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

Pr Commissioner of Income Tax vs. The Kangra Central Cooperative Bank Ltd

The appeals are dismissed

ITA/83/2018HC Himachal Pradesh07 Dec 2022

Bench: HON'BLE MRS. JUSTICE SABINA,HON'BLE MR. JUSTICE SUSHIL KUKREJA

Section 145Section 36Section 43D

…Hon’ble ITAT, Chandigarh is justified in deleting the addition of Rs.27,78,47,640/ made by the AO on account of interest accrued on non performing assests by ignoring the decision of the Hon’ble supreme Court in the case of State Bank of Travancore (158 ITR 102” (2) Whether on the facts and in the circumstances of the case, the Hon’ble ITAT erred in applying Section 43D to a cooperative society even though the same is specifically excluded under Explanation (ii) to clause (vii a) of Section 36 (1) (3) Whether on the fact and in the circumstances of the case, the Hon’ble ITAT has erred in fol…

DCIT-2(2)(1), Mumbai vs. M/S State Bank of India (Successor to State Bank of Bikaner and Jaipur), Mumbai

In the result, the appeal of the Revenue is dismissed, whereas the appeal of the assessee is allowed partly for statistical purposes

ITA 3033/MUM/2019[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Om Prakash Kant (Account Member) & Ms. Kavitha Rajagopal () I.T.A. No. 3033/Mum/2019 (A.Y. 2015-16) I.T.A. No. 2873/Mum/2019 (A.Y. 2015-16) Dcit-2(2)(1), Vs. M/S State Bank Of India Mumbai (Successor To State Room No. 545, Bank Of Bikaner & 5Th Floor, Ayakar Jaipur) Bhavan Financial Reporting & Mumbai-400020 Taxation, 3Rd Floor, Corporate Centre, Madam Cama Road Nariman Point, Mumbai- 400021 (Appellant) (Respondent)

Section 14A

…ue date mentioned in the securities and, hence, the same cannot be taxed since interest was not payable on the 31st March as per the terms of the said securities. The learned CIT DR referred to several decisions such as State Bank of Travancore Vs. CIT [1986] 158 ITR 102 (SC), U.P Chalchitra Nigam Ltd. Vs. CIT [2015] 370 ITR 379 (Allahabad) and Mahindra Telecommunication Investment P. Ltd Vs. ITO [2016] 69 taxmann.com 431 (Mumbai). He argued that the facts are not applicable to the present issue as in the said cases there was no dispute that as per the terms of contract between the parties, income had accrued but…

State Bank of India (Successor to State Bank of Bikaner & Jaipur), Mumbai vs. ACIT -Circle 2(2)(1), Mumbai

In the result, the appeal of the Revenue is dismissed, whereas the appeal of the assessee is allowed partly for statistical purposes

ITA 2873/MUM/2019[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Om Prakash Kant (Account Member) & Ms. Kavitha Rajagopal () I.T.A. No. 3033/Mum/2019 (A.Y. 2015-16) I.T.A. No. 2873/Mum/2019 (A.Y. 2015-16) Dcit-2(2)(1), Vs. M/S State Bank Of India Mumbai (Successor To State Room No. 545, Bank Of Bikaner & 5Th Floor, Ayakar Jaipur) Bhavan Financial Reporting & Mumbai-400020 Taxation, 3Rd Floor, Corporate Centre, Madam Cama Road Nariman Point, Mumbai- 400021 (Appellant) (Respondent)

Section 14A

…ue date mentioned in the securities and, hence, the same cannot be taxed since interest was not payable on the 31st March as per the terms of the said securities. The learned CIT DR referred to several decisions such as State Bank of Travancore Vs. CIT [1986] 158 ITR 102 (SC), U.P Chalchitra Nigam Ltd. Vs. CIT [2015] 370 ITR 379 (Allahabad) and Mahindra Telecommunication Investment P. Ltd Vs. ITO [2016] 69 taxmann.com 431 (Mumbai). He argued that the facts are not applicable to the present issue as in the said cases there was no dispute that as per the terms of contract between the parties, income had accrued but…

DCIT, Circle-4(1), Bhubaneswar vs. M/S. the Orissa State Co-Operative Milk Producers Federation Ltd., Bhubaneswar

In the result, appeal of the revenue is partly allowed for statistical purposes

ITA 319/CTK/2017[2009-10]Status: HeardITAT Cuttack20 Sept 2022AY 2009-10

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2009-10 Dcit, Circle Dcit, Circle-4(1), Vs. The Orissa State Co The Orissa State Co-Op.Milk Bhubaneswar. Bhubaneswar. Producers Federation Ltd., Producers Federation Ltd., D-2, 2, Sahid Sahid Nagar, Nagar, Bhubaneswar. Bhubaneswar. Pan/Gir No. Pan/Gir No.Aabtt 3220 G (Appellant (Appellant) .. ( Respondent Respondent) Assessee By : Shri B.K.Mahapatra, Ca B.K.Mahapatra, Ca Revenue By : Shri M.K.Gautam, Cit M.K.Gautam, Cit Dr Date Of Hearing : 21 /9 9/2022 Date Of Pronouncement : 21/9 9/2022 O R D E R Per Bench This Is An Appeal Filed By The Revenue Against The Order Of The Ld Against The Order Of The Ld Cit(A)-2, Bhubaneswar 2, Bhubaneswar Dated 31.5.2017 In Appeal No In Appeal No.0251/2015-16 For The Assessment Year For The Assessment Year 2009-2010. 2. Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue & Shri Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue & Shri Shri M.K.Gautam, Ld Cit Dr Appeared For The Revenue & Shri B.K.Mahapatra, Ld Ar Appeared For The Assessee. B.K.Mahapatra, Ld Ar Appeared For The Assessee.

For Appellant: Shri B.K.Mahapatra, CAFor Respondent: Shri M.K.Gautam, CIT
Section 43B

…Pay Revision Committee had not completed its deliberations before the end of the FY 2008-09. Even if there was a liability, it was purely a contingent liability which is not deductible for income tax purposes. It was held in State Bank of Travancore vs. CIT (158 ITR 102) (SC) that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to…

M/S. Odisha Power Generation Corporation Limited, Bhubaneswar vs. DCIT, Corporate Circle-1(2), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 131/CTK/2019[2014-15]Status: DisposedITAT Cuttack12 Sept 2022AY 2014-15

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

M/S. Odisha Power Generation Corporation Limited, Bhubaneswar vs. DCIT, Corporate Circle-1(2), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 130/CTK/2019[2013-14]Status: DisposedITAT Cuttack12 Sept 2022AY 2013-14

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

M/S. Odisha Power Generation Corporation Ltd., Bhubaneswar vs. ACIT, Corporate Circle-1(2), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 64/CTK/2017[2009-10]Status: DisposedITAT Cuttack12 Sept 2022AY 2009-10

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

ACIT, Corporate Circle-1(2), Bhubaneswar vs. M/S. Orissa Power Generation Corporation Ltd., Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 288/CTK/2016[2011-12]Status: DisposedITAT Cuttack12 Sept 2022AY 2011-12

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

M/S. Odisha Power Generation Corporation Ltd., Bhubaneswar vs. DCIT, Circle-1(1), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 267/CTK/2016[2011-12]Status: DisposedITAT Cuttack12 Sept 2022AY 2011-12

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

ACIT, Corporate Circle-1(2), Bhubaneswar vs. M/S. Odisha Power Generation Corporation Ltd., Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 175/CTK/2016[2012-13]Status: DisposedITAT Cuttack12 Sept 2022AY 2012-13

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

M/S. Odisha Power Generation Corporation Ltd., Bhubaneswar vs. ACIT, Corporate Circle-1(2), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 173/CTK/2016[2012-13]Status: DisposedITAT Cuttack12 Sept 2022AY 2012-13

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

M/S. Odisha Power Generation Corporation Ltd., Bhubaneswar vs. DCIT, Circle-1(1), Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 84/CTK/2014[2010-11]Status: DisposedITAT Cuttack12 Sept 2022AY 2010-11

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

DCIT, Bhubaneswar vs. Orissa Power Generation Corporation Ltd, Bhubaneswar

In the result, appeal of the assessee is partly allowed

ITA 114/CTK/2014[2010-11]Status: DisposedITAT Cuttack12 Sept 2022AY 2010-11

Bench: Before S/Shri George Mathan, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaita No Ita No.114/Ctk/2014: Assessment Year Assessment Year : 2010-11

For Appellant: S/Shri Dilip Kr. Mohanty/Pradyumna Kumar Sahu

…ITR 345 (SC) that once it is shown that the case of the assessee comes within the letter of the law, he must be taxed, however, great the hardship may appear to the judicial mind. Moreover, it was held in State Bank of Travancore vs. CIT [1986] 24 Taxman 337/158 ITR 102 (SO that considerations of hardship, injustice or anomalies do not play any useful role in construing taxing statutes unless there be some real ambiguity. Also, the observation that "In a taxing Act one has to look merely at what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to ta…

M/S. the Davangere Harihar Urban Sahakari Bank Niyamitha, Davangere vs. Assistant Commissioner of Income Tax, Davangere

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 2609/BANG/2017[2008-09]Status: DisposedITAT Bangalore18 May 2022AY 2008-09

Bench: Shri Chandra Poojari & Shri George K. Georgeassessment Year: 2008-09

For Appellant: Shri Suresh Muthukrishnan, A.RFor Respondent: Shri Sankar Ganesh K., D.R
Section 145Section 145(1)Section 234

…ard to the quoted circular No.F.No.201/60/867-IT(A-II), dated 30.06.1987; the amendment in section 145 has been done after the issue of this circular. Hence, the contents in the new section 145(1) are to be followed. Moreover, in the case of SBT Vs. CIT[19861 158 ITR 102, the Hon'ble SC has held that the interest accruing on sticky loans is taxable to Income Tax on accrual basis where the assessee follows mercantile system of accounting. The above circular was given by the Board to help the State Financial Corporation to change the method of accounting from mercantile to cash basis. Hence this circular is not app…

George Maijo Industries (P) Ltd., Chennai vs. ACIT, CC-II (1), Chennai

In the result, both the appeals filed by the assessee are allowed

ITA 2959/CHNY/2019[2016-17]Status: DisposedITAT Chennai06 Apr 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri G. Johnson, Addl. CIT
Section 143(3)

…e was made to Poona Electric Supply Co. Ltd. v. Commissioner of Income 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…

George Maijo Industries (P) Ltd., Chennai vs. ACIT, CC-II (1), Chennai

In the result, both the appeals filed by the assessee are allowed

ITA 2958/CHNY/2019[2015-16]Status: DisposedITAT Chennai06 Apr 2022AY 2015-16

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vikram VijayaraghavanFor Respondent: Shri G. Johnson, Addl. CIT
Section 143(3)

…e was made to Poona Electric Supply Co. Ltd. v. Commissioner of Income 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…

DCIT 2(2), Mumbai vs. State Bank of India, Mumbai

ITA 4951/MUM/2013[2005-06]Status: DisposedITAT Mumbai22 Mar 2022AY 2005-06

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Anand Mohan, D.R
Section 14Section 14ASection 36Section 41(4)

…t is written off as bad debt. It is a real income and hence has to be taxed as such under the mercantile system followed by the appellant. Reliance in this regard is placed on State Bank of Travancore vs. CIT 158 ITR 102, 155 (SC) which was Travancore vs. CIT 158 ITR 102, 155 (SC) followed in Western India Oil Distributing Co. Ltd. Vs. CIT 206 ITR 359 (Bom). ITR 359 (Bom). It was held in this decision that the concept of real income should not be so read as to defeat the provisions of the Act. Extension of the concept of real income to a field so as to negate accrual after the amount had become receivable is cont…

State Bank of India, Mumbai vs. DCIT Cir 2(2), Mumbai

ITA 3685/MUM/2013[2005-06]Status: DisposedITAT Mumbai22 Mar 2022AY 2005-06

Bench: Shri M. Balaganesh & Shri Kuldip Singhassessment Year: 2005-06 M/S. State Bank Of India, Dcit, Financial Reporting & Circle -2(2), Taxation Dept., Mumbai 3Rd Floor, Vs. Corporate Centre, Madam Cama Road, Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent) Assessment Year: 2005-06 Office Of The Dcit-2(2), M/S. State Bank Of India, R.No.545, Central Office, Aayakar Bhavan, Accounts & Compliance M.K. Road, Dept., Vs. 14Th Floor, Mumbai- 400 020 Madam Cama Rd., Nariman Point, Mumbai – 400 021 Pan: Aaacs8577K (Appellant) (Respondent)

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Anand Mohan, D.R
Section 14Section 14ASection 36Section 41(4)

…t is written off as bad debt. It is a real income and hence has to be taxed as such under the mercantile system followed by the appellant. Reliance in this regard is placed on State Bank of Travancore vs. CIT 158 ITR 102, 155 (SC) which was Travancore vs. CIT 158 ITR 102, 155 (SC) followed in Western India Oil Distributing Co. Ltd. Vs. CIT 206 ITR 359 (Bom). ITR 359 (Bom). It was held in this decision that the concept of real income should not be so read as to defeat the provisions of the Act. Extension of the concept of real income to a field so as to negate accrual after the amount had become receivable is cont…

Transocean Offshore Deepwater Drilling Inc, Noida vs. DCIT, Circle- 2, International Taxation, Dehradun

In the result, both the appeals of the assessee are partly allowed

ITA 5896/DEL/2017[2013-14]Status: DisposedITAT Dehradun28 Jan 2022AY 2013-14

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 5895/Del/2017 : Asstt. Year : 2012-13 Transocean Offshore International Vs Dcit (Intl. Taxation), Ventures Ltd., C/O Nangia & Company, Circle-2, A-109, Sector-136, Nodia-201304 Noida-201304 (Appellant) (Respondent) Pan No. Aabct7361B

For Appellant: Sh. Amit Arora, AdvFor Respondent: Sh. Radhey Shyam, CIT DR
Section 143(3)Section 44B

…nnection, the assessee relied on the following decisions wherein it has been held that there cannot be any levy of taxes where there is no income resulting to the assessee.  CIT Vs. Shoorji Vallabhdas & Co. 46 ITR 144 (SC)  State Bank of Travancore Vs. CIT 158 ITR 102 (SC) ITA No.5895 & 5896/Del/2017 3 Transocean Offshore International Ventures Ltd. & Transocean Offshore Deepwater Drilling Inc.  Rajkot District Gopalak Co-op. Milk Producers Union Ltd. Vs. CIT 204 ITR 390 (Guj.) 6. The assessee further relied on the following case laws which state that reimbursement of expenses does not constitute income i…

Transocean Offshore International Venture Ltd., Noida vs. DCIT (International Taxation), Circle-2, Dehradun

In the result, both the appeals of the assessee are partly allowed

ITA 5895/DEL/2017[2012-12]Status: DisposedITAT Dehradun28 Jan 2022AY 2012-12

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 5895/Del/2017 : Asstt. Year : 2012-13 Transocean Offshore International Vs Dcit (Intl. Taxation), Ventures Ltd., C/O Nangia & Company, Circle-2, A-109, Sector-136, Nodia-201304 Noida-201304 (Appellant) (Respondent) Pan No. Aabct7361B

For Appellant: Sh. Amit Arora, AdvFor Respondent: Sh. Radhey Shyam, CIT DR
Section 143(3)Section 44B

…nnection, the assessee relied on the following decisions wherein it has been held that there cannot be any levy of taxes where there is no income resulting to the assessee.  CIT Vs. Shoorji Vallabhdas & Co. 46 ITR 144 (SC)  State Bank of Travancore Vs. CIT 158 ITR 102 (SC) ITA No.5895 & 5896/Del/2017 3 Transocean Offshore International Ventures Ltd. & Transocean Offshore Deepwater Drilling Inc.  Rajkot District Gopalak Co-op. Milk Producers Union Ltd. Vs. CIT 204 ITR 390 (Guj.) 6. The assessee further relied on the following case laws which state that reimbursement of expenses does not constitute income i…