55 ITR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Ltd.

DCIT-3(1)(1), MUMBAI, MUMBAI vs. ECGC LIMITED, MUMBAI

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

…concerns as laid down in section 10, but in quite a different manner." The view so token has been followed by this court in Pandyan Insurance Company Ltd. v. CIT [1965] 55 [TR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Lid. [1965] 57 ITR 313 (SC). In the later case, their Lordships have also observed (page 320). “....the balance of profits as disclosed by the accounts submitted to the superintendent of insurance and necepted by him would be binding on the Income-tax Officer, except that the Income-tax Officer would be entitled to exclude expenditure other than expenditure permissible…

ECGC LIMITED,ECGC BHAWAN vs. ACIT, NEW MARINE LINES MUMBAI

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopal

…concerns as laid down in section 10, but in quite a different manner." The view so token has been followed by this court in Pandyan Insurance Company Ltd. v. CIT [1965] 55 [TR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Lid. [1965] 57 ITR 313 (SC). In the later case, their Lordships have also observed (page 320). “....the balance of profits as disclosed by the accounts submitted to the superintendent of insurance and necepted by him would be binding on the Income-tax Officer, except that the Income-tax Officer would be entitled to exclude expenditure other than expenditure permissible…

ACIT CIRCLE-3(1)(2), MUMBAI vs. EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LTD., MUMBAI

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

…concerns as laid down in section 10, but in quite a different manner." The view so taken has been followed by this court in Pandyan Insurance Company Ltd. v. CIT [1965] 55 ITR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Ltd. [1965] 57 ITR 313 (SC). In the later case, their Lordships have also observed (page 320): "...... the balance of profits as disclosed by the accounts submitted to the superintendent of insurance and accepted by him would be binding on the Income-tax Officer, except that the Income-tax Officer 12 M/s. Export Credit Guarantee Corporation of India Ltd. would be enti…

ECGC LIMITED,MUMBAI vs. DCIT - CIRCLE-3(1)(2), MUMBAI

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

…concerns as laid down in section 10, but in quite a different manner." The view so taken has been followed by this court in Pandyan Insurance Company Ltd. v. CIT [1965] 55 ITR 716 and CIT v. Calcutta Hospital and Nursing Home Benefits Association Ltd. [1965] 57 ITR 313 (SC). In the later case, their Lordships have also observed (page 320): "...... the balance of profits as disclosed by the accounts submitted to the superintendent of insurance and accepted by him would be binding on the Income-tax Officer, except that the Income-tax Officer 12 M/s. Export Credit Guarantee Corporation of India Ltd. would be enti…

DCIT CIR 3(1), MUMBAI vs. EXPORT CREDIT GUARANTEE CORPORATION OF INDIA LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2006-07

…P & L account of the assessee in in view of the provisions in section 44 of the Act read with First Schedule. The Ld. A.R. relied on a couple of decisions in defense of his arguments namely; CIT vs. Calcutta Hospital and Nursing Home Benefits Association Ltd. 57 ITR 313 (SC) & General Insurance Corporation of India vs. CIT 240 ITR 139 (SC). 15. We have heard the rival submissions of both the parties and perused the material on record including the decisions cited by the Ld. A.R. We observe that Ld. CIT(A) has comprehensively considered the provisions of section 44 of the Act and First Schedule which deal with an…