146 ITR 355. Punjab Steel Scrap Merchants Ass v. ClT

35 ITR 519Supreme Court of India1959#7005 most cited
16

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2000 to 2022.

Judgments citing 146 ITR 355. Punjab Steel Scrap Merchants Ass v. ClT

DCIT, CHENNAI vs. COOPER STANDARD AUTOMOTIVE INDIA P LTD., CHENGALPUT

In the result, the appeal filed by the Revenue is dismissed

ITA 794/CHNY/2016[2005-06]Status: DisposedITAT Chennai10 Aug 2022AY 2005-06

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.794/Chny/2016 िनधा"रण वष"/Assessment Year: 2005-06 The Deputy Commissioner Of Vs. M/S. Cooper Standard Automotive Income Tax, India P. Ltd., Plot No. 3-A, Ford Corporate Circle 1(2), Supplier Park, Kilkaranai Village, Chennai 600 034. Melrosapuram Post Via Singaperumal Koil, Chengalpet 603 204. [Pan:Aabcc3665P] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Varuvooru Sreedhar, Addl. Cit ""थ" की ओर से/Respondent By : Shri R. Meenakshisundaram, Advocate सुनवाई की तारीख/ Date Of Hearing : 08.06.2022 घोषणा की तारीख /Date Of Pronouncement : 10.08.2022 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 1, Chennai, Dated 05.01.2016 Relevant To The Assessment Year 2005-06. The Only Effective Ground Raised In The Appeal Of The Revenue Is As To Whether The Waiver Of Loan Amount Taken For Business Purposes Is Assessable As Business Income Under Section 28(Iv) R.W.S. 41(1) Of The Income Tax Act, 1961 [“Act” In Short] Or Not.

For Appellant: Shri Varuvooru Sreedhar, Addl. CITFor Respondent: Shri R. Meenakshisundaram, Advocate
Section 143(1)Section 147Section 148Section 28

…n did not alter the character. The court examined several cases including Punjab Steel Scrap Merchants Association Ltd where the receipts concerned were essentially trading receipts in the hands of the dealer in scrap iron. In Punjab Distilling Industries Ltd 35 ITR 519 also the additional amounts taken as deposits by the licensed whole sellers were integral part of the commercial transaction of the sale of liquor in bottles and they were assessee's trading receipts. In CIT v. Sandersons & Morgans 75 ITR 433 concerning interest received by a solicitor on the amounts belonging to his clients were not trading recei…

CHINA SHIPPING CONTAINER LINES ( HONG KONG) CO. LTD,MUMBAI vs. DDIT (IT) RG 1(2), MUMBAI

In the result, the assessee’s appeal for A

ITA 7653/MUM/2014[2011-12]Status: DisposedITAT Mumbai20 Jan 2017AY 2011-12

Bench: Shri Jason P. Boaz & Shri Ram Lal Negi M/S. China Shipping Container Dy. Director Of Income Tax Lines (Hong Kong) Co. Ltd. (Intl. Taxation) Range-1(2) Dynasty Business Park Room No. 119, 1St Floor Vs. Unit Nos. 608-611, Andheri- Scindia House, Ballard Pier Kurla Road, Andheri (E) Mumbai 400038 Mumbai 400059 Pan – Aaccc5161B Appellant Respondent

For Appellant: NoneFor Respondent: Shri Subchan Ram
Section 143(3)Section 144C(5)Section 271(1)(c)Section 4Section 44B

…trading receipt, the fact that it is not so shown in the account books of the assessee would not prevent the assessing authority from treating it as trading receipt. We may in this context refer to the case of Punjab Distilling Industries Ltd. vs. CIT (1959) 35 ITR 519 (SC). In that case certain amounts received by the assessee were described as security deposits. This Court found that those amounts were an integral part of the commercial transaction of the sale of liquor and were the assessee’s trading receipt. In dealing with the ITA No. 8516/M/2010 China Shipping Container Lines (Hong Kong Co. Ltd. contention…

MERIDIEN SA,MUMBAI vs. ADIT CIR 4(1), MUMBAI

In the result, both the appeals of the assessee company are partly allowed

ITA 6605/MUM/2012[2009-10]Status: DisposedITAT Mumbai26 Aug 2016AY 2009-10

Bench: Shri G.S.Pannu & Shri Ravish Sood

For Appellant: Shri Neeraj AgarwalFor Respondent: Shri Harshad Vengurlekar
Section 143(3)Section 234BSection 66A

…s a trading receipt, the fact that it is not so shown in the account books of the assessee would not prevent the assessing authority from treating it as trading receipt. We may in the context refer to the case of Punjab Distilling Industries Ltd. v. CIT(1959) 35 ITR 519 (SC). In that case certain amounts received by the assessee were described as security deposits. This Court found that those amounts were an integral part of the commercial transaction of the sale of liquor and were the assessee's trading receipt. In dealing with the contention that those amount were entered in a separate ledger termed "empty bott…

MERIDIEN SA,MUMBAI vs. DDIT (IT)CIR 4(1), MUMBAI

In the result, both the appeals of the assessee company are partly allowed

ITA 6578/MUM/2012[2008-09]Status: DisposedITAT Mumbai26 Aug 2016AY 2008-09

Bench: Shri G.S.Pannu & Shri Ravish Sood

For Appellant: Shri Neeraj AgarwalFor Respondent: Shri Harshad Vengurlekar
Section 143(3)Section 234BSection 66A

…s a trading receipt, the fact that it is not so shown in the account books of the assessee would not prevent the assessing authority from treating it as trading receipt. We may in the context refer to the case of Punjab Distilling Industries Ltd. v. CIT(1959) 35 ITR 519 (SC). In that case certain amounts received by the assessee were described as security deposits. This Court found that those amounts were an integral part of the commercial transaction of the sale of liquor and were the assessee's trading receipt. In dealing with the contention that those amount were entered in a separate ledger termed "empty bott…

CHINA SHIPPING CONTAINER LINES (HONG KONG) CO. LTD.,MUMBAI vs. ASSTT. DIT (IT) - 1(2), MUMBAI

In the result, the assessee’s appeal for the assessment year 2010-

ITA 555/MUM/2014[2010-11]Status: DisposedITAT Mumbai22 Jan 2016AY 2010-11

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainm/S.China Shipping Container Lines (Hong Kong) Co. Ltd., C/O. China Shipping India Pvt. Ltd. Unit Nos. 608-6011, Dinasty Business Park, Andheri Kurla Road, Andheri (E), Mumbai 400 059 Pan:Aaccc 5161B ... Appellant Vs.

For Appellant: NoneFor Respondent: Shri Prakash Ojha
Section 143(3)Section 144CSection 144C(1)Section 448(2)Section 44BSection 44B(2)

…trading receipt, the fact that it is not so shown in the account books of the assessee would not prevent the assessing authority from treating it as trading receipt. We may in this context refer to the case of Punjab Distilling Industries Ltd. vs. CIT (1959) 35 ITR 519 (SC). In that case certain amounts received by the assessee were described as 6 security deposits. This Court found that those amounts were an integral part of the commercial transaction of the sale of liquor and were the assessee’s trading receipt. In dealing with the contention that those amounts were entered in a separate ledger termed “empty…

THE COMMIR.OF INCOME-TAX A.P.-II.HYD. vs. MOHD.SIDDIQ PROP.M/S.HUMA ATCHANDRADIO.

In the result, Question No

ITTA/52/2001HC Telangana04 Jul 2013
For Respondent: Sri S.R. Ashok
Section 271(2)

…ioner of Income-tax (Appeals) …. Respondent !Counsel for the Applicant: Sri Ch.Pushyam Kiran Counsel for Respondent: Sri S.R. Ashok <Gist : >Head Note: ? Cases referred: 1. [1959] 35 ITR 519 (SC) 2. [1997] 3 Supreme Court Cases 530 HON’BLE SRI JUSTICE G. CHANDRAIAH & HON’BLE SRI JUSTICE CHALLA KODANDA RAM R.C. No.52 of 2001 JUDGMENT:- ( per Hon’ble Sri Justice Challa Kodanda Ram) At instance of the Revenue, below mentioned question of law, which arises from the order dated 07.08.19…

THE MOTOR & GENERAL FINANCE LT vs. COMMISSIONER OF INCOME TAX VI

ITA/123/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs, AVM , 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. L4. Ms. Chopra, thus concluded her arguments by submitting that since the amount collected by the assessee remained unclaimed, ITA 458 of L9B4 & other connected matters Page 11 of 24 -- and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the chara…

COMMISSIONER OF INCOME TAX DEL vs. THE MOTOR & GENERAL FINANCE LT

ITA/231/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs, AVM , 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. L4. Ms. Chopra, thus concluded her arguments by submitting that since the amount collected by the assessee remained unclaimed, ITA 458 of L9B4 & other connected matters Page 11 of 24 -- and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the chara…

THE MOTOR & GENERAL FINANCE LTD. vs. COMMISSIONER OF INCOME TAX DELHI

ITA/1233/2008HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs. AVM , 146 ITR 355 Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. 14. Ms. Chopra, thqs concluded her arguments by submitting that since the amount collected by the assessee remained uncla'imed, ITA 458 of 1984 &.other connected matters Page77 of24 and was hever given back to any of the hirer.after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the character…

COMMISSIONER OF INCOME TAX DEL vs. THE MOTOR & GENERAL FINANCE LT

ITA/209/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs, AVM , 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. L4. Ms. Chopra, thus concluded her arguments by submitting that since the amount collected by the assessee remained unclaimed, ITA 458 of L9B4 & other connected matters Page 11 of 24 -- and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the chara…

THE MOTOR & GENERAL FINANCE LT vs. COMMISSIONER OF INCOME TAX VI

ITA/117/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs, AVM , 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. L4. Ms. Chopra, thus concluded her arguments by submitting that since the amount collected by the assessee remained unclaimed, ITA 458 of L9B4 & other connected matters Page 11 of 24 -- and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the chara…

THE MOTOR & GENERAL FINANCE LT vs. COMMISSIONER OF INCOME TAX VI

ITA/124/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs, AVM , 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. L4. Ms. Chopra, thus concluded her arguments by submitting that since the amount collected by the assessee remained unclaimed, ITA 458 of L9B4 & other connected matters Page 11 of 24 -- and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the chara…

LOGITRONICS PVT LTD vs. COMMISSIONER OF INCOME TAX & ANR

ITA/1623/2010HC Delhi18 Feb 2011

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE M.L. MEHTA

Section 2(24)Section 41(1)

…ircumstances, the deposits, even if were shown as capital receipts, had attained the character of trading receipts. The Supreme Court relying upon its judgment in the case of Punjab Distilling Industries Ltd. Vs. Commissioner of Income Tax (1959) 35 ITR 519 did not approve the finding of the Tribunal that nature of deposits received from the customers was capital. In Punjab Distilling Industries Ltd. (supra) the assessee a distiller, used to charge from wholesalers a price for the bottles and as well as certain security deposit as a condition for sale of its liquor. Price of the bottles and t…

THE COMMISSIONER OF INCOME TAX vs. THE MOTOR & GENERAL FINANCE LT

ITA/331/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…the profit and loss account were held to be chargeable receipts of the assessee from trade:- (a) (b) (c) (d) CIT Vs, AVM , 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. ClT, 43 ITR 164. CIT Vs. Batlibol, 149 ITR 664. Punjab Distilling lndustries Vs. ClT, 35 ITR 519. L4. Ms. Chopra, thus concluded her arguments by submitting that since the amount collected by the assessee remained unclaimed, ITA 458 of L9B4 & other connected matters Page 11 of 24 -- and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the chara…

COMMISSIONER OF INCOME TAX DEL vs. THE MOTOR & GENERAL FINANCE LT

ITA/130/2007HC Delhi18 Feb 2011

Bench: CASES PERTAINING TO SPECIAL BENCHES

…, to the profit and loss account were held to be chargeable receipts of the assessee from trade:- ' (a) CIT Vs. AVM, 146 ITR 355. Punjab Steel Scrap Merchants Ass. Vs. CIT, 43 ITR 164. CITVs. Batlibol, 149 ITR 664. Punjab Distilling Industries Vs. CIT, 35 ITR 519. 14. Ms. Chopra, thus concluded her arguments by submitting that' since the amount collected by the assessee remained unclaimed, TA 458 of 1984 & other connected matters Page 17 of 24' and was never given back to any of the hirer after its transfer to the profit and loss account, as a part of the circulating capital income it assumed the…

THE K.C.P. LTD vs. COMMR. OF INCOME TAX, BANGALORE

C.A. No.-007652-007652 - 1996Supreme Court09 Aug 2000
For Respondent: COMMISSIONER OF INCOME TAX, BANGALORE
Section 256(1)Section 3

…d on to the State Government or refunded to the purchasers the assessee would be entitled to claim deduction of the sum when so paid or refunded. In Punjab Distilling Industries Ltd. Vs. Commissioner of Income-Tax, Simla - (1959) 35 ITR 519 the assessee carried on business as a distiller of country liquor and sold the produce to licensed wholesaler. The Government devised a scheme entitling the distillers to charge the wholesalers a price for the bottles in which the liquor was supplied, at the rates fixed by the Government which price was bound to be repaid on r…

146 ITR 355. Punjab Steel Scrap Merchants Ass v. ClT (35 ITR 519) — Cited in 16 Judgments | BharatTax