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Dcit, Mumbai vs Trent Limited, Mumbai on 12 May, 2026 cites

M/S. Vireet Investment Pvt. Ltd., New ... vs Acit, New Delhi on 16 June, 2017

8. We have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. We have also deliberated on the decision of Co-ordinate Bench of Tribunal in assessee's own case for A.Y. 2008-09 to 2013-14 and in A.Y. 2017-18. On careful perusal of such order and the finding of lower authorities, we find that these grounds of appeal are covered in favour of assessee, wherein on similar set of fact, the suo moto disallowance under section 14A of assessee was accepted. We further find that disallowance made under section 14A is not to be added for the purpose of computing book profit under section 11538 as has been held by Special Bench of Delhi Tribunal in ACIT vs Vireet Investments Ltd. (SB). We find that Id. CIT(A) was allowing relief to the assessee has followed the decision of Tribunal on similar set of fact. No contrary facts or law in brought to our notice to take other view. In the result, ground no. 1, 2 and 6 to 8 are dismissed.
Income Tax Appellate Tribunal - Delhi Cites 104 - Cited by 797 - Full Document

Engineering Analysis Centre Of ... vs The Commissioner Of Income Tax on 2 March, 2021

17. We have considered the rival submissions of both the parties and perused the material on record. We have already recorded the finding of AO and CIT(A) in preceding paras. The Id. AR of the assessee vehemently argued that the discount given by the assessee on sale of gift card that crystallised as soon as the gift cards are shown and not contingent upon the future sales of the assessee. In case the gift card is not utilised, the entire amount of 1000 received is being offered to tax by the assessee in the year when in which it is unutilised. We find that Hon'ble Apex Court in Taparia Tools Ltd. (supra) held that normally the ordinary rule is to be applied, namely revenue expenditure incurred in a particular year is to be allowed in that year. If the assessee claims that expenditure in that year, the revenue department cannot denied the same. Thus, following the same principle and the fact that assessee is crediting the amount of unutilised gift card and gift voucher after the expiry of period if the same are not increased. Hence, we set aside the order of lower authorities and allow relief to the assessee. In the result, ground no. 4 to 7 are allowed.
Supreme Court of India Cites 167 - Cited by 1029 - R F Nariman - Full Document
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