ACIT v. Apollo Tyres Ltd.

33 Taxmann.com 575Reported decision2013#10531 most cited

What is ACIT v. Apollo Tyres Ltd. authority for?

Advances given in the course of business for the purchase of revenue items can be written off as a bad debt under Section 37 of the Income-tax Act, 1961.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2024.

Also referred to as

ACIT v. Apollo Tyres Ltd. · 33 Taxmann.com 575 · Section 37 · business advance · revenue items · bad debt · allowable deduction · written off

Sections most often in play

Section 10(2)(xi) of Indian I. T. Act 1922Section 10(2)(xv) of Indian I. T. Act 1922Section 36(2)Section 37

Judgments citing ACIT v. Apollo Tyres Ltd.

Roop Kishore Madan, New Delhi vs. ACIT Circle-16, New Delhi

In the result, the appeal of the assessee is allowed

ITA 9540/DEL/2019[2010-11]Status: DisposedITAT Delhi01 May 2024AY 2010-11

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: NoneFor Respondent: Sh. Subhash Chandra, CIT-DR
Section 36(2)

…pliers for purchase of raw materials, in view of fact that suppliers neither supplied raw material nor returned money, amount paid to them was to be allowed as bad debt. Similarly, in the case of Asstt. Commissioner of Income Tax Vs. Appollo Tyres Ltd. [2013] 33 Taxmann.com 575 (Cochin-Trib.) held that Business advances given for acquisition of revenue items is allowable to be written off under section 37. 22. In Ramchandar Shivnarayan Vs. CIT (1978) 111 ITR 263, the Hon’ble Supreme Court summed up the principles in the following words: "If there is a direct and proximate nexus between the business operation and…

The Principal Commissioner of Income Tax vs. M/S. Apollo Tyres Ltd

Appeal is allowed in part as indicated

ITA/44/2017HC Kerala22 Sept 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

For Appellant: M/S. APOLLO TYRES LTDFor Respondent: THE PRINCIPAL COMMISSIONER OF INCOME TAX
Section 143(3)Section 144CSection 144C(5)Section 35Section 43ASection 92C

…IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE VIJU ABRAHAM WEDNESDAY,THE 22ND DAY OF SEPTEMBER 2021/31ST BHADRA, 1943 ITA NO. 44 OF 2017 AGAINST THE JUDGMENT IN ITA 223/Coch/2015 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/Respondent: THE PRINCIPAL COMMISSIONER OF INCOME TAX KOCHI-I, KOCHI, INCOME TAX OFFICES, CENTRAL REVENUE BUILDING, I.S.PRESS ROAD, KOCHI - 682 018. BY ADVS. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT RESPONDENT/Appellant: M/S. A…

Garodia Syntex Pvt. Ltd, Mumbai vs. Income-Tax 4(2)(2), Mumbai

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

ITA 7228/MUM/2018[2008-09]Status: DisposedITAT Mumbai13 Jul 2020AY 2008-09

Bench: Shri C.N. Prasad, Jm & Shri M.Balaganesh,Am M/S. Garodia Syntex Pvt. Ltd Vs. Income Tax Officer 4(2)(2) 8/12, Bhaskar Lane Aayakar Bhavan 1St Floor, Room No.15-16 M.K.Road, Bhuleshwar, Mumbai – 400 020 Mumbai – 400 002 Pan/Gir No.Aabcg3860A (Appellant) .. (Respondent)

Section 143(1)Section 143(3)Section 154

…advances per se were given for capital purposes and those advances were written off which were held to be capital loss by the Hon’ble Bombay High Court in the case reported in 364 ITR 244 and by the Co-ordinate Bench of Cochin Tribunal in the case reported in 33 Taxmann.com 575. Hence, the reliance placed on those decisions would not come to the rescue of the revenue. Accordingly, the grounds 1 & 2 raised by the assessee are allowed. 4. The last issue to be decided in this appeal is with regard to the ld. AO raising a demand of Rs.74,111/- on the pretext that refund of Rs.67,740/- was issued to the assessee vide…

DCIT Cen Cir 40, Mumbai vs. Saf Yeast Co. P. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1780/MUM/2014[2008-09]Status: DisposedITAT Mumbai24 Nov 2017AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

DCIT Cen Cir 40, Mumbai vs. Saf Yeast Co. P. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1778/MUM/2014[2006-07]Status: DisposedITAT Mumbai24 Nov 2017AY 2006-07

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

DCIT Cen Cir 40, Mumbai vs. Saf Yeast Co. P. Ltd, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1777/MUM/2014[2005-06]Status: DisposedITAT Mumbai24 Nov 2017AY 2005-06

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1637/MUM/2014[2008-09]Status: DisposedITAT Mumbai24 Nov 2017AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1636/MUM/2014[2007-08]Status: DisposedITAT Mumbai24 Nov 2017AY 2007-08

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1635/MUM/2014[2006-07]Status: DisposedITAT Mumbai24 Nov 2017AY 2006-07

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

Saf Yeast Company P.Ltd, Mumbai vs. DCIT Cen Cir 40, Mumbai

In the result, the appeals of Revenue are dismissed and the appeals of assessee are partly allowed

ITA 1634/MUM/2014[2005-06]Status: DisposedITAT Mumbai24 Nov 2017AY 2005-06

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am

For Appellant: J.P. Bairagra, ARFor Respondent: B.C.S. Naik, CIT-DR
Section 143(3)Section 80I

…annot be considered for the purpose of Section 32A of the Act and even otherwise also the generator are not used for the purpose of carrying on business of generation of electricity. Further, assessee relied on order of ITAT in ACIT vs Apollo Tyres Ltd (2013) 33 Taxmann.com 575 (Cochin), wherein it was held that D.G. set power generation units set up for generating power for captive consumption constituted an “undertaking” in terms of sub-section (4)(iv) ITA Nos. 1634-1637&1777-1780/Mum/2016 Saf Yeast Company Private Limited (A.Y. 05-06 to 08-09) of Section 80IA of the Act. The relevant portion of the judgement…

ACIT v. Apollo Tyres Ltd. (33 Taxmann.com 575) — Cited in 10 Judgments | BharatTax