261 ITR 501 (Bom HC)\nb. CIT v. Compaq Electric Ltd.

26 Taxmann.com 333High Court2012#7362 most cited

What is 261 ITR 501 (Bom HC)\nb. CIT v. Compaq Electric Ltd. authority for?

Section 41(1) cannot be invoked if no deduction was granted to the assessee in earlier years. Section 41(1) applies specifically to remission of trading liabilities, and waiver of a loan is a cessation of liability other than a trading liability.

15

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2017 to 2025.

Also referred to as

CIT vs. Compaq Electric Ltd. · 261 ITR 501 · section 41(1) · remission of trading liability · waiver of loan · cessation of liability · business income · deduction

Sections most often in play

Section 14ASection 194HSection 2(19AA)Section 28(iv)Section 35ABBSection 35DDSection 36(1)(iii)Section 37(1)

Issues it is cited on

section 35abbsection 35ddwaiver of loanclarificatory amendmentsection 40a(ia)azadi bachao andolanshort deduction of taxsection 194hsection 80ia(4)section 28(iv)right to receivesection 194j

Judgments citing 261 ITR 501 (Bom HC)\nb. CIT v. Compaq Electric Ltd.

DCIT-5(2)(2), Mumbai vs. M/S Vodafone Idea Ltd., Mumbai

In the result, the ground no

ITA 2987/MUM/2019[2015-16]Status: DisposedITAT Mumbai24 Jul 2025AY 2015-16

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

Section 194Section 250Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM ITA No. 1775/Mum/2018 (Assessment Year: 2011-12) M/s. Vodafone Idea Limited (formerly Idea Cellular Ltd.) 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400030. Vs. DCIT-3(2), Mumbai Room No. 608 6th Floor, Aayakar Bhavan, M. K. Road, Churchgate, Mumbai - 400 020. PAN/GIR No. AAACB2100P (Assessee) : (Respondent) ITA No. 2178/Mum/2018 (Assessment Year: 2011-12) ITA No. 2180/Mum/2018 (Assessment Year: 2014-15) ITA No. 2179/Mum/2018 (Assessment Year: 2013-14)…

Vodafone Idea Limited (Formerly Idea Cellular Ltd), Mumbai vs. DCIT - 14(2)(1), Mumbai

In the result, the ground no

ITA 2150/MUM/2019[2015-16]Status: DisposedITAT Mumbai24 Jul 2025AY 2015-16

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

Section 194Section 250Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM ITA No. 1775/Mum/2018 (Assessment Year: 2011-12) M/s. Vodafone Idea Limited (formerly Idea Cellular Ltd.) 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400030. Vs. DCIT-3(2), Mumbai Room No. 608 6th Floor, Aayakar Bhavan, M. K. Road, Churchgate, Mumbai - 400 020. PAN/GIR No. AAACB2100P (Assessee) : (Respondent) ITA No. 2178/Mum/2018 (Assessment Year: 2011-12) ITA No. 2180/Mum/2018 (Assessment Year: 2014-15) ITA No. 2179/Mum/2018 (Assessment Year: 2013-…

DCIT - 14(2)(1), Mumbai vs. Idea Cellular Ltd., Mumbai

In the result, the ground no

ITA 2179/MUM/2018[2013-14]Status: DisposedITAT Mumbai24 Jul 2025AY 2013-14

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

Section 194Section 250Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM ITA No. 1775/Mum/2018 (Assessment Year: 2011-12) M/s. Vodafone Idea Limited (formerly Idea Cellular Ltd.) 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400030. Vs. DCIT-3(2), Mumbai Room No. 608 6th Floor, Aayakar Bhavan, M. K. Road, Churchgate, Mumbai - 400 020. PAN/GIR No. AAACB2100P (Assessee) : (Respondent) ITA No. 2178/Mum/2018 (Assessment Year: 2011-12) ITA No. 2180/Mum/2018 (Assessment Year: 2014-15) ITA No. 2179/Mum/2018 (Assessment Year: 2013-14)…

DCIT - 14(2)(1), Mumbai vs. Idea Cellular Ltd., Mumbai

In the result, the ground no

ITA 2178/MUM/2018[2011-12]Status: DisposedITAT Mumbai24 Jul 2025AY 2011-12

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

Section 194Section 250Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM ITA No. 1775/Mum/2018 (Assessment Year: 2011-12) M/s. Vodafone Idea Limited (formerly Idea Cellular Ltd.) 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400030. Vs. DCIT-3(2), Mumbai Room No. 608 6th Floor, Aayakar Bhavan, M. K. Road, Churchgate, Mumbai - 400 020. PAN/GIR No. AAACB2100P (Assessee) : (Respondent) ITA No. 2178/Mum/2018 (Assessment Year: 2011-12) ITA No. 2180/Mum/2018 (Assessment Year: 2014-15) ITA No. 2179/Mum/2018 (Assessment Year: 2013-14)…

Idea Cellular Ltd., Mumbai vs. DCIT - 14(2)(1), Mumbai

In the result, the ground no

ITA 1775/MUM/2018[2011-12]Status: DisposedITAT Mumbai24 Jul 2025AY 2011-12

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

Section 194Section 250Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM ITA No. 1775/Mum/2018 (Assessment Year: 2011-12) M/s. Vodafone Idea Limited (formerly Idea Cellular Ltd.) 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400030. Vs. DCIT-3(2), Mumbai Room No. 608 6th Floor, Aayakar Bhavan, M. K. Road, Churchgate, Mumbai - 400 020. PAN/GIR No. AAACB2100P (Assessee) : (Respondent) ITA No. 2178/Mum/2018 (Assessment Year: 2011-12) ITA No. 2180/Mum/2018 (Assessment Year: 2014-15) ITA No. 2179/Mum/2018 (Assessment Year: 2013-14)…

DCIT - 14(2)(1), Mumbai vs. Idea Cellular Ltd., Mumbai

In the result, the ground no

ITA 5945/MUM/2017[2012-13]Status: DisposedITAT Mumbai24 Jul 2025AY 2012-13

Bench: Ms. Kavitha Rajagopal, Jm & Smt. Renu Jauhri, Am

Section 194Section 250Section 40Section 9(1)(vi)

…IN THE INCOME TAX APPELLATE TRIBUNAL “I” BENCH, MUMBAI BEFORE MS. KAVITHA RAJAGOPAL, JM AND SMT. RENU JAUHRI, AM ITA No. 1775/Mum/2018 (Assessment Year: 2011-12) M/s. Vodafone Idea Limited (formerly Idea Cellular Ltd.) 10th Floor, Birla Centurion, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400030. Vs. DCIT-3(2), Mumbai Room No. 608 6th Floor, Aayakar Bhavan, M. K. Road, Churchgate, Mumbai - 400 020. PAN/GIR No. AAACB2100P (Assessee) : (Respondent) ITA No. 2178/Mum/2018 (Assessment Year: 2011-12) ITA No. 2180/Mum/2018 (Assessment Year: 2014-15) ITA No. 2179/Mum/2018 (Assessment Year: 2013-14)…

Deputy Commissioner of Income Tax-14(2)(1), Mumbai vs. Idea Cellular Limited, Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is allowed for statistical purposes

ITA 4513/MUM/2017[2010-11]Status: DisposedITAT Mumbai14 Oct 2024AY 2010-11

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

Section 143(3)Section 14ASection 194Section 194HSection 28Section 35DSection 36(1)(iii)Section 391Section 394Section 40

…be invoked for taxing the capital receipts for which he placed reliance on the following judgments:-  CIT vs. Mahindra and Mahindra Ltd [2003] 261 ITR 501 (Bom HC) as affirmed by the Supreme Court in 93 taxmann.com 32 (SC)  CIT vs. Xylon Holdings Pvt. Ltd. (26 Taxmann.com 333) (Bom)  CIT vs. STADS Ltd. (2015) (373 ITR 313/61 taxmann.com 33) (Madras)  ITO vs. Shreyans Investment (P) Ltd. (31 Taxmann.com 11) (Kol-Trib) • ITO vs. M/s. Richvik Enterprises Private Limited (ITA no. 389/KOL/2012 order dated 24/06/2013) • ITO vs. M/s. Kyal Developers Pvt. Ltd. (ITA No. 627/Kol/2012)  Aamby Valley Ltd. vs. ACIT [2019…

Idea Cellular Limited, Mumbai vs. Deputy Commissioner of Income Tax-3(2), Mumbai

In the result, appeal of the assessee is partly allowed and appeal of the Revenue is allowed for statistical purposes

ITA 4318/MUM/2017[2010-11]Status: DisposedITAT Mumbai14 Oct 2024AY 2010-11

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL, ‘I’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

Section 143(3)Section 14ASection 194Section 194HSection 28Section 35DSection 36(1)(iii)Section 391Section 394Section 40

…be invoked for taxing the capital receipts for which he placed reliance on the following judgments:-  CIT vs. Mahindra and Mahindra Ltd [2003] 261 ITR 501 (Bom HC) as affirmed by the Supreme Court in 93 taxmann.com 32 (SC)  CIT vs. Xylon Holdings Pvt. Ltd. (26 Taxmann.com 333) (Bom)  CIT vs. STADS Ltd. (2015) (373 ITR 313/61 taxmann.com 33) (Madras)  ITO vs. Shreyans Investment (P) Ltd. (31 Taxmann.com 11) (Kol-Trib) • ITO vs. M/s. Richvik Enterprises Private Limited (ITA no. 389/KOL/2012 order dated 24/06/2013) • ITO vs. M/s. Kyal Developers Pvt. Ltd. (ITA No. 627/Kol/2012)  Aamby Valley Ltd. vs. ACIT [2019…

ACIT Cent. Cir 5(4), Mumbai vs. Shri Sunil B.Dalal, Mumbai

In the result, Appeal of The ld AO is dismissed

ITA 2239/MUM/2021[2018-19]Status: DisposedITAT Mumbai12 Jul 2022AY 2018-19

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm The Asst. Commissioner Of Income Tax, Shri Sunil B Dalal Central Circle 5(4) D/52, Tarabaug Estate, Room No.1927, 19Th Floor, Charni Road, Vs. Air India Bldg, Mumbai-400 004 Nariman Point, Mumbai-400 021 (Respondent) (Appellant) Pan No. Aaepd3658F Assessee By : Shri Sashi Tulsiyan, Ar Revenue By : Shri Hoshang B. Irani, Dr Date Of Hearing: 06.07.22 Date Of Pronouncement : 12.07.2022

For Appellant: Shri Sashi Tulsiyan, ARFor Respondent: Shri Hoshang B. Irani, DR
Section 143Section 143(3)Section 28Section 41(1)Section 56(2)Section 56(2)(x)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI PAVAN KUMAR GADALE, JM The Asst. Commissioner of Income Tax, Shri Sunil B Dalal Central Circle 5(4) D/52, Tarabaug Estate, Room no.1927, 19th Floor, Charni Road, Vs. Air India Bldg, Mumbai-400 004 Nariman Point, Mumbai-400 021 (Respondent) (Appellant) PAN No. AAEPD3658F Assessee by : Shri Sashi Tulsiyan, AR Revenue by : Shri Hoshang B. Irani, DR Date of hearing: 06.07.22 Date of pronouncement : 12.07.2022 O R D E R PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by the Asst. Commissioner of Income Tax, Cent…

Tmi Rollon Engineering Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle- 7(1)(1), Bangalore

In the result, appeal by the assessee is treated as allowed for statistical purposes

ITA 460/BANG/2020[2016-17]Status: DisposedITAT Bangalore10 Nov 2021AY 2016-17

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2016-17 M/S. Rollon Hydraulics Pvt. Ltd., Vs. Acit, (Formerly Tmi Rollon Hydraulics Pvt. Ltd.,) Circle – 7(1)(1), #271, 8Th Cross, 4Thphase, Bengaluru. Peenya Industrial Layout, Bengaluru– 560 058. Pan : Aaacr 8618 N Appellant Respondent Appellant By : Shri. H. V. Gowtham, Ca Respondent By : Shri. Priyadarshi Mishra, Addl.Cit(Dr)(Itat), Bengaluru

For Appellant: Shri. H. V. Gowtham, CAFor Respondent: Shri. Priyadarshi Mishra, Addl.CIT(DR)(ITAT), Bengaluru
Section 41(1)

…upheld the decision of CIT(A) following the judgment in the case of CIT Vs. Graham Firth Steel Products (I) Ltd., [2017] 85 taxmann.com 110 (Bombay), CIT Vs Santogen Silk Mills Ltd [2015]57 taxmann.com 208 (Bombay) and CIT Vs. Xylon Holdings (P) Ltd., [2012] 26 Taxmann.com 333 (Bom.). The alternative submission that the amount of loan written off would be taxable under Section 28(iv) of the Act was also rejected following the decision in the case of Mahindra & Mahindra Ltd. (261 ITR 501 (Bom) wherein it was held that Section 28(iv) of the Act would apply only when a benefit or perquisite is received in kind and…

M/S. Pricewaterhouse Coopers Private Limited, Kolkata vs. ACIT, Circle - 2(2), Kolkata

In the result, appeal of the assessee is allowed partly

ITA 359/KOL/2018[2009-10]Status: DisposedITAT Kolkata21 Apr 2021AY 2009-10
Section 143(3)Section 250

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA (Before Sri J. Sudhakar Reddy, Hon’ble Accountant Member & Sri Aby T. Varkey, Hon’ble Judicial Member) Assessment Year: 2009-10 M/s. Pricewaterhouse Coopers Private Limited..................................………………….............Appellant Block-EP, Plot-Y-14 Salt Lake City Sector-V Kolkata – 700 091 [PAN : AABCP 9181 H] Vs. Asstt. Commissioner of Income Tax, Circle-2(2), Kolkata...........................………..…......Respondent Appearances by: Smt. C.S. Agarwal, Sr. Counsel & Smt. K.M. Gupta, Adv., appeared on behalf of the assessee. Shri Goulen Hangs…

K. Bhatia Corporation, Mumbai vs. Ast CIT Cir 19(3), Mumbai

ITA 637/MUM/2012[2006-07]Status: PendingITAT Mumbai08 Jun 2018AY 2006-07

Bench: Shri R. C. Sharma, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 637/Mum/2012 (निर्धारणवर्ा / Assessment Year: 2006-07)

For Appellant: Shri NeelkanthFor Respondent: ShriH. Anoop
Section 37(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI R. C. SHARMA, AM & SH. SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 637/Mum/2012 (निर्धारणवर्ा / Assessment Year: 2006-07) ACIT Cir 19(3), M/s K. Bhatia Corporation Piramal Chambers, 3rd Flat No. 1, May Queen बिधम/ Floor, Lalabuag, Parel, Apartments, 33 Rd, Vs. Mumbai-400 013 Bandra (W), Mumbai-400 050. स्थायीलेखासं./जीआइआरसं./ PAN No. AAEFK9626Q (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Shri Neelkanth Khandelwal, AR प्रत्यथीकीओरसे/Respondent by : ShriH. Anoop Sadashiv, DR सुनवाईकीतारीख/ : 11.05.18 Date of Hearing…

ITO, Ward-2(4), Hyderabad vs. Tini Pharma Ltd., Hyderabad

In the result, appeal of the revenue is dismissed

ITA 669/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2007-08 Income-Tax Officer, Vs. Tini Pharma Ltd., Hyderabad. Ward – 2(4), Hyderabad. Pan – Aaact 7976K

For Appellant: Shri PVSS PrasadFor Respondent: Smt. N. Swapna
Section 143(2)Section 143(3)Section 147Section 148Section 28Section 41Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “B”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2007-08 Income-tax Officer, vs. Tini Pharma Ltd., Hyderabad. Ward – 2(4), Hyderabad. PAN – AAACT 7976K (Appellant) (Respondent) Revenue by : Smt. N. Swapna Assessee by : Shri PVSS Prasad Date of hearing 10/05/2018 Date of pronouncement 23/05/2018 O R D E R PER S. RIFAUR RAHMAN, A.M.: This appeal filed by the Revenue is directed against the order dated 29/01/2016 of CIT(A) – 2, Hyderabad for AY 2007-08. 2. Briefly the facts of the ca…

ITO 2(1)(1), Mumbai vs. Tata Motors Ltd, Mumbai

In the result, appeal of the revenue is dismissed

ITA 4822/MUM/2011[2002-03]Status: DisposedITAT Mumbai27 Sept 2017AY 2002-03

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm Co No.193/Mum/2012 (Assessment Year :2002-03) Ito 2(1)(1) Vs. M/S. Tata Motors Ltd., R.No.552, Aayakar Bhavan Bombay House, Mumbai 24, Homi Modi Street Fort, Mumbai Pan/Gir No. Aaact2727Q Appellant) .. Respondent)

Section 143(3)Section 147Section 148Section 35DSection 41

…IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM CO No.193/Mum/2012 (Assessment Year :2002-03) ITO 2(1)(1) Vs. M/s. Tata Motors Ltd., R.No.552, Aayakar Bhavan Bombay House, Mumbai 24, Homi Modi Street Fort, Mumbai PAN/GIR No. AAACT2727Q Appellant) .. Respondent) Revenue by Shri Anadi Varma, CIT (DR) Assessee by Shri Dinesh Vyas Date of Hearing 04/07/2017 Date of Pronouncement 27/09/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the Revenue and Cross Objection by assessee against the order of CIT(A)-6, Mumbai dated 11/03/2011…

Epc Industries Ltd, Nashik vs. ACIT OSD 10(1), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 3210/MUM/2016[2007-08]Status: DisposedITAT Mumbai10 Feb 2017AY 2007-08

Bench: Shri Rajendra & Shri Cn Prasad: (A.Y : 2007-08) Epc Industries Ltd. Vs. Acit Osd 10(1) Plot No.H-109, Midc Mumbai Ambad Nashik – 422010 Pan : Aaace2659J (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent)

For Appellant: Shri Dinkle H HariyaFor Respondent: Shri PR Ghosh
Section 143(3)Section 147Section 28Section 41(1)

…आयकर अपीलीय अधिकरण “ आई ” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I”, MUMBAI BEFORE SHRI RAJENDRA, ACCOUNTANT MEMBER AND SHRI CN PRASAD, JUDICIAL MEMBER : (A.Y : 2007-08) EPC Industries Ltd. Vs. ACIT OSD 10(1) Plot No.H-109, MIDC Mumbai Ambad Nashik – 422010 PAN : AAACE2659J (अपीलार्थी / Appellant) (प्रत्यर्थी / Respondent) अपीलार्थी की ओर से / Appellant by : Shri Dinkle H Hariya प्रत्यर्थी की ओर से Revenue by : Shri PR Ghosh सुनवाई की तारीख / Date of Hearing : 15/11/2016 घोषणा की तारीख Date of Pronouncement : 10/02/2017 आदेश / O R D E R PER C.N.PRASAD (J.M.) : This appeal is fil…