of Incom Tax-1 vs. Economical Credit and Construction Co. Pvt. Ltd

ITA/190/2024HC Delhi19 Mar 2024

Bench: HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV,HON'BLE MR. JUSTICE YASHWANT VARMA

Section 133(6)Section 68

…ll we may point out that it is trite law that entries in the books of accounts are not determinative of true nature of transaction and nature of income as per preposition rendered by Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. vs CIT 82 ITR 363 (SC). It is also a well established and accepted principal of tax jurisprudence that the right income should be taxed in the right hands, under right head of income in the right year of assessment. Undisputedly, in the present case the transaction of sale of property was undertaken by the assessee during FY 2006-07 pertaining to AY 2007-08 b…

Principal Commissioner of Incom Tax-1 vs. Economical Credit and Construction Co. Pvt. Ltd

ITA - 190 / 2024HC Delhi19 Mar 2024
Section 133(6)Section 68

…ll we may point out that it is trite law that entries in the books of accounts are not determinative of true nature of transaction and nature of income as per preposition rendered by Hon'ble Supreme Court in the case of Kedarnath Jute Mfg. Co. Ltd. vs CIT 82 ITR 363 (SC). It is also a well established and accepted principal of tax jurisprudence that the right income should be taxed in the right hands, under right head of income in the right year of assessment. Undisputedly, in the present case the transaction of sale of property was undertaken by the assessee during FY 2006-07 pertaining to AY 2007-08 b…

Unnikrishnan. K, Kunnampally vs. The ITO Ward 2, Tirur

In the result, the assessee’s appeal is allowed on the aforesaid terms, and his stay petition dismissed

ITA 955/COCH/2022[2011-12]Status: DisposedITAT Cochin12 Mar 2024AY 2011-12

Bench: Shri Sanjay Arora & Dr. Seethalakshmi

For Appellant: Shri Arun Raj, AdvocateFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 143(3)Section 148Section 148(1)

…speaking in strict legal terms, it is the correct legal position that is relevant, and not the view that the parties may take of their rights in the matter (CIT v. C. Parakh & Co. (India) Ltd. [1956] 29 ITR 661 (SC); Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC)). As, however, that would only imply that the assessment is yet not determined qua the two additions appealed against by the assessee, pending before him, the same were decided, on merits, as directed by the Tribunal, meeting both, the assessee’s challenge thereto, including pursuant to reassessment, outstanding before him, as well comply wit…

The Nehru Memorial Education Society, Kanhangad vs. ITO Exemptions, Kannur

In the result, the assessee’s appeal is allowed

ITA 159/COCH/2023[2013-14]Status: DisposedITAT Cochin07 Mar 2024AY 2013-14

Bench: Shri Sanjay Arora & Dr. S. Seethalakshmithe Nehru Memorial The Income Tax Officer Education Society (Exemptions), Kannur Lakshmi Nivas Vs. Kanhangad - 671315 Kasaragod [Pan:Aabtt0633M] (Appellant) (Respondent)

For Appellant: Shri P.M. Veeramani, CAFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 10Section 11(1)Section 11(1)(d)Section 12ASection 143(1)Section 143(1)(a)Section 154Section 2

…osition that is relevant, and not the view that the parties may take of their rights in the matter (CIT v. C. Parakh & Co. (India) Ltd. [1956] 29 ITR 661 (SC); Parekh Bros. v. CIT [1984] 150 ITR 105 (Ker)). Also see: Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC). Proceedings under the Act, it may be clarified, are not in the nature of a lis (Gadgil (S.S.) v. Lal & Co. [1964] 53 ITR 321 (SC)). An incorrect action by the AO, where so, would not bind the Tribunal. So however, in our view, the AO has rightly considered the assessee’s claim u/s.10(23C)(iiiad) in the rectification proceedings. The assessee…

Carmel Convent, Thiruvananthapuram vs. ITO Exemption Ward, Trivandram, Thiruvananthapuram

In the result, the assessee’s appeal is partly allowed and partly allowed for statistical purposes, and it’s stay petition is dismissed

ITA 689/COCH/2022[2016-2017]Status: DisposedITAT Cochin07 Mar 2024AY 2016-2017

Bench: Shri Sanjay Arora & Dr. Seethalakshmi

For Appellant: Shri Anil D. Nair, AdvocateFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 11(1)Section 11(1)(d)Section 12ASection 143(3)

…gher claim. It is, however, the correct legal position that is relevant, and not the view that the parties may take of their rights in the matter: CIT v. C. Parakh & Co. (India) Ltd. [1956] 29 ITR 661 (SC) (also see: Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363 (SC)). Once the issue of computation of deduction u/s. 11(1)(a) in wake of denial of that u/s. 11(1)(d), unaddressed by the ld. CIT(A), is open before him, all aspects thereof, in issue or otherwise integral thereto, would require being looked into. Why, these issues were not raised before us by the assessee’s ld. counsel, Shri Nair limiting his a…

Super Dairy Farm., Hyderabad vs. Dy. Commissioner of Income Tax, Circle-4(1)., Hyderabad

ITA 1288/HYD/2017[2013-14]Status: DisposedITAT Hyderabad28 Feb 2024AY 2013-14

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri Sashank Dundu, C.AFor Respondent: Shri K. Madhusudan, CIT-DR
Section 143(3)Section 48

…saction needs to be established independently. In this regard, the ld.DR relied on the decision of Hon'ble Supreme Court in the case of India Discount Co. Limited reported in 75 ITR 191 and the decision in the case of Kedarnath Jute Mfg. Co. Ltd., reported in 82 ITR 363. In support of its case, the ld.DR has filed a detailed rejoinder / written submissions, which is to the following effect : “2 Assessee’s A.R. in his written submissions argued that the firm (M/s. Super Diary Farm) is engaged in dairy business, selling milk and milk products. It purchases and sells buffalos for maintaining/increasing the milk supp…

Super Dairy Farm., Hyderabad vs. Dy. Commissioner of Income Tax, Circle-4(1)., Hyderabad

ITA 1287/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Feb 2024AY 2012-13

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri Sashank Dundu, C.AFor Respondent: Shri K. Madhusudan, CIT-DR
Section 143(3)Section 48

…saction needs to be established independently. In this regard, the ld.DR relied on the decision of Hon'ble Supreme Court in the case of India Discount Co. Limited reported in 75 ITR 191 and the decision in the case of Kedarnath Jute Mfg. Co. Ltd., reported in 82 ITR 363. In support of its case, the ld.DR has filed a detailed rejoinder / written submissions, which is to the following effect : “2 Assessee’s A.R. in his written submissions argued that the firm (M/s. Super Diary Farm) is engaged in dairy business, selling milk and milk products. It purchases and sells buffalos for maintaining/increasing the milk supp…

Asst. Commissioner of Income Tax, Circle-4(1)., Hyderabad vs. Super Dairy Farm., Hyderabad

ITA 1265/HYD/2017[2013-14]Status: DisposedITAT Hyderabad28 Feb 2024AY 2013-14

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri Sashank Dundu, C.AFor Respondent: Shri K. Madhusudan, CIT-DR
Section 143(3)Section 48

…saction needs to be established independently. In this regard, the ld.DR relied on the decision of Hon'ble Supreme Court in the case of India Discount Co. Limited reported in 75 ITR 191 and the decision in the case of Kedarnath Jute Mfg. Co. Ltd., reported in 82 ITR 363. In support of its case, the ld.DR has filed a detailed rejoinder / written submissions, which is to the following effect : “2 Assessee’s A.R. in his written submissions argued that the firm (M/s. Super Diary Farm) is engaged in dairy business, selling milk and milk products. It purchases and sells buffalos for maintaining/increasing the milk supp…

DCIT -26(1), Mumbai vs. Shreyas Builders, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 2404/MUM/2023[2013-14]Status: DisposedITAT Mumbai23 Feb 2024AY 2013-14

Bench: Shri Br Baskaran, Am & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2404/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit-17(1) बिधम/ Shreyas Builders Room No. 117, 1St Floor, G- A-42, 4Th Floor Roop Vs. Block, Kautliya Bhavan, Darshan, Juhu Lane, Bandra Kurla Complex, Andheri (West), Mumbai- Mumbai-400051. 400058. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aapfs5485E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Bhadresh Doshi Revenue By: Dr. Kishor Dhule (Cit,Dr) सुनवाई की तारीख / Date Of Hearing: 01/02/2024 घोषणा की तारीख /Date Of Pronouncement: 23/02/2024 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue Against The Order Of The Ld. Commissioner Of Income Tax/Nfac, [Hereinafter Referred To As The “Cit”], Delhi Dated 08.05.2023 For Assessment Year 2013-14. 2. In The Several Grounds Raised In The Appeal, The Revenue Has Agitated The Action Of The Ld. Cit(A) Holding That The Assessee Was Engaged In The Business Of Real Estate Development & Therefore The Plot Of Land Held By It Was In Nature Of ‘Stock-In-Trade’ As Opposed To The Ao’S Action Of Holding The Said Plot Of Land To Be In Nature Of ‘Capital Asset’. According To Revenue Therefore, Since The Said Plot Of Land To Be In Nature Of ‘Capital Asset’, The Levy Of Capital Gains Tax Stood Triggered Upon Execution Of Joint Development Agreement (Herein

For Appellant: Shri Bhadresh DoshiFor Respondent: Dr. Kishor Dhule (CIT,DR)
Section 2(47)(v)

…er dated 20.08.2015 that, the land was held as investment and that it was recorded under the head ‘loans & advances’. In this context, it would be gainful to refer to the decision of the Hon’ble Supreme Court in the case of Kedar Nath Jute Mfg. Co Ltd Vs CIT (82 ITR 363) wherein it was held that the existence or absence of entries in the books of account be decisive or conclusive in the matter. Also, as noted above, the AO also himself had initially recorded a finding that, the assessee was engaged in business of buying and selling lands, but the ultimate finding was that the land parcel to be ‘capital asset’. Ho…

Shree Cement Limited, Beawar vs. National Faceless Assessment Centre, Delhi

In the result, the appeal of the Revenue in ITA No

ITA 500/JPR/2023[215-16]Status: DisposedITAT Jaipur21 Feb 2024

Bench: or at the time of hearing of this appeal.

For Appellant: Sh. Dilip B Desai(C.A.)For Respondent: Sh. Alka Gautam (CIT) (V.H) &
Section 115JSection 143Section 143(3)Section 144BSection 144B(1)(xvi)Section 80Section 80I

…proval &/or receipt &/or resolution of dispute, which is pending since more than a decade, there is no question of treating such book entry as taxable income. Reliance is placed on the decision of SC in Kedarnath Jute Manufacturing Co. Ltd. -Vs- CIT (1971) 82 ITR 363(SC), where it has been categorically held that accounting entries are not sine qua non in determining taxability of income. Further reliance is placed on the decision of Hon’ble Gujarat High Court in CIT –vs.- Bavla Gopalak Vividh Karyakarisahakari Mandli Ltd. (2002) 253 ITR 97 (Guj) wherein it has been held that where final decision on dispute…