What is CIT v. Elgi Finance Ltd. authority for?

Recourse to reassessment under section 147 beyond four years is not permissible if the circumstances for extending the limitation do not exist.

How many judgments cite CIT v. Elgi Finance Ltd.?

29 judgments on BharatTax cite CIT v. Elgi Finance Ltd. (286 ITR 674), spanning 2010 to 2026.

Which sections of the Income Tax Act does CIT v. Elgi Finance Ltd. come up under?

It is most often cited in judgments turning on Section 143(3), Section 147, Section 148, Section 139, Section 142, Section 10(23C).

CIT v. Elgi Finance Ltd. (286 ITR 674)

SOUTHERN ENTERPRISES,CHENNAI vs. ACIT NON CORPORATE WARD 22, CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 2941/CHNY/2017[2009-10]Status: DisposedITAT Chennai04 Feb 2026AY 2009-10

Bench: Shri Aby T. Varkey & Ms. Padmavathy. S

For Appellant: Ms. S. Sanchitha for Mr. R. SivaramanFor Respondent: Mr. Praveen. S, JCIT

Section 10BSection 142(1)Section 143(2)Section 143(3)Section 147Section 148

…ing original assessment. The Tribunal has correctly followed the principles enunciated in the Supreme Court judgment reported in CIT v. Foramer France, [2003] 264 ITR 566, as well as this court judgment reported in the case of CIT v. Elgi Finance Ltd., [2006] 286 ITR 674 and came to the correct conclusion." (Emphasis Supplied) (d) CIT v. A.V. Thomas Exports Ltd. [2007] 163 Taxman 718/[2008] 296 ITR 603 (Mad.) "6. The Tribunal has applied the correct principle of law and held as follows: "But whether recourse to section 147 could be made beyond four years is the real question in the present appeal. Circumstance…

BRAND INDIA REAL ESTATE PRIVATE LIMITED,JAIPUR vs. INCOME TAX OFFICER WARD 6(1), JAIPUR

In the result, appeal of the assessee is allowed

ITA 514/JPR/2025[2012-2013]Status: DisposedITAT Jaipur29 Sept 2025AY 2012-2013

For Appellant: Shri Siddharth Ranka, Adv. &For Respondent: Shri Dharam Singh Meena, JCIT

Section 132Section 139(1)Section 143(2)Section 143(3)Section 147Section 148Section 250

…ified in holding that the reopening of\nassessment is bad in law-No substantial question of law arises for consideration—CIT vs.\nForamer France (2003) 185 CTR (SC) 512 : (2003) 264 ITR 566 (SC) and CIT vs. Elgi Finance\nLtd. (2006) 205 CTR (Mad) 241 : (2006) 286 ITR 674 (Mad) followed.\n(xii) The power to reopen an assessment is conditional on the formation of a reason to believe\nthat income chargeable to tax has escaped assessment. The power is not akin to a review. The\nexistence of tangible material is necessary to ensure against an arbitrary exercise of power.\nAventis Pharma Ltd. vs. ACIT (2010) 323 ITR 57…

ASSISTANT COMMISSIONER OF INCOME TAX (CENTRAL CIRCLE), BAREILLY vs. VARUNARJUN TRUST, LUCKNOW

In the result, both the appeals are dismissed

ITA 620/LKW/2024[2016-17]Status: DisposedITAT Lucknow07 Aug 2025AY 2016-17

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 12ASection 133(6)Section 142(1)Section 148Section 153C

…I.T.A. No.619 & 620/Lkw/2024 Assessment year:2015-16 & 16-17 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘A’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER AND SHRI SUBHASH MALGURIA, JUDICIAL MEMBER I.T.A. No.619 & 620/Lkw/2024 Assessment Year: 202015-16 & 16-17 A.C.I.T., Vs. Varunarjun Trust Central Circle, B-1153, Indira Nagar, Bareilly. Lucknow. PAN:AABTV5968K (Appellant) (Respondent) Appellant by Shri R. K. Agarwal, CIT (D.R.) Respondent by Shri Rakesh Garg, Advocate O R D E R PER BENCH: These two appeals have been filed by Revenue pertaining to assessment years 2015-16 and 2016-1…

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. VARUNARJUN TRUST, LUCKNOW

In the result, both the appeals are dismissed

ITA 619/LKW/2024[2015-16]Status: DisposedITAT Lucknow07 Aug 2025AY 2015-16

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

Section 12ASection 133(6)Section 142(1)Section 148Section 153C

…I.T.A. No.619 & 620/Lkw/2024 Assessment year:2015-16 & 16-17 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘A’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER AND SHRI SUBHASH MALGURIA, JUDICIAL MEMBER I.T.A. No.619 & 620/Lkw/2024 Assessment Year: 202015-16 & 16-17 A.C.I.T., Vs. Varunarjun Trust Central Circle, B-1153, Indira Nagar, Bareilly. Lucknow. PAN:AABTV5968K (Appellant) (Respondent) Appellant by Shri R. K. Agarwal, CIT (D.R.) Respondent by Shri Rakesh Garg, Advocate O R D E R PER BENCH: These two appeals have been filed by Revenue pertaining to assessment years 2015-16 and 2016-1…

THARMARAJ GOPI,CHENNAI vs. ITO, NCW-8(2), CHENNAI

The appeal of the assessee is allowed

ITA 682/CHNY/2025[2014-15]Status: DisposedITAT Chennai16 Jul 2025AY 2014-15

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S. R. Raghunathaआयकरअपील सं./Ita Nos.682/Chny/2025 Assessment Year: 2014-15 Tharmaraj Gopi, Vs. Income Tax Officer, Plot No.1, Bharathidasan 1St Street, Non-Corp Ward-8(2), Kandasamy Nagar, Chennai. Poonamallee, Chennai-600 056. [Pan: Akqpg3889D]

For Appellant: Mr. Y.Sridhar, F.C.AFor Respondent: Ms.Gouthami Manivasagam, JCIT

Section 143(1)Section 143(3)Section 147Section 148Section 150(1)

…ing original assessment. The Tribunal has correctly followed the principles enunciated in the Supreme Court judgment reported in CIT v. Foramer France, [2003] 264 ITR 566, as well as this court judgment reported in the case of CIT v. Elgi Finance Ltd., [2006] 286 ITR 674 and came to the correct conclusion." (d) CIT v. A.V. Thomas Exports Ltd. [2007] 163 Taxman 718/[2008] 296 ITR 603 (Mad.) "6. The Tribunal has applied the correct principle of law and held as follows: "But whether recourse to section 147 could be made beyond four years is the real question in the present appeal. Circumstances for extending limitat…

ACIT,CORPORATE CORPORATE CIRCLE -1 (1), CHENNAI vs. FL SMIDTH PRIVATE LIMITED, KANCHIPURAM

In the result, the appeal filed by the Revenue is dismissed and the cross objection filed by the assessee is partly-allowed

ITA 1827/CHNY/2024[2011-12]Status: DisposedITAT Chennai26 Nov 2024AY 2011-12

Bench: Shri George George Kand Shri S.R. Raghunatha

For Appellant: Shri Rakesh Gupta, FCA &For Respondent: Shri M. Murali, CIT

Section 143(3)Section 147Section 148Section 250

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी जॉज" जॉज" के, उपा"य" एवं "ी एस.आर.रघुनाथा, लेखा सद"य के सम" BEFORE SHRI GEORGE GEORGE K, VICE PRESIDENTAND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.: 1827/CHNY/2024 िनधा"रण वष"/Assessment Year: 2011-12 & C.O. No.67/CHNY/2024 [in I.T.A.No.1827/CHNY/2024] The Assistant Commissioner of FL Smidth Pvt. Ltd., Income Tax, Vs. 34, Egatoor FLSmidth House, Corporate Circle 1(1), Rajiv Gandhi Salai, Chennai. Kelambakkam, Kanchipuram – 601 103. PAN: AAACF 4997N (अपीलाथ"/Appellant) (""यथ"/Respondent) राज…

M/S. BANKURA DISTRICT CENTRAL CO.OPETATIVE BANK LTD. ,BANKURA vs. DCIT, CIR-3, BANKURA. , BANKURA

In the result, ITA No. 1479/KOL/2023 is allowed for statistical purpose

ITA 1479/KOL/2023[2013-14]Status: DisposedITAT Kolkata11 Mar 2024AY 2013-14

Bench: Sri Rajesh Kumar & Sri Anikesh Banerjee

Section 143(3)Section 250

…4 is duly reproduced as below: “4. We find that this issue is squarely covered by the decision of Hon'ble Calcutta High Court in the case of CIT Vs. KICM Investment Ltd. in ITA No. 391 of 2007, which was duly affirmed by Hon'ble Supreme Court as reported in 310 ITR 4 (St.). Once the issue is settled by Hon'ble Supreme Court, we find no infirmity in the order of CIT(A). Moreover, it is seen from the grounds raised by revenue that only grouse of the revenue was that there is violation of the provision of Rule 46 of the Rules. We find nothing and once specific query from the bench Ld. Sr. DR could not state what i…

HYUNDAI MOTOR INDIA LIMITED,KANCHEEPURAM vs. DCIT LTU-II, CHENNAI

In the result, the appeal of the assessee is allowed

ITA 1836/CHNY/2017[2008-09]Status: DisposedITAT Chennai25 Feb 2022AY 2008-09

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Sriram Seshadri, C.AFor Respondent: Shri Abani Kanta Nayak, CIT

Section 143(3)Section 147Section 148Section 151

…ce, 247 ITR 436 (2001) 3) Hon’ble Supreme Court in the case of Kelvinator of India Ltd., 320 ITR 561 (2010) 4) Hon’ble Delhi High Court in the case of Kelvinator of India Ltd., 256 ITR 1 (2002) 5) Hon’ble High Court of Madras in the case of Elgi Finance Ltd., 286 ITR 674 (2006) 8. Whereas, the ld.CIT-DR in relation to slump sales of CCP division by assessee to Mobis India Ltd., argued that actually this is I.T.A. No.1836/Chny/2017 15 not slump sale and for this, he cited a reason that in view of the Business Transfer Agreement plant and machinery, furniture and fittings, office equipments, data processing equip…

AXIS BANK LIMITED,AHMEDABAD vs. THE DY.CIT, CIRCLE-1 NOW CIRCLE-1(1)(1), AHMEDABAD

In the result appeal of the Revenue is partly allowed for statistical purposes

ITA 311/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad28 Oct 2021AY 2010-11

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

For Appellant: Shri S.N. Soparkar, Sr. Advocate with Smt. Urvashi Shodhan, and Shri Parin Shah,For Respondent: Shri Anshu Prakash, CIT.DR

Section 14A

…actual expenses or loss on accountof payment while discharging obligation under the guarantee is always claimed andallowed to the aopellant according lo ihe accepted accounting method in the past Thejudgment of Gujarat High Couri in the case of Echke Limited 310 ITR 4^ is also notrelevant to the facts as it cannot be said that by net allowing the change in the accounting method in respect of accrued income, the assessee is paying tax on notionalincome. What is really accrued as income -s only being taxed by the AO as theguarantee commission has already accrued The decisions relied upon where theincome is receive…

M/S NXP INDIA PRIVATE LIMITED ,BANGALORE vs. ASSISTANT COMMMISSIONER OF INCOME TAX CIRCLE-5(1)(1), BANGALORE

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

ITA 847/BANG/2018[2009-10]Status: DisposedITAT Bangalore18 Mar 2021AY 2009-10

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2009-10

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru

Section 143(3)Section 147Section 148

…(1977) (Gujarat High 22. Court) Modepro India Private Limited vs DCIT (2010 — TIOL — 325 — ITAT- 23. MUM) (Mumbai ITAT) Oil and Natural Gas Corporation Limited vs DCIT [262 ITR 648] (Delhi 24. High Court) Commissioner of Income Tax vs Elgi Finance Ltd. (2006) 286 ITR 674 25. (Madras High Court) Page 7 of 11 Commissioner of Income Tax vs Chamundeswari 2007 (290 ITR 580) 26. (Madras High Court) 27. CIT vs S.R. Construction (257 ITR 502) (Madhya Pradesh High Court) McDermott International Inc vs Additional Commissioner of Income Tax 28. 259 ITR 138 (2003) (Uttaranchal High Court) Allowability of goodwill as cost ag…

DCIT, CIRCLE-1(1), JALPAIGURI, JALPAIGURI vs. THE JALPAIGURI CENTRAL CO-OPERATIVE BANK LTD., JALPAIGURI

Appeal is allowed

ITA 327/KOL/2017[2013-14]Status: DisposedITAT Kolkata22 Jun 2018AY 2013-14

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri G.Mallikarjuna, CIT(DR)For Respondent: Shri Rip Das, FCA

Section 143(3)Section 145Section 45Q

…of your appellant also draws support from the following judicial pronouncements of different Courts and Tribunals, like a) CIT v Annamalai Finance Ltd [(2005) 275 ITR 451 (Mad)]. b) CIT v Elgi Finance Ltd [293 ITR 357 (Mad)). c) CIT v KICM Investments (Cal) [310 ITR 4] wherein SLP was dismissed by Hon 'ble Supreme Court. d) CIT v Shoorji Vallabhdas & Co. [,46 ITR 144 (SC)] e) TCL Finance Ltd v ACIT [(2004) 91 ITD 573 (Hyd.). f) The Durga Co-op. Urban Bank Ltd v Department of Income Tax [Appeal 511 Vijag Tribunal vide order dated io" March, 2011]. ITA Nos.326 & 327/Kol/2017 The Jalpaiguri Central Co-operative Ba…

DCIT, CIRCLE-1(1), JALPAIGURI, JALPAIGURI vs. THE JALPAIGURI CENTRAL CO-OPERATIVE BANK LTD., JALPAIGURI

Appeal is allowed

ITA 326/KOL/2017[2012-13]Status: DisposedITAT Kolkata22 Jun 2018AY 2012-13

Bench: Hon’Ble Shri S.S.Godara, Jm & Shri M.Balaganesh, Am ]

For Appellant: Shri G.Mallikarjuna, CIT(DR)For Respondent: Shri Rip Das, FCA

Section 143(3)Section 145Section 45Q

…of your appellant also draws support from the following judicial pronouncements of different Courts and Tribunals, like a) CIT v Annamalai Finance Ltd [(2005) 275 ITR 451 (Mad)]. b) CIT v Elgi Finance Ltd [293 ITR 357 (Mad)). c) CIT v KICM Investments (Cal) [310 ITR 4] wherein SLP was dismissed by Hon 'ble Supreme Court. d) CIT v Shoorji Vallabhdas & Co. [,46 ITR 144 (SC)] e) TCL Finance Ltd v ACIT [(2004) 91 ITD 573 (Hyd.). f) The Durga Co-op. Urban Bank Ltd v Department of Income Tax [Appeal 511 Vijag Tribunal vide order dated io" March, 2011]. ITA Nos.326 & 327/Kol/2017 The Jalpaiguri Central Co-operative Ba…