Seshasayee Bros. (Travancore) P. Ltd. v. CIT

82 ITR 442High Court1971#25711 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2023.

Judgments citing Seshasayee Bros. (Travancore) P. Ltd. v. CIT

ACIT, New Delhi vs. M/S. Vipul Infracon Pvt. Ltd., New Delhi

In the result, the Assessee’s appeal is dismissed and Revenue’s Appeal is dismissed

ITA 891/DEL/2017[2011-12]Status: DisposedITAT Delhi09 Aug 2023AY 2011-12

Bench: Shri Shamim Yahya & Shri Yogesh Kumar Us

For Appellant: Shri Sidhant Arora, CAFor Respondent: Shri Anuj Garg, Sr. DR

…as not given any proof. When the expenditure was not incurred in previous year relevant to the assessment year, it is not allowable expenses as per accounting policy. In this regard it is held in the case of Seshasayee Bros. (Travancore) P. Ltd. v. CIT (1971) 82 ITR 442 (ker) that “for the purpose of computing yearly profits and gains for assessment to income-tax each year is a 3 separate and self contained period of time and losses and expenses incurred before its commencement or after its expiry cannot be the subject of any allowance in assessing the income of that particular year. In making the assessment for…

M/S. Vipul Infracon Pvt. Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, the Assessee’s appeal is dismissed and Revenue’s Appeal is dismissed

ITA 6480/DEL/2016[2011-12]Status: DisposedITAT Delhi09 Aug 2023AY 2011-12

Bench: Shri Shamim Yahya & Shri Yogesh Kumar Us

For Appellant: Shri Sidhant Arora, CAFor Respondent: Shri Anuj Garg, Sr. DR

…as not given any proof. When the expenditure was not incurred in previous year relevant to the assessment year, it is not allowable expenses as per accounting policy. In this regard it is held in the case of Seshasayee Bros. (Travancore) P. Ltd. v. CIT (1971) 82 ITR 442 (ker) that “for the purpose of computing yearly profits and gains for assessment to income-tax each year is a 3 separate and self contained period of time and losses and expenses incurred before its commencement or after its expiry cannot be the subject of any allowance in assessing the income of that particular year. In making the assessment for…

Organon (India) Limited, Mumbai vs. Addl. CIT, Circle - 12, Kolkata

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

ITA 1335/KOL/2010[2005-06]Status: DisposedITAT Kolkata15 May 2019AY 2005-06

Bench: Shri P.M. Jagtap, Vice-(Kz) & Shri A.T. Varkey

Section 195Section 40

…s a dispute about this contractual liability payable by the assessee which was finally settled in the subsequent year relevant to A.Y. 2007-08. By relying on the decision of the Hon’ble Kerala High Court in the case of CIT –vs.- Seshasayee Bros. (Travancore) [82 ITR 442], he contended that the deduction on account of contractual liability can be claimed by the assessee only in the year in which it is finally settled and crystallized. 14. We have considered the rival submissions and also perused the relevant material available on record including the Audit Note on the issue under consideration as given at page no…

Seshasayee Bros. (Travancore) P. Ltd. v. CIT (82 ITR 442) — Cited in 3 Judgments | BharatTax