Case Laws Analysis
Followed on ITO v. Undavalli Constructions 2021 TaxPub(DT) 4512 (Visakhapatnam-Trib)
Applied on Dy. CIT v. Sunderdeep Construction (P) Ltd 2021 TaxPub(DT) 2060 (Ind-Trib)
Followed on KEI Industries Ltd. v. DCIT 2021 TaxPub(DT) 0618 (Del-Trib)
Relied on ACIT v. K.E.I. Industries Ltd. 2020 TaxPub(DT) 5141 (Del-Trib)
Relied on DCIT v. Ebix Software India (P) Ltd. 2020 TaxPub(DT) 4223 (Del-Trib)
Relied on Dakshin Haryana Bijli Vitran Nigam Ltd. v. ACIT 2020 TaxPub(DT) 1046 (Del-Trib)
Followed on Deep Muliplex (P.) Ltd. v. DCIT 2020 TaxPub(DT) 0934 (Ahd-Trib)
Relied on ACIT v. Deepali Design & Exhibits (P) Ltd. 2019 TaxPub(DT) 4128 (Del-Trib)
Supported by on Carlyle India Advisors (P.) Ltd. v. ITO 2019 TaxPub(DT) 2753 (Mum-Trib)
Relied on DCIT v. Banna Lal Jat Constructions (P) Ltd. 2018 TaxPub(DT) 7667 (Jp-Trib)
Relied on ACIT v. Tata Motors Ltd. 2018 TaxPub(DT) 6624 (Mum-Trib)
Relied on Guajarat Guardian Ltd. v. DCIT 2018 TaxPub(DT) 5173 (Del-Trib)
Relied on Rajasthan State Road Development & Construction Corporation Ltd. v. ITO 2018 TaxPub(DT) 2656 (Jp-Trib)
Applied on Addl. CIT v. DLF Ltd. 2017 TaxPub(DT) 5394 (Del-Trib)
Followed on Addl. CIT v. DLF Ltd. 2017 TaxPub(DT) 5394 (Del-Trib)
Followed on CIT v. Modipon Ltd. 2017 TaxPub(DT) 5021 (SC)
Applied on Hyundai Motor India Ltd. v. Dy. CIT 2017 TaxPub(DT) 1133 (Chen-Trib)
Followed on Pr. CIT v. Friends Land Developers 2017 TaxPub(DT) 0962 (All-HC)
Applied on Principal CIT v. Kalpataru Power Transmission Ltd. 2017 TaxPub(DT) 0820 (Guj-HC)
Relied on Commissioner of Income Tax v. Shriram Transport Finance Company Ltd. 2017 TaxPub(DT) 0433 (Mad-HC)
Relied on Eli Lilly & Co. (India) (P) Ltd. v. Asstt. CIT 2017 TaxPub(DT) 0011 (Del-Trib)
Followed on CIT v. Indian Petrochemicals Corporation Ltd. 2016 TaxPub(DT) 4563 (Guj-HC)
Followed on Deep Industries Ltd. v. Asstt. CIT 2016 TaxPub(DT) 3591 (Guj-HC)
Relied on Integrated Coal Mining Ltd. v. DCIT 2016 TaxPub(DT) 0017 (Kol-Trib)
Relied on Mangalam Drugs & Organics Ltd. v. DCIT 2015 TaxPub(DT) 4418 (Mum-Trib)
Applied on Mahindra & Mahindra Employees Stock Option Trust v. Addl. CIT 2015 TaxPub(DT) 4296 (Mum-Trib)
Applied on Parinee Developers (P) Ltd. v. Asstt. CIT 2015 TaxPub(DT) 4214 (Mum-Trib)
Relied on Seagram Distilleries (P) Ltd. v. CIT 2015 TaxPub(DT) 3906 (Del-HC)
Followed on United Phosphorus Ltd. v. Addl. CIT 2015 TaxPub(DT) 2142 (Guj-HC)
Applied on CIT v. India Fruits Ltd. 2015 TaxPub(DT) 0053 (AP-HC)
Applied on Resistoflex Dynamics (P) Ltd. v. Dy. CIT 2014 TaxPub(DT) 4071 (Del-Trib)
Followed on Sahara India Financial Corpn. Ltd. v. Dy. CIT 2014 TaxPub(DT) 2635 (Del-Trib)
Followed on U.P. Chalchitra Nigam Ltd. v. CIT 2014 TaxPub(DT) 2074 (All-HC)
Applied on Global One India (P) Ltd. v. Asstt. CIT 2014 TaxPub(DT) 2029 (Del-Trib)
The Tax Publishers2013 TaxPub(DT) 2414 (SC) : (2013) 054 (I) ITCL 0339 : (2013) 358 ITR 0295 : (2013) 262 CTR 0261 : (2013) 219 TAXMAN 0379 : (2013) 093 DTR 0457


CIT v. Excel Industries Ltd.



--Business income--Year of assessabilityDEPB on export of goods--Assessee-company was maintaining its account on mercantile system of accounting. Assessee claimed certain sums under the head advance licence benefit receivable. Assessee also claimed deduction in respect of duty entitlement pass book benefit (DEPB). According to assessee, the amount were excluded from its total income since they could not be said to be have accrued until imports were made and the raw-material consumed. AO did not accept assessee's claim. CIT(A) and Tribunal allowed assessee's claim. More over, High Court did not accept revenue's appeal under section 260A. Held: Rightly so. It is quite clear that, in fact, no real income but only hypothetical income had accrued to assessee and section 28(iv) would not be applicable to the facts and circumstances of the case. Essentially, AO is required to be pregmatic and not pedantic. As the benefits under advance receivable and DEPB would be charged in the year of import of raw-material.


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