TaxTMI 
TaxTMI 
2015 (1) TMI 194
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...." for short) is taxable in the year under consideration even though the said income has accrued to the appellant in the subsequent years? (ii) Whether in the facts and circumstances of the case the ITAT was right in law in holding that the alleged income from the Pass Book Scheme is taxable in the year under consideration? (iii) Whether in the facts and circumstances of the case the ITAT was right in law in holding that premium of leasehold land cannot be allowed on proportionate basis spread over the period of lease, which is totally contrary to the decision of Hon'ble the Supreme Court in the case of Madras Industrial Investment Corporation Limited v. CIT (225 ITR 802)? &nbs....
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....or both the sides. Insofar as questions no.(i) & (ii) are concerned, the issues are already concluded by the decision of the Apex Court in the case of Commissioner of Income tax v. Excel Industries Ltd., [2013] 358 ITR 295 wherein, it has been held that where any real business income has not accrued but only hypothetical income has accrued to the assessee, then Section 28(iv) of the Act would not be applicable. In view of the principle propagated by the Apex Court, the questions no.(i) & (ii) are answered in favour of the assessee and against the Revenue. 4. Insofar as question no.(iii) is concerned, the issue is already concluded by the decision of Apex Court in the case of Deputy Commissioner of Incometax v. Sun Pharmaceuticals Ind. Ltd.....
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....ned, the issue is already concluded by the decision of the Apex Court in the case of ACG Associated Capsules Pvt. Ltd. v. Commissioner of Incometax, [2012] 343 ITR 89 (SC) wherein, it has been held that for the purpose of Section 80HHC of the Act, it is not the entire amount received by the assessee on sale of DEPB credit but, the sale value less the face value of the DEPB that will represent profit on transfer of DEPB credit by the assessee. Accordingly, the question no.(v) is answered in favour of the assessee and against the Revenue. 7. Insofar as question no.(vi) is concerned, the Appellate Tribunal has placed reliance upon the decision of the Apex Court in the case of CIT v. Ranchi Club Ltd., 164 CTR 200 wherein, it was held that in t....