2014 (4) TMI 1227

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....-I, Kochi. Since the issue urged in these appeals is identical in nature, these appeals were heard together and are being disposed off by this common order. 2. The solitary issue that arises for our consideration is about the taxability of freezer deposits received by these assessees from their customers. 3. Shri K.K. John, the Ld. DR submitted that the CIT(A) has followed the order of the Tribunal; however, the revenue has already filed appeal in the High Court and the matter is pending. According to the Ld. DR, the assessee collected deposits in respect of freezer; however, the same was not shown as income. According to the Ld. DR, the department's stand is that the deposits collected in respect of freezer have to be considered as i....

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.... "6. We have considered the rival submissions and carefully perused the record. We have also gone through the copy of the order passed by the co-ordinate bench of the Tribunal in the case of High Range Foods (P) Ltd, referred supra. In respect of the first issue, i.e., Whether the deposits received from the dealers can be considered as income of the assessee, the Tribunal has observed as under. "The assessee received Deposit for the supply of freezer from the concerned vendors. The freezers are required to safe keep the edible ice-creams. They are required for the purpose of business. The small vendors may not be inclined to purchase the freezers as they are not affordable to them considering their status. This made the asse....

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....e of CIT vs. Realest Builders and Services Ltd. - 307 ITR 202 (SC) in addition to the following cases - (a) Siddheswar Sahakari Sakhar Karkhana Ltd. vs. CIT & Others - 270 ITR 1 (SC); (b) Bharat Petroleum Corporation Ltd. vs. CIT - 202 ITR 492 (Cal). (c) Sugauli Sugar Works (Impugned) Ltd. - 236 ITR 518 (SC); (d) Star India P. Ltd. vs. Addl. CIT - 311 ITR (ST) 235 (Mumbai). (e) Govind Prasad Prabhu Nath - 171 ITR 417 (All.); (f) Hindustan Housing and Land Development Trust Ltd. - 161 ITR 524 (SC); (g) Ace Builders Pvt. Ltd. vs. CIT - 225 ITR 746 (SC); (h) Mantra Tanta Yantra Vigyan vs. CIT - 300 ITR 140 (Raj.); and (i) Guardian Industries Corpn. vs. As....