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Ito-41(3)(2), Mumbai, Mumbai vs K S Chamankar Enterprises, Malad ... on 19 August, 2025 cites

C.I.T Central-Iii vs M/S Excel Industries Ltd on 8 October, 2013

In Page |4 ITA No. 4586/Mum/2024 A.Y. 2012-13 K S Chamankar Enterprises, Mumbai this regard, reliance was also placed on the decision of hon'ble Apex Cpurt in CIT vs Excel Industries Ltd(2013) 358 ITR 295(SC). 3.2 It was noticed by the AO that the based on FSI allowable, the assessee had accrued income of Rs 81.05 cr. whereas the expenditure incurred was Rs 60 cr. However, the assessee it did not disclose any income from the project. Total cost of the said project was Rs 100 cr. out of which it had completed work worth Rs 60cr. with a right to receive Rs. 81.05 cr. Therefore, the excess of Rs 21.05 cr was liable to be taxed as income of the year. The AO after confronting the assessee concluded that income had already accrued although the FSI was not released to the assessee.
Supreme Court of India Cites 13 - Cited by 498 - M B Lokur - Full Document

Dcit, Circle-62(1), New Delhi vs Sanjay, New Delhi on 7 September, 2018

5.6 In an alternative argument, it is contented without prejudice, that assuming whilst vehemently denying that the tax was leviable on the accrual of the FSI, the FSI so held to be accrued to the firm is a sum total of the work undertaken for almost six years i.e., from the period of 2006 to 2012. Thus, even in this case, the FSI of 11,282.98 sq. mtrs. cannot be said to be accrued in the A.Y. 2012-13 alone. Therefore, the entire FSI cannot be subjected to tax on an accrual basis for the A.Y. 2012-13 alone. The calculation of the income is flawed on this count as well. It is argued that the department cannot adopt the accounting policy to suit their allegations. The choice of method of accounting lies with assessee, provided it is consistently followed and it accurately P a g e | 11 ITA No. 4586/Mum/2024 A.Y. 2012-13 K S Chamankar Enterprises, Mumbai reflects the financial position. It places reliance on the judgment of the Learned Income Tax Appellate Tribunal Delhi Bench "E" New Delhi in the matter of DCIT, Central Circle 11, New Delhi Vs. Manish Buildwell P. Ltd, 2010 SCC Online ITAT 10752 :[2010] ITAT 10867 .
Income Tax Appellate Tribunal - Delhi Cites 0 - Cited by 31 - Full Document

Fgp Ltd., Mumbai vs Assessee on 8 September, 2011

6.1 From the subsequent communication date 07.07.2012 wherein it is emphatically stated that no FSI was released, it can be safely concluded that no income had accrued to the assessee during the year under consideration. We may refer to the decision of hon'ble P a g e | 12 ITA No. 4586/Mum/2024 A.Y. 2012-13 K S Chamankar Enterprises, Mumbai Bombay High Court on the issue of accrual in the case of FGP Ltd. vs. CIT 326 ITR 444(Bom) here it has held as follows:
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 6 - Full Document

H.M. Kashiparekh And Co. Ltd. vs Commissioner Of Income-Tax, Bombay ... on 2 April, 1960

" 4. The Apex Court in Godhra Electricity Co. Ltd. ((1997) 225 ITR 746has laid down the test to assessee income in the hands of an assessee. The assesses therein was also following the mercantile system of accounting and had made entries in the books regarding electrical charges for the supply made to the consumers, however, no real income had accrued to the assessee company. The Tribunal had held that it represented hypothetical income and the A.O was not right in assessing it to tax. Before the Supreme Court it was urged that even in case of mercantile system of accounting, tax can only be imposed if there is real income income-tax cannot be imposed on hypothetical. The Court held even in mercantile system what has to be seen is whether income can be said to have really accrued to the assessee company. The Court referred to the judgement of the income can be said to have really accrued to the assessee company. The Court referred to the judgment of the Court in H.M. Kashiparekh & Co. Ltd. vs. CIT (1960) 39 ITR 706 (Bom) which view was approved by the Supreme Court in CIT vs. Birla Gwalior (P) Ltd. 1973 CTR (SC) 349 : (1973) 89 ITR 266 (SC). What can therefore, be assessed is real income as income-tax is a tax on income, The test therefore, before income can be taxed is whether there is real accrual of income. In our opinion, the ratio of that judgement fully applied to the facts of the present case.
Bombay High Court Cites 8 - Cited by 94 - Full Document

Commissioner Of Income-Tax vs Birla Gwalior P. Ltd. on 22 April, 1969

" 4. The Apex Court in Godhra Electricity Co. Ltd. ((1997) 225 ITR 746has laid down the test to assessee income in the hands of an assessee. The assesses therein was also following the mercantile system of accounting and had made entries in the books regarding electrical charges for the supply made to the consumers, however, no real income had accrued to the assessee company. The Tribunal had held that it represented hypothetical income and the A.O was not right in assessing it to tax. Before the Supreme Court it was urged that even in case of mercantile system of accounting, tax can only be imposed if there is real income income-tax cannot be imposed on hypothetical. The Court held even in mercantile system what has to be seen is whether income can be said to have really accrued to the assessee company. The Court referred to the judgement of the income can be said to have really accrued to the assessee company. The Court referred to the judgment of the Court in H.M. Kashiparekh & Co. Ltd. vs. CIT (1960) 39 ITR 706 (Bom) which view was approved by the Supreme Court in CIT vs. Birla Gwalior (P) Ltd. 1973 CTR (SC) 349 : (1973) 89 ITR 266 (SC). What can therefore, be assessed is real income as income-tax is a tax on income, The test therefore, before income can be taxed is whether there is real accrual of income. In our opinion, the ratio of that judgement fully applied to the facts of the present case.
Calcutta High Court Cites 21 - Cited by 104 - S Mukharji - Full Document

Jamshri Rajitsinghji Spg. And Wvg. ... vs Inspecting Assistant Commissioner on 9 December, 1991

5.5 It is argued that even when the accrual of income is considered to be the point of taxation but in the end, the foundation of the tax is the P a g e | 10 ITA No. 4586/Mum/2024 A.Y. 2012-13 K S Chamankar Enterprises, Mumbai income. Moreover, there is no liability established on the part of the Government Department to pay/compensate such FSI considered to be the income of the firm. Thus, in the instant case, the income so assessed is 'hypothetical income'. If no income is generated from the activity undertaken, there cannot be any tax on such hypothetical income. Reliance is placed on the following cases as decided by the hon'ble Supreme Court in Jamshri Ranjit Singh ji Spg. & Wvg. Mills v. Inspecting Asstt. Commissioner [1992] 41 ITD 142 (Bom.
Income Tax Appellate Tribunal - Mumbai Cites 9 - Cited by 5 - Full Document
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