ACIT v. Northern India Theaters (P) Ltd.

133 CTR 326High Court1996#11093 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2019.

Judgments citing ACIT v. Northern India Theaters (P) Ltd.

D,C,I.T, CIR-I, KOLKATA,KOLKATA vs. M/S STEWARTS & LLOYDS OF INDIA LTD., KOLKATA

ITA 1515/KOL/2013[2004-2005]Status: DisposedITAT Kolkata22 Mar 2019AY 2004-2005

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi, Jm] I.T.A. No. 1515/Kol/2013 Assessment Year: 2004-05 Dcit, Circle – 1, Kolkata...................................………………………….................................Appellant P-7, Chowringhee Square, Kolkata – 700 069. M/S. Stewarts & Lloyds Of India Ltd.....................……………………………….............Respondent 41, Chowringhee Square, Kolkata – 700 071. [Pan: Aaecs 0445 G] Appearances By: Shri C.J. Singh, Sr. Dr (Jcit) Appearing On Behalf Of The Revenue. None Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : March 18, 2019 Date Of Pronouncing The Order : March 22, 2019 Order Per P.M. Jagtapthis Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit(A) – 20, Kolkata Dated 21.02.2013. 2. At The Time Of Hearing Fixed On 18.03.2019, None Has Appeared On Behalf Of The Assessee In Spite Of The Fact That The Notice Of The Said Hearing Was Sent To The Assessee By Rpad. There Was A Similar Non- Compliance On The Part Of The Assessee Even On The Earlier Occasions When The Appeal Was Fixed Or Hearing On 12.12.2017, 03.042018, 08.11.2018, 10.01.2019 & 04.02.2019. This Appeal Of The Revenue Is, Therefore, Being Disposed Of Ex-Parte Qua The Respondent Assessee After Hearing The Arguments Of The Learned Dr & Perusing The Relevant Material Available On Record.

…calculating the book profit, the A.O had added profit on sale of fixed asset and investment. However, the appellant cited the following judgements in support of their claim. The ITAT Delhi Bench in the case of JCIT vs. Northern India Theatres Pvt. Ltd. (1996) 133 CTR 326 (Del) (TX). In the said case the 10 I.T.A. No. 1515/Kol/2013 Assessment Year: 2004-05 M/s. Stewarts & Lloyds of India Ltd. Hon’ble Tribunal has directly dealt with the question of parts II and III of schedule VI, and has held that profit derived on sale of fixed assets yield only capital gains and they do not partake the character of business…

DCIT, CIR-3(1), KOLKATA, KOLKATA vs. M/S TATA METALIKS LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

ITA 478/KOL/2016[2010-2011]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-2011

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 139(1)Section 143(3)Section 234C

…ies Act, 1956. It was averred by the appellant that the capital profit on sale of fixed assets have been excluded from the computation of book profit. T has relied upon principle laid down by the Hon'ble Tribunal in ACIT v. Northern India Theatres Ltd. (1996) 133 CTR 326 (Del) and Sutlej Cotton Mills Ltd. vs. Asst. CIT (1993) 45 ITD 22 (Cal) (SB). Further, the appellant’s AR has also placed reliance upon judgement in Oswal Agro Mills Ltd. v DCIT (1994) 51 ITD 447 (Del), it was held that short term capital gains made on sale of government securities is not required to be treated as part of book profit because only…

TATA METALIKS LTD.,KOLKATA vs. ITO,WD-3(2), KOLKATA, KOLKATA

In the result, Revenue’s appeal is dismissed

ITA 439/KOL/2016[2010-11]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-11

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 115JSection 139(1)Section 143(3)Section 234C

…ies Act, 1956. It was averred by the appellant that the capital profit on sale of fixed assets have been excluded from the computation of book profit. T has relied upon principle laid down by the Hon'ble Tribunal in ACIT v. Northern India Theatres Ltd. (1996) 133 CTR 326 (Del) and Sutlej Cotton Mills Ltd. vs. Asst. CIT (1993) 45 ITD 22 (Cal) (SB). Further, the appellant’s AR has also placed reliance upon judgement in Oswal Agro Mills Ltd. v DCIT (1994) 51 ITD 447 (Del), it was held that short term capital gains made on sale of government securities is not required to be treated as part of book profit because only…

DCIT CIR - 3(1), MUMBAI vs. M/S. GUJARAT AMBUJA CEMENTS LTD., MUMBAI

In the result, appeal filed by the revenue is dismissed

ITA 1379/MUM/2007[2000-2001]Status: DisposedITAT Mumbai07 Apr 2017AY 2000-2001

Bench: Shri C.N.Prasad, Jm & Shri Rajesh Kumar, Am आयकर अपील सं/ I.T.A. No. 1379/Mum/2007 (िनधा"रण वष" / Assessment Year: 2000-01) बनाम/ Acit (Ltu) – 1 M/S. Gujarat Ambuja World Trade Centre, Cements Ltd. Vs. Centre – 1, 29Th Floor, 122, Maker Chambers-Iii, Cuffe Parade, Nariman Point, Mumbai - 400005 Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacg0569P (अपीलाथ" /Appellant) (""थ" / Respondent) .. Revenue By: Shri Anand Mohan (Cit-Dr) Assessee By: Shri Soumen Adak सुनवाई की तारीख / Date Of Hearing: 12.01.2017 घोषणा की तारीख /Date Of Pronouncement: 07.04.2017 आदेश / O R D E R Per C.N.Prasad, Jm:

For Appellant: Shri Soumen AdakFor Respondent: Shri Anand Mohan (CIT-DR)
Section 115JSection 14ASection 271(1)(c)Section 80H

…argued that the assesse made a claim in the return of income on the basis of decision of various Tribunal viz. Sutlej Cotton Mills Ltd. Vs. ACIT (1993) 45 ITD 22 (Cal), GKW Ltd. Vs. JCIT (2000) 74 ITD 61 (Cal) and ACIT Vs. North India Theaters P. Ltd. (1996) 133 CTR 326 (Del. TM). Ld. AR of the assessee further argued that and SLP No.29862/2011 on 03.07.2012. It is further argued that when a substantial question of law is admitted, it is certainly a debatable issue and in such circumstances penalty cannot be levied. 11. We have considered the rival contention of the parties and gone through the orders of authori…

DCIT, CIRCLE - 1, KOLKATA, KOLKATA vs. M/S. GLOSTER JUTE MILLS LIMITED, KOLKATA

In the result, appeal by the Revenue is dismissed

ITA 95/KOL/2011[2007-08]Status: DisposedITAT Kolkata01 Mar 2017AY 2007-08

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] I.T.A No.95/Kol/2011 Assessment Year : 2007-08

For Appellant: Shri Ajay Vohra, Sr.AdvocateFor Respondent: Shri Sital Chandra Das, JCIT

…tended to be confined to business profit & profits from realisation of any asset should not be included in computing book profit. A similar view has also been expressed in the case of Oswal Agro Mills Ltd. 51 ITD 447 (Del) and Northern India Theatres (P) Ltd. 133 CTR 326 (Del). I have considered the submission made by the Appellant. I find that the facts in the case of the Appellant are comparable with the facts in the case of Frigsales (India) Ltd and Sutlej Cotton Mills Ltd as relied upon by the Appellant. Following the decision of the Jurisdictional Special Bench and. Mumbai ITAT, the appellant succeeds on th…

DCIT CIR - 3(1), MUMBAI vs. M/S. GUJARAT AMBUJA CEMENTS LTD., MUMBAI

In the result, ITA No. 4373/Mum/2005 is partly allowed

ITA 570/MUM/2007[1998-1999]Status: DisposedITAT Mumbai21 Oct 2016AY 1998-1999

Bench: Shri R.C Sharma & Shri Pawan Singh

Section 115Section 253Section 254(1)Section 80

…ee argued that the assessee made a claim in the return of income on the basis of decision of various Tribunal viz. Sutlej Cotton Mills Ltd. vs. ACIT (1993) 45 ITD 22 (Cal), GKW Ltd. vs. JCIT (2000) 74 ITD 61(Cal) & ACIT vs. North India Theaters P. Ltd. (1996) 133 CTR 326 (Del. TM). Ld. AR of the assessee further argued that and SLP has been admitted in the Supreme Court in GWK Ltd. vs. CIT in SLP No. 29862/2011 on 03.07.2012. It was further argued that when a substantial question of law is admitted, it is certainly a debatable issue and in such circumstances penalty cannot be levied. 11. We have considered the ri…

THE DCIT 3(1) vs. M/S. GUJARAT AMBUJA CEMENTS LTD,

ITA 2654/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…) 249 ITR 597 (Bomb). Ld. AR further argued that CIT(A) has also erroneously upheld the order passed by AO. Ld. AR argued that the issue is covered by the decision of the Hon’ble Delhi Tribunal in the case of ACIT vs. Northern India Theaters (P) Ltd. (1996) 133 CTR 326 (Del) wherein it has been held that profit derived on sale of fixed assets yield only capital gains and they do not partake the character of business profits and the same should not be shown as business profits in a properly prepared Profit and Loss Account as per provisions of Par II & III of Schedule VI of Companies Act. 13.2 On the other ha…

M/S. GUJARAT AMBUJA CEMENTS LTD. vs. THE DY CIT RG3(1),

ITA 2524/MUM/2005[1998-1999]Status: DisposedITAT Mumbai05 Aug 2016AY 1998-1999

Bench: Shri B.R. Baskaran, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./ I.T.A. No. 2524/Mum/2005 ("नधा"रण वष" / Assessment Year: 1998-99) Gujarat Ambuja Cements Limited The Deputy Commissioner Of 122, Maker Chambers Iii, Income Tax, Range 3(1), बनाम/ Nariman Point, Aayakar Bhawan, Vs. Mumbai-400 021. M.K. Road, Mumbai-400 020. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaapj 8040P (अपीलाथ" /Appellant) (""यथ" / Respondent) :

For Appellant: Shri P.R. Ghosh

…) 249 ITR 597 (Bomb). Ld. AR further argued that CIT(A) has also erroneously upheld the order passed by AO. Ld. AR argued that the issue is covered by the decision of the Hon’ble Delhi Tribunal in the case of ACIT vs. Northern India Theaters (P) Ltd. (1996) 133 CTR 326 (Del) wherein it has been held that profit derived on sale of fixed assets yield only capital gains and they do not partake the character of business profits and the same should not be shown as business profits in a properly prepared Profit and Loss Account as per provisions of Par II & III of Schedule VI of Companies Act. 13.2 On the other ha…

M/S. GUJARAT AMBUJA CEMENTS LTD. vs. THE DY CIT RG 3(1),

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

ITA 2486/MUM/2005[1999-2000]Status: DisposedITAT Mumbai30 May 2016AY 1999-2000

Bench: Shri D.Karunakara Rao & Shri Pawan Singhassessment Year: 1999-2000 Gujarat Ambuja Cements Limited, Dcit Range 3(1), 122, Maker Chambers, Iii, Aayakar Bhavan, M.K. Road, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent) Assessment Year: 1999-2000 Dcit Range 3(1), Gujarat Ambuja Cements Limited, Aayakar Bhavan, M.K. Road, 122, Maker Chambers, Iii, Vs. Mumbai-400020. Nariman Point, Mumbai-400021. Pan: Aaacg0569P (Appellant) (Respondent)

For Respondent: Shri Yashwant Kumar Bhaskar
Section 115JSection 145ASection 244A

…9 ITR 597 (Bom), the claim of assessee was disallowed, CIT(A) upheld the decision of AO on the similar line. AR of the assessee argued that this issue is covered by the decision of Delhi Tribunal in the case of ACIT vs. Northern India Theaters (P) Ltd. (1996) 133 CTR 326 (Del). The AR further fairly conceded that this issue is covered against the assessee by the decision of special bench of Hyderabad Tribunal in case of Rain Commodities Ltd. vs. DCIT (2010) 131 TTJ 514(Hyd)(SB). We have considered the rival contentions and seen in ACIT vs. 10 ITA Nos. 2486 & 2653/M/05 Gujarat Ambuja Cements Ltd. Northern India…

ACIT v. Northern India Theaters (P) Ltd. (133 CTR 326) — Cited in 9 Judgments | BharatTax