CIT v. Chipsoft Technology (P.) Ltd.

210 Taxmann 173High Court2012#4931 most cited

What is CIT v. Chipsoft Technology (P.) Ltd. authority for?

A trading liability that becomes time-barred, such as unpaid employee dues outstanding for many years, is considered a cessation of liability under Section 41(1) and must be added to the assessee's income.

24

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Chipsoft Technology · section 41(1) · cessation of trading liability · time-barred liability · employee dues · sundry creditors · business income · income tax act

Also reported as

26 Taxmann.com 109

Sections most often in play

Section 133(6)Section 142(1)Section 143(3)Section 271(1)(c)Section 41(1)
Read the full judgment

Issues it is cited on

section 41(1)section 41sundry creditorstotal incomebusiness

Judgments citing CIT v. Chipsoft Technology (P.) Ltd.

ITO 2(1)(1), Mumbai vs. Tata Motors Ltd, Mumbai

In the result, appeal of the revenue is dismissed

ITA 4822/MUM/2011[2002-03]Status: DisposedITAT Mumbai27 Sept 2017AY 2002-03

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm Co No.193/Mum/2012 (Assessment Year :2002-03) Ito 2(1)(1) Vs. M/S. Tata Motors Ltd., R.No.552, Aayakar Bhavan Bombay House, Mumbai 24, Homi Modi Street Fort, Mumbai Pan/Gir No. Aaact2727Q Appellant) .. Respondent)

Section 143(3)Section 147Section 148Section 35DSection 41

…IN THE INCOME TAX APPELLATE TRIBUNAL “E”, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI AMARJIT SINGH, JM CO No.193/Mum/2012 (Assessment Year :2002-03) ITO 2(1)(1) Vs. M/s. Tata Motors Ltd., R.No.552, Aayakar Bhavan Bombay House, Mumbai 24, Homi Modi Street Fort, Mumbai PAN/GIR No. AAACT2727Q Appellant) .. Respondent) Revenue by Shri Anadi Varma, CIT (DR) Assessee by Shri Dinesh Vyas Date of Hearing 04/07/2017 Date of Pronouncement 27/09/2017 आदेश / O R D E R PER R.C.SHARMA (A.M): This is an appeal filed by the Revenue and Cross Objection by assessee against the order of CIT(A)-6, Mumbai dated 11/03/2011…

Shanti Lal Bhandari, Jaipur vs. ITO, Jaipur

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

ITA 73/JPR/2016[2012-13]Status: DisposedITAT Jaipur17 Apr 2017AY 2012-13
For Appellant: Shri B.P. Moondra (CA)For Respondent: Shri R.A. Verma (Addl.CIT)
Section 145(3)Section 41(1)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES (SMC), JAIPUR Jh Hkkxpan] ys[kk lnL;] ds le{k BEFORE: SHRI BHAGCHAND, ACCOUNTANT MEMBER vk;dj vihy la-@ITA No. 73/JP/2016 fu/kZkj.k o"kZ@Assessment Year : 2012-13 cuke Shanti Lal Bhandari, Income Tax Officer, Vs. 80, Usha Colony, Malviya Ward-6(1), Nagar, Jaipur. Jaipur. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAYPB 1171 F vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri B.P. Moondra (CA) jktLo dh vksj ls@ Revenue by : Shri R.A. Verma (Addl.CIT) lquokbZ dh rkjh[k@ Date of Hearing : 0…

M/S. Shabina Steels, Bangalore vs. ACIT, Circle 2(3)(1), Bangalore

In the result, the assessee’s appeal is allowed

ITA 1702/BANG/2016[2012-13]Status: DisposedITAT Bangalore07 Dec 2016AY 2012-13

Bench: Shri George George K

For Appellant: Shri. S. Ganesh RaoFor Respondent: Smt. S. Praveena, Addl. CIT
Section 41(1)

…ITA.1702/Bang/2016 Page - 1 IN THE INCOME TAX APPELLATE TRIBUNAL SMC, BENGALURU BENCH 'B', BENGALURU BEFORE SHRI GEORGE GEORGE K, JUDICIAL MEMBER I.T.A No.1702/Bang/2016 (Assessment Year : 2012-13) M/s. Shabina Steels, No.12, Dresser Rajappa Lane, SJP Road, Bengaluru 560 002 .. Appellant PAN : AAFFS9512G v. Asst. Commissioner of Income-tax, Circle -2(3)(1), Bengaluru .. Respondent Assessee by : Shri. S. Ganesh Rao Revenue by : Smt. S. Praveena, Addl. CIT Heard on : 01.12.2016 Pronounced on : 07.12.2016 O R D E R PER GEORGE GEORGE K, JUDICIAL MEMBER : This appeal, at the instance of the assessee, is d…

ACIT vs. M/S Alvares & Thomas

ITA 1676/BANG/2013[2010-11]Status: DisposedITAT Bangalore14 Aug 2015AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2010-11

For Appellant: Shri Sunil Kumar Agarwala, Jt. CIT(DR)For Respondent: Shri S. Venkatesan, CA
Section 131(1)(d)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER Assessment year : 2010-11 The Assistant Commissioner of Vs. M/s. Alvares & Thomas, Income Tax, 3-9-742, ‘Alvares Centre’, Circle 1(1), Vivekananda Road, Nanthoor, Bangalore. Mangalore. PAN : AAFFA 0107K APPELLANT RESPONDENT Appellant by : Shri Sunil Kumar Agarwala, Jt. CIT(DR) Respondent by : Shri S. Venkatesan, CA Date of hearing : 05.08.2015 Date of Pronouncement : 14.08.2015 O R D E R Per N.V. Vasudevan, Judicial Member This is an appeal by the Revenue agai…