What is CIT v. Calcutta Discount Co. Ltd. authority for?

Income cannot be assessed on purely notional figures or mere suspicion; it must be based on actual evidence and supporting material demonstrating its accrual or receipt by the assessee. Assessments made without such evidence are bad-in-law.

How many judgments cite CIT v. Calcutta Discount Co. Ltd.?

236 judgments on BharatTax cite CIT v. Calcutta Discount Co. Ltd. (91 ITR 8), spanning 2012 to 2026.

Which sections of the Income Tax Act does CIT v. Calcutta Discount Co. Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 115BBE, Section 132, Section 132(4), Section 142(1), Section 153A.

CIT v. Calcutta Discount Co. Ltd. (91 ITR 8)

ITO Ward 31(4), New Delhi vs. Damini Wadhwa, New Delhi

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

ITA 3146/DEL/2019[2006-07]Status: DisposedITAT Delhi02 Feb 2023AY 2006-07

Bench: Shri Shamim Yahya & Ms. Astha Chandra[Assessment Year: 2006-07]

…trong it may be unless and until such presumption or statement, if any, is corroborated with material evidence. The ratio laid down in Dr. Anita Sahai vs DIT 266 ITR 597 (All.), Dheerajlal Girdharilal vs DCIT 26 ITR 734 (SC), CIT vs Calcutta Discount Co. Ltd. 91 ITR 8(SC), CIT vs Raman & Co. 67 ITR 11 (SC), Modi Creations Pvt. Ltd. vs Income Tax Officer (2011) 13 taxman.com 114(Del.), CIT vs Shree Rama Multitech Ltd. (2013) 34 taxman.com 32 (Guj.) and CIT vs Devine Leasing and Finance Ltd. 158 taxman 440 (Del.) supports our view. Thus, we affirm the stand of the First Appellate Authority, resulting into dismissal…

Aakash Films Pvt. Ltd, Mumbai vs. CIT -50, Mumbai

In the result, Ground No. 2 raised by the assessee is allowed

ITA 1762/MUM/2021[2013-14]Status: DisposedITAT Mumbai22 Nov 2022AY 2013-14

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blem/S. Aakash Films Private Limited V. Income Tax Officer – 16(1)(1) Room No. 436A, Plot No. A-51, Midc Aayakar Bhavan, M.K. Road Marol Industrial Area Next To Aipma Andheri (E), Mumbai - 400093 Mumbai - 400020 Pan: Aahca5657K (Appellant) (Respondent) M/S. Aakash Ashish Realtors Limited V. Cit – 50, Central Circle – 8(3) Cts No. 766, 534 Mumbai S.V. Road, New Oshiwara Station Jogeshwari (W), Mumbai – 400102 Pan: Aaack7241C (Appellant) (Respondent)

Section 133(6)Section 142(1)Section 143(1)Section 143(2)Section 147Section 148

…-» Suspicious cannot take place the evidence 1. DCIT v. Shri Rajeev G. Kalathil, (Mum) (Trib) (ITA No. 6727/M/2012) 2. K.P. Varghese v. ITO, (1981) 131 ITR 579 (SC); 3. CIT v. Roman & Co., (1968) : 67 ITR 11 (SC); 4. CIT v. Calcutta Discount Co. Ltd.', (1973) 91 ITR 8 (SC); 5. Umacharan Shaw & Bros v. CIT1, (1959) 37 ITR 271 (SC) Income assessed without evidence is bad-in-law. Income assessed by revenue without supporting material is not justified. 1. CIT V. BHUVANENDRA 303 ITR 235 (MAD.) 2. VINOD SOLANKI VS. UOI (233) ELT 157 (S.C.) 3. CIT V. KASHIRAM TEXTILE MILLS (P) LTD [2006]284 ITR 61 (GUJ)- 4. SARASWATHI O…

Shri Kamlesh Jayantilal Jhaveri, Ahmedabad vs. Income Tax Officer, Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 1077/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad07 Sept 2022AY 2010-11

Bench: Shri P.M. Jagtap, Vice- & Shri Siddhartha Nautiyalassessment Year : 2010-11 Shri Kamlesh Jayantilal Jhaveri, Income Tax Officer, B/201, Siddh Silla Apartment, Vs Ward 10(1), B/H. Ekta Tower, Barrage Road, Ahmedabad Vasna, Ahmedabad Pan : Aetpj 5973 L (Appellant) (Respondent) Assessee By : Shri Aseem Thakkar, Ar Revenue By : Shri Vijay Kumar, Jaiswal, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 04/08/2022 घोषणा क" तार"ख /Date Of Pronouncement: 07/09/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-: This Appeal Filed By The Assessee Is Directed Against The Order Of Learned Commissioner Of Income-Tax (Appeals), Ahmedabad-5 [“Cit(A) In Short]” Dated 26.02.2015; And, The Solitary Issue Involved Therein Relates To The Addition Made By The Assessing Officer & Confirmed By The Learned Cit(A) On Account Of Disallowance Of Assessee’S Claim For Loss Of Rs.12.64 Crores.

For Appellant: Shri Aseem Thakkar, ARFor Respondent: Shri Vijay Kumar, Jaiswal, CIT-DR

Section 145Section 145(2)

…f the Madras High Court in Sri Ramalinga Choodambikai Mills Lid. v. Commissioner of Income-tax (1955) 28 ITR 952 (Mad) and the earlier decision of the Supreme Court in Commissioner of Income-tax v. A. Raman & Company ' TR 11 (SC) observed at page 13 of [1973] 91 ITR 8 (SC): "But the law does not oblige a trader to make the maximum pro fit that he can out of his trading transactions. Income which accrues to a trader Shri Kamlesh Jayantilal Jhaveri Vs. ITO AY : 2010-11 10 taxable in his hands: income which he could have, but has not earned, is not made taxable as income accrued to him. By adopting a device, if it…

Shri. Dudhganga Vedganga Sahakari Sakhar Karkhana Ltd, Kolhapur vs. Assistant Commissioner of Income-Tax, Circle -1, Kolhapur

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

ITA 1568/PUN/2018[2015-16]Status: DisposedITAT Pune24 Aug 2022AY 2015-16

For Appellant: Shri Pranjal S. PhadnisFor Respondent: Shri Hitendra B. Ninawe

Section 40A(2)(a)Section 40A(2)(b)

…y has not made secret profits nor has received this difference in price back from the members and as such fictional income which is not received by the assessee cannot be taxed in its hands as held by Hon’ble Supreme Court in CIT v. Calcutta Discount Co. Ltd, 91 ITR 8 (SC). b) In some appeals before CIT(A), assessee has relied upon the CBDT Circular No. 117 for the proposition that rebate given by Co-op. Society to its members’ was not disallowable in Society’s hands and therefore the discount given to members in the price of sugar should not be taxed in the hands of the Co-op. Society. In some appeals the CIT(A)…

Ashok Sahakari Sakhar Karkhana Ltd, Ahmednagar vs. Assistant Commissioner of Income-Tax, Ahmednagar Circle, Ahmednagar

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

ITA 1880/PUN/2018[2014-15]Status: DisposedITAT Pune16 Aug 2022AY 2014-15

Bench: Co- Ordinate Bench Of Pune Tribunal In The Case Of Shree Adinath Ssk Ltd. Vs.

For Appellant: Shri Prakash SandbhorFor Respondent: Shri Arvind Desai

…y has not made secret profits nor has received this difference in price back from the members and as such fictional income which is not received by the assessee cannot be taxed in its hands as held by Hon’ble Supreme Court in CIT v. Calcutta Discount Co. Ltd, 91 ITR 8 (SC). b) In some appeals before CIT(A), assessee has relied upon the CBDT Circular No. 117 for the proposition that rebate given by Co-op. Society to its members’ was not disallowable in Society’s hands and therefore the discount given to members in the price of sugar should not be taxed in the hands of the Co-op. Society. In some appeals the CIT(A)…

Tatyasaheb Kore Warana Sahakari Sakhar Karkhana Ltd, Kolhapur vs. Assistant Commissioner of Income-Tax, Circle - 1, Kolhapur

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

ITA 1486/PUN/2018[2015-16]Status: DisposedITAT Pune08 Aug 2022AY 2015-16

Bench: Co- Ordinate Bench Of Pune Tribunal In The Case Of Shree Adinath Ssk Ltd. Vs. Acit In Ita No. 485/Pun/2019 For A.Y. 2013-14, Order Dated 11-05-2022, Wherein It Has Been Observed & Held As Under:

For Appellant: Shri M.K. Kulkarni &For Respondent: Shri S.P. Walimbe

…y has not made secret profits nor has received this difference in price back from the members and as such fictional income which is not received by the assessee cannot be taxed in its hands as held by Hon’ble Supreme Court in CIT v. Calcutta Discount Co. Ltd, 91 ITR 8 (SC). b) In some appeals before CIT(A), assessee has relied upon the CBDT Circular No. 117 for the proposition that rebate given by Co-op. Society to its members’ was not disallowable in Society’s hands and therefore the discount given to members in the price of sugar should not be taxed in the hands of the Co-op. Society. In some appeals the CIT(A)…

Vaidyanath Kedeshwar Sakhar Udyog, Beed vs. Deputy Commissioner of Income-Tax, Ahmednagar Circle, Ahmednagar

Appeal is allowed for statistical purposes in above terms

ITA 444/PUN/2018[2012-13]Status: DisposedITAT Pune15 Jul 2022AY 2012-13

For Appellant: NoneFor Respondent: Shri Rajeev Kumar

Section 143(3)

…y has not made secret profits nor has received this difference in price back from the members and as such fictional income which is not received by the assessee cannot be taxed in its hands as held by Hon’ble Supreme Court in CIT v. Calcutta Discount Co. Ltd, 91 ITR 8 (SC). b) In some appeals before CIT(A), assessee has relied upon the CBDT Circular No. 117 for the proposition that rebate given by Co-op. Society to its members’ was not disallowable in Society’s hands and therefore the discount given to members in the price of sugar should not be taxed in the hands of the Co-op. Society. In some appeals the CIT(A)…

Karmayogi Shankarraoji Patil Ssk Ltd, Pune vs. Deputy Commissioner of Income-Tax, Circle - 14, Pune

In the result, assessee’s appeal is partly allowed in above terms

ITA 1152/PUN/2018[2015-16]Status: DisposedITAT Pune07 Jul 2022AY 2015-16

For Appellant: Shri Hemant D. DhavleFor Respondent: Shri S.P. Walimbe

Section 143(3)

…y has not made secret profits nor has received this difference in price back from the members and as such fictional income which is not received by the assessee cannot be taxed in its hands as held by Hon’ble Supreme Court in CIT v. Calcutta Discount Co. Ltd, 91 ITR 8 (SC). b) In some appeals before CIT(A), assessee has relied upon the CBDT Circular No. 117 for the proposition that rebate given by Co-op. Society to its members’ was not disallowable in Society’s hands and therefore the discount given to members in the price of sugar should not be taxed in the hands of the Co-op. Society. In some appeals the CIT(A)…

DCIT, Circle - 3(1), Kolkata vs. Shri Ramesh Prasad Sao, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 490/KOL/2018[2013-14]Status: DisposedITAT Kolkata19 May 2022AY 2013-14

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Girish Agrawal

Section 143(2)Section 143(3)Section 40A(3)

…ision cited by the authorised representative in the case of CIT Vs. Calcutta Discount Co. Ltd. (1971) 82 ITR 941 (CAL) by the Hon'ble Calcutta High Court which is the jurisdictional court in the case:, and later affirmed by the Hon'ble Supreme Court in [1973] 91 ITR 8(SC), is found to be applicable to the facts of the appellant's case. Therefore, respectfully following the decision of the hon'ble jurisdictional High Court and the facts of the instant case, it is held that the action of the Assessing Officer in making the impugned addition of Rs.1,04,64,28,541/- made by the A.O on account of alleged suppression of…

Shree Adinath Ssk Ltd, Solapur vs. Assistant Commissioner of Income-Tax, Circle -1, Solapur

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

ITA 485/PUN/2019[2013-14]Status: DisposedITAT Pune11 May 2022AY 2013-14

For Appellant: Shri Prasanna Joshi (through virtual)For Respondent: Shri Sardar Singh Meena (through physical)

Section 40A(2)(a)Section 40A(2)(b)

…y has not made secret profits nor has received this difference in price back from the members and as such fictional income which is not received by the assessee cannot be taxed in its hands as held by Hon’ble Supreme Court in CIT v. Calcutta Discount Co. Ltd, 91 ITR 8 (SC). b) In some appeals before CIT(A), assessee has relied upon the CBDT Circular No. 117 for the proposition that rebate given by Co-op. Society to its members’ was not disallowable in Society’s hands and therefore the discount given to members in the price of sugar should not be taxed in the hands of the Co-op. Society. In some appeals the CIT(A)…