Mysore Tobacco Co. Ltd. v. CIT

115 ITR 698High Court1978#16513 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,356 Indian tax judgments — from 2019 to 2023.

Issues it is cited on

section 23(5)annual letting valuesection 24(a)project completion methodannual valuepercentage completion methodsection 22section 30profits and gains of business or professionbook profitssection 115jliable to tax

Judgments citing Mysore Tobacco Co. Ltd. v. CIT

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1825/MUM/2022[2014-15]Status: DisposedITAT Mumbai31 Jul 2023AY 2014-15

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…e in the capital field and there is no concept of deferred revenue expenditure in the IT Laws, the expenditure has to be allowed if the tests laid down in s. 37 are fulfilled. 6.16 The Karnataka High Court in the case of Mysore Tobacco Co. Ltd. vs. CIT (1978) 115 ITR 698 (Kar) observed as under: "An expenditure which can be claimed as a deduction in any assessment year should have been incurred in the relevant accounting year. The entire exercise in the computation and assessment of business profits is to arrive at the true profits of the year which are liable to tax. The unit of assessment is the year and the re…

DCIT Central Circle-2(4), Mumbai vs. Rustomjee Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1824/MUM/2022[2016-17]Status: DisposedITAT Mumbai31 Jul 2023AY 2016-17

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…e in the capital field and there is no concept of deferred revenue expenditure in the IT Laws, the expenditure has to be allowed if the tests laid down in s. 37 are fulfilled. 6.16 The Karnataka High Court in the case of Mysore Tobacco Co. Ltd. vs. CIT (1978) 115 ITR 698 (Kar) observed as under: "An expenditure which can be claimed as a deduction in any assessment year should have been incurred in the relevant accounting year. The entire exercise in the computation and assessment of business profits is to arrive at the true profits of the year which are liable to tax. The unit of assessment is the year and the re…

DCIT Central Circel-2(4), Mumbai vs. Rustomji Evershine Joint Venture, Mumbai

In the result, the appeals filed by the revenue for AY 2013-14 &

ITA 1349/MUM/2022[2013-2014]Status: DisposedITAT Mumbai31 Jul 2023AY 2013-2014

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. Cross Objection No. 27/Mum/2023 Arising Out Of I.T.A. No.1349/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2013-14) Rustomjee Evershine Joint बिधम/ Dcit, Central Circle-2(4) Room No. 802, 8Th Floor, Venture Vs. Global City, Narangi Prathishtha Bhavan, M. K. Bypass Road, Close To Viva Road, Churchgate, College, Virar (W), Virar- Mumbai-400020. 401303. आयकर अपील सं/ I.T.A. Nos.1824 & 1825/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2016-17 & 2014-15) Dcit, Central Circle-2(4) बिधम/ Rustomjee Evershine Room No. 802, 8Th Floor, Joint Venture Vs. Prathishtha Bhavan, M. K. Global City, Narangi Road, Churchgate, Mumbai- Bypass Road, Close To 400020. Viva College, Virar (W), Virar-401303. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar7687M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 25/05/2023 घोषणा की तारीख /Date Of Pronouncement: 31/07/2023

For Appellant: Shri Naresh KumarFor Respondent: Shri P. D. Chougule (Addl. CIT)

…e in the capital field and there is no concept of deferred revenue expenditure in the IT Laws, the expenditure has to be allowed if the tests laid down in s. 37 are fulfilled. 6.16 The Karnataka High Court in the case of Mysore Tobacco Co. Ltd. vs. CIT (1978) 115 ITR 698 (Kar) observed as under: "An expenditure which can be claimed as a deduction in any assessment year should have been incurred in the relevant accounting year. The entire exercise in the computation and assessment of business profits is to arrive at the true profits of the year which are liable to tax. The unit of assessment is the year and the re…

Enigma Construction Pvt. Ltd.(Now Merged With Keystone Rlators Pvt. Ltd.), Mumbai vs. DCIT - CC- 2(4), Mumbai

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

ITA 5242/MUM/2018[2012-13]Status: DisposedITAT Mumbai25 Aug 2020AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.5242/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ Enigma Construction Pvt. Dcit Central Circle-2(4) Ltd. (Now Merged With Income Tax Office, Old Vs. Keystone Realtors Pvt. Ltd,) Cgo Building, Mumbai. 702, Natraj, M. V. Road, Junction W.E. Highway, Mumbai-400069. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabce9090J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Naresh Kumar Revenue By: Shri V. Justin सुनवाई की तारीख / Date Of Hearing: 03/03/2020 घोषणा की तारीख /Date Of Pronouncement: 25/08/2020 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Had Filed The Present Appeal Against The Order Dated 28.06.2018 Passed By The Commissioner Of Income Tax (Appeals) -48, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 2. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Naresh KumarFor Respondent: Shri V. Justin
Section 143(1)Section 143(2)

…mmission is due, hence, the claim of the assessee is liable to be allowed. In support of these contention, the Ld. Representative of the assessee has placed reliance upon the decision of Bangalore Tribunal in the case of Mysore Tobacco Co. Ltd. Vs. CIT (1978) 115 ITR 698 (Kar). However, on the other hand, the Ld. Representative of the Department has refuted the said contention. The factual position is not in dispute. The assessee company has paid 2% commission on sale of FSI 53.33 crores for the year under consideration. The commission has been booked against these transactions in the year under consideration. Si…

M/S Cifco Finance Ltd., Mumbai vs. Dy CIT (OSD II), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 3992/MUM/2001[1996-97]Status: DisposedITAT Mumbai01 Nov 2019AY 1996-97

Bench: Shri Pawan Singh & Shri Rajesh Kumarm/S Cifco Finance Ltd. Dcit (Osd Ii), Bhupen Chambers, Ground Floor, Central Section, C.G. O. Unit-I, Dalal Street, Fort, Vs. Building Annexc, 101, Mumbai-400001. M.K. Marg, Pan: Aaacc1765F Mumbai-400020. Appellant Respondent Dcit (Osd Ii), M/S Cifco Finance Ltd. Central Section, C.G. O. Bhupen Chambers, Ground Floor, Building Annexc, Vs. Unit-I, Dalal Street, Fort, 101, M.K. Marg, Mumbai-400001. Mumbai-400020 Pan: Aaacc1765F Appellant Respondent M/S Cifco Finance Ltd. Dcit (Osd Ii), Bhupen Chambers, Ground Floor, Central Section, C.G. O. Unit-I, Dalal Street, Fort, Vs. Building Annexc, Mumbai-400001. 101, M.K. Marg, Pan: Aaacc1765F Mumbai-400020. Appellant Respondent Dcit (Osd Ii), M/S Cifco Finance Ltd. Central Section, C.G. O. Bhupen Chambers, Ground Floor, Building Annexc, Vs. Unit-I, Dalal Street, Fort, 101, M.K. Marg, Mumbai-400001. Mumbai-400020 Pan: Aaacc1765F Appellant Respondent Appellant By : Shri Vipul Joshi With Shri Mukul Pandya (Ar) Respondent By : Shri Ashish Pophare (Dr)

For Appellant: Shri Vipul Joshi with Shri Mukul Pandya (AR)For Respondent: Shri Ashish Pophare (DR)
Section 254(1)

…of the assessee submits that there was no stipulation on interest in the agreement while taking advance and therefore, no interest had accrued in earlier years. The Assessing Officer erroneously relied on the order of Massore Tobacco Company Ltd. vs. CIT [115 ITR 698 (Kar.)] and Saraya Sugar Mills P. Ltd. vs. DCIT [117 ITR 344]. The ld. AR of the assessee further submits that in assessee’s group concern i.e. Cifco Ltd., the ld. CIT(A) allowed the interest in Assessment Year 1996-97 vide order dated 04.03.2004, copy of the order is placed on record, and no appeal is filed by the revenue against the allowa…

Mysore Tobacco Co. Ltd. v. CIT (115 ITR 698) — Cited in 5 Judgments | BharatTax