CIT v. British Paint

235 ITR 412Reported decision#17312 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,607 Indian tax judgments — from 2023 to 2023.

Issues it is cited on

interest on refundsection 115jasection 80hsection 35dsection 145asection 80hhcsection 80hhinterest on securitiessection 244adeduction u/s 80iabusiness connectionbusiness expediency

Judgments citing CIT v. British Paint

DCIT Cir - 3(1), Mumbai vs. M/S. Bajaj Auto Ltd., Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 573/MUM/2007[2000-2001]Status: DisposedITAT Mumbai28 Nov 2023AY 2000-2001

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

…g to Rs.2,49,55,431/-. 47. In the appeal, the ld. CIT(A) held that corresponding opening stock should also be adjusted. He also referred the decision of Hon’ble Supreme Court in the case of CIT Vs. British Paint 188 ITR 44 (SC) and CIT Vs. Agrawal Enterprise 235 ITR 412 that real income can be ascertained on the basis of the real value of opening and closing stock. The ld. CIT(A) has also referred the decision of Hon’ble Supreme Court in the case of Sampath Ram Vs. CIT (1953) 24 ITR 481 (SC) and CIT Vs. Indo Nippon Chemicals Company Ltd. 164 CTR (Bom) 78 wherein it is held that closing inventory is to be adjuste…

M/S. Bajaj Auto Ltd., Mumbai vs. The Dy CIT Cir 3(1), Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 3055/MUM/2005[2000-2001]Status: DisposedITAT Mumbai28 Nov 2023AY 2000-2001

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

…g to Rs.2,49,55,431/-. 47. In the appeal, the ld. CIT(A) held that corresponding opening stock should also be adjusted. He also referred the decision of Hon’ble Supreme Court in the case of CIT Vs. British Paint 188 ITR 44 (SC) and CIT Vs. Agrawal Enterprise 235 ITR 412 that real income can be ascertained on the basis of the real value of opening and closing stock. The ld. CIT(A) has also referred the decision of Hon’ble Supreme Court in the case of Sampath Ram Vs. CIT (1953) 24 ITR 481 (SC) and CIT Vs. Indo Nippon Chemicals Company Ltd. 164 CTR (Bom) 78 wherein it is held that closing inventory is to be adjuste…

The DCIT 3(1), Mumbai vs. M/S. Bajajaj Auto Ltd., Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 2655/MUM/2005[2000-2001]Status: DisposedITAT Mumbai28 Nov 2023AY 2000-2001

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

…g to Rs.2,49,55,431/-. 47. In the appeal, the ld. CIT(A) held that corresponding opening stock should also be adjusted. He also referred the decision of Hon’ble Supreme Court in the case of CIT Vs. British Paint 188 ITR 44 (SC) and CIT Vs. Agrawal Enterprise 235 ITR 412 that real income can be ascertained on the basis of the real value of opening and closing stock. The ld. CIT(A) has also referred the decision of Hon’ble Supreme Court in the case of Sampath Ram Vs. CIT (1953) 24 ITR 481 (SC) and CIT Vs. Indo Nippon Chemicals Company Ltd. 164 CTR (Bom) 78 wherein it is held that closing inventory is to be adjuste…

M/S. Bajaj Auto Ltd., Mumbai vs. The Dy CIT RG 3(1), Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 2125/MUM/2005[1999-2000]Status: DisposedITAT Mumbai28 Nov 2023AY 1999-2000

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

…g to Rs.2,49,55,431/-. 47. In the appeal, the ld. CIT(A) held that corresponding opening stock should also be adjusted. He also referred the decision of Hon’ble Supreme Court in the case of CIT Vs. British Paint 188 ITR 44 (SC) and CIT Vs. Agrawal Enterprise 235 ITR 412 that real income can be ascertained on the basis of the real value of opening and closing stock. The ld. CIT(A) has also referred the decision of Hon’ble Supreme Court in the case of Sampath Ram Vs. CIT (1953) 24 ITR 481 (SC) and CIT Vs. Indo Nippon Chemicals Company Ltd. 164 CTR (Bom) 78 wherein it is held that closing inventory is to be adjuste…

The Dy CIT RG 3(1), Mumbai vs. M/S. Bajaj Auto Ltd, Mumbai

In the result, the appeals filed by the assesse are partly allowed and the appeals filed by the revenue are dismissed

ITA 1933/MUM/2005[1999-2000]Status: DisposedITAT Mumbai28 Nov 2023AY 1999-2000

Bench: Aby T Varkey & Shri Amarjit Singh

For Appellant: Ms. Vasanti Patel & Shri CharuFor Respondent: Shri. Krishna Bandi
Section 143(2)Section 143(3)

…g to Rs.2,49,55,431/-. 47. In the appeal, the ld. CIT(A) held that corresponding opening stock should also be adjusted. He also referred the decision of Hon’ble Supreme Court in the case of CIT Vs. British Paint 188 ITR 44 (SC) and CIT Vs. Agrawal Enterprise 235 ITR 412 that real income can be ascertained on the basis of the real value of opening and closing stock. The ld. CIT(A) has also referred the decision of Hon’ble Supreme Court in the case of Sampath Ram Vs. CIT (1953) 24 ITR 481 (SC) and CIT Vs. Indo Nippon Chemicals Company Ltd. 164 CTR (Bom) 78 wherein it is held that closing inventory is to be adjuste…

CIT v. British Paint (235 ITR 412) — Cited in 5 Judgments | BharatTax