116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT

53 ITR 134Supreme Court of India1964#4700 most cited

What is 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT authority for?

A claim for a deduction or allowance must be made in the relevant assessment year. If an assessee fails to claim an amount in the correct year, it cannot be claimed in a subsequent year.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2011 to 2025.

Also referred to as

Indian Molasses Co. (Private) Ltd. v. CIT · CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd. · 1964 · deduction · allowance · assessment year · claim · accounting year · expenditure · time limit

Sections most often in play

Section 32(1)(iia)Section 32ACSection 37Section 40A(9)Section 10B(8)Section 194Section 194ASection 32AD

Issues it is cited on

section 139(3)section 10(2)(xv)section 32asection 170section 40a(9)section 276section 145a(b)section 32(1)(iia)section 73resulting companysection 42section 47

Judgments citing 116 TAXMANN 606 (SC); Indian Molasses Co. (Private) Ltd. v. CIT

Sulzer India Ltd, Pune vs. Addl CIT 8(3), Mumbai

In the result, the appeal filed by the assessee company in ITA N0

ITA 7324/MUM/2012[2008-09]Status: DisposedITAT Mumbai16 May 2016AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7324/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) Sulzer India Ltd., Addl. Commissioner Of बनाम/ Gate No. 304, Income Tax – 8(3), V. Kondhapuri, Room No. 212, 2 Nd Floor, Tal- Shirur, Aayakar Bhavan, Dist. Pune – 412 209. M.K. Road, New Marine Lines, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacs 7876D (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Ritesh Misra,DR
Section 115JSection 143(3)Section 234B

…sallowance made by the A.O. was upheld as provisions made is not allowable as an expenditure under the Act, vide orders dated 01.10.2012, by relying on the judgment of Hon’ble Supreme Court in the case of CIT v. Swadeshi Cotton & Flour Mills Private Limited , 53 ITR 134 wherein it was held that only ascertained liability and business liability is allowable as deduction while computing income of the tax-payer. 7. Aggrieved by the orders dated 01.10.2012 of the learned CIT(A) , the assessee company is in second appeal before the Tribunal. 8. The ld. Counsel for the assessee company submitted before the Tribunal t…

ACIT vs. M/Scineplex Pvt. Ltd

In the result, the appeal is allowed for statistical purposes,

ITA 1673/BANG/2013[2010-11]Status: DisposedITAT Bangalore30 Oct 2015AY 2010-11

Bench: Shri Abraham P George & Shri Vijay Pal Rao

For Appellant: Smt. Sheetal, AdvocateFor Respondent: Shri Sunil Kumar Agarwala, JCIT
Section 43B

…ee though, the interest was calculated from an earlier period, the liability had crystallized only during the relevant previous year. Reliance was placed on the judgment of the Hon’ble Apex Court in the case of CIT Vs Swadeshi Cotton & Floor Mills (P) Ltd., 53 ITR 134(SC), Himachal Pradesh High Court in the case of CIT Vs Himachal Pradesh State Forest Corpn.320 ITR170(HP) and that of Allahabad High Court in the case of M/s Apollo Textiles Agency (2006) 283 ITR 591(All.) 5. However, the AO was not impressed by the above explanation. According to him, the loans were given by assessee’s share holders and the i…

Oswal Agro Mills Ltd vs. Commissioner of Income Tax

The appeal stands disposed of with no order as to

ITA - 41 / 2000HC Delhi07 Feb 2014
For Appellant: Mr C.S. Aggarwal, Sr. Advocate withFor Respondent: Mr Sanjeev Sabharwal, Sr. Standing Counsel
Section 260A(1)Section 43B

…f the settled law that an assessee would incur a liability only when a claim, if made, is settled amicably or through adjudication. The learned counsel relied upon the decision of the Supreme Court in CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd.: (1964) 53 ITR 134 (SC) in support of this contention. Reasons and conclusion 2014:DHC:738-DB ITA No.41/2000 Page 12 of 24 21. It is now well settled that it is only an extant liability, which has arisen in the relevant accounting period, that is permissible as a deduction for the purposes of determining the taxable income of an assessee. It…

Oswal Agro Mills Ltd vs. Commissioner of Income Tax

The appeal stands disposed of with no order as to

ITA/41/2000HC Delhi07 Feb 2014
For Appellant: Mr C.S. Aggarwal, Sr. Advocate withFor Respondent: Mr Sanjeev Sabharwal, Sr. Standing Counsel
Section 260A(1)Section 43B

…f the settled law that an assessee would incur a liability only when a claim, if made, is settled amicably or through adjudication. The learned counsel relied upon the decision of the Supreme Court in CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd.: (1964) 53 ITR 134 (SC) in support of this contention. Reasons and conclusion 2014:DHC:738-DB ITA No.41/2000 Page 12 of 24 21. It is now well settled that it is only an extant liability, which has arisen in the relevant accounting period, that is permissible as a deduction for the purposes of determining the taxable income of an assessee. It…

Commissioner of Income Tax vs. Sri. B. Venkatesam

The appeal stands disposed of with no order as to

ITTA/41/2000HC Telangana01 Dec 2011
For Appellant: Mr C.S. Aggarwal, Sr. Advocate withFor Respondent: Mr Sanjeev Sabharwal, Sr. Standing Counsel
Section 260A(1)Section 43B

…f the settled law that an assessee would incur a liability only when a claim, if made, is settled amicably or through adjudication. The learned counsel relied upon the decision of the Supreme Court in CIT v. Swadeshi Cotton & Flour Mills Pvt. Ltd.: (1964) 53 ITR 134 (SC) in support of this contention. Reasons and conclusion ITA No.41/2000 Page 12 of 24 21. It is now well settled that it is only an extant liability, which has arisen in the relevant accounting period, that is permissible as a deduction for the purposes of determining the taxable income of an assessee. It is, thus, nece…