Calcutta Co. Ltd. v. CIT

179 Taxmann 5High Court1959#10887 most cited

What is Calcutta Co. Ltd. v. CIT authority for?

Profits and gains must be computed in their commercial sense, which includes deducting expenditure necessary for earning receipts, even if the exact amount is not quantified or the liability is accrued but payable in the future.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2015 to 2024.

Also referred to as

Calcutta Co. Ltd. v. CIT · commercial sense · profit or gains · expenditure · accrued liability · estimation of expenditure

Also reported as

371 ITR 1

Sections most often in play

Section 143(3)Section 1961 - Sections 14ASection 1962 - Rule 8DSection 22Section 23Section 23(1)(c)Section 23(5)Section 80-IA(5)

Issues it is cited on

section 24(1)trade creditorspercentage completion methodsection 40a(2)(b)section 40a(2)section 36(1)(vii)section 41(1)section 41commercial expediencyreasoned ordersection 40asection 43b

Judgments citing Calcutta Co. Ltd. v. CIT

ITO, New Delhi vs. M/S Ansal Housing & Construction Ltd., New Delhi

In the result, the cross-objection filed by the assessee is dismissed

ITA 2731/DEL/2010[2007-08]Status: DisposedITAT Delhi26 Jul 2024AY 2007-08

Bench: Shri G.S.Pannu & Shri Kul Bharat[Assessment Year : 2007-08] Dcit, Vs Ansal Housing & Construction Ltd., Central Circle-20, Ugf-15, Indraprastha Building, 21, New Delhi. Barakhamba Road, New Delhi. Pan-Aaaca0377R Appellant Respondent

Section 143(3)Section 14ASection 80Section 80I

…Mills P. Ltd.: 372 ITR 88 (Mad.) • CIT V. TTK Pharma Limited: T.C.(A) No.298 of 2004 (Mad.) • Velayudhaswamy Spinning Mills (P.) Ltd. v. ACIT: 340 ITR 477 (Mad.)- Revenue’s SLP dismissed in [2017]244 Taxman 58 (SC) • Eastman Exports Global Clothing (P.) Ltd.: 371 ITR 1 (Mad.) • CIT v. Ramraj Handlooms: Tax Case (Appeal) No. 301 of 2015 (Mad.) • Prasad Productions v. DCIT: Tax Case (Appeal) No. 524 of 2008 (Mad.) • CIT vs Sh. Anil H. Lad: 45 taxmann.com 98 (Kar.) • CIT V. Mewar Oil & General Mills Ltd: 271 ITR 311 (Raj.) • ACIT v. Intex: 154 ITD 365 (Chennai) • DCIT v. ITC Ltd.: 154 ITD 136 (Kol.) In that view of…

DCIT, New Delhi vs. M/S Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 2083/DEL/2015[2012-13]Status: DisposedITAT Delhi30 Jul 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

Ajay Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 1704/DEL/2015[2012-13]Status: DisposedITAT Delhi30 Jul 2021AY 2012-13

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S. Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 5776/DEL/2014[2011-12]Status: DisposedITAT Delhi30 Jul 2021AY 2011-12

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S Ajay Enterprises Pvt. Ltd., New Delhi

Appeal is dismissed and appeal of the assessee in ITA No

ITA 1349/DEL/2013[2009-10]Status: DisposedITAT Delhi30 Jul 2021AY 2009-10

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

For Appellant: S/Shri Pradeep Dinodia & R.KFor Respondent: Date of hearing
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “G” NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI Dr. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No.899/DEL/2013 & 1704/DEL/2015 Assessment Year: 2009-10 & 2012-13 Ajay Enterprises Pvt. Ltd., Vs. DCIT, 8th Floor, Eros Corporate Tower, Central Circle-6, Nehru Place, New Delhi. New Delhi. TAN/PAN: AAACA1967D (Appellant) (Respondent) I.T.A. No.1348 & 1349/DEL/2013, 5776/DEL/2014 & 2083/DEL/2015 Assessment Year: 2008-09, 2009-10, 2011-12 & 2012-13 DCIT, Vs. Ajay Enterprises Pvt. Central Circle-6, Ltd., New Delhi 8th Floor, Eros Corporate Tower, Nehru Place,…

DCIT, New Delhi vs. M/S. Getit Infoservices Pvt. Ltd., Noida

In the result, the appeal of the Revenue is dismissed

ITA 2429/DEL/2016[2009-10]Status: DisposedITAT Delhi10 Dec 2018AY 2009-10

Bench: Shri H.S. Sidhu & Shri O.P. Kantasstt. Year: 2009-10

For Appellant: Shri B.S. Rajpurohit, Sr. DRFor Respondent: None
Section 143(3)Section 263Section 37(1)

…t expenses incurred were not quantified exactly but estimated to large extent. Thus, it cannot be said that no expenditure was incurred and the entire provision was not allowable. The Hon’ble Supreme Court in the case of Calcutta Company Limited Vs CIT (1959) 371 ITR 1 (SC) has observed that expression ‘profit or gains’ has to be considered in its commercial sense and there can be no computation of such profits and gains until the expenditure which is necessary for the purpose of earning the receipt is deducted there from whether the expenditure is actually incurred or the liability in respect thereof has accrued…

DCIT, New Delhi vs. M/S. Ajay Enterprises Pvt. Ltd., New Delhi

In the result, the appeals of the assessee for A

ITA 1348/DEL/2013[2008-09]Status: DisposedITAT Delhi31 Jul 2017AY 2008-09

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: A.Y. 2008-09For Respondent: A.Y. 2008-09
Section 41(1)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi Before : Shri I.C. Sudhir, Judicial Member And Shri L.P. Sahu, Accountant Member ITA Nos.898 & 899/Del./2013 Assessment Year: 2008-09 & 2009-10 Ajay Enterprises Pvt. Ltd., vs. DCIT, Central Circle-6, 8th Floor, Eros Corporate Tower, New Delhi. Nehru Place, New Delhi. PAN – AAACA1967D (Appellant) (Respondent) ITA Nos.1348 & 1349/Del./2013 Assessment Year: 2008-09 & 2009-10 DCIT, Central Circle-6, vs. Ajay Enterprises Pvt. Ltd., New Delhi. 8th Floor, Eros Corporate Tower, Nehru Place, New Delhi. (Appellant) (Respondent) Assessee by Sh. Pradeep Dinod…

Ajay Enterprises Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeals of the assessee for A

ITA 898/DEL/2013[2008-09]Status: DisposedITAT Delhi31 Jul 2017AY 2008-09

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: A.Y. 2008-09For Respondent: A.Y. 2008-09
Section 41(1)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi Before : Shri I.C. Sudhir, Judicial Member And Shri L.P. Sahu, Accountant Member ITA Nos.898 & 899/Del./2013 Assessment Year: 2008-09 & 2009-10 Ajay Enterprises Pvt. Ltd., vs. DCIT, Central Circle-6, 8th Floor, Eros Corporate Tower, New Delhi. Nehru Place, New Delhi. PAN – AAACA1967D (Appellant) (Respondent) ITA Nos.1348 & 1349/Del./2013 Assessment Year: 2008-09 & 2009-10 DCIT, Central Circle-6, vs. Ajay Enterprises Pvt. Ltd., New Delhi. 8th Floor, Eros Corporate Tower, Nehru Place, New Delhi. (Appellant) (Respondent) Assessee by Sh. Pradeep Dinod…

Indiana Gratings P.Ltd, Mumbai vs. DCIT RG 8(2), Mumbai

ITA 6012/MUM/2013[2010-11]Status: DisposedITAT Mumbai04 Nov 2015AY 2010-11

Bench: Shri R.C.Sharma & Shri Pawan Singhassessment Year: 2010-11 Dcit, Range 8(2), 2Nd Indiana Gratings Pvt. Ltd., Indiana House, Makwana Road, Off M. Vasanji Floor, Aayakar Bhavan, Mumbai- Road, Marol Naka, Andheri (E), 400020 Vs. Mumbai-400059 Pan: Aaaci2546Q (Appellant) (Respondent)

For Respondent: Shri Manoj Mishra (DR)
Section 143(3)Section 271(1)(c)Section 40Section 801ASection 80I

….... vs. Department of Income Tax dated 13th January, 2012. 8. Anil H. Lad Vs. DCIT (ITA 1262/Bang/2010 dt. 07.01.11. 9. Piyush C. Mehta vs. ACIT (ITA 1321/M/09. 10. Shevie Exports V. JCIT (ITA 32/M/12 dt. 10.04.13. 11. Eastman Exports Global Clothing P. Ltd. 371 ITR 1 (Mad) (2015). 12. Herculas Hoist Ltd. Vs. Addl CIT RG10(3) dt. 13.02.13. 13. Herculas Hoist Ltd. Vs. Addl CIT RG10(3) dt. 13.09.13. 5. The ld. Authorised Representative (AR) of the assessee argued that the deduction u/s 80IA of the Act has to be worked out after deducting the loss of earlier year in incurred in wind power generation business. It is…

DCIT, Virudhunagar vs. Vtm Ltd., Virudhunagar

Appeal is dismissed

ITA 2832/CHNY/2014[2010-11]Status: DisposedITAT Chennai27 Feb 2015AY 2010-11

Bench: Shri A.Mohan Alankamony & Shri S.S. Godara

For Appellant: Shri. S. Das Gupta, IRS, JCITFor Respondent: Shri. R. Srinivasan, Advocate
Section 143(3)Section 80I

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “B ” BENCH, CHENNAI "ी ए. मोहन अलंकामणी, लेखा सद"य एवं "ी एस. एस. गोदारा, "या"यक सद"य के सम" BEFORE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER & SHRI S.S. GODARA, JUDICIAL MEMBER आयकर अपील सं./ I.T.A. No.2832/Mds/2014 ("नधा"रण वष" / Assessment Year : 2010-2011) The DCIT, M/s. VTM Limited, Circle –I, Vs Sulakari, Virudhunagar. Virudhunagar 626 001. [PAN:AAACV 3775E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant by : Shri. S. Das Gupta, IRS, JCIT. ""यथ" क" ओर से / Respondent by : Shri. R. Srinivasan, Advocate…

Calcutta Co. Ltd. v. CIT (179 Taxmann 5) — Cited in 10 Judgments | BharatTax