CIT v. Gemini Cashew Sales Corpn

65 ITR 643Supreme Court of India1967#10702 most cited

What is CIT v. Gemini Cashew Sales Corpn authority for?

Expenditure incurred in defense of litigation relating to a discontinued business may be deductible as it is a necessary expense for winding up the business affairs.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2011 to 2024.

Also referred to as

CIT v. Gemini Cashew Sales Corporation · legal expenditure · discontinued business · professional charges · litigation expenses · business deduction · winding up expenses · 65 ITR 643

Judgments citing CIT v. Gemini Cashew Sales Corpn

The Haryana Cooperative Sugar Mills Ltd vs. Commissioner of Income Tax Rohtak

ITA/49/2002HC Punjab & Haryana02 Sept 2024

Bench: Held That The Liability Was Falling Under Section 43-B Of The Income Tax Act, For Payment Of Interest On Tax, From Earlier Year Was Unjustified. However, We Find That The

Section 43

…807. The proposition laid down therein does not render any help to the assessee and as seen, the said decision has already been considered in the impugned order. Similarly, other decisions cited before us namely CIT Kerala Vs. Bemini Cashew Sales Corporation 65 ITR 643 also do not advance the case of the assessee. The various pages of the Paper Book to which our attention was invited also do nto in any way make out a case in respect of the interest on purchase price that the liability accrued on 11.11.87. These various documents merely show that the assessee before us along with other sugar mills was embarked on…

Mr. Shanmugam Ravi, Bengaluru vs. Deputy Commissioner of Income Tax, Assessement Circle-2(1), Bengaluru

ITA 951/BANG/2023[2021-22]Status: DisposedITAT Bangalore25 Jun 2024AY 2021-22

Bench: Shri Chandra Poojari & Shri Keshav Dubey

Section 143(3)Section 234A

…sideration cannot be considered as an expenditure wholly and exclusively incurred for the purpose of business. As such that expenditure cannot be allowed as deduction. The ld. D.R. relied on the following decisions: a) CIT Vs. Gemini Cashew Sales Corporation (65 ITR 643) b) Judgement of Madras High Court in the case of M. Seshadri Iyengar & Sons 152 ITR 734 (Madras) 5. We have heard the rival submissions and perused the materials available on record. The assessee pleaded that in the assessment year under consideration, assessee has incurred various legal expenditure to defend its cases and for the basic needs of…

State Bank of India, Mumbai vs. Addl CIT RG 2(2), Mumbai

In the result, the appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed, as indicated above

ITA 3644/MUM/2016[2008-09]Status: DisposedITAT Mumbai03 Feb 2020AY 2008-09

Bench: Sri Mahavir Singh, Vp & Sri G Manjunatha, Am आयकर अपील सुं./ Ita No. 3644/Mum/2016 (ननर्ाारण वर्ा / Assessment Year 2008-09) State Bank Of India The Dy. Commissioner Of 3Rd Floor, Corporate Centre Income Tax, Circle -2(2)(1) बनाम/ Madam Cama Road Mumbai Vs. Nariman Point Mumbai-400021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aaacs8577K

For Appellant: Shri P.J. Pardiwalla &For Respondent: Shri Anadi Varma, CIT-DR&
Section 143(3)Section 147

…sts which are not disallowable under section 43B, without appreciating that these expenses are in fact contingent in nature and hence not allowable as enunciated in the decision of the Hon. Supreme court in the case of CIT vs. Gemini Cashew Sales Corporation [65 ITR 643].” 26. We noted that the AO has made disallowance but the CIT(A) has restricted the disallowance as under: - “6.1 According to the appellant, during the assessment year 2008-09, the Bank had adopted Accounting Standard (AS) 15 - Employee Benefits (Revised 2005) issued by the Institute of Chartered Accountants of India. In accordance with the tra…

ACIT, Gurgaon vs. M/S. Dlf Projects Ltd., Gurgaon

In the result, ITA Nos.4960/Del/2015 and 2595/Del/2016 filed by the assessee for assessment years 2010-11 and 2011-12 are allowed and ITA

ITA 5135/DEL/2015[2010-11]Status: DisposedITAT Delhi10 Dec 2019AY 2010-11

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2010-11 Assessment Year : 2011-12 Dlf Projects Ltd., Vs Addl.Cit, 3Rd Floor, Shopping Mall, Range-1, Arjun Marg, Gurgaon. Clf City Phase-1, Gurgaon. Pan: Aaccd3093R Assessment Year: 2010-11 Acit, Vs. Dlf Projects Ltd., 3Rd Floor, Shopping Mall, Circle-1(1), Gurgaon. Arjun Marg, Clf City Phase-1, Gurgaon. Pan: Aaccd3093R (Appellants) (Respondents) Assessee By : Shri R.S. Singhvi & Shri Satyajit Goel, Ca Deptt. By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 28.11.2019 Date Of Pronouncement : 10.12.2019 Order Per R.K. Panda, Am:

For Appellant: Shri R.S. Singhvi &
Section 32

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : G : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessment Year: 2010-11 Assessment Year : 2011-12 DLF Projects Ltd., Vs Addl.CIT, 3rd Floor, Shopping Mall, Range-1, Arjun Marg, Gurgaon. CLF City Phase-1, Gurgaon. PAN: AACCD3093R Assessment Year: 2010-11 ACIT, Vs. DLF Projects Ltd., 3rd Floor, Shopping Mall, Circle-1(1), Gurgaon. Arjun Marg, CLF City Phase-1, Gurgaon. PAN: AACCD3093R (Appellants) (Respondents) Assessee By : Shri R.S. Singhvi & Shri Satyajit Goel, CA Deptt. By : Shri Saras Kumar, Sr. DR Date of Heari…

Dlf Projects Ltd., Gurgaon vs. Addl. CIT, Gurgaon

In the result, ITA Nos.4960/Del/2015 and 2595/Del/2016 filed by the assessee for assessment years 2010-11 and 2011-12 are allowed and ITA

ITA 4960/DEL/2015[2010-11]Status: DisposedITAT Delhi10 Dec 2019AY 2010-11

Bench: Shri R.K. Panda & Shri Kuldip Singhassessment Year: 2010-11 Assessment Year : 2011-12 Dlf Projects Ltd., Vs Addl.Cit, 3Rd Floor, Shopping Mall, Range-1, Arjun Marg, Gurgaon. Clf City Phase-1, Gurgaon. Pan: Aaccd3093R Assessment Year: 2010-11 Acit, Vs. Dlf Projects Ltd., 3Rd Floor, Shopping Mall, Circle-1(1), Gurgaon. Arjun Marg, Clf City Phase-1, Gurgaon. Pan: Aaccd3093R (Appellants) (Respondents) Assessee By : Shri R.S. Singhvi & Shri Satyajit Goel, Ca Deptt. By : Shri Saras Kumar, Sr. Dr Date Of Hearing : 28.11.2019 Date Of Pronouncement : 10.12.2019 Order Per R.K. Panda, Am:

For Appellant: Shri R.S. Singhvi &
Section 32

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : G : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH, JUDICIAL MEMBER Assessment Year: 2010-11 Assessment Year : 2011-12 DLF Projects Ltd., Vs Addl.CIT, 3rd Floor, Shopping Mall, Range-1, Arjun Marg, Gurgaon. CLF City Phase-1, Gurgaon. PAN: AACCD3093R Assessment Year: 2010-11 ACIT, Vs. DLF Projects Ltd., 3rd Floor, Shopping Mall, Circle-1(1), Gurgaon. Arjun Marg, CLF City Phase-1, Gurgaon. PAN: AACCD3093R (Appellants) (Respondents) Assessee By : Shri R.S. Singhvi & Shri Satyajit Goel, CA Deptt. By : Shri Saras Kumar, Sr. DR Date of Heari…

Deputy Commissioner of Income Tax, Circle-1, Kakinada vs. Sar Chandra Environ Solutions Private Limited, Kakinada

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 149/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR
Section 143(1)Section 148

…e amount to be expended in discharge of that liability would have to be estimated in order that under mercantile system of accounting the amount so estimated should be debited before it is actually disbursed. In the case of CIT Vs. Gemini Cashew Sales Corpn. (65 ITR 643), the Hon'ble Supreme Court observed that, broadly stated, the present value on commercial valuation of money to become due in future, under a definite obligation, will be a permissible outgoing or deduction in computing the taxable profits, even if in certain conditions the obligation may cease to exist because of forfeiture of the right. In deci…

Deputy Commissioner of Income Tax, Circle-1, Kakinada vs. Sar Chandra Environ Solutions Private Limited, Kakinada

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 148/VIZ/2018[2013-14]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2013-14

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR
Section 143(1)Section 148

…e amount to be expended in discharge of that liability would have to be estimated in order that under mercantile system of accounting the amount so estimated should be debited before it is actually disbursed. In the case of CIT Vs. Gemini Cashew Sales Corpn. (65 ITR 643), the Hon'ble Supreme Court observed that, broadly stated, the present value on commercial valuation of money to become due in future, under a definite obligation, will be a permissible outgoing or deduction in computing the taxable profits, even if in certain conditions the obligation may cease to exist because of forfeiture of the right. In deci…

The Deputy Commissioner of Income Tax, Circle-1, Kakinada vs. Sar Chandra Environ Solutions Private Limited, Kakinada

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 147/VIZ/2018[2010-11]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2010-11

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR
Section 143(1)Section 148

…e amount to be expended in discharge of that liability would have to be estimated in order that under mercantile system of accounting the amount so estimated should be debited before it is actually disbursed. In the case of CIT Vs. Gemini Cashew Sales Corpn. (65 ITR 643), the Hon'ble Supreme Court observed that, broadly stated, the present value on commercial valuation of money to become due in future, under a definite obligation, will be a permissible outgoing or deduction in computing the taxable profits, even if in certain conditions the obligation may cease to exist because of forfeiture of the right. In deci…

Comm. of Income Tax Guntur vs. K.Venkateswarulu Chirala

ITTA/49/2002HC Telangana24 Apr 2012

Bench: V.ESWARAIAH,K.G.SHANKAR

Commissioner of Income Tax

Accordingly, the appeal filed by the Revenue is dismissed with

ITA/530/2011HC Delhi16 Dec 2011
Section 143(1)Section 143(2)Section 15(1)Section 260A

…assessee’s business during the relevant previous year, no depreciation was allowable. In support of his decision he relied on the judgments of the Supreme Court in L. M. Chhabda & Sons v. CIT (1967) 65 ITR 638 and CIT vs. Gemini Cashew Sales Corpn. (1967) 65 ITR 643. In the aforesaid view of the matter, the Assessing Officer disallowed the entire loss claimed by the assessee and determined the income at Rs.Nil. 4. The assessee carried the matter in appeal before the CIT(Appeals) and filed written submissions, which showed that the expenses debited to the profit and loss account were as under : Personn…