CIT v. Gujarat Foils Ltd.

377 ITR 324High Court2015#17790 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2021.

Judgments citing CIT v. Gujarat Foils Ltd.

Harman Singh Dhingra, New Delhi vs. ACIT, New Delhi

The appeal of the assessee is allowed

ITA 4641/DEL/2016[2013-14]Status: DisposedITAT Delhi24 Sept 2021AY 2013-14

Bench: Ms Suchitra Kamble & Sh. Prashant Maharishi

Section 132Section 143Section 143(2)Section 143(3)Section 147Section 153ASection 291B

…issued on 20/2/2015 which has to be served as per the statute till 30/09/2014. The Ld. AR relied upon the decision of Hon’ble Apex Court in case of ACIT Vs. Hotel Blue Moon 321 ITR 362 (SC) and Hon’ble Gujarat High Court in case of CIT Vs. Gujarat Foils Ltd. 377 ITR 324 (Guj). The Ld. AR further submitted that a post search assessment was completed without issuance of notice u/s 143(2) which is not valid in law apart from the fact that an outer time limit for completion of assessment had already lapsed and addition itself was not based on materials found during search, so that for any of these reasons, the addit…

M/S. Shil Technologies Pvt.Ltd., Vadodara vs. Asstt. Commissioner of Income Tax, Vadodara

In the result, the appeal of the assessee is allowed

ITA 655/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad13 Jun 2019AY 2012-13

For Appellant: Shri Bhavin Marfatia, A.RFor Respondent: Shri Lalit P. Jain, Sr.DR

…and circumstances, no disallowance of interest is warranted under the provision of section 36(1)(iii)of the Act. In this regard, we find support and guidance from the judgment of Hon’ble Gujarat High Court in the case of CIT vs. Gujarat Foils Ltd. reported in 377 ITR 324(Gujarat) wherein it was held as under:- “Where the assessee was having sufficient interest free funds available with it to lend interest free advances, the Tribunal was justified in deleting disallowance of interest under section 36(1)(iii).” In view of the above proposition laid down by the Hon’ble Gujarat High Court, we are of the view that t…

Umapati Synthetics Pvt. Ltd., Surat vs. The Income Tax Officer, Ward-4(4) ( New Ward-2(1)(4)), Surat

In the result,appeal of the assessee is partly allowed

ITA 493/AHD/2016[2009-10]Status: DisposedITAT Surat22 Aug 2018AY 2009-10

Bench: Shri C.M.Garg & Shri O.P.Meenaआयकरअपीलसं. / Ita No.493/Ahd/2016/Srt "नधा"रणवष"/ Assessment Year: 2009-10 Umapati Synthetics Pvt. Ltd., Vs. Income Tax Officer, 302-A, Centre Point, Ward-4(4), 3Rd Floor,Ring Road, (New Ward-2(1)(4)) Surat. Surat. [Pan: Aaacu 6139P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Assessee By : Shri Ramesh Kumar Malpani, C.A ""यथ"क"ओरसे /Revenue By : Shri J.K. Chandnani, Sr. D.R सुनवाईक"तार"ख/Date Of Hearing : 05-06-2018 घोषणाक"तार"ख /Date Of Pronouncement : 23-08-2018

For Appellant: Shri Ramesh Kumar MalpaniFor Respondent: Shri J.K. Chandnani, Sr. D.R

Section 145(3)Section 234BSection 234C

…f the assessee is allowed and AO is directed to delete the addition on the basis of GP estimation. Ground NO.2: 10. The ld. AR submitted that as per decision of Hon’ble Jurisdictional High Court of Gujarat in the case of CIT v. Gujarat Foils Ltd. reported at 377 ITR 324 (Guj.), wherein it was held that the assessee was having sufficient interest free funds available with it to lend interest free advanced then the disallowance u/s. 36(1)(iii) of the Act cannot be held as sustainable. He further pointed out that in para 15 at pg. 11, the AO made disallowance of interest on the interest free advances given by the a…

Lalji & Sons, Bankura vs. ACIT, Circle - Bankura, Bankura

In the result, all the appeals of assessee are allowed

ITA 220/KOL/2016[2003-2004]Status: DisposedITAT Kolkata25 Jan 2018AY 2003-2004

Bench: : Shri M. Balaganesh & Shri S.S.Viswanethra Ravi

For Appellant: Shri D.K. Sen, Advocate, ld.ARFor Respondent: Shri Arindam Bhattacharjee, Addl, CIT, ld.DR

Section 143(2)Section 143(3)Section 147Section 148Section 292B

…bed is mandatory and it is not a mere procedural requirement. Therefore, the requirement of notice u/s 143(2) cannot be dispensed with (APB, age no. 22)." ITA Nos. 220-222/Kol/2016 6 M/s.Lalji & Sons. 6.8 In the case of 'CIT v. Gujarat Fioils Ltd. ' [2015] 377 ITR 324/[2017] 79 taxmann.com 354 (Guj.) also it was held that: "…………. the Tribunal has held the assessment order u/s 143(3) as void ab initio by observing that the notice u/s 143(2) was issued beyond the period of limitation, i.e. beyond the period of twelve months or the end of the month for which there turn was filed u/s 139 was concerned, it is requ…

M/S Indian Farmers Fertiliser Cooperative Ltd., New Delhi vs. Pr CIT, New Delhi

In the result, the Appeal filed by the Assessee stands allowed

ITA 2487/DEL/2016[2010-11]Status: DisposedITAT Delhi19 Sept 2016AY 2010-11

Bench: Shri H.S. Sidhu & Shri J.S. Reddy

For Appellant: Sh. Vijay Ranjan, Adv. Sh. Vartik RFor Respondent: Sh. A.K. Saroha, CIT(DR)

Section 263Section 36(1)(iii)

…) Godrej and Boyce Mfg. Co. Ltd. v. DCIT [2010] 328 ITR 81 (Bom)(para 11) ITO v. Daga Capital Management P. Ltd. [2009] 312 ITR (AT)1 (Mum) [SB] (para 5) Maxopp Investment Ltd. v. CIT [2012] 347 ITR 272 (Del.)(Para 6)” 68 (viii) CIT vs. Gujarat Foils Ltd., 377 ITR 324 (Guj.) The relevant part of this judgement is reproduced below from page 334 of the Report: “Now, so far as Tax Appeal No. 963 of 2008 for the assessment year 2002-03 and Tax Appeal No. 964 of 2008 for the assessment year 2003-04 with respect to the disallowance of interest expenses claimed under section 36(1)(iii) of the Act is concerned, the…