CIT v. Concord Industries Ltd.

119 ITR 458High Court1979#22265 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2018.

Judgments citing CIT v. Concord Industries Ltd.

DCIT 9(2)(2), MUMBAI vs. CREDILA FINANCIAL SERVICES P.LTD, MUMBAI

ITA 1491/MUM/2016[2012-13]Status: DisposedITAT Mumbai16 Feb 2018AY 2012-13

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.1491/Mum/2016 (नििाारण वर्ा / Assessment Year: 2012-13) बिाम/ Dcit 9(2)(2) Credila Financial Services R.No. 665A, 6 T H Floor, Private Ltd., Aayakar Bhavan, Mk Road, B-301 Citi Point, V. Mumbai-400020 Next To Kohinoor Continental Andheri Kurla Road, Andheri(E), Mumbai 400056 स्थायी ऱेखा सं./ Pan : Aaccc8789P (अपीऱाथी /Appellant) .. (प्रत्यथी / Respondent)

For Appellant: Shri. Nitesh JoshiFor Respondent: Shri. Rajat Mittal

Section 143(3)Section 2(18)(b)Section 253(4)Section 79

…er:- "Carry forward and set off of losses wherein a change in shareholding has taken place in a previous year: I.T.A. No.1491/Mum/2016 CO. No.305/Mum/2017 In view of the decision of the Honourable High Court in case of CIT vs. Concord Industries Ltd.(1979) 119 ITR 458(Madras) and CIT vs Shri Shubhalaxmi Mills ltd. (2001)-119 Taxman 281 (Supreme Court) the section 79 is applicable only for the carry forward of losses (business) and the carry forward of unabsorbed depreciation are not covered by section 79. Therefore the depreciation losses are allowed to be carried forward for set off in future profits irrespec…

AGILE ELECTRIC SUB ASSEMBLY (P) LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeal is disposed of in the aforesaid terms

ITA 2497/CHNY/2016[2011-12]Status: DisposedITAT Chennai29 Dec 2016AY 2011-12

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर अपील सं./Ita No.2497/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri T.Banusekar, CAFor Respondent: Shri Pathlavath Peerya, CIT

Section 143(3)Section 79

…of its’ shares, so that the provision of s. 79 is triggered. However, sec. 79 would not apply to a claim for carry forward and set off of unabsorbed depreciation (included in the sum disallowed in assessment), as held in CIT vs. Concord Industries Ltd. [1979] 119 ITR 458 (Mad) and CIT vs. Surama Tubes (P.) Ltd. [1993] 201 ITR 124 (Cal). Aggrieved, the assessee is in appeal. 4. Before us, the assessee argued its’ case with reference to section 72A. Being a specific, non obstante provision governing carry forward and set off of unabsorbed loss in case of amalgamation, it would prevail. The same provides for the de…

DCIT RG 8(3), MUMBAI vs. RAMANI HOTELS LTD, MUMBAI

Appeal is allowed

ITA 7329/MUM/2011[2008-09]Status: DisposedITAT Mumbai16 Dec 2015AY 2008-09

Bench: S/Shri N.K.Billaiya & Amarjit Singhआयकर अपील सं/ I.T.A. No.7329/Mum/2011 ("नधा"रण वष" / Assessment Year: 2008-09) The Asstt. Commissioner Of Ramani Hotels Limited बनाम/ Income Tax 8(3), 462, A.B.Nair Road, Juhu, Vs. Room No.217, Mumbai - 400049 Aayakar Bhavan, M.K.Marg, Mumbai - 400020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacr5513J .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri Subhash S. ShettyFor Respondent: Shri K. Ravi Ramchandran

Section 143(3)Section 79

…ation 92 (Coch)(AT) M/s. Pioneer Enterprises => (1993) 114 Taxation 65 (Guj.) Broach Textile Mills => (1993) 201 ITR 124 (Cal) Surma Tubes Pvt.Ltd. => (1986) 157 ITR 658 (Jer) Kalpaka Enterprises. => (1983) 143 ITR 863 (Guj) Shri.Subhlami Mills Ltd. => (1979) 119 ITR 458 (Mad) Concord Industrial Ltd. Accordingly, following the above reasoning and the decisions cited, the AO is directed to allow the set off of brought forward unabsorbed depreciation loss of Rs.2,55,15,298/- pertaining to AY 2002-03 against the assessed income for the present year i.e AY 2008-09. In result, this ground of appeal is allowed. 4. As d…