CIT v. Allen Career Institute

403 ITR 375Reported decision2018#24867 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2018 to 2023.

Judgments citing CIT v. Allen Career Institute

Bharatnagar Buildcon LLP (Formerly Known As Abil Buildcon LLP), Pune vs. Principal Commissioner of Income-Tax -2, Pune

In the result, the appeal is allowed

ITA 284/PUN/2021[2016-17]Status: DisposedITAT Pune07 Sept 2023AY 2016-17

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.284/Pun/2021 "नधा"रण वष" / Assessment Year : 2016-17

Section 143(3)Section 263

…erence to the income under all the heads and should not be confined only to “Profits and gains of business or profession”. The issue of remuneration to partners again cropped up before the Hon’ble Rajasthan High Court in CIT Vs. Allen Career Institute (2018) 403 ITR 375 (Rajasthan). In this later judgment, the Hon’ble Rajasthan High Court took a view contrary from the one taken by the Hon’ble Calcutta High Court and held that the remuneration to partners should be computed only with reference to the income falling under the head “Profits and gains of business or profession” and no other head. This shows that wh…

ACIT, Circle - 2(1), Panaji vs. M/S Jay Ram Ore Carriers, Vasco

In the result, the appeal filed by the Revenue stands allowed

ITA 227/PAN/2018[2014-15]Status: DisposedITAT Panaji29 Aug 2023AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.227/Pan/2018 िनधा"रण वष" / Assessment Year : 2014-15 Acit, Circle-2(1), Panaji, Vs. M/S. Jay Ram Ore Goa. Carriers, 2Nd Floor, Sunflower Appts, Opp. St. Andrew Church, Vasco, Goa. Pan : Aaffj0752R Appellant Respondent Revenue By : Shri N. Shrikanth Assessee By : Shri R. D. Onkar Date Of Hearing : 16.08.2023 Date Of Pronouncement : 29.08.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Revenue Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-2, Panaji [‘The Cit(A)’] Dated 30.03.2018 For The Assessment Year 2014-15. 2. Briefly, The Facts Of The Case Are That The Respondent-Assessee Is A Partnership Firm Engaged In The Business Of Operation Of Barge Of Contract. The Return Of Income For The Assessment Year 2014-15 Was Filed By The Appellant Firm On 29.07.2014 Declaring Total Income

For Appellant: Shri R. D. OnkarFor Respondent: Shri N. Shrikanth

Section 143(3)Section 40

…ch means that the income assessed under the head “other income” cannot be considered for the purpose of computing the books profits for the purpose of section 40(b)(v) of the Act. The Hon’ble Rajasthan High Court in the case of CIT vs. Allen Career Institute, 403 ITR 375 (Rajasthan) after making a 7 reference to the decision of the Hon’ble Calcutta High Court in the case of Md. Serajuddin & Bros. (supra) had also taken the similar view. Even otherwise on reading of the decision of the Hon’ble Calcutta High Court in the case of Md. Serajuddin & Bros. (supra), the issue that had come up for consideration before the…

M/S. Agrawal Business Corporation, Nashik vs. Assistant Commissioner of Income Tax

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

ITA 164/PUN/2017[2013-14]Status: DisposedITAT Pune10 Jul 2018AY 2013-14

Bench: Shri D.Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / Ita No.164/Pun/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2013-14 वष"

For Appellant: Shri Pramod ShingteFor Respondent: Shri Achal Sharma

Section 40Section 56

…her issue which requires examination at the end of the AO. Further, the exclusion of such interest receipts for the purpose of section 40(b) of the Act was affirmed by the Hon’ble Rajasthan High Court in the case of CIT Vs. Allen Career Institute reported in 403 ITR 375 (Rajasthan). Therefore, we are of the view that this issue should be remanded to the file of AO for fresh adjudication on the correctness of the returned income for taxing the interest receipts after determining the facts relating to the availability of excess funds and the scope of the objects of the assessee if the money lending activity is a…