Case Law Details

Case Name : CIT Vs Jalaram Jagruti Development Pvt. Ltd. (Bombay High Court)
Appeal Number : INCOME TAX APPEAL No. 4104 of 2009
Date of Judgement/Order : 22/11/2020
Related Assessment Year : 2008-09
Courts : All High Courts (6120) Bombay High Court (1075)

CIT Vs Jalaram Jagruti Development Pvt. Ltd. (Bombay High Court)

It was held by ITAT that receipts in question cannot be brought to tax in A.Y. 2003-04 to 2005-06. These receipts have already been accounted for in the books of account and  can be taxed only in the year in which project is complete as Assessee follows project completion method of accounting and income from the project is already been offered for tax.

It was held, the receipts in question cannot be brought to tax in A.Y. 2003-04. These receipts have already been accounted for in the books of account can be taxed only in the year in which project is complete and income from the project is offered for tax.

FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT

1.The only question pressed in this appeal by the Revenue against the order of the ITAT dated 28/04/2009 reads thus:-

“Whether on the facts and in the circumstances of the case, the Tribunal, in law, was right in holding that receipts of Rs.10,62,511/-recorded in the documents seized during the course of search were reflected in the books of accounts and could be taxed only in the year in which the project was completed ?”

2. Admittedly, the receipt of Rs.10,62,511/- has been offered to tax in the assessment year 2008-09 and the said order has attained finality. In these circumstances, the taxing of the said amount in the assessment year 2003-04 does not arise. Accordingly, no fault can be found with the order of the Tribunal. The appeal is dismissed with no order as to costs.

Download Judgment/Order

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