CIT v. Bhavnagar Bone, & Fertilizer Co. Ltd.

166 ITR 316High Court1987#19428 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2020 to 2024.

Sections most often in play

Section 143(3)Section 147 Section 14A Section 28(iv)Section 112(1)Section 115JAA Section 133(6)Section 133A

Issues it is cited on

section 28(iv)amalgamation fair market value section 28 transfer section 147 person company section 143(3)india business

Judgments citing CIT v. Bhavnagar Bone, & Fertilizer Co. Ltd.

DCIT, Circle-1(1), Hyderabad vs. Prakash Nimmagadda, Hyderabad, Secunderabad

In the result, appeal filed by the Revenue is dismissed

ITA 974/HYD/2017[2008-09]Status: DisposedITAT Hyderabad16 Dec 2024AY 2008-09

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.974/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2008-09) Dy.Cit Vs. Shri Prakash Nimmagadda Circle 1(1) Hyderabad Hyderabad Pan:Acbpn4246R (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri K.C. Devdas, Ca राज" व "ारा/Revenue By:: Dr. Meghnath Chowhan, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 06/11/2024 घोषणा की तारीख/Pronouncement: 16/12/2024 आदेश/Order Per Vijay Pal Raothis Appeal Filed By The Revenue Is Directed Against The Order, Dated 20/03/2017 Of The Learned Cit (A)-9, Hyderabad, Relating To A.Y.2008-09. 2. The Revenue Has Raised The Following Grounds:

For Appellant: Shri K.C. Devdas, CAFor Respondent: : Dr. Meghnath Chowhan, CIT(DR)

Section 17(2)(c)Section 28

…) Short Term Capital Gains (v) Income from other sources Hence, the provisions of Section 28(iv) cannot be invoked in the appellant's case. This view is supported by the decision of Gujarat High Court in the case of Bhavanagar Bone and Fertiliser Company Ltd (166 ITR 316) and followed by ITAT, Bombay in Rupees Finance and Management Pvt Ltd (120 ITR 539) and later approved by Bombay High Court. 9.3 A benefit/perquisite is either a liability or obligation in the hands of the provider, as held by the Supreme Court in the case of Excel Industries Ltd. (358 JTR 295). It was held that "income accrues when it becomes d…

Assistant Commissioner of Income Tax, Chennai vs. Buhari Holdings Privae Limited, Chennai

Appeal of the assessee is allowed

ITA 325/CHNY/2024[2010-11]Status: DisposedITAT Chennai29 Aug 2024AY 2010-11

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.325/Chny/2024 (िनधा"रणवष" / Assessment Year: 2010-2011) The Assistant Commissioner Of Vs. M/S. Buhari Holdings Pvt. Ltd, Income Tax, No.4, Buhari Towers, Corporate Circle 1(2) Moores Road, Chennai. Chennai 600 006. [Pan Aaacb 2679M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. G. Baskar, Advocate ""यथ" क" ओर से /Respondent By : Shri Arv Srinivasan, Irs, Addl Cit. सुनवाई क" तार"ख/Date Of Hearing : 20.06.2024 घोषणा क" तार"ख /Date Of Pronouncement : 29.08.2024 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Shri. G. Baskar, AdvocateFor Respondent: Shri ARV Srinivasan, IRS, Addl CIT

Section 143(3)Section 147Section 14ASection 28

…s. 28(iv) as it is neither benefit nor perquisite that has arisen to the assessee from the business or in the exercise of a profession. The Hon'ble Gujarat High Court in the case of CIT vs. Bhavnagar Bone & Fertiliser Co. Ltd. (1987) 59 CTR (Guj) 116 : (1987) 166 ITR 316 (Guj) has upheld the Tribunal's finding that there must be a nexus between the business of the assessee and the benefit which the assessee has derived for the purpose of attracting provisions of s. 28(iv). At p. 320 it has observed as follows: "After referring to various decisions, the Tribunal observed, these decisions make it abundantly clear t…

Hero Motocorp Ltd (As Successor of Hero Investment P.Ltd), New Delhi vs. DCIT, Circle 11(1), New Delhi

The appeal is allowed

ITA 1053/DEL/2023[2011-12]Status: DisposedITAT Delhi24 Jul 2024AY 2011-12

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2011-12

Section 143(3)

…of taxability under section 28(iv) of the Act, there must be nexus or 51 connection between the business of the assessee and the benefit/perquisite sought to be taxed. To similar effect the decision in the case of CIT v. Bhavnagar Bone, & Fertilizer Co. Ltd.: 166 ITR 316 (Guj.), was relied. 36.1 Emphatic reliance is placed, by Ld. Sr. Counsel on the decision of the jurisdictional Delhi High Court in the case of Unitech Holdings Ltd. v. DCIT: 240 Taxman 70/290 CTR 201, which he claims was rendered on the facts similar to the present case. He has submitted that in that case, the assessing officer initiated reasses…

Mahindra & Mahindra Ltd, Mumbai vs. Addl CIT Cir 2(2), Mumbai

In the result, this ground of appeal is

ITA 1448/MUM/2016[2005-06]Status: DisposedITAT Mumbai29 Jun 2020AY 2005-06

Bench: Shri Pawan Singh & Shri M Balaganesh(Virtual Hearing) Assessment Year : 2005 – 2006 Mahindra & Mahindra Ltd., Addl Cit Circle 2(2)(2), Mahindra Towers, Worli, Mumbai Mumbai 400 018 Pan Aaacm3025E Vs (Appellant) (Respondent) Assessment Year : 2005 – 2006 Addl Cit Circle 2(2)(2), Mahindra & Mahindra Ltd., Mumbai Mahindra Towers,Worli, Mumbai 400 018 Pan Aaacm3025E Vs (Appellant) (Respondent)

For Appellant: Shri Harish Mahajan -ARFor Respondent: Shri A Mohan CIT-DR

Section 40ASection 40A(9)Section 92C

…a High Court in CIT vs. McDowell & Co. Ltd. [2014] 52 taxmann.com 15 (Karnataka High Court), Grindwell Norton Limited in ITA No. 528/Mum/2012 & 5800/Mum/2013), General Electrodes & Equipments Ltd. (155 ITR 787), CIT vs. Bhavnagar Bone and Fertilizer Ltd. (166 ITR 316), D.P. Sandu Brothers Chember (P) Ltd. (273 ITR 1) & Alchemic P. Ltd. (130 ITR 168) (Guj.). 58. On the other hand, the ld. DR for the revenue supported the order of lower authorities. 59. We have considered the rival submission of both the parties and perused the material available on record. The AO rejected the claim of assessee on the ground…