M/S. SOUTHERN TECHNOLOGIES LTD. vs. JOINT COMMNR. OF INCOME TAX, COIMBATORE

254. According to the appellant, applying “real income theory”, the “Provision for NPA” which is debited to P&L Account in terms of the RBI Directions 1998 and shown accordingly in the Balance Sheet can never be treated as income under Section 2(24) of the IT Act and added back while computing profits and gains of business under Sections

SHARP BUSINESS SYSTEM THR. FINANCE DIRECTOR MR. YOSHIHISA MIZUNO vs. COMMISSIONER OF INCOME TAX-III N.D

The appeals are hereby disposed of in terms of

Bench: HON'BLE MR. JUSTICE MANOJ MISRA

Delay in filing SLP(C) Diary No. 22308/2022 is condoned. Digitally signed by CHETAN ARORA Date: 2025.12.19 17:14:51 IST Reason: Signature Not Verified 2 2. I.A. No. 114870/2022 is allowed. 3. Leave granted in SLP(C) No. 16277/2014, SLP(C) No. 24756/2014, SLP(C) No. 719/2020 and SLP(C) No.__/2025 (arising out of Diary No. 22308/2022). 4. Civil

ADDL. COLLECTOR OF CUSTOMS, CALCUTTA & ANR. vs. M/S. BEST & CO

In the result, we allow the appeal and set aside the High

254 of 1963. WITH Civil Miscellaneous Petition No. 2195 of 1965 (Petition for Condonation of delay). B. R. L. Iyengar and B. R. G. K. Achar, for the appellant. A. K. Sen and D. N. Mukherjee, for the respondent. The Judgment of the Court was delivered by Shelat, J. On March 31, 1959 the respondents obtained a licence to import