CIT v. Elphistone Spg. &Wvg. Mills Co. Ltd.

40 ITR 142Supreme Court of India1960#5276 most cited

What is CIT v. Elphistone Spg. &Wvg. Mills Co. Ltd. authority for?

Profits and gains are understood to include losses, meaning profits can be positive or negative income. Both positive and negative profits are of a revenue character and must be included in the computation of taxable income.

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2005 to 2025.

Also referred to as

CIT v. Elphinstone Spg. & Wvg. Mills Co. Ltd. · profits and gains include losses · negative profit · revenue character · computation of taxable income · section 3 · section 6 · total income

Issues it is cited on

section 115wasection 57(i)section 115bbdsection 2(43)section 4(1)section 2(45)section 115osection 10(33)section 14a(1)section 191section 49treaty benefits

Judgments citing CIT v. Elphistone Spg. &Wvg. Mills Co. Ltd.

M/S.Virtual Soft Systems Ltd vs. Commissioner of Income Tax, Delhi-I

C.A. No.-007115-007115 - 2005Supreme Court06 Feb 2007
For Respondent: Commissioner of Income Tax, Delhi-I
Section 260ASection 271(1)(c)Section 68

…the charging Section 271(1)(c)(iii)? ii. What is meant by the term "total income" in Explanation 4(a)? Both these questions are fully answered by this Court in Commissioner of Income Tax, Bombay City v. Elphinstone Spinning and Weaving Mills Co. Ltd., 40 ITR 142 (SC). Under the Finance Act, 1951, a provision was enacted to discourage the declaration of dividend disproportionate to the declared income. It provided that where the "total income" exceeded the dividend by a certain amount, a rebate would be allowed, and where the dividend exceeded the "total income" by such amount, "an additional…

The Commissioner of Income Tax vs. M/S Welcome Seeds Ltd

ITA/183/2001HC Delhi29 Jul 2005

…he conclusion inV.N. Krishnan (supra). 16. Mr Sawhney, the learned counsel for one of the respondents, urged with a great degree of vehemence that the decision of the Supreme Court in the case of CIT, Bombav Citv v. Elohinstone Spinning and Weaving Mills Co.: 40 ITR 142 (^Se clinched the issue that "total income" did'not include "loss". As such, it different as we have indicated." ITA 205.0letc Page No. 34 of 37 \tt tI would be necessary to examine lvhether this contention is legitimate. Straight away,we may say that this supreme court decision is not apposite to the present appeals. The context of the expressi…