Ambica Mills Ltd. v. CIT

54 ITR 167High Court1964#5296 most cited

What is Ambica Mills Ltd. v. CIT authority for?

A debt shown in a company's balance sheet constitutes an acknowledgement for the purposes of Section 19 of the Limitation Act. The balance sheet need not be addressed to the creditors for this purpose.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2025.

Also referred to as

Ambica Mills Ltd. v. CIT · section 19 · Limitation Act · acknowledgement of debt · balance sheet · sundry creditors · extending limitation period

Sections most often in play

Section 143(3)Section 41(1)Section 133(6)Section 133ASection 142(1)Section 144BSection 147Section 148

Issues it is cited on

section 41(1)section 41section 18sundry creditorssection 36(1)(va)rule 46aincome-tax officersection 28section 19section 69ccommissioner (appeals)section 133(6)

Judgments citing Ambica Mills Ltd. v. CIT

The Commissioner of Income Tax-III vs. Shri Vardhman Overseas Ltd

ITA-774/2009HC Delhi23 Dec 2011
Section 260ASection 41(1)Section 68

…on 30/4/2007) and it was held that the acknowledgement made by a company in its balance sheet has the effect of extending the period of limitation for the purposes of Section 18 of the Limitation Act. In Ambika Mills Ltd. Ahmedabad v. CIT Gujarat (1964) 54 ITR 167, it was further held that a debt shown in a balance sheet of a company amounts to an acknowledgement for the purpose of Section 19 of the Limitation Act and in order to be so, the balance sheet in which such acknowledgement is made need not be addressed to the creditors. In light of these authorities, it must be held that in the present ca…

The Commissioner of Income Tax-III vs. Shri Vardhman Overseas Ltd

ITA - 774 / 2009HC Delhi23 Dec 2011
Section 260ASection 41(1)Section 68

…on 30/4/2007) and it was held that the acknowledgement made by a company in its balance sheet has the effect of extending the period of limitation for the purposes of Section 18 of the Limitation Act. In Ambika Mills Ltd. Ahmedabad v. CIT Gujarat (1964) 54 ITR 167, it was further held that a debt shown in a balance sheet of a company amounts to an acknowledgement for the purpose of Section 19 of the Limitation Act and in order to be so, the balance sheet in which such acknowledgement is made need not be addressed to the creditors. In light of these authorities, it must be held that in the present ca…