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Documents citing M/S Ruchi J Oil Pvt Ltd , Mumbai vs Pcit(A)Ujjain, Ujjain on 25 March, 2021

Planet Gogo Private Ltd. , Gurgaon vs Ito Ward-3(2), Gurgaon on 24 February, 2023

In support of such contention, he relied upon a decision of the Tribunal in case of M/s. Ruchi J Oil Pvt. Ltd. vs. PCIT(A) Ujjain - ITA No.176/Ind/2020 dated 25.03.2021. As regards, investment in share premium by M/s. H.T. Digital Media Holding Ltd., the learned counsel for the assessee submitted, in course of assessment proceedings, the Assessing Officer has verified the genuineness of the transaction and has not found anything adverse. He submitted, the assessee wanted to develop a new application for sale in the open market and for funding this project was searching for investors. He 4 ITA No.1526/Del./2022 submitted, in this process, the promoters approached the aforesaid two entities who agreed for infusing fund by acquiring shares of the company. He submitted, M/s. H.T. Digital Media Holding Ltd. is a wholly owned subsidiary of M/s. H.T. Media Ltd., which is a listed company. He submitted, when the transaction is genuine and in terms with the statutory provisions the assessee has furnished a valuation report of an independent valuer in respect of fair market value of the shares, the Assessing Officer could not have rejected the valuation report.
Income Tax Appellate Tribunal - Delhi Cites 15 - Cited by 1 - Full Document

M/S. Avinash Chalana & Co., Bhopal vs Pcit-1, Bhopal, Bhopal on 25 July, 2024

"28. Now the issue as to whether a person is mandatorily required to adopt percentage completion method o The method of accounting is governed by section 145 of the Act and as per section 1482) of the Act the income is to be computed in accordance with either cash or mercantile system of accounting to be regularly employed. This sub-section further empowers Central Government to notify the accounting standards to followed by any case of assessee or in respect of clause from time-to-time and sub-section 3 of section 145 empowers the Assessing Officer to make the assessment of the assessee in the manner provided under section 144, Page 49 of 61 ITANo.204/Ind/2023 M/s. Avinash Chalana and Company in case he is not satisfied about the correctness or completeness of the assessee or where the method of accounting have not been regularly followed by the assessee, Once the assessee followed accounting regularly the Assessing Officer is bound to assess the income of the assessee on the basis of such method of accounting On perusal of the provision of section 145 shows that it nowhere empowers the authorities to assess the income on the basis of method of accounting followed by another assessee nor does it empower the authorities to thre upon the assessee to adopt the method of accounting followed by mother assessee. In the instant appeal both the lower authorities have rejected the books of account of assessee and applied the percentage completion method adopted by the developer JSM DPL and computed the income accordingly. Whether soch action of the revenue authorities is justified or not needs to be examined in light of the jurisdictional pronouncements. 29. We find that Hon'ble Supreme Court in case of Investment Ltd. (supra), where their Lordships have heldy that "assessee is free to employ for the purpose of his trade, his own method of keeping accounts, and for they purpose to value his stock-in-trade either at cost or at market price. A method of accounting adopted by the trader consistently and regularly cannot be discarded by departmental authorities on the view that he should have adopted a different method of keeping accounts or of valuation. The method of accounting regularly employed may be discarded only, if, in the opinion of taxing authorities, income of the trade cannot be property deduced there from (as per provisions of 1922 Act in force at that time, presently only if case falls in sub section (3) of section 145).
Income Tax Appellate Tribunal - Indore Cites 73 - Cited by 0 - Full Document
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