CIT v. Elgi Finance Ltd.

286 ITR 674High Court2006#4110 most cited

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.

29

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2010 to 2026.

Also referred to as

CIT v. Elgi Finance Ltd. · section 147 · beyond four years · limitation · reassessment · income escaping assessment · assumption of jurisdiction · full and true disclosure

Sections most often in play

Section 143(3)Section 147Section 148Section 139Section 142Section 10(23C)Section 11Section 115BBE

Issues it is cited on

section 147(a)true and full disclosurebeyond four yearsmaterial facts necessary for assessmentfirst proviso to section 147full and true disclosuremere change of opinionshare capital and share premiumretracted statementlive linkincome escaping assessmentchange of opinion

Judgments citing CIT v. Elgi Finance Ltd.

DCIT, Karaikudi vs. M.R.M.Plantations P. Ltd., Karaikudi

In the results, the appeals of the assessee in ITA Nos

ITA 2946/CHNY/2014[2005-06]Status: DisposedITAT Chennai09 Oct 2015AY 2005-06

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos.2772 & 2773/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06 & 2006-2007. M/S. M.R.M. Plantations P. Ltd, Vs. The Deputy Commissioner Of No.40, M.R.M Arcade, Income Tax, Amman Sannathi Street, Circle Ii, Karaikudi Madurai [Pan Aaccm 9058R ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. T.N. Seetharaman, AdvocateFor Respondent: Shri. P. Radhakrishnan, IRS, JCIT
Section 143(1)(a)Section 147Section 148Section 57Section 6(3)

…fter expiry of four years cannot be sustained as escapement of income, if any, not on account of any failure on the part of the assessee to disclose material facts fully and truly. The Hon’ble Jurisdictional High Court in the case of CIT v. Elgi Finance Ltd. [286 ITR 674] has observed that “ the assessee company having truly and fully disclosed all material facts necessary for working out the quantum of depreciation, notice under section 148 issued after expiry of four years from the end of relevant assessment year to withdraw the excess depreciation allowed to the assessee is barred by limitation and illegal”. T…

M.R.M.Plantations P. Ltd., Chennai vs. DCIT, Madurai

In the results, the appeals of the assessee in ITA Nos

ITA 2773/CHNY/2014[2006-07]Status: DisposedITAT Chennai09 Oct 2015AY 2006-07

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos.2772 & 2773/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06 & 2006-2007. M/S. M.R.M. Plantations P. Ltd, Vs. The Deputy Commissioner Of No.40, M.R.M Arcade, Income Tax, Amman Sannathi Street, Circle Ii, Karaikudi Madurai [Pan Aaccm 9058R ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. T.N. Seetharaman, AdvocateFor Respondent: Shri. P. Radhakrishnan, IRS, JCIT
Section 143(1)(a)Section 147Section 148Section 57Section 6(3)

…fter expiry of four years cannot be sustained as escapement of income, if any, not on account of any failure on the part of the assessee to disclose material facts fully and truly. The Hon’ble Jurisdictional High Court in the case of CIT v. Elgi Finance Ltd. [286 ITR 674] has observed that “ the assessee company having truly and fully disclosed all material facts necessary for working out the quantum of depreciation, notice under section 148 issued after expiry of four years from the end of relevant assessment year to withdraw the excess depreciation allowed to the assessee is barred by limitation and illegal”. T…

M.R.M.Plantations P. Ltd., Chennai vs. DCIT, Madurai

In the results, the appeals of the assessee in ITA Nos

ITA 2772/CHNY/2014[2005-06]Status: DisposedITAT Chennai09 Oct 2015AY 2005-06

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos.2772 & 2773/Mds/2014 "नधा"रण वष" /Assessment Years : 2005-06 & 2006-2007. M/S. M.R.M. Plantations P. Ltd, Vs. The Deputy Commissioner Of No.40, M.R.M Arcade, Income Tax, Amman Sannathi Street, Circle Ii, Karaikudi Madurai [Pan Aaccm 9058R ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri. T.N. Seetharaman, AdvocateFor Respondent: Shri. P. Radhakrishnan, IRS, JCIT
Section 143(1)(a)Section 147Section 148Section 57Section 6(3)

…fter expiry of four years cannot be sustained as escapement of income, if any, not on account of any failure on the part of the assessee to disclose material facts fully and truly. The Hon’ble Jurisdictional High Court in the case of CIT v. Elgi Finance Ltd. [286 ITR 674] has observed that “ the assessee company having truly and fully disclosed all material facts necessary for working out the quantum of depreciation, notice under section 148 issued after expiry of four years from the end of relevant assessment year to withdraw the excess depreciation allowed to the assessee is barred by limitation and illegal”. T…

ACIT, Chennai vs. M/S. Neyveli Lignite Corporation Ltd., Neyveli

In the result, the Revenue’s appeals in ITA Nos

ITA 222/CHNY/2009[2000-01]Status: DisposedITAT Chennai26 Jun 2015AY 2000-01

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos. 374/2004, 529/2006 & 222/2009 "नधा"रण वष" /Assessment Years : 2001-02, 2002-03 & 2000-01. The Assistant Commissioner Vs. M/S. Neyveli Lignite Of Income Tax, Corporation Ltd, Company Circle Iv(4), Neyveli 607 801. Chennai

For Respondent: Shri. E.S. Nagendra Prasad
Section 31Section 37

…essee in furnishing all necessary I.T.A.No. 374/04, 529/06, 222/09, :- 16 -: 782/05 & 177/09. information required for the purpose of assessment. He relied on the following judgments:- (1) CIT vs. Premier Mills, 296 ITR 157 (Mad) (2) CIT vs. Elgi Finance, 286 ITR 674 (Mad) (3) Mercury Travels Ltd vs. CIT, 258 ITR 533 (Cal) (4) CIT vs. Indian Overseas Bank , 252 ITR 640 (Mad) (5) CIT vs. Siva Traders, 255 ITR 77 (Ker) (6) CIT vs Fenner India Ltd, 241 ITR 672 (Mad) (7) CIT vs. Froamer France, 264 ITR 566 (SC) (8) CIT vs. T.N. Transport Develop Fiance Corp. Ltd 306 ITR 136 (Mad). (9) CIT vs. TVS Motor Co. Ltd 31…

M/S. Neyveli Lignite Corporationlimited, Neyveli vs. ACIT, Chennai

In the result, the Revenue’s appeals in ITA Nos

ITA 177/CHNY/2009[2001-02]Status: DisposedITAT Chennai26 Jun 2015AY 2001-02

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos. 374/2004, 529/2006 & 222/2009 "नधा"रण वष" /Assessment Years : 2001-02, 2002-03 & 2000-01. The Assistant Commissioner Vs. M/S. Neyveli Lignite Of Income Tax, Corporation Ltd, Company Circle Iv(4), Neyveli 607 801. Chennai

For Respondent: Shri. E.S. Nagendra Prasad
Section 31Section 37

…essee in furnishing all necessary I.T.A.No. 374/04, 529/06, 222/09, :- 16 -: 782/05 & 177/09. information required for the purpose of assessment. He relied on the following judgments:- (1) CIT vs. Premier Mills, 296 ITR 157 (Mad) (2) CIT vs. Elgi Finance, 286 ITR 674 (Mad) (3) Mercury Travels Ltd vs. CIT, 258 ITR 533 (Cal) (4) CIT vs. Indian Overseas Bank , 252 ITR 640 (Mad) (5) CIT vs. Siva Traders, 255 ITR 77 (Ker) (6) CIT vs Fenner India Ltd, 241 ITR 672 (Mad) (7) CIT vs. Froamer France, 264 ITR 566 (SC) (8) CIT vs. T.N. Transport Develop Fiance Corp. Ltd 306 ITR 136 (Mad). (9) CIT vs. TVS Motor Co. Ltd 31…

ACIT, Chennai vs. M/S. Neyveli Lignite Corporation Limited, Neyveli

In the result, the Revenue’s appeals in ITA Nos

ITA 529/CHNY/2006[2002-03]Status: DisposedITAT Chennai26 Jun 2015AY 2002-03

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos. 374/2004, 529/2006 & 222/2009 "नधा"रण वष" /Assessment Years : 2001-02, 2002-03 & 2000-01. The Assistant Commissioner Vs. M/S. Neyveli Lignite Of Income Tax, Corporation Ltd, Company Circle Iv(4), Neyveli 607 801. Chennai

For Respondent: Shri. E.S. Nagendra Prasad
Section 31Section 37

…essee in furnishing all necessary I.T.A.No. 374/04, 529/06, 222/09, :- 16 -: 782/05 & 177/09. information required for the purpose of assessment. He relied on the following judgments:- (1) CIT vs. Premier Mills, 296 ITR 157 (Mad) (2) CIT vs. Elgi Finance, 286 ITR 674 (Mad) (3) Mercury Travels Ltd vs. CIT, 258 ITR 533 (Cal) (4) CIT vs. Indian Overseas Bank , 252 ITR 640 (Mad) (5) CIT vs. Siva Traders, 255 ITR 77 (Ker) (6) CIT vs Fenner India Ltd, 241 ITR 672 (Mad) (7) CIT vs. Froamer France, 264 ITR 566 (SC) (8) CIT vs. T.N. Transport Develop Fiance Corp. Ltd 306 ITR 136 (Mad). (9) CIT vs. TVS Motor Co. Ltd 31…

M/S. Neyveli Lignite Corporation Limited, Neyveli vs. ITO, Cuddalore

In the result, the Revenue’s appeals in ITA Nos

ITA 782/CHNY/2005[-]Status: DisposedITAT Chennai26 Jun 2015

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos. 374/2004, 529/2006 & 222/2009 "नधा"रण वष" /Assessment Years : 2001-02, 2002-03 & 2000-01. The Assistant Commissioner Vs. M/S. Neyveli Lignite Of Income Tax, Corporation Ltd, Company Circle Iv(4), Neyveli 607 801. Chennai

For Respondent: Shri. E.S. Nagendra Prasad
Section 31Section 37

…essee in furnishing all necessary I.T.A.No. 374/04, 529/06, 222/09, :- 16 -: 782/05 & 177/09. information required for the purpose of assessment. He relied on the following judgments:- (1) CIT vs. Premier Mills, 296 ITR 157 (Mad) (2) CIT vs. Elgi Finance, 286 ITR 674 (Mad) (3) Mercury Travels Ltd vs. CIT, 258 ITR 533 (Cal) (4) CIT vs. Indian Overseas Bank , 252 ITR 640 (Mad) (5) CIT vs. Siva Traders, 255 ITR 77 (Ker) (6) CIT vs Fenner India Ltd, 241 ITR 672 (Mad) (7) CIT vs. Froamer France, 264 ITR 566 (SC) (8) CIT vs. T.N. Transport Develop Fiance Corp. Ltd 306 ITR 136 (Mad). (9) CIT vs. TVS Motor Co. Ltd 31…

ACIT, Chennai vs. M/S. Neyveli Lignite Corporation Limited, Neyveli

In the result, the Revenue’s appeals in ITA Nos

ITA 374/CHNY/2004[2001-02]Status: DisposedITAT Chennai26 Jun 2015AY 2001-02

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.Nos. 374/2004, 529/2006 & 222/2009 "नधा"रण वष" /Assessment Years : 2001-02, 2002-03 & 2000-01. The Assistant Commissioner Vs. M/S. Neyveli Lignite Of Income Tax, Corporation Ltd, Company Circle Iv(4), Neyveli 607 801. Chennai

For Respondent: Shri. E.S. Nagendra Prasad
Section 31Section 37

…essee in furnishing all necessary I.T.A.No. 374/04, 529/06, 222/09, :- 16 -: 782/05 & 177/09. information required for the purpose of assessment. He relied on the following judgments:- (1) CIT vs. Premier Mills, 296 ITR 157 (Mad) (2) CIT vs. Elgi Finance, 286 ITR 674 (Mad) (3) Mercury Travels Ltd vs. CIT, 258 ITR 533 (Cal) (4) CIT vs. Indian Overseas Bank , 252 ITR 640 (Mad) (5) CIT vs. Siva Traders, 255 ITR 77 (Ker) (6) CIT vs Fenner India Ltd, 241 ITR 672 (Mad) (7) CIT vs. Froamer France, 264 ITR 566 (SC) (8) CIT vs. T.N. Transport Develop Fiance Corp. Ltd 306 ITR 136 (Mad). (9) CIT vs. TVS Motor Co. Ltd 31…

Commissioner of of Income Tax vs. Vishisth Chay Vyapar Limited

Appeals are dismissed

ITA - 1191 / 2007HC Delhi29 Nov 2010

…court held that no interest could be said to have accrued on loans doubtful of recovery which were classified as NPAs. Mr. Vohra also pointed out that the Supreme Court by order dated 12th January, 2009 in CC No. 29 of 2009 titled CIT Vs. KICM Investment Ltd. 310 ITR 4 dismissed the Special Leave Petition filed by the Department against the decision of the Calcutta High Court, whereby the High Court affirmed the order of the Tribunal holding that interest on nonperforming asset was not includible in the total income of the assessee on accrual basis, even though the assessee was following mercantile system of acc…