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“mercantile system of accounting”

ICDS & AccountingSection 145Section 1451,487 judgments

The decision most relied on for mercantile system of accounting is CIT v. Woodward Governor India Pvt. Ltd. (312 ITR 254), cited in 968 judgments on BharatTax.

Leading authorities on mercantile system of accounting

CIT v. Woodward Governor India Pvt. Ltd.
312 ITR 254 · 2009 · Supreme Court
968
citing judgments

Foreign exchange fluctuations, whether gains or losses, are inextricably linked to the underlying business transaction and must be accounted for under the mercantile system. The Supreme Court also affirmed the standard accounting principle of valuing stock at cost or net realisable value, whichever is lower.

CIT v. Excel Industries Ltd.
358 ITR 295 · 2013 · Supreme Court
935
citing judgments

When an income or expenditure is revenue neutral across different assessment years, where any benefit derived is offset by a corresponding liability or reversal, no additional tax liability arises, particularly concerning income recognition under the mercantile system of accounting.

Rotork Controls India Pvt. Ltd. v. CIT
314 ITR 62 · 2009 · Supreme Court
739
citing judgments

A provision for expenses, such as warranty, is a deductible liability for income tax purposes if it constitutes a present obligation arising from past events, and a reliable estimate of the amount of obligation is possible.

Kedarnath Jute Mfg. Co. Ltd. v. CIT
82 ITR 363 · 1971 · Supreme Court
654
citing judgments

Tax liability for an item of income or expenditure is determined solely by the provisions of the Income-tax Act. Entries in an assessee's books of account are not conclusive and do not govern the taxability or deductibility of an item, as the legal rights and obligations under the Act prevail.

Lalchand Bhagat Ambica Ram v. CIT
37 ITR 288 · 1959 · Supreme Court
570
citing judgments

Where an assessee maintains regular books of account, and these books are not rejected or found defective by the Assessing Officer, any cash deposits or available cash shown in the cash book, if sufficient to cover the transaction, cannot be treated as unexplained income or an addition under sections 68 or 69A.

Calcutta Co. Ltd. v. CIT
37 ITR 1 · 1959 · Supreme Court
341
citing judgments

When following the mercantile system of accounting, provisions for liabilities made on a scientific and rational basis are allowable as deductions, even if their actual quantification and discharge are deferred to a future date.

United Commercial Bank v. CIT
240 ITR 355 · 1999 · Supreme Court
314
citing judgments

Liabilities accrued on a notional basis are allowable as deductions under the mercantile system of accounting even if their exact quantification or discharge is deferred to a future date or if the demand itself is disputed.

M.M.Aqua Technologies Limited v. CIT
436 ITR 582 · 2021 · Supreme Court
308
citing judgments

Amendments to tax law that impose new obligations or change existing legal positions apply prospectively, even if stated to be "for the removal of doubts." The judgment also clarifies that deductions under Section 43B are allowed only on actual payment, overriding the mercantile system of accounting.

Judgments citing mercantile system of accounting

Grasim Industries Ltd ( Corporate Finance Division), Mumbai vs. Addl CIT RG 6(3), Mumbai

ITA 3762/MUM/2009[2006-07]Status: DisposedITAT Mumbai25 Feb 2025AY 2006-07

Bench: the CIT(A). The CIT(A) partly allowed the appeal preferred by the Assessee vide order, dated 18/05/2009. 4. Not being satisfied with the relief granted by the Id. CIT(A), the Assessee has preferred appeal before this Tribunal. The Revenue has also filed cross-appeal challenging the relief granted by the Id. CIT(A).

For Appellant: Shri J. D. Mistry Sr. AdvocateFor Respondent: Shri Kishor Dhule
Section 143(2)Section 143(3)Section 24Section 43B

liability to pay such sum was incurred by the Assessee according to the method of accounting regularly employed by it. In short, a mercantile system of accounting cannot be looked at when a deduction is claimed under this Section, making it clear that incurring of liability cannot allow ... other similar liability spelt out by the provision. A mere claim of expenditure in the books was insufficient to entitle deduction following mercantile system of accounting. 16.8. It was contended on behalf of the Assessee that the provisions contained in Clause (b) to (f) of Section

Omprakash Jaiswal, Indore vs. ACIT-1(1), Indore

Appeal is partly allowed for statistical purpose

ITA 443/IND/2024[2017-18]Status: DisposedITAT Indore24 Feb 2025AY 2017-18

Bench: Shri B.M. Biyani & Shri Dinesh Mohan Sinha

Section 143(3)Section 68

section (2), be computed in accordance with either Page 6 of 18 Omprakash Jaiswal ITA No. 443/Ind/2024 - AY 2017-18 cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government may notify in the Official Gazette from time to time income computation and disclosure standards

ITO, Ward-10(2), Kolkata vs. Multiple Concrete Pvt Ltd, Kolkata

In the result, the appeal of the Revenueis dismissed

ITA 1227/KOL/2024[2012-13]Status: DisposedITAT Kolkata24 Feb 2025AY 2012-13

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward 10(2) Multiple Concrete Pvt. Ltd. Aaykar Bhavan, 3Rd Floor, P-7, 13, Dum Dum Road, Chowringhee Square, Motijheel, Kolkata-700074, Vs. Kolkata-700069 West Bengal West Bengal (Appellant) (Respondent) Pan No. Aabcm7885R Assessee By : Shri S.K. Tulsiyan& Ms. Puja Somani, Ars Revenue By : Shri Subhendu Datta, Dr Date Of Hearing: 10.02.2025 Date Of Pronouncement : 24.02.2025

For Appellant: Shri S.K. tulsiyan&For Respondent: Shri Subhendu Datta, DR
Section 14A

necessary details/ information called for by the ld. Assessing Officer. The assessee is engaged in the business of contractor ship and was following mercantile system of accounting. The ld. AO during the course of assessment proceedings, noted that during the impugned financial year the assessee has executed certain contractual works

ITO Exemption 2 4 Mumbai, Mumbai vs. Vaibhav Medical and Education Foundation, Mumbai

In the result, the appeal by the Revenue is partly allowed

ITA 5494/MUM/2024[2011-12]Status: DisposedITAT Mumbai24 Feb 2025AY 2011-12

Bench: Shri Amarjit Singhshri Sandeep Singh Karhailito (Exemption) – 2(4), Room No.609, 6Th Floor, Mtnl Building, Peddar Road, Mumbai – 400026 ……………. Appellant Maharashtra V/S Vaibhav Medical & Education Foundation, C-1, Aditya Birla Centre, S.K. Ahire Marg, Worli, ……………. Respondent Mumbai - 400030, Maharashtra Pan – Aaatv3207A

For Appellant: S/Shri Ronal Doshi a/w Deep ChouhanFor Respondent: Shri Ashish Heliwal, CIT-DR
Section 11Section 12ASection 13(1)Section 13(2)(a)Section 13(2)(b)Section 13(3)Section 142(1)Section 143(2)Section 145Section 24

submissions of both sides and perused the material available on record. During the assessment proceedings, it was observed that the assessee has followed mercantile system of accounting. However, while computing its income, the assessee has not offered interest income on an accrual basis but has offered interest on a cash ... that the assessee being a Trust was free to follow hybrid system of accounting and that all Trust are not bound to follow mercantile system of accounting. The main contention of the is that the emphasis should be given to the words used in section 145 that "the system

Lodha Foundation, Jaipur vs. CIT(Exemption), Jaipur

In the result, appeal of the Revenue is dismissed

ITA 12/JPR/2025[2025-26]Status: DisposedITAT Jaipur21 Feb 2025AY 2025-26

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalm/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck 7751L ...... Appellant Vs. Acit, Central Circle, Kota ...... Respondent Acit, Circle-2, Kota ...... Appellant Vs. M/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck7751L ...... Respondent

For Appellant: Mr. Mahendra Gargieya, Adv. &For Respondent: Ms. Alka Gautam, CIT-DR, Ld. DR
Section 132Section 143(3)Section 153ASection 250

Department to prove that the method in vogue is not correct and it distorts the profits of a particular year. Under the mercantile system of accounting based on the concept of accrual, the method of accounting followed by the assessees is relevant. In the present case, there is no finding

Lodha Foundation, Jaipur vs. CIT (Exemption), Jaipur

In the result, appeal of the Revenue is dismissed

ITA 11/JPR/2025[2025-26]Status: DisposedITAT Jaipur21 Feb 2025AY 2025-26

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalm/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck 7751L ...... Appellant Vs. Acit, Central Circle, Kota ...... Respondent Acit, Circle-2, Kota ...... Appellant Vs. M/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck7751L ...... Respondent

For Appellant: Mr. Mahendra Gargieya, Adv. &For Respondent: Ms. Alka Gautam, CIT-DR, Ld. DR
Section 132Section 143(3)Section 153ASection 250

Department to prove that the method in vogue is not correct and it distorts the profits of a particular year. Under the mercantile system of accounting based on the concept of accrual, the method of accounting followed by the assessees is relevant. In the present case, there is no finding

Income Tax Officer, Ward-1, Jalna, Income Tax Office vs. The Beed District Central Co-Op. Bank Ltd., Beed

In the result, the appeal of the Revenue in ITA No

ITA 802/PUN/2024[2015-16]Status: DisposedITAT Pune21 Feb 2025AY 2015-16

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.800, 801 & 802/Pun/2024 निर्धारण वर्ष / Assessment Years : 2013-14, 2014-15 & 2015-16 Income Tax Officer, Ward - 1, Jalna अपीलार्थी / Appellant The Beed District Central Co-Op. Bank Ltd., Rajuri Ves, Beed – 431122, Vs. Maharashtra Pan : Aaaat5256C Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Shubham N. Rathi Shri Amol Khairnar 02-12-2024 21-02-2025 प्रत्यर्थी / Respondent Per Astha Chandra, Jm : आदेश / Order These Three Appeals Filed By The Revenue Are Directed Against The Three Separate Orders All Dated 28.02.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Years (“Ays”) 2013-14, 2014-15 & 2015-16 Respectively. Since The Issue(S) Involved Are Identical, These Were Heard Together & Are Being Disposed Of By This Common Order.

For Appellant: Department byFor Respondent: Date of hearing
Section 143(1)Section 143(2)Section 143(3)Section 263Section 43BSection 43D

assessment year. The hon'ble apex court has observed that: "The method of accounting which is followed by the assessee-bank is the mercantile system of accounting. However, the assessee considers income by way of interest pertaining to doubtful loans as not real income in the year in which ... assessee, if for three years such interest is not actually received. The very fact that the assessee although generally using a mercantile system of accounting, keeps such interest amounts in a suspense account and does not bring these amounts to the profit and loss account goes to show that

Income Tax Officer, Ward-1, Jalna, Income Tax Office vs. The Beed District Central Co-Op. Bank Ltd., Beed

In the result, the appeal of the Revenue in ITA No

ITA 801/PUN/2024[2014-15]Status: DisposedITAT Pune21 Feb 2025AY 2014-15

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.800, 801 & 802/Pun/2024 निर्धारण वर्ष / Assessment Years : 2013-14, 2014-15 & 2015-16

For Appellant: Shri Shubham N. RathiFor Respondent: Shri Amol Khairnar
Section 143(1)Section 143(2)Section 143(3)Section 263Section 43BSection 43D

assessment year. The hon'ble apex court has observed that: "The method of accounting which is followed by the assessee-bank is the mercantile system of accounting. However, the assessee considers income by way of interest pertaining to doubtful loans as not real income in the year in which ... assessee, if for three years such interest is not actually received. The very fact that the assessee although generally using a mercantile system of accounting, keeps such interest amounts in a suspense account and does not bring these amounts to the profit and loss account goes to show that

Income Tax Officer, Ward-1, Jalna, Income Tax Office vs. The Beed District Central Co-Op. Bank Ltd., Beed

In the result, the appeal of the Revenue in ITA No

ITA 800/PUN/2024[2013-14]Status: DisposedITAT Pune21 Feb 2025AY 2013-14

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.800, 801 & 802/Pun/2024 निर्धारण वर्ष / Assessment Years : 2013-14, 2014-15 & 2015-16 Income Tax Officer, Ward - 1, Jalna Vs. अपीलार्थी / Appellant The Beed District Central Co-Op. Bank Ltd., Rajuri Ves, Beed – 431122, Maharashtra Pan : Aaaat5256C प्रत्यर्थी / Respondent Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Shubham N. Rathi Shri Amol Khairnar 02-12-2024 21-02-2025 Per Astha Chandra, Jm : आदेश / Order These Three Appeals Filed By The Revenue Are Directed Against The Three Separate Orders All Dated 28.02.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Years (“Ays”) 2013-14, 2014-15 & 2015-16 Respectively. Since The Issue(S) Involved Are Identical, These Were Heard Together & Are Being Disposed Of By This Common Order.

For Appellant: Department byFor Respondent: Date of hearing
Section 143(1)Section 143(2)Section 143(3)Section 263Section 43BSection 43D

assessment year. The hon'ble apex court has observed that: "The method of accounting which is followed by the assessee-bank is the mercantile system of accounting. However, the assessee considers income by way of interest pertaining to doubtful loans as not real income in the year in which ... assessee, if for three years such interest is not actually received. The very fact that the assessee although generally using a mercantile system of accounting, keeps such interest amounts in a suspense account and does not bring these amounts to the profit and loss account goes to show that

Assistant Commissioner of Income Tax, Circle-2, Kota vs. Kaizen Enterprises Pvt. Ltd., Kota

In the result, appeal of the Revenue is dismissed

ITA 390/JPR/2024[2017-18]Status: DisposedITAT Jaipur18 Feb 2025AY 2017-18

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalm/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck 7751L ...... Appellant Vs. Acit, Central Circle, Kota ...... Respondent Acit, Circle-2, Kota ...... Appellant Vs. M/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck7751L ...... Respondent

For Appellant: Mr. Mahendra Gargieya, Adv. &For Respondent: Ms. Alka Gautam, CIT-DR, Ld. DR
Section 132Section 143(3)Section 153ASection 250

Department to prove that the method in vogue is not correct and it distorts the profits of a particular year. Under the mercantile system of accounting based on the concept of accrual, the method of accounting followed by the assessees is relevant. In the present case, there is no finding

Kaizen Entreprises Pvt. Ltd., Kota vs. ACIT-DCIT, Central Circle, Kota

In the result, appeal of the Revenue is dismissed

ITA 156/JPR/2024[2013-14]Status: DisposedITAT Jaipur18 Feb 2025AY 2013-14

Bench: Dr. S. Seethalakshmi & Shri Gagan Goyalm/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck 7751L ...... Appellant Vs. Acit, Central Circle, Kota ...... Respondent Acit, Circle-2, Kota ...... Appellant Vs. M/S. Kaizen Enterprises Pvt. Ltd., Opera Hospital Road, S-67-68, Indra Vihar, Kota- 324005 Pan No.: Aabck7751L ...... Respondent

For Appellant: Mr. Mahendra Gargieya, Adv. &For Respondent: Ms. Alka Gautam, CIT-DR, Ld. DR
Section 132Section 143(3)Section 153ASection 250

Department to prove that the method in vogue is not correct and it distorts the profits of a particular year. Under the mercantile system of accounting based on the concept of accrual, the method of accounting followed by the assessees is relevant. In the present case, there is no finding

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1184/AHD/2024[2021-22]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2021-22
For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

trading accounts. The AO had considered the net accrued interest of Rs.16,39,02,055/- as income of the assessee following the mercantile system of accounting and accordingly made the addition. In the first appeal, the Ld. CIT(A) had deleted the addition by holding that the entries for accrued ... system of accounting, which was not disputed by the assessee. Therefore, no addition could have been made in respect of notional interest following mercantile system of accounting. He stressed that no addition could have made on account of interest following the cash system of accounting as well as the mercantile

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1155/AHD/2024[2020-21]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2020-21
For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

trading accounts. The AO had considered the net accrued interest of Rs.16,39,02,055/- as income of the assessee following the mercantile system of accounting and accordingly made the addition. In the first appeal, the Ld. CIT(A) had deleted the addition by holding that the entries for accrued ... system of accounting, which was not disputed by the assessee. Therefore, no addition could have been made in respect of notional interest following mercantile system of accounting. He stressed that no addition could have made on account of interest following the cash system of accounting as well as the mercantile

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1154/AHD/2024[2019-20]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2019-20

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER & SHRI NARENDRA PRASAD SINHA

Deputy Commissioner of Income -Tax, Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1153/AHD/2024[2018-19]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER & SHRI NARENDRA PRASAD SINHA

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1152/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2017-18

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER & SHRI NARENDRA PRASAD SINHA

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1151/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2016-17

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER & SHRI NARENDRA PRASAD SINHA

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1150/AHD/2024[2015-16]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2015-16
For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

trading accounts. The AO had considered the net accrued interest of Rs.16,39,02,055/- as income of the assessee following the mercantile system of accounting and accordingly made the addition. In the first appeal, the Ld. CIT(A) had deleted the addition by holding that the entries for accrued ... system of accounting, which was not disputed by the assessee. Therefore, no addition could have been made in respect of notional interest following mercantile system of accounting. He stressed that no addition could have made on account of interest following the cash system of accounting as well as the mercantile

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1149/AHD/2024[2014-15]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2014-15

Bench: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1138 To 1146/Ahd/2024 ("नधा"रण वष" / Assessment Years : 2013-14 To 2021-22) बनाम/ Prakash Misrimal Deputy Commissioner Of Sanghvi Income-Tax Vs. 17, Rajmugat Soc. Central Circle-1(1), Naranpura Char Rasta, Ahmedabad Naranpura, Ahmedabad 380013 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaeps7266A (Appellant) .. (Respondent)

For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, AHMEDABAD BEFORE SHRI T.R. SENTHIL KUMAR, JUDICIAL MEMBER & SHRI NARENDRA PRASAD SINHA

Deputy Commissioner of Income -Tax, Central Circle-1(1), Ahmedabad vs. Prakash Misrimal Sanghvi, Ahmedabad

In the result, the appeal of the Revenue in ITA No

ITA 1148/AHD/2024[2013-14]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2013-14
For Appellant: Shri S. N. Soparkar, Sr. Advocate &For Respondent: Shri A. P. Singh, CIT-DR
Section 132Section 132(4)Section 143(3)Section 147Section 148

trading accounts. The AO had considered the net accrued interest of Rs.16,39,02,055/- as income of the assessee following the mercantile system of accounting and accordingly made the addition. In the first appeal, the Ld. CIT(A) had deleted the addition by holding that the entries for accrued ... system of accounting, which was not disputed by the assessee. Therefore, no addition could have been made in respect of notional interest following mercantile system of accounting. He stressed that no addition could have made on account of interest following the cash system of accounting as well as the mercantile