Addl. CIT v. Laxmi Agents P. Ltd.

125 ITR 227High Court1980#14839 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2018.

Judgments citing Addl. CIT v. Laxmi Agents P. Ltd.

THE ACIT,(OSD)CIRCLE-8,, AHMEDABAD vs. TANTI HOLDING PVT.LTD.,, GANDHINAGAR

In the result, the appeal of the revenue is dismissed

ITA 2025/AHD/2012[2009-10]Status: DisposedITAT Ahmedabad25 Jun 2018AY 2009-10
For Appellant: Shri Tushar Hemani &For Respondent: Shri Saurabh Singh, Sr. D.R
Section 111Section 115JSection 143(2)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “A” BENCH Before: Shri Rajpal Yadav, Judicial Member And Shri Amarjit Singh, Accountant Member Assessment Year 2009-10 The ACIT(OSD), M/s. Tanti Holding Pvt. Circle-8, Ltd. “Suzlan”, 5, Ahmedabad Vs Shrimali Society, Nr. (Appellant) Shree Krishna Complex, Navrangpura, Ahmedabad-380009 PAN: AACCS1420K (Respondent) Revenue by: Shri Saurabh Singh, Sr. D.R. Assessee by: Shri Tushar Hemani & Shri P.B. Parmar, A.R. Date of hearing : 11-04-2018 Date of pronouncement : 25-06-2018 आदेश/ORDER PER : AMARJIT SINGH, ACCOUNTANT MEMBER:- This Revenue’s appeal for A.Y. 2…

DCIT, NEW DELHI vs. M/S. BHARTI VENTURES LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 6503/DEL/2013[2008-09]Status: DisposedITAT Delhi16 Nov 2017AY 2008-09

Bench: Shri G.D. Agrawal, Hon’Ble & Shri K. Narsimha Chary

Section 143(3)

…347 (SC), Srishti Securities P. Ltd. – 321 ITR 498 (Bom.) (501), Phil Corporation Ltd. – 244 CTR 226 (Bom.), Jardine Henderson Ltd. – 210 ITR 981 (Cal.), 5 Distributors Baroda – 83 ITR 377 (SC), Rajeeva Lochan Kanoria - 208 ITR 616 (Cal.), Laxmi Agents – 125 ITR 227 (Guj.) and Premier Poly Sacks (P) Ltd. – 321 ITR 450 (Mad.). The decisions relied upon by the assessee are to the affect that the acquisition of controlling interest in a company is in furtherance of the business purpose of the assessee. In the case on hand the investment was done in the companies which are in the business of the same line. L…

DCIT, CIRCLE - 8, KOLKATA, KOLKATA vs. M/S. NEWDEAL FINANCE & INVESTMENT LIMITED, KOLKATA

In the result, Revenue’s appeal is allowed for statistical purpose

ITA 1558/KOL/2011[2007-08]Status: DisposedITAT Kolkata11 Mar 2016AY 2007-08

Bench: Shri Mahavir Singh & Shri Waseem Ahmedassessment Year :2007-08

Section 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…leted the addition of disallowance of interest made by the AO and held that shares were purchased not for acquiring controlling rights in another company. Ld. AR further relied another case of law Hon'ble Gujarat High Court in the case of ACIT v. Laxmi Agents 125 ITR 227 (Guj), where Hon'ble court held that even if the company invests in shares with a view to exercising control over another company as it is done by the managing agent in order to have more and better control over it, such investments would constitute to have close connection with the business activities of the company. Accordingly, the investments…

E-CITY INVESTMENTS & HOLDINGS CO. PVT. LTD.,MUMBAI vs. D.C.I.T. RG. 8(1) (OSD), MUMBAI

The appeal of the assessee is allowed

ITA 8382/MUM/2011[2008-09]Status: DisposedITAT Mumbai03 Feb 2016AY 2008-09

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 E-City Investments & Holdings Dcit, Company Private Limited, Range-8(1)(Osd), बनाम/ 844/4, Shah Industrial Estate, Aayakar Bhavan, Vs. Off. New Link Road, Opp. M.K. Road, Laxmi Industrial Estate, Mumbai-400020 Andheri (West), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aaace8030F "नधा"रती क" ओर से / Assessee By Shri Vijay Mehta राज"व क" ओर से / Revenue By Mr.J. Saravanan -Dr

Section 143(3)Section 36(1)(iii)

…of business and thirdly, the assessee must have paid interest on the (so-called borrowed) amount. Our proposition get support from the following decisions:- i. Madhav Prasad Jatia vs CIT (1979) 118 ITR 200 (SC) ii. Addl. CIT vs Laxmi Agents Pvt. ltd. (1980) 125 ITR 227 (Guj.) iii. Marolia & Sons vs CIT (129 ITR 475)(All.) iv. Regal Theater vs CIT (225 ITR 205)(Del.) v. CIT vs Bombay Samachar Ltd. (74 ITR 723)(Bom.), vi. Ramkishan Oil Mills vs CIT (56 ITR 186)(MP) 33 E-City Investment & Holdings Company Pvt. Ltd. ITA No.8382/Mum/11 vii. Calico Dyeing and Printing Works vs CIT (34 ITR 265)(Bom.) 2.8. For making…

EICHER GOODEARTH LTD. vs. THE CIT

The appeal is partly allowed to the above extent

ITA - 54 / 2000HC Delhi14 May 2015
Section 36Section 5Section 56Section 57Section 80ASection 80M

…ted because had the rights issue not been subscribed to, the assessee claims that its shareholdings would have diminished or been diluted. 7. Learned counsel relied upon the decision of the Gujarat High Court in Addl. CIT v. Laxmi Agents P. Ltd. (1980) 125 ITR 227 to say that in such circumstances even though the head of income derived, i.e., dividend would have to be dealt with and assessed under Section 56 (2) (i) of the Act, nevertheless the character of the income being essentially business in nature, the expenditure incurred has to be treated as such under Section 36 (1) (iii). He further relied…

EICHER GOODEARTH LTD vs. THE CIT

The appeal is partly allowed to the above extent

ITA/54/2000HC Delhi14 May 2015
Section 36Section 5Section 56Section 57Section 80ASection 80M

…ted because had the rights issue not been subscribed to, the assessee claims that its shareholdings would have diminished or been diluted. 7. Learned counsel relied upon the decision of the Gujarat High Court in Addl. CIT v. Laxmi Agents P. Ltd. (1980) 125 ITR 227 to say that in such circumstances even though the head of income derived, i.e., dividend would have to be dealt with and assessed under Section 56 (2) (i) of the Act, nevertheless the character of the income being essentially business in nature, the expenditure incurred has to be treated as such under Section 36 (1) (iii). He further relied…

Addl. CIT v. Laxmi Agents P. Ltd. (125 ITR 227) — Cited in 6 Judgments | BharatTax