CIT v. Excellent Commercial Enterprises & Inv Ltd.

282 ITR 423High Court2006#20389 most cited
4

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2022.

Judgments citing CIT v. Excellent Commercial Enterprises & Inv Ltd.

MINT INVESTMENTS LTD.,KOLKATA vs. ACIT, CIR. 12(2), KOLKATA

In the result, the appeal of the assessee is allowed

ITA 43/KOL/2022[2016-17]Status: DisposedITAT Kolkata12 Jul 2022AY 2016-17

Bench: Shri Rajpal Yadav & Shri Rajesh Kumarassessment Year: 2016-17 Mint Investments Ltd. Acit, Circle-12(2), Kol 4A, Dhunseri House, Vs. Woodburn Park, Kolkata Pan: Aadcm7416N (Appellant) (Respondent) Present For: Appellant By : Shri Akkal Dudhewala, Fca Respondent By : Shri Biswanath Das, Addl. Cit-Dr. Date Of Hearing : 07.07.2022 Date Of Pronouncement : 12.07.2022 O R D E R Per Rajesh Kumar: The Present Appeal By The Assessee Is Directed Against The Order Dated 12.12.2021 Passed By The Commissioner Of Income Tax (Appeals), National Faceless Appeals Centre [Hereinafter Referred As The ‘Cit(A)’] Which In Turn Arises Out Of The Assessment Framed U/S 143(3) Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Vide Order Dated 22.12.2018 Passed By The Assistant Commissioner Of Income Tax(Appeals), Circle-12(1), Kolkata (Hereinafter Referred To As The Assessing Officer). The Grounds Raised By The Assessee Are As Under:

For Appellant: Shri Akkal Dudhewala, FCAFor Respondent: Shri Biswanath Das, Addl. CIT-DR
Section 10(34)Section 143(3)

…from tax in terms of Section 10(34) of the Act. 4. For that on the facts and circumstances of the case, the reliance placed by the lower authorities on decision of the Hon'ble Delhi High Court in the case of CIT Vs Excellent Commercial Enterprises & Inv Ltd. (282 ITR 423) was misplaced in as much as the said judgment was rendered in the context of AY 1996-97 when the dividend income was taxable in the hands of the shareholder and they failed to appreciate that Section 10(34) which was inserted by Finance Act, 2003 had exempt dividend income earned from securities listed in stock exchange from levy of income- tax,…

AF-TAAB INVESTMENT CO. LTD.,MUMBAI vs. ASST.C.I.T. CIR.2(1), MUMBAI

The appeal is dismissed

ITA 6913/MUM/2012[2002-03]Status: DisposedITAT Mumbai26 Mar 2021AY 2002-03

Bench: Hon’Ble Justice P. P. Bhatt & Hon’Ble Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 6913/Mum/2012 (निर्धारणवर्ा / Assessment Year: 2002-03)

For Appellant: Shri P. J. Pardiwala &For Respondent: Shri Brajendra Kumar
Section 271(1)(c)Section 274Section 27lSection 73

…inference of concealment of income justifying imposition of penalty under section 271(1)(c). Reliance was placed on CIT v. Auric Investment & Securities Ltd. (2007) 163 Taxman 533 (Delhi) and CIT v. V Excellent Commercial Enterprises & Investment Ltd. [2006] 282 ITR 423(Delhi). After referring to the said decisions the Tribunal was of the view that the mere change of nature of the loss from business loss to speculative loss was not enough to impose penalty on the assessee. The Tribunal held that the assessee had claimed the loss as business loss under a bona fide belief that he was entitled to do so. 3. It is…

AMBUJA CEMENT INDIA P.LTD,MUMBAI vs. ASST CIT CIR 3(1), MUMBAI

In the result appeal of the assessee is allowed as indicated above

ITA 2600/MUM/2014[2005-06]Status: DisposedITAT Mumbai27 Aug 2018AY 2005-06

Bench: Shri Joginder Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2600/Mum/2014 (नििाारण वर्ा / Assessment Year : 2005-06)

For Appellant: Shri. Soumen Adak &For Respondent: Shri Satish Chandra Rajore
Section 143Section 143(3)Section 147Section 14ASection 234B

…set off against brought forward business loss Similar view has been held in:- Western States Trading Co Pvt Ltd -vs.- CIT (1971) 80 ITR 21(SC) DCIT -vs.- Canara Bank (2007) 11 SOT 763 (Bang) CIT -vs.- Excellent Commercial Enterprises & Investments Ltd. (2006) 282 ITR 423 (Del) Sri Padmabathi Srinivasa Cotton Ginning & Pressing vs.- DCIT (2009) 29DTR l(Visakha) (IT AT) 4. Imposition of interest u/s Consequential in nature. 234B of Rs.35,77,341/- The Ld. Counsel for the assessee contended that the assessee is challenging legality and validity of reopening of the concluded assessment u/s. 147 and grounds of appea…

M.K. CREATIONS,MUMBAI vs. ITO WD 14(1)(3), MUMBAI

The appeal of the assessee is allowed

ITA 3885/MUM/2014[2010-11]Status: DisposedITAT Mumbai07 Apr 2017AY 2010-11

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Years: 2010-11 M/S M.K. Creations, Income Tax Officer C/O- Shankarlal Jain & Ward-14(1)(3), बनाम/ Associates, Earnest House, Vs. 12, Engineer Building, Nariman Point, 265, Princess Street, Mumbai-400021 Mumbai-400002 ("नधा"रती/Assessee) (राज"व /Revenue) Pa No.:-Aaafm2004J "नधा"रती क" ओर से / Assessee By Shri Shankarlal Jain Shri Suman Kumar-Dr राज"व क" ओर से / Revenue By 06/04/2017 सुनवाई क" तार"ख / Date Of Hearing : 07/04/2017 आदेश क" तार"ख /Date Of Order:

Section 14Section 143(3)Section 50Section 72

…t based on classification of income u/s 14 of the Act for which reliance was placed upon the decision in CIT vs Cocanada Radhaswamy Bank ltd. 57 ITR 306 (SC), CIT vs Ramnath Goenka 259 ITR 26 (Mad.), CIT vs Excellent Commercial Enterprices and Investment Ltd. 282 ITR 423 (Del.), Southern Travels vs ACIT 232 taxman 689 (Del.) and Lavish Apartment Pvt. Ltd. vs ACIT 210 taxman 9 (Del.). On the other hand, Shri Suman Kumar, Ld. DR, defended the 3 M/s M. K. Creations addition confirmed by the Ld. Commissioner of Income Tax (Appeal). 2.1. We have considered the rival submissions and perused the material available on…

CIT v. Excellent Commercial Enterprises & Inv Ltd. (282 ITR 423) — Cited in 4 Judgments | BharatTax