CIT v. Avery Cycle Industries India Ltd.

209 CTR 167High Court2008#23708 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Judgments citing CIT v. Avery Cycle Industries India Ltd.

JETAIR PVT. LTD.,NEW DELHI vs. ADDL. CIT, SPECIAL RANGE-5, NEW DELHI

ITA 3487/DEL/2018[2014-15]Status: DisposedITAT Delhi21 Feb 2023AY 2014-15

Bench: Sh. G.S.Pannu, Hon’Ble & Sh. Anubhav Sharmaita No.3487 /Del/2018 (Assessment Year : 2014-15) Jetair Pvt. Ltd. Vs. Acit 13, Community Centre, Special Range-5 Yusuf Sarai, New Delhi New Delhi- 110016 Pan : Aaacj0121C (Appellant) (Respondent)

Section 142(1)Section 143(2)Section 143(3)Section 250(6)

…el relied upon the following judgments to contend that if no interest disallowance is made for loans given in earlier years, the same cannot be made in subsequent years. “1) CIT v Sridev Enterprises [192 ITR 165 (Kar)] 2) CIT v. Industrial Cables (India) Ltd [209 CTR 167 (P&H)] 3) Escorts Ltd. v. ACIT [104 ITD 427 (Del)] 4) Malwa Cotton Spg. Mills v. ACIT [89 ITD 65 (TM)(Chd)] 5) ITO v. J.M.P. Enterprises [101 ITD 324 (SMC)(Asr)] 6) Sushee Hi Tech Construction Pvt. Ltd. v. DCIT (33 taxman.com 236) (Hyd) 7) Virendra R. Gandhi v. ACIT (Tax Appeal No. 20 of 2004 with Tax Appeal No. 124 of 2005) dated 27.11.2014 (Guj…

GULITA SECURITIES LTD,MUMBAI vs. DCIT 4(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed

ITA 91/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Aug 2018AY 2011-12

Bench: Shri Mahavir Singh() & Shri G Manjunatha ()

Section 143(2)Section 143(3)Section 14ASection 36Section 36(1)(iii)Section 68

…no change in the circumstances, then, it cannot be disallowed in the current assessment years. In this regard 6 ITA 91/Mum/2016 relied upon the following case laws:- 1. CIT vs Sridev Enterprises [192 ITR 165 (Kar)] 2. CIT vs Industrial Cables (India) Ltd [209 CTR 167 (P&H)] 3. Escorts Ltd vs ACIT [204 ITD 427 (Del)] 4. Malwa Cotton Spg. Mills vs ACIT [89 ITD 65 (TM)(Chd)] 5. ITO vs J.M.P. Enterprises [101 ITD 324 (SMC)(Asr)] 6. Sushee Hi Tech Construction Pvt Ltd vs DCIT [ 33 taxman.com 236(Hyd)] 7. Virendra R Gandhi vs ACIT (Tax Appeal No.20 of 2004 with Tax Appeal No.124 of 2005 dated 27.11.20`14 (Gujar…

ACIT 18(1), MUMBAI vs. V.S. APTE & SON, MUMBAI

In the result, the appeal filed by the Revenue is dismissed

ITA 6934/MUM/2014[2009-10]Status: DisposedITAT Mumbai05 Aug 2016AY 2009-10

Bench: Shri Jason P. Boaz, Am & Shri Sandeep Gosain, Jm Acit-18(1), Vs. M/S. V. S. Apte & Son, Room No.116,1St Floor, Piramal 325, Adhyaru Industrial Chambers, Parel, Estate, Mumbai-400 012. Lower Parel, Mumbai-400 013. Pan: Aadfv 3228J Appellant .. Respondent

Section 143(3)

…mitted that the interest cannot be allowed in view of the assessee advancing interest free loans to various parties amounting to nearly Rs.2.82 crores, and in order to support his arguments ld. DR relied upon CIT vs. Avery Cycle Industries India Ltd. (2008) 209 CTR 167 (P&H) and CIT vs. Abhisek Industries Ltd. (2006) 286 ITR 1 (P&H). 9. On the other hand ld. AR representing the assessee relied upon the orders passed by CIT(A) and submitted that interest free loan given to the sister concern were partly allowed out of profit generated from the firm. It was argued by ld. AR that the AO has failed to take into co…