Advocates:
PRAMOD DAYAL

http://JUDIS.NIC.IN

SUPREME COURT OF INDIA

Page 1 of 108

CASE NO.:

Appeal (civil) 3761 of 2007

PETITIONER:

J. K. Industries Ltd. & Anr

RESPONDENT:

Union of India & Ors

DATE OF JUDGMENT: 19/11/2007

BENCH:

S.H. Kapadia & B. Sudershan Reddy

JUDGMENT:

J U D G M E N T

With

Civil Appeal Nos.3478/2007, 3479/2007, 3480/2007 and 3482/2007.

KAPADIA, J.

1. A short question which arises for determination in this

batch of civil appeals is :

\023Whether Accounting Standard 22 (AS 22) entitled

\023accounting for taxes on income\024 insofar as it

relates to deferred taxation is inconsistent with and

ultra vires the provisions of the Companies Act,

1956 (the Companies Act), the Income-tax Act, 1961

(I.T. Act) and the Constitution of India?\024

2. M/s. J.K. Industries Ltd. is a public limited company. It

was incorporated in 1951. It carries on the business of

manufacture and sale of automotive tyres, tubes, sugar and

agrigenetics. It has a registered office at Calcutta. It seeks to

challenge AS 22 issued by Institute of Chartered Accountants of

India (for short, \023Institute\024) which has been made mandatory for

all companies listed in Stock Exchanges in India in pr