CIT v. Bakelite Hylam Ltd.

237 ITR 392High Court1999#4896 most cited

What is CIT v. Bakelite Hylam Ltd. authority for?

An assessing authority is entitled to determine the quantum of refund during a regular assessment made under section 143(3), and the assessed income can fall below the returned income.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2016 to 2025.

Also referred to as

CIT v. Bakelite Hylam Ltd. · 237 ITR 392 · 1999 · HC · section 143(3) · assessed income below returned income · quantum of refund · regular assessment · CBDT circular 549

Also reported as

107 Taxmann 429

Sections most often in play

Section 143(3)Section 133(6)Section 147Section 14ASection 143(2)Section 115-OSection 17(2)(vi)Section 17(iv)

Issues it is cited on

perquisite valuesection 17(2)(iiia)principal purpose testmultilateral instrumentsection 90(1)section 10(15)fixed place petreaty benefitsppttax residency certificateazadi bachao andolanstrategic investment

Judgments citing CIT v. Bakelite Hylam Ltd.

Ramalingam Ellalan, Erode vs. ACIT, Central Circle-2, Coimbatore

In the result, the appeal of the assessee is partly allowed

ITA 1129/CHNY/2025[2018-19]Status: DisposedITAT Chennai14 Oct 2025AY 2018-19

Bench: Shri M. Balaganesh & Shri S.S. Viswanethra Raviआयकरअपीलसं./Ita No.:1129/Chny/2025 धििाारणवर्ा / Assessment Year:2018-19 Ramalingam Ellalan, The Assistant Commissioner 279/1, Sathy Road, Vs. Of Income Tax, Erode – 638 003. Central Circle-2 Tamil Nadu. Coimbatore. [Pan:Aafpe-9379-M] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थीकीओरसे/Appellant By : Mr. N. Arjun Raj, Advocate. प्रत्यर्थीकीओरसे/Respondent By : Ms. R. Anitha, Cit.

For Appellant: Mr. N. Arjun Raj, AdvocateFor Respondent: Ms. R. Anitha, CIT
Section 115BSection 133ASection 139(4)Section 143(1)Section 147Section 148

…e of an assessee erroneously offering a particular receipt in the return of income and bring it to tax. Reliance in this regard has been rightly placed by the Learned AR on the following:- :-7-: ITA. No:1129/Chny/2025 a) CIT vs Bakelite Hylam Ltd reported in 237 ITR 392 (AP) b) Gujarat Gas Co. Ltd vs JCIT reported in 245 ITR 84 (Guj) c) Milton Laminates Ltd vs CIT reported in 37 taxmann.com 249 (Guj) d) CBDT Circular No. 14 dated 11-4-1955 wherein CBDT has emphasized that the Department should not take advantage of the assessee's ignorance to collect more tax out of him than the liability due from him. This Circ…

Sky High II Leasing Company Limited, Mumbai vs. The Assistant Commissioner of Income Tax (International Tax) Circle 4(2)(1), Mumbai

ITA 1550/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Oct 2025AY 2022-23

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

Section 143(3)Section 9(1)(vi)

…over assessed. Reliance in this regard is placed on the following decisions: Sr. Case Law Citation No. 1 Gujarat Gas Ltd. v. JCIT (2000) 245 ITR 84 (Guj HC) 2 Milton Laminates Ltd. v. CIT [2013] 37 taxmann.com 249 (Guj HC) 3 CIT v. Bakelite Hylam Ltd. [1999] 237 ITR 392 (AP HC) 4 Orix Auto Infrastructure ITA no. Services Limited v. DCIT 5408/Mum/2019 (Mum- Trib.) 64. Without prejudice to the above, the Appellant submits that the said amount has been inadvertently taxed twice by the department and it has made addition of the entire receipts including the said interest on deferred lease. 65. In view of the above…

Sky High Lxxx Leasing Company Limited, Mumbai vs. The Assistant Commissioner of Income Tax (International Tax) Circle 4(2)(1), Mumbai

ITA 1549/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Oct 2025AY 2022-23

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

Section 143(3)Section 9(1)(vi)

…over assessed. Reliance in this regard is placed on the following decisions: Sr. Case Law Citation No. 1 Gujarat Gas Ltd. v. JCIT (2000) 245 ITR 84 (Guj HC) 2 Milton Laminates Ltd. v. CIT [2013] 37 taxmann.com 249 (Guj HC) 3 CIT v. Bakelite Hylam Ltd. [1999] 237 ITR 392 (AP HC) 4 Orix Auto Infrastructure ITA no. Services Limited v. DCIT 5408/Mum/2019 (Mum- Trib.) 64. Without prejudice to the above, the Appellant submits that the said amount has been inadvertently taxed twice by the department and it has made addition of the entire receipts including the said interest on deferred lease. 65. In view of the above…

Sky High Lxxviii Leasing Company Limited, Mumbai vs. The Assistant Commissioner of Income Tax (International Tax) Circle 4(2)(1), Mumbai

ITA 1548/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Oct 2025AY 2022-23

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

Section 143(3)Section 9(1)(vi)

…over assessed. Reliance in this regard is placed on the following decisions: Sr. Case Law Citation No. 1 Gujarat Gas Ltd. v. JCIT (2000) 245 ITR 84 (Guj HC) 2 Milton Laminates Ltd. v. CIT [2013] 37 taxmann.com 249 (Guj HC) 3 CIT v. Bakelite Hylam Ltd. [1999] 237 ITR 392 (AP HC) 4 Orix Auto Infrastructure ITA no. Services Limited v. DCIT 5408/Mum/2019 (Mum- Trib.) 64. Without prejudice to the above, the Appellant submits that the said amount has been inadvertently taxed twice by the department and it has made addition of the entire receipts including the said interest on deferred lease. 65. In view of the above…

Sky High Lxxix Leasing Company Limited, Mumbai vs. The Assistant Commissioner of Income Tax (International Tax) Circle 4(2)(1), Mumbai

ITA 1546/MUM/2025[2022-23]Status: DisposedITAT Mumbai06 Oct 2025AY 2022-23

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

Section 143(3)Section 9(1)(vi)

…over assessed. Reliance in this regard is placed on the following decisions: Sr. Case Law Citation No. 1 Gujarat Gas Ltd. v. JCIT (2000) 245 ITR 84 (Guj HC) 2 Milton Laminates Ltd. v. CIT [2013] 37 taxmann.com 249 (Guj HC) 3 CIT v. Bakelite Hylam Ltd. [1999] 237 ITR 392 (AP HC) 4 Orix Auto Infrastructure ITA no. Services Limited v. DCIT 5408/Mum/2019 (Mum- Trib.) 64. Without prejudice to the above, the Appellant submits that the said amount has been inadvertently taxed twice by the department and it has made addition of the entire receipts including the said interest on deferred lease. 65. In view of the above…

Bajaj Electricals Ltd, Mumbai vs. Addl CIT 2(1), Mumbai

ITA 111/MUM/2016[2011-12]Status: DisposedITAT Mumbai01 Jul 2025AY 2011-12

Bench: Hon'Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

Section 115Section 14ASection 250

…ver was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Ltd. [1999] 107 Taxman 429/237 ITR 392 as well Hon;ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. v. Jt. CIT [2000] 111 Taxman 144/245 ITR 84 has taken a similar view. Hon'ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. (supro) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while arriving at the sa…

Bajaj Electricals Ltd, Mumbai vs. Addl CIT 2(1), Mumbai

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

ITA 110/MUM/2016[2010-11]Status: DisposedITAT Mumbai01 Jul 2025AY 2010-11

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…ver was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Ltd. [1999] 107 Taxman 429/237 ITR 392 as well Hon;ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. v. Jt. CIT [2000] 111 Taxman 144/245 ITR 84 has taken a similar view. Hon'ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. (supro) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while arriving at the sa…

DCIT 2(1)(1), Mumbai vs. Bajaj Electricals Ltd, Mumbai

ITA 5750/MUM/2015[2011-12]Status: DisposedITAT Mumbai01 Jul 2025AY 2011-12

Bench: Hon'Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Appellant: Shri Nitesh S. Joshi, ARFor Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…ver was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Ltd. [1999] 107 Taxman 429/237 ITR 392 as well Hon;ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. v. Jt. CIT [2000] 111 Taxman 144/245 ITR 84 has taken a similar view. Hon'ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. (supro) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while arriving at the sa…

DCIT 2(1)(1), Mumbai vs. Bajaj Electricals Ltd, Mumbai

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

ITA 5749/MUM/2015[2010-11]Status: DisposedITAT Mumbai01 Jul 2025AY 2010-11

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…ver was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Ltd. [1999] 107 Taxman 429/237 ITR 392 as well Hon;ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. v. Jt. CIT [2000] 111 Taxman 144/245 ITR 84 has taken a similar view. Hon'ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. (supro) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while arriving at the sa…

Bajaj Electricals Ltd, Mumbai vs. Addl CIT 2(1), Mumbai

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

ITA 4172/MUM/2013[2009-10]Status: DisposedITAT Mumbai01 Jul 2025AY 2009-10

Bench: Hon’Ble Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

For Respondent: Shri Rakesh Ranjan-CIT-DR &
Section 115Section 14ASection 250

…ver was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon'ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Ltd. [1999] 107 Taxman 429/237 ITR 392 as well Hon;ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. v. Jt. CIT [2000] 111 Taxman 144/245 ITR 84 has taken a similar view. Hon'ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. (supro) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while arriving at the sa…

ACIT- 4 2 1, Mumbai City vs. Hathway Investments Pvt Ltd, Mumbai

In the result, both the revenue’s appeals are dismissed, whereas the cross objections filed by the Assessee’s are allowed, for statistical purposes

ITA 1482/MUM/2025[2014-15]Status: DisposedITAT Mumbai06 Jun 2025AY 2014-15

Bench: Shri Narender Kumar Choudhryshri Prabhash Shankar & Co No. 90/Mum/2025 {Assessment Year: 2014-15} A N D & Co No. 91/Mum/2025 {Assessment Year: 2017-18}

For Appellant: Shri Priyesh Vora (Virtually)For Respondent: Shri Himanshu Joshi (SR DR)
Section 10(34)Section 115Section 142(1)Section 14ASection 250

…come which never was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon‟ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Limited(1999) 237 ITR 392(AP) as well Hon’ble Gujarat High Court in the case of Gujarat Gas Company Limited v. JCIT reported in (2000) 245 ITR 84(Guj) has taken a similar view. Hon‟ble Gujarat High Court in the case of Gujarat Gas Company Limited(supra) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while ar…

Assistant Commissioner of Income Tax, Mumbai City vs. Hathway Investments Pvt Ltd, Mumbai

In the result, both the revenue’s appeals are dismissed, whereas the cross objections filed by the Assessee’s are allowed, for statistical purposes

ITA 1481/MUM/2025[2017-18]Status: DisposedITAT Mumbai06 Jun 2025AY 2017-18

Bench: Shri Narender Kumar Choudhryshri Prabhash Shankar & Co No. 90/Mum/2025 {Assessment Year: 2014-15} A N D & Co No. 91/Mum/2025 {Assessment Year: 2017-18}

For Appellant: Shri Priyesh Vora (Virtually)For Respondent: Shri Himanshu Joshi (SR DR)
Section 10(34)Section 115Section 142(1)Section 14ASection 250

…come which never was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon‟ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Limited(1999) 237 ITR 392(AP) as well Hon’ble Gujarat High Court in the case of Gujarat Gas Company Limited v. JCIT reported in (2000) 245 ITR 84(Guj) has taken a similar view. Hon‟ble Gujarat High Court in the case of Gujarat Gas Company Limited(supra) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while ar…

Hathway Investment Pvt Ltd., Mumbai vs. Asst CIT Circle-12 (2)(2), Mumbai

In the result, appeal is partly allowed

ITA 7105/MUM/2019[2015-16]Status: DisposedITAT Mumbai30 Mar 2022AY 2015-16
For Appellant: Shri Vijay Mehta
Section 143(3)Section 14ASection 250

…come which never was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon‟ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Limited(1999) 237 ITR 392(AP) as well Hon;ble Gujarat High Court in the case of Gujarat Gas Company Limited v. JCIT reported in (2000) 245 ITR 84(Guj) has taken a similar view. Hon‟ble Gujarat High Court in the case of Gujarat Gas Company Limited(supra) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while ar…

Hathway Investment Pvt Ltd., Mumbai vs. Asst CIT Circle-12 (2)(2), Mumbai

In the result, appeal of the assessee is partly allowed, in terms aforesaid

ITA 7106/MUM/2019[2012-13]Status: DisposedITAT Mumbai31 Jan 2022AY 2012-13
For Appellant: Sh. Vijay MehtaFor Respondent: Ms. Smitha Nair
Section 143(3)Section 14A

…come which never was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon‟ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Limited(1999) 237 ITR 392(AP) as well Hon;ble Gujarat High Court in the case of Gujarat Gas Company Limited v. JCIT reported in (2000) 245 ITR 84(Guj) has taken a similar view. Hon‟ble Gujarat High Court in the case of Gujarat Gas Company Limited(supra) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while ar…

Jiten Bhavanji Vora, Mumbai vs. DCIT, CC- 7(4), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 6670/MUM/2019[2016-17]Status: DisposedITAT Mumbai21 Oct 2020AY 2016-17
Section 132Section 271A

…ty is bound to be limited." Thus, it is incumbent upon the Income Tax Department to grant relief to the Assessee if any amount though offered to tax is not taxable. (vii) The Hon'ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Ltd. [1999] 237 ITR 392(AP)(HC)[Pg 96-101 of P.Book II] as well Hon;ble Gujarat High Court in the case of Gujarat Gas Co. Ltd. v. Jt. CIT [2000] 245 ITR 84(Guj)(HC) [Pg 107-126 of P.Book II] has held after considering CBDT circular Circular No. 549, dated 31-10-1989 that Assessed income can fall below the returned income. In CIT v Bakelite Hylam Ltd (Supra) it was held…

Deputy Commissioner of Income Tax 8(1)(2), Mumbai vs. Sajjan India Ltd, Mumbai

In the result the appeal of the assessee and revenue for AY 2011-12 are partly allowed as indicated above

ITA 4729/MUM/2017[2012-13]Status: DisposedITAT Mumbai29 Jan 2019AY 2012-13

Bench: Shri Pawan Singh & Shri Manoj Kumar Aggarwaldcit-8(1)(2) M/S Sajjan India Ltd., Room No. 651, 6Th Floor, Matulya Centre, ‘A’ No.2, Aayakar Bhavan, M.K. Road, Ground Floor, Senapati Bapat Mumbai-20. Marg, Lower Parel, Vs. Mumbai-400013. Pan: Aaacs6498M Appellant Respondent Appellant By : Shri Chaudhary Arun Kumar Singh (Dr) Respondent By : Shri S.L. Jain (Ca) Date Of Hearing : 29.01.2019 Date Of Pronouncement : 29.01.2019 Order Under Section 254(1)Of Income Tax Act

For Appellant: Shri Chaudhary Arun KumarFor Respondent: Shri S.L. Jain (CA)
Section 143(3)Section 14ASection 254(1)Section 8D(2)(ii)

…ome which never was the income of the assessee chargeable to tax within the mandate and provisions of the 1961 Act as the tax can only be levied by the authority of law. The Hon‟ble Andhra Pradesh High Court in the case of CIT v. Bakelite Hylam Limited (1999) 237 ITR 392(AP) as well Hon;ble Gujarat High Court in the case of Gujarat Gas Company Limited v. JCIT reported in (2000) 245 ITR 84(Guj) has taken a similar view. Hon‟ble Gujarat High Court in the case of Gujarat Gas Company Limited(supra) has arrived at the said decision after considering CBDT circular No. 549 dated 31-10-1989 (1990) 182 ITR (st) 1 while ar…

Assistant Commissioner of Income Tax, Circle-5, Jaipur vs. M/S Associated Soapstone Distributing Co. Pvt. Ltd., Jaipur

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 640/JPR/2018[2014-15]Status: DisposedITAT Jaipur26 Nov 2018AY 2014-15
For Appellant: Shri Rajeev Sogani(C.A.) &For Respondent: Shri K.C. Gupta (JCIT)
Section 143(3)Section 32Section 36(1)(va)Section 37(1)Section 43B

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 489/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2014-2015 cuke M/s Associated Soapstone Distributing The ACIT, Vs. Co. Pvt. Ltd., Circle-5 Golcha Gardens, Agra Road, Jaipur. Jaipur-302003. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAGCA 2491 N vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 640/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2014-1…

M/S Associated Soapstone Distributing Co. Pvt. Ltd., Jaipur vs. Assistant Commissioner of Income Tax, Circle-5, Jaipur

In the result, the appeal of the assessee is allowed and the appeal of the Revenue is dismissed

ITA 489/JPR/2018[2014-15]Status: DisposedITAT Jaipur26 Nov 2018AY 2014-15
For Appellant: Shri Rajeev Sogani(C.A.) &For Respondent: Shri K.C. Gupta (JCIT)
Section 143(3)Section 32Section 36(1)(va)Section 37(1)Section 43B

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”B” JAIPUR Jh fot; iky jko] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 489/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2014-2015 cuke M/s Associated Soapstone Distributing The ACIT, Vs. Co. Pvt. Ltd., Circle-5 Golcha Gardens, Agra Road, Jaipur. Jaipur-302003. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAGCA 2491 N vihykFkhZ@Appellant izR;FkhZ@Respondent vk;dj vihy la-@ITA No. 640/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2014-1…

Eureka Forbes Ltd., Kolkata vs. ACIT, RG-10, Kolkata

In the result, the appeal of the assessee is partly allowed

ITA 239/KOL/2015[2009-2010]Status: DisposedITAT Kolkata13 Apr 2018AY 2009-2010

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 239/Kol/2015 Assessment Year : 2009-10 Eureka Forbes Ltd. -Vs- Acit, Range-10, Kolkata [Pan: Aaace 5767 F ] (Appellant) (Respondent)

For Appellant: Shri Samir Chakraborty, ARFor Respondent: Shri A. Bhattacharjee, Addl. CIT
Section 143(3)Section 14ASection 154

…l settled that the true income of the assessee is to be determined as per the provisions of the Act and as per law. Reliance in this regard is placed on the following decisions :- 7 M/s Eureka Forbs Ltd. A.Yr. 2009-10 a) CIT vs Bakelite Hylam Ltd reported in 237 ITR 392 (AP) b) Gujarat Gas Co. Ltd vs JCIT reported in 245 ITR 84 (Guj) c) Milton Laminates Ltd vs CIT reported in 37 taxmann.com 249 (Guj) 7.2. There is no dispute on the fact that no disallowance is to be made under Rule 8D(2)(i) of the Rules in the instant case. 7.3. With regard to disallowance to be made under Rule 8D(2)(iii) of the Rules, we hold…

JCIT, (OSD), Cir-8(1), Kolkata vs. M/S Hi-Tech Systems & Services Ltd., Kolkata

In the result, both the appeals of the revenue as well as the cross objections of the assessee are dismissed

ITA 1196/KOL/2016[2008-09]Status: DisposedITAT Kolkata07 Mar 2018AY 2008-09

Bench: Hon’Ble Shri Aby. T. Varkey, Jm & Shri M.Balaganesh, Am ] I.T.A Nos. 1194-1196/Kol/2016 Assessment Years : 2006-07, 2007-08 & 2008-09 Jcit, Osd, Circle-8(1), Kolkata -Vs- M/S Hi-Tech Systems & Services Ltd. [Pan: Aaach 6621 F] (Appellant) (Respondent) C.O. Nos. 43-45/Kol/2016 (Arising Out Of I.T.A Nos. 1194-1196/Kol/2016) Assessment Years : 2006-07, 2007-08 & 2008-09 M/S Hi-Tech Systems & Services Ltd. -Vs- Jcit, Osd, Circle-8(1), Kolkata [Pan: Aaach 6621 F] (Appellant) (Respondent)

For Appellant: Shri Arindam Bhattacharjee, Addl. CITFor Respondent: Shri Subash Agarwal, Advocate
Section 143(3)Section 154Section 28Section 29Section 32Section 32(1)Section 80I

…ssee further submitted that the income assessed u/s 143(3) of the Act can be modified even if the same has gone below the returned income. In support of this proposition, it placed reliance on the following decisions:- a) CIT vs Bakelite Hylam Ltd reported in 237 ITR 392 (AP) b) Gujarat Gas Co. Ltd vs JCIT reported in 245 ITR 84 (Guj) c) Milton Laminates Ltd vs CIT reported in 37 taxmann.com 249 (Guj) 6. The ld CITA in this regard observed :- “I have carefully gone through the submissions of AR of the appellant along with the judgments relied upon by him. I have also perused the rectification order u/s. 154. On…