V.K.J Builders and Contractors P Ltd. v. CIT

318 ITR 204Supreme Court of India2009#4845 most cited

What is V.K.J Builders and Contractors P Ltd. v. CIT authority for?

The closing stock of an earlier accounting year must form the opening stock of the subsequent accounting year. This principle is applied when assessing total income, particularly concerning the valuation of stock.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

V.K.J Builders and Contractors P Ltd. v. CIT · 318 ITR 204 · SC · closing stock · opening stock · previous year · assessment year · business income · section 143(3) · total income

Sections most often in play

Section 143(3)Section 158ABSection 254Section 69

Issues it is cited on

previous yearbusinesscompanysection 143(3)total incomeinterest

Judgments citing V.K.J Builders and Contractors P Ltd. v. CIT

Unitech Hospitality Services Limited vs. Assiatant Commissioner of Income Tax

The appeal is dismissed in the above terms

ITA/710/2016HC Delhi03 Feb 2017

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE NAJMI WAZIRI

…has to be granted as deduction in the next year as it becomes opening stock in that year. For this proposition he relied on the decision of the Supreme Court in the case of VK. Builders and contractors Pvt. ITA 710/2016 Page 6 of 11 Ltd. Vs. CIT reported in 318 ITR 204. At the first instances the argument looks attractive but on examination of the facts before the Supreme Court and the facts of the case of the assessee, this argument deserves to be dismissed. Fact before the Supreme Court in case cited before us is quite different. The Hon'ble Supreme Court has held that according to the principle of accountanc…

Ruchi Acroni Industries Ltd, Mumbai vs. DCIT CC 40, Mumbai

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

ITA 5108/MUM/2015[2011-12]Status: DisposedITAT Mumbai31 Jan 2017AY 2011-12
Section 143(3)Section 14A

…the Revenue in all the subsequent years, then claim of the assessee should be accepted in this year also. The AO is also directed to take into consideration the judgment of Hon’ble Supreme Court in the case of V.K.J Builders and Contractors Pvt. Ltd. v. CIT. 318 ITR 204(SC) while deciding this issue. With these directions, this issue is sent back to the file of 4 Ruchi Acroni Industries the AO. Thus, this ground may be treated as allowed for statistical purposes. 3. Ground No.2: This ground deals with the disallowance u/s 14A for Rs.518120/-. 3.1. During the course of hearing, it was stated that the disallowance…

Mohd. Const. Co., Kota vs. Addl. CIT, Kota

ITA 649/JPR/2013[2006-07]Status: DisposedITAT Jaipur30 Jan 2017AY 2006-07
For Appellant: Shri Mahendra Gargieya (Advocate)For Respondent: Shri Rajendra Jha (Addl. CIT)
Section 145(3)Section 44A

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh dqy Hkkjr] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI KUL BHARAT, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 649/JP/2013 fu/kZkj.k o"kZ@Assessment Year : 2006-07 cuke M/s Mohd. Const. Co., The Addl. Commissioner of Vs. 5-B- 18 Vigyan Nagar, Income Tax, Kota. Range-1, C.R. Building, Kota. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AACFM 0470 E vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Mahendra Gargieya (Advocate) jktLo dh vksj ls@ Re…

M/S. Unitech Hospitality Services Ltd., New Delhi vs. ACIT, New Delhi

In the result ground no 2 of the appeal of the assessee is allowed with above direction

ITA 3570/DEL/2013[2009-10]Status: DisposedITAT Delhi07 Mar 2016AY 2009-10

Bench: Shri I.C.Sudhir & Shri Prashant Maharishiunitech Hospitality Services Ltd, Acit 6, Community Centre, Circle-18(1), Vs. Saket, New Delhi New Delhi Pan:Aaacu8460H (Appellant) (Respondent)

For Appellant: Sh.Gautam Jain, CAFor Respondent: Sh.Kartar Singh, CIT DR
Section 143(3)Section 234B

…is already incurred and accounted for in the books of the earlier years. It was further submitted such cost of land should be granted as deduction even if such cost was not paid by the appellant. He specifically relied on the decision of Hon’ble Supreme Court 318 ITR 204 in case of VKJ Builders and contractors Pvt. Ltd. Vs. CIT. For this he took us to the balance-sheet of the company filed at Page No.97 PB before us wherein the opening balance of capital work in progress was stated to be Rs.22,70,96,065/- and closing balance was stated Rs. 21,46,28,942/- and therefore he submitted that cost of land taken by the a…