3 SCR 727 (SC) and CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd.

3 SCR 953Supreme Court of India1960#24352 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2020 to 2025.

Judgments citing 3 SCR 727 (SC) and CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd.

Mr. Nikhil Sawhney, New Delhi vs. ACIT, Noida

In the result, appeal of the assessee is dismissed

ITA 1249/DEL/2017[2013-14]Status: DisposedITAT Delhi10 Oct 2025AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumarmr. Nikhil Sawhney, Vs. Dcit, 17, Sunder Nagar, Central Circle, New Delhi-11003 Noida (Appellant) (Respondent) Pan: Aaups0222Q

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Harpreet Kaur hansra, Sr. DR
Section 10(38)Section 143(3)

…at, in one sense 'profits and gains' represent 'plus income' whereas losses represent 'minus income'*. In * CIT v. Karamchand Premchand Ltd. [1960] 40 ITR 106; [1960] 3 SCR 727 (SC) and CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd. [1960] 40 ITR 142; [1960] 3 SCR 953 (SC). other words, loss is negative profit. Both positive and negative profits are of a revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. Although section 6 classifies income under six heads, the main charging provision is section 3 which levies income-tax, as…

The Secunderbad Club, Hyderabad vs. ITO Ward -10(2), Hyderabad

Appeal is dismissed in above terms

ITA 166/HYD/2021[2016-17]Status: DisposedITAT Hyderabad27 Jan 2022AY 2016-17

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri S.Rama Rao, ARFor Respondent: Shri L.Jeevanlal, DR
Section 143(3)

…sions: 1) CIT(Central) Vs. Harprasad & Co. P. Ltd. [1975] 991TR 118 (SC) 2) CIT v. Gold Coin Health Food (P.) Ltd. [20081304 ITR 308 (SC) 3) CIT v. J.H. Gotla [1985] 156 ITR 323 (SC) 4) CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd. [1960] 40 ITR 142; [1960] 3 SCR 953 (SC) In all the above mentioned decisions, the Hon'ble Supreme Court has held that loss is only negative income and that the definition of income u/s. 2(24) of the Act includes "loss" also. In other words, it assumes the same character and quality as does the positive income. In view of this, if a particular income is exempt from tax, and, therefor…

Mr. Nikhil Sawhney, New Delhi vs. ACIT, Noida

In the result, appeal of the assessee is dismissed

ITA 1248/DEL/2017[2012-13]Status: DisposedITAT Delhi17 Aug 2020AY 2012-13

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimr. Nikhil Sawhney Acit, 17 – Sunder Nagar, Central Circle, Vs. New Delhi – 110 003. Noida. Pan: Aaups0222Q (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 10(38)Section 143

…at, in one sense 'profits and gains' represent 'plus income' whereas losses represent 'minus income'*. In * CIT v. Karamchand Premchand Ltd. [1960] 40 ITR 106; [1960] 3 SCR 727 (SC) and CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd. [1960] 40 ITR 142; [1960] 3 SCR 953 (SC). other words, loss is negative profit. Both positive and negative profits are of a revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. Although section 6 classifies income under six heads, the main charging provision is section 3 which levies income-tax, as…

3 SCR 727 (SC) and CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd. (3 SCR 953) — Cited in 3 Judgments | BharatTax