State Bank of Travancore v. CIT

158 ITR 102Supreme Court of India1986#401 most cited

What is State Bank of Travancore v. CIT authority for?

Under the mercantile system of accounting, interest income accrues and is taxable in the year it arises, even for "sticky" or doubtful loans, as the right to receive the income is paramount, not its actual receipt, provided there is an agreement for payment.

222

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 1999 to 2026.

Also referred to as

State Bank of Travancore v CIT · 158 ITR 102 · 24 Taxmann 337 · mercantile system of accounting · accrual of interest · sticky loans · doubtful debts · right to receive income · Section 145 · Section 36(1)(vii) · Section 36(1)(viia)

Also reported as

24 Taxmann 337

Sections most often in play

Section 143(3)Section 14ASection 37(1)Section 115JBSection 36(1)(vii)Section 147Section 36(1)(viia)Section 10(34)
Read the full judgment

Issues it is cited on

section 41(4)right to receivesection 36(1)(viia)interest on securitiesmercantile system of accountingsection 36(1)(vii)profits and gains of business or professionrevenue expendituresection 145section 36(1)section 28section 36

Judgments citing State Bank of Travancore v. CIT

ACIT, New Delhi vs. M/S. Housing & Urban Development Corp. Ltd. (Hudco), New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1561/DEL/2012[2006-07]Status: DisposedITAT Delhi09 Feb 2016AY 2006-07

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…e income of the assessee until it is actually recovered.” 19. On the decision of the Hon’ble S.C. in the case of State Bank of Travancore (supra), the Court held as follows “The first decision is the majority judgment in State Bank of Travancore v. CIT [1986] 158 ITR 102, decided by a Bench of three judges of this court by a majority of two to one. This judgment directly deals with interest on "sticky advances" which have been debited to the customer but taken to the interest suspense account by a banking company. The majority judgment has referred to the circular of October 6, 1952, and its withdrawal by the sec…

M/S. Housing & Urban Development Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1168/DEL/2012[2007-08]Status: DisposedITAT Delhi09 Feb 2016AY 2007-08

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…e income of the assessee until it is actually recovered.” 19. On the decision of the Hon’ble S.C. in the case of State Bank of Travancore (supra), the Court held as follows “The first decision is the majority judgment in State Bank of Travancore v. CIT [1986] 158 ITR 102, decided by a Bench of three judges of this court by a majority of two to one. This judgment directly deals with interest on "sticky advances" which have been debited to the customer but taken to the interest suspense account by a banking company. The majority judgment has referred to the circular of October 6, 1952, and its withdrawal by the sec…

M/S. Housing & Urban Development Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1167/DEL/2012[2006-07]Status: DisposedITAT Delhi09 Feb 2016AY 2006-07

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…e income of the assessee until it is actually recovered.” 19. On the decision of the Hon’ble S.C. in the case of State Bank of Travancore (supra), the Court held as follows “The first decision is the majority judgment in State Bank of Travancore v. CIT [1986] 158 ITR 102, decided by a Bench of three judges of this court by a majority of two to one. This judgment directly deals with interest on "sticky advances" which have been debited to the customer but taken to the interest suspense account by a banking company. The majority judgment has referred to the circular of October 6, 1952, and its withdrawal by the sec…

M/S. Housing & Urban Development Corporation Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 1166/DEL/2012[2005-06]Status: DisposedITAT Delhi09 Feb 2016AY 2005-06

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…e income of the assessee until it is actually recovered.” 19. On the decision of the Hon’ble S.C. in the case of State Bank of Travancore (supra), the Court held as follows “The first decision is the majority judgment in State Bank of Travancore v. CIT [1986] 158 ITR 102, decided by a Bench of three judges of this court by a majority of two to one. This judgment directly deals with interest on "sticky advances" which have been debited to the customer but taken to the interest suspense account by a banking company. The majority judgment has referred to the circular of October 6, 1952, and its withdrawal by the sec…

M/S. Housing and Urban Development Corporation Ltd (Hudco), New Delhi vs. DCIT, New Delhi

In the result, both the appeals filed by the Revenue are allowed for statistical purpose

ITA 4303/DEL/2009[2004-05]Status: DisposedITAT Delhi09 Feb 2016AY 2004-05

Bench: H.S. Sidhu & Sh. O.P. Kantsl. No.

Section 139(5)Section 143(1)Section 143(2)Section 14A

…e income of the assessee until it is actually recovered.” 19. On the decision of the Hon’ble S.C. in the case of State Bank of Travancore (supra), the Court held as follows “The first decision is the majority judgment in State Bank of Travancore v. CIT [1986] 158 ITR 102, decided by a Bench of three judges of this court by a majority of two to one. This judgment directly deals with interest on "sticky advances" which have been debited to the customer but taken to the interest suspense account by a banking company. The majority judgment has referred to the circular of October 6, 1952, and its withdrawal by the sec…

Nec Hcl System Technologies Ltd., New Delhi vs. ACIT, New Delhi

In the result we confirm the finding the of the CIT (A) regarding deletion of disallowance u/s 40a (i) of The Income tax Act of Rs

ITA 5497/DEL/2012[2008-09]Status: DisposedITAT Delhi22 Jan 2016AY 2008-09

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishi

For Appellant: Shri Ajay Vohra Sr. AdvocateFor Respondent: Shri Anuj Arora, CIT (DR)
Section 10ASection 10A(8)Section 143(2)Section 143(3)Section 40

…sion, in the present case, in consonance with the concept of income and in particular, notional income as also the treatment of such notional income under accounting practice. In the premises the majority decision in the State Bank of Travancore v. CIT [1986] 158 ITR 102 (SC), cannot be looked upon as laying down that a circular which is properly issued under section 119 of the Income-tax Act for proper administration of the Act and for relieving the rigour of too literal a construction of the law for the benefit of the assessee in certain situations would not be binding on the departmental authorities. This woul…

DCIT Cen Cir 14, Mumbai vs. Omprakash B. Goenka, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 2032/MUM/2013[2010-11]Status: DisposedITAT Mumbai23 Dec 2015AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

DCIT Cen Cir 14, Mumbai vs. Omprakash B. Goenka, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 2031/MUM/2013[2009-10]Status: DisposedITAT Mumbai23 Dec 2015AY 2009-10

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

DCIT Cen Cir 14, Mumbai vs. Omprakash B. Goenka, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 2030/MUM/2013[2008-09]Status: DisposedITAT Mumbai23 Dec 2015AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

DCIT Cen Cir 14, Mumbai vs. Omprakash B. Goenka, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 2029/MUM/2013[2007-08]Status: DisposedITAT Mumbai23 Dec 2015AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

DCIT Cen Cir 14, Mumbai vs. Omprakash B. Goenka, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 2028/MUM/2013[2006-07]Status: DisposedITAT Mumbai23 Dec 2015AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

DCIT Cen Cir 14, Mumbai vs. Omprakash B. Goenka, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 2027/MUM/2013[2005-06]Status: DisposedITAT Mumbai23 Dec 2015AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

Omprakash Basantlal Goenka, Mumbai vs. ACIT Cen Cir 14, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 1921/MUM/2013[2010-11]Status: DisposedITAT Mumbai23 Dec 2015AY 2010-11

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

Omprakash Basantlal Goenka, Mumbai vs. ACIT Cen Cir 14, Mumbai

In the result, appeals of the revenue are dismissed, whereas appeals of the assessee are allowed for statistical purposes

ITA 1895/MUM/2013[2008-09]Status: DisposedITAT Mumbai23 Dec 2015AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm आमकय अऩीर सं./Ita Nos.2027 To 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 To 2010-2011) Dcit, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Omprakash B. Goenka, Vs. Acit, Central Circle-14, 101, Somerset House, Mumbai-400020 Sophia College Lane, Warden Road, Mumbai- 400026 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aecpg 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. याजस्व की ओर से /Revenue By : Shri Deepkant Prasad ननधाारयती की ओर से /Assessee By : Shri Hiro Rai सुनवाई की तायीख / Date Of Hearing : 07/10/2015 घोषणा की तायीख/Date Of Pronouncement 23/12/2015 आदेश / O R D E R Per R.C.Sharma (A.M): These Are The Cross Appeals Filed By The Revenue & Assessee Against The Order Of Cit(A), Mumbai, For The Assessment Years 2005-06 To 2010-2011, In The Matter Of Order Passed U/S.143(3) Of The I.T.Act.

For Appellant: Shri Hiro RaiFor Respondent: Shri Deepkant Prasad
Section 132Section 139(1)Section 139(5)Section 143(3)Section 153ASection 33A

…आयकर अपीऱीय अधिकरण, म ुंबई न्यायपीठ ‘सी’, म ुंबई । IN THE INCOME TAX APPELLATE TRIBUNAL “C”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM आमकय अऩीर सं./ITA Nos.2027 to 2032/Mum/2013 (नििाारण वषा / Assessment Years :2005-2006 to 2010-2011) DCIT, Central Circle-14, Mumbai- Vs. Shri Omprakash B. 400020 Goenka, 101, Somerset House, Sophia College Lane, Warden Road, Mumbai-400026 स्थामी रेखा सं./ जीआइआय सं./ PAN/GIR No. : AECPG 3854 J (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. AND आमकय अऩीर सं./ITA Nos.1895 & 1921/Mum/2013 (नििाारण वषा / Assessment Years :2008-2009 & 2010-2011) Shri Ompraka…

ITO 16(1)(3), Mumbai vs. L/H of Smt. Vimla Ratilal Mehta, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 3361/MUM/2014[2007-08]Status: DisposedITAT Mumbai09 Dec 2015AY 2007-08

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.3361/Mum/14 (ननधधायण वषा / Assessment Year: 2007-08) बनाम/ Income Tax Officer-16 Shri Ashok Mehta, L/H Of (L) Smt. Vimla Ratilal (1)(3) Vs. Mehta, 201, Jeevan Villa, Room No.220, 2Nd Floor, N Dhabholkar Road, Matru Mandir, Mumbai-400006 Tardeo Road, Mumbai-400007 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

Section 132Section 69

…was made to Poona Electric Supply Co. Ltd. v. Commissioner of Income 22 Tax, [1965] 57 ITR 521 (SC) wherein it was held that income tax is a tax on real income. 25. Finally a reference was made to State Bank of Travancore v. Commissioner of Income Tax, [1986]158 ITR 102 (SC) wherein the majority view was that accrual of income must be real, taking into account the actuality of the situation; whether the accrual had taken place or not must, in appropriate cases, be judged on the principles of real income' theory. The majority opinion went on to say: "What has really accrued to the assessee has to be found out and…

Bourbon Offshore, New Delhi vs. DDIT (It) 3(2), Mumbai

The appeal of the assessee is dismissed

ITA 2938/MUM/2014[2010-11]Status: DisposedITAT Mumbai21 Oct 2015AY 2010-11

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2010-11 M/S Bourbon Offshore, Deputy Director Of Income C/O-Nangia & Company, Tax, बनाम/ Suite-4A, Plaza M-6, Jasola International Taxation-3(2), Vs. New Delhi-110025 Mumbai ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aadcb7150J

Section 234BSection 260ASection 44B

…e the deemed income on which tax shall be levied. Thus, the circular suffers from vice and excessive delegation and is void. (Reliance is placed by us on the principles laid down by the hon' ble apex court in State Bank of Travancore v. CIT reported in [1986] 158 ITR 102 wherein it has been held that circulars which are executive in character cannot alter the provisions of the Act.) 5 M/s Bourbon Off shore 11. Thus, the finding recorded by the Income-tax Appellate Tribunal that one per cent. shall be the deemed profits and gains of the amount worth Rs. 5,88,30,840 pertaining to outside India activity is liable t…

ACIT, Bijapur vs. The Sindagi Urban Co-Op Bank Ltd., Sindagi

In the result, appeal of the Revenue is dismissed

ITA 1530/BANG/2013[2010-11]Status: DisposedITAT Bangalore05 Mar 2015AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri P. Dhivahar, JCIT (D.R)For Respondent: Shri Sandeep C, C.A
Section 43D

…ay be, in which it is actually received by that institution or bank or corporation or company, whichever is earlier. 09. Section 43D of the Act was brought in basically intended to overcome the decision of the Supreme Court in State Bank of Travancore Vs. CIT 158 ITR 102 (SC) wherein it 5 was held that interest on doubtful advances credited to "interest suspense account" and not transferred to "profit and loss account" should be considered as accrued according to the mercantile system of accounting and was taxable as such. The benefit of exception from the said Supreme Court's decision was given through section 4…

Commissioner of Income Tax-I vs. Angelique International Ltd

ITA/280/2013HC Delhi23 Sept 2013
Section 260ASection 40Section 5Section 5(2)Section 9Section 9(1)(i)Section 9(1)(vii)

…rcular issued under Section 119(1) of the Act and reference was made to the earlier decisions, including Navnit Lal C. Javeri versus K.K. Sen, (1965) 56 ITR 198 (SC) and majority judgment of the Supreme Court in State Bank of Travancore versus CIT, (1986) 158 ITR 102 and it was observed as under:- “15. The said circulars under Section 119 of the Income Tax Act were not placed before the Court in the correct perspective because the latter circular continuing certain benefits to the assessees was overlooked and the withdrawn circular was looked upon as in conflict with law. Such circulars, however, are…

Commissioner of Income Tax Delhi vs. M/S D.T.T.D.C. Ltd. New Delhi

Appeals are disposed of

ITA/166/2001HC Delhi20 Mar 2012

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

For Respondent: ITAs 166/01, 161/04, 320/04 & ITR 30-33/1997
Section 256(1)Section 617

…k-keeping, an entry is made about a hypothetical income, which does not materialize.” 30. Thus, the aforesaid principle would equally apply to accounts maintained under cash system or mercantile system. 31. In State Bank of Travencore vs. CIT (1986) 158 ITR 102 (SC), the concept of ‘real income’ was elucidated and it was observed :- “An acceptable formula of co-relating the notion of real income in conjunction with the method of accounting for the purpose of the computation of income for the purpose of taxation is difficult to evolve. Besides, any strait-jacket formula is bound to create problem…

Airport Authority of India vs. Commissioner of Income Tax Delhi I

Appeals are disposed of in the aforesaid terms

ITA/792/2008HC Delhi16 Dec 2011

Bench: CASES PERTAINING TO FULL BENCHES

…asoning, the Tribunal has also rejected the ground of the assessee. The question is as to whether there is a 'real income' which has accrued to the assessee. This real income theory is accepted by the Apex Court in State Bank of Travancore Vs. CIT, (1986) 158 ITR 102. As per this judgment, the concept ITA Nos.IT A 432/2008,433/2008,ITA 437/2008,ITA 517/2008 IT A 792/2008,ITA 1250/2008,ITA 125112008 Page 23 of 26 of real income is applicable in judging whether there has been income or not. If income does not result at all, there cannot be a tax, even though in book-keeping, an entry is made about a hyp…