National Agricultural Co-operative Marketing Federation of India Ltd. v. CIT

ASHOKKUMAR PARMAR,,PUNE vs. INCOME-TAX OFFICER, WARD - 5(5),, PUNE

In the result, the appeal is allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviननधधारण वषा / Assessment Year : 2012-13 Ashokkumar Parmar, Vs. Ito, Ward-5(5), Shraddha, Plot No.6, Pune Sujay Garden, Mukund Nagar, Pune 411037 Pan : Afwpp9573Q Appellant Respondent Assessee By Shri Manish Somani Revenue By Shri Prathamesh J. Lawand Date Of Hearing 13-08-2020 Date Of Pronouncement 14-08-2020 आदेश / Order

…is suit for specific performance. It was at that point of time that the liability got crystalised and became enforceable against the assessee. The Hon‟ble Delhi High Court in National Agricultural Co-operative Marketing Federation of India Ltd. vs. CIT (2011) 338 ITR 36 6 Ashokkumar Parmar (Del) noted that albeit the award was made by the arbitrator on 15th Nov., 1989 but it was: `only with passing of the decree by this Court on 28th Jan., 2000, that the award being made rule of the Court, became enforceable‟. The legal position which emerges is that once the award is made a rule of the Court, its further stay…

KLASSIC WHEELS PRIVATE LTD.,,AHMEDNAGAR vs. ASSISTANT COMMISSIONER OF INCOME-TAX,,

In the result, the appeal of the assessee is allowed

…d hereunder :- “7. Under the mercantile system of account, a deduction is allowed when contractual liability to pay finally arises. The Hon’ble Delhi High Court in National Agricultural Co-operative Marketing Federation of India Ltd. (NAFED) vs. 3 CIT (2011) 338 ITR 36 (Del) has held that a contractual liability is incurred when enforceable liability of the assessee to pay is determined. Unless there is a contrary separate provision, the amount becomes deductible at that time, even if it pertains to earlier years. When we view the facts of the instant case, it clearly emerges that the assessee did not accept the…

SUNIT MUNOT,,AHMEDNAGAR vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, both the appeals are allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपील सं. / Ita No.2184/Pun/2013 िनधा"रण वष" / Assessment Year : 2008-09 Klassic Wheels Pvt. Ltd., Vs. Dcit, Ahmednagar Circle, L-2, Midc Area, Ahmednagar Ahmednagar Pan : Aabck3894G Appellant Respondent आयकर अपील सं. / Ita No.1131/Pun/2014 िनधा"रण वष" / Assessment Year : 2008-09 Mr. Sunit Munot, Vs. Dcit, Ahmednagar Circle, M/S. Sumesh Industries, Ahmednagar Industrial Estate, Nagar-Pune Road, Ahmednagar, Pan : Aappm6328Q Appellant Respondent

…he mercantile system of account, a deduction is allowed when contractual liability to pay finally arises. The Hon’ble Delhi 5 & ITA No.1131/PUN/2014 High Court in National Agricultural Co-operative Marketing Federation of India Ltd. (NAFED) vs. CIT (2011) 338 ITR 36 (Del) has held that a contractual liability is incurred when enforceable liability of the assessee to pay is determined. Unless there is a contrary separate provision, the amount becomes deductible at that time, even if it pertains to earlier years. When we view the facts of the instant case, it clearly emerges that the assessee did not accept…

M/S. KLASSIC WHEELS PVT. LTD. vs. DEPUTY COMMISSIONER OF INCOME-TAX,,

In the result, both the appeals are allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Raviआयकर अपील सं. / Ita No.2184/Pun/2013 िनधा"रण वष" / Assessment Year : 2008-09 Klassic Wheels Pvt. Ltd., Vs. Dcit, Ahmednagar Circle, L-2, Midc Area, Ahmednagar Ahmednagar Pan : Aabck3894G Appellant Respondent आयकर अपील सं. / Ita No.1131/Pun/2014 िनधा"रण वष" / Assessment Year : 2008-09 Mr. Sunit Munot, Vs. Dcit, Ahmednagar Circle, M/S. Sumesh Industries, Ahmednagar Industrial Estate, Nagar-Pune Road, Ahmednagar, Pan : Aappm6328Q Appellant Respondent

…he mercantile system of account, a deduction is allowed when contractual liability to pay finally arises. The Hon’ble Delhi 5 & ITA No.1131/PUN/2014 High Court in National Agricultural Co-operative Marketing Federation of India Ltd. (NAFED) vs. CIT (2011) 338 ITR 36 (Del) has held that a contractual liability is incurred when enforceable liability of the assessee to pay is determined. Unless there is a contrary separate provision, the amount becomes deductible at that time, even if it pertains to earlier years. When we view the facts of the instant case, it clearly emerges that the assessee did not accept…