CIT v. Hariprasad & Company Pvt. Ltd.

99 ITR 118Supreme Court of India1975#1461 most cited

What is CIT v. Hariprasad & Company Pvt. Ltd. authority for?

The terms 'income' or 'profits and gains' are inclusive of losses, signifying that losses are 'minus income' to be factored into the computation of taxable income. Therefore, set-off and carry forward provisions for losses apply exclusively to taxable income or gains and cannot be pressed into service against non-taxable gains, such as those exempt under a DTAA or other specific provisions.

78

judgments rely on this decision, according to BharatTax’s citation analysis of 366,005 Indian tax judgments — from 2007 to 2026.

Also referred to as

CIT v. Hariprasad & Company Pvt. Ltd. · 99 ITR 118 SC · Section 74 · Section 90(2) · Section 115JB · Profit includes loss · Set-off and carry forward of losses · Taxable income only · Non-taxable gains · DTAA exemption · Capital gains loss · Book profit computation

Sections most often in play

Section 143(3)Section 74Section 90(2)Section 10(38)Section 115JBSection 45Section 13Section 13(4)

Issues it is cited on

section 74section 4(3)section 4(1)section 71section 47section 70carry forward of lossessection 127(2)transfer of capital assetsection 2(14)trcsection 90(2)

Judgments citing CIT v. Hariprasad & Company Pvt. Ltd.

Nandlal Tolani Charitable Trust, Mumbai vs. ACIT Cen Cir 17 & 18, Mumbai

In the result, the appeal filed by the assessee as well as the revenue is

ITA 1110/MUM/2011[2005-06]Status: DisposedITAT Mumbai31 May 2017AY 2005-06

Bench: Shri P K Bansal, Vp & Shri Pawan Singh, Jm Assessment Year : 2005-06 Asst. Cit Central Circle 17 & 28 Nandlal Tolani Charitable Trust Mumbai 10-A, Bakhtawar, Vs. Nariman Point, Mumbai 400 021

For Appellant: Shri Rajiv Khandelwal &For Respondent: Shri V K Agarwal
Section 10Section 11(1)(a)Section 11(2)Section 12ASection 13Section 13(3)Section 13(3)(a)Section 13(3)(e)

…mputing the total income under section (sec. 14A) has since been inserted by Finance Act, 2001 with retrospective effect from 01.04.1962. This aspect stands abundantly clarified by the hon’ble apex court in the case of CIT vs. Harprasad & Co. (P.) Ltd. [1975] 99 ITR 118 (SC), explaining that an income to come within its purview must satisfy the definition of total income u/s. 2(15) (of the Income-tax Act, 1922, which is para material with section 2(45) of the Act), prescribing two conditions. Firstly, it must comprise the total amount of income, profits and gains referred to in section4(1) and, two, must be compu…

Neeta Samir Mehta, Mumbai vs. ITO 21(1)(3), Mumbai

In the result, the appeal filed by the assessee is dismissed

ITA 1806/MUM/2013[2009-10]Status: DisposedITAT Mumbai22 Mar 2017AY 2009-10

Bench: Shri B.R. Baskaran (Am)& Shri Ravish Sood (Jm)

Section 139Section 139(1)Section 139(3)Section 72Section 73Section 74Section 74ASection 80

…s “return of loss”. Accordingly, he contended that the provisions of section 139(3) read with section 80 will not apply to the instant case. He also referred to the decisions rendered by Hon’ble Supreme Court in the case of CIT Vs. Harprasad & Co P Ltd (1975)(99 ITR 118) and by Hon’ble Karnataka High Court in the case of Kareemsons (P) Ltd (198 ITR 543). 4. On the contrary, learned Departmental Representative submitted that the provisions of section 139(3) and section 80 deals with the “loss sustained under the specific head”, namely “profits and gains of business and profession” or “capital gains” and hence bot…

ITO (E)1(3), Mumbai vs. F.E. Dinshaw Charities, Mumbai

In the result, the appeal of Revenue is dismissed

ITA 4332/MUM/2015[2003-04]Status: DisposedITAT Mumbai20 Jan 2017AY 2003-04

Bench: Shri G.S. Pannu & Shri Amarjit Singh: (A.Y : 2003-04)

For Appellant: Shri Ronak G. DoshiFor Respondent: Shri A.K. Kardam
Section 12ASection 143(3)Section 147Section 148

…of Assessment Year 1995-96 and carry forward of the balance 4 F.E. Dinshaw Charities ITA Nos. 4221 & 4332/Mum/2015 unabsorbed Long Term Capital Loss of Rs.1,61,76,065/- in view of judgment of the Hon'ble Supreme Court in the case of Harprasad & Co. (P) Ltd., 99 ITR 118 (SC). Against such an assessment, assessee carried the matter in appeal before the CIT(A) challenging the initiation of proceedings u/s 147/148 of the Act as well as the merits of the two additions. The CIT(A) has upheld the action of Assessing Officer u/s 147/148 of the Act and also the addition of Rs.3,76,104/- to the extent of excess applicatio…

F.E. Dinshaw Charities, Mumbai vs. DDIT I(2), Mumbai

In the result, the appeal of Revenue is dismissed

ITA 4221/MUM/2015[2003-04]Status: DisposedITAT Mumbai20 Jan 2017AY 2003-04

Bench: Shri G.S. Pannu & Shri Amarjit Singh: (A.Y : 2003-04)

For Appellant: Shri Ronak G. DoshiFor Respondent: Shri A.K. Kardam
Section 12ASection 143(3)Section 147Section 148

…of Assessment Year 1995-96 and carry forward of the balance 4 F.E. Dinshaw Charities ITA Nos. 4221 & 4332/Mum/2015 unabsorbed Long Term Capital Loss of Rs.1,61,76,065/- in view of judgment of the Hon'ble Supreme Court in the case of Harprasad & Co. (P) Ltd., 99 ITR 118 (SC). Against such an assessment, assessee carried the matter in appeal before the CIT(A) challenging the initiation of proceedings u/s 147/148 of the Act as well as the merits of the two additions. The CIT(A) has upheld the action of Assessing Officer u/s 147/148 of the Act and also the addition of Rs.3,76,104/- to the extent of excess applicatio…

Cyfast Enterprises P.Ltd, Mumbai vs. DCIT Cir 10(3), Mumbai

The appeal of the Revenue is allowed

ITA 1878/MUM/2015[2011-12]Status: DisposedITAT Mumbai22 Nov 2016AY 2011-12

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year:2011-12 Cyfast Enterprises Pvt. Ltd. Dcit, Afl House, Circle-10(3), बनाम/ Lok Bharati Complex, Aayakar Bhavan, Vs. Marol Maroshi Road, M.K. Road, Andheri (East), Mumbai-400020 Mumbai-400059 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaacu4945K "नधा"रती क" ओर से / Assessee By Shri Nitesh Joshi & Shri Sunil Jhunjhunwala राज"व क" ओर से / Revenue By Shri Anandi Verma-Cit-Dr

Section 50B

…king any departure from the existing position under the Act. It has been laid down by the Hon’ble Supreme Court on several 41 Cyfast Enterprises Pvt. Ltd. occasions that the income also includes loss. In the case of CIT v. Harprasad And Co. Pvt. Ltd. [(1975) 99 ITR 118 (SC)], Their Lordships have categorically held that the income includes loss also. Similar proposition has been reiterated in CIT v. P.Doraiswamy Chetty [(1990) 183 ITR 559 (SC)]. Section 28 dealing with the computation of income under Chapter IV-D states that the income shall be chargeable to income-tax under the head “Profits and gains of busine…

Vibhadeep Investment & Trading Ltd, Mumbai vs. Asst CIT (OSD) 3(3), Mumbai

In the result, the assessee’s appeal for A

ITA 4751/MUM/2012[2005-06]Status: DisposedITAT Mumbai28 Oct 2016AY 2005-06

Bench: Shri Jason P. Boaz & Shri Sandeep Gosain M/S. Vibhadeep Investments & Acit (Osd)-3(3) Trading Limited Room No. 620 Vs. Mafatlal House, Backbay Aayakar Bhavan, M.K. Road Reclamation, Mumbai 400020 Mumbai 400020 Pan – Aaacv1946M Appellant Respondent

For Appellant: Smt. Arati VissanjiFor Respondent: Shri G.M. Doss
Section 143(1)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL "F" Bench, Mumbai Before Shri Jason P. Boaz, Accountant Member and Shri Sandeep Gosain , Judicial Member M/s. Vibhadeep Investments & ACIT (OSD)-3(3) Trading Limited Room No. 620 Vs. Mafatlal House, Backbay Aayakar Bhavan, M.K. Road Reclamation, Mumbai 400020 Mumbai 400020 PAN – AAACV1946M Appellant Respondent Appellant by: Smt. Arati Vissanji Respondent by: Shri G.M. Doss Date of Hearing: 25.10.2016 Date of Pronouncement: 28.10.2016 O R D E R Per Jason P. Boaz, A.M. This appeal by the assessee is directed against the order of the CIT(A)- 7, Mumbai dated 05.03.2012 for A…

M/S. Sivanandha Mills Ltd., Coimbatore vs. DCIT, Coimbatore

In the result, ITA No.2106/Mds/13 is partly allowed for statistical purposes

ITA 2106/CHNY/2013[2010-11]Status: DisposedITAT Chennai17 Jun 2016AY 2010-11

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Dr. Milind Madhukar Bhusari, CIT
Section 143Section 143(1)

…the fact that the expenditure have never been claimed in any earlier years and only when it became crystalized the company has claimed the same which is clearly admissible in law. In the case of CIT v. 38 - - ITA 1216 & 2106/13 Hariprasad & Co. (P) Ltd. (99 ITR 118,), the following observations of the Apex Court could be relevant “From the charging provisions of the Act, it is discernible that the words ‘income’ or ‘profits and gains’ should be understood as including losses also, so that, in one sense ‘profits and gains’ represent plus ‘income’ whereas losses represent ‘minus income’. In other words, loss i…

Sivanandha Mills Limited, Coimbatore vs. ACIT, Coimbatore

In the result, ITA No.2106/Mds/13 is partly allowed for statistical purposes

ITA 1216/CHNY/2013[2009-10]Status: DisposedITAT Chennai17 Jun 2016AY 2009-10

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Dr. Milind Madhukar Bhusari, CIT
Section 143Section 143(1)

…the fact that the expenditure have never been claimed in any earlier years and only when it became crystalized the company has claimed the same which is clearly admissible in law. In the case of CIT v. 38 - - ITA 1216 & 2106/13 Hariprasad & Co. (P) Ltd. (99 ITR 118,), the following observations of the Apex Court could be relevant “From the charging provisions of the Act, it is discernible that the words ‘income’ or ‘profits and gains’ should be understood as including losses also, so that, in one sense ‘profits and gains’ represent plus ‘income’ whereas losses represent ‘minus income’. In other words, loss i…

M/S Mridu Hari Dalmia Parivar Trust, New Delhi vs. Assessing Officer, New Delhi

In the result, the appeal is allowed

ITA 1880/DEL/2014[2010-11]Status: DisposedITAT Delhi01 Apr 2016AY 2010-11

Bench: Shri R.S. Syal, Am & Ms Beena A. Pillai, Jm Assessment Year : 2010-11

For Appellant: Shri Hiro Rai, Advocate &For Respondent: Shri P. Dam Kanunjna, Sr. DR
Section 56Section 56(2)Section 56(2)(vi)

…s Transaction Tax under Chapter VII of the Finance (No.2) Act, 2004. It is trite that `Income’ covers both positive and negative incomes, that is, gains and losses. The Hon’ble Summit Court in a celebrated decision in CIT vs. Hariprasad & Co. P. Ltd (1975) 99 ITR 118 (SC) has held that the words "income" or "profits and gains" should be understood as including losses also, so that, in one sense "profits and gains" represent "plus income", whereas losses 16 represent "minus income". In simple words, both the positive (gains) and negative (losses) are species of the genus of `income’. 11. We have noticed tha…

Commissioner of Income Tax Delhi-XI vs. Indian National Congress/All India Congress Committee

ITA/145/2001HC Delhi23 Mar 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Section 139Section 13A

…ITA Nos. 145/2001 & 180/2001 Page 1 of 71 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 145/2001 Reserved on: February 11, 2016 Date of decision: March 23, 2016 COMMISSIONER OF INCOME TAX DELHI-XI ..... Appellant Through: Mr. Rahul Chaudhary, Senior Standing Counsel with Mr. Raghvendra Singh, Advocate. versus INDIAN NATIONAL CONGRESS (I)/ALL INDIA CONGRESS COMMITTEE ..... Respondent Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Mr. Gautam Jain, Ms. Pushpa Sharma a…

Indian National Cong. (I) Aicc vs. C.I.T.- XI

ITA/180/2001HC Delhi23 Mar 2016

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Section 139Section 13A

…ITA Nos. 145/2001 & 180/2001 Page 1 of 71 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 145/2001 Reserved on: February 11, 2016 Date of decision: March 23, 2016 COMMISSIONER OF INCOME TAX DELHI-XI ..... Appellant Through: Mr. Rahul Chaudhary, Senior Standing Counsel with Mr. Raghvendra Singh, Advocate. versus INDIAN NATIONAL CONGRESS (I)/ALL INDIA CONGRESS COMMITTEE ..... Respondent Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Mr. Gautam Jain, Ms. Pushpa Sharma a…

Indian National Cong. (I) Aicc vs. C.I.T.- XI

ITA - 180 / 2001HC Delhi23 Mar 2016
Section 139Section 13A

…ITA Nos. 145/2001 & 180/2001 Page 1 of 71 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 145/2001 Reserved on: February 11, 2016 Date of decision: March 23, 2016 COMMISSIONER OF INCOME TAX DELHI-XI ..... Appellant Through: Mr. Rahul Chaudhary, Senior Standing Counsel with Mr. Raghvendra Singh, Advocate. versus INDIAN NATIONAL CONGRESS (I)/ALL INDIA CONGRESS COMMITTEE ..... Respondent Through: Mr. C.S. Aggarwal, Senior Advocate with Mr. Prakash Kumar, Mr. Gautam Jain, Ms. Pushpa Sharma a…

I.T.O WD - 2(3), Kolkata. vs. M/S Lgw Ltd., North 24 Parganas

In the result the appeal of the revenue is dismissed and cross objection of the assessee is partly allowed

ITA 267/KOL/2013[2009-10]Status: DisposedITAT Kolkata07 Oct 2015AY 2009-10

Bench: Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am] Assessment Year : 2009-10

For Appellant: Shri A.K.Tibrewal, FCA & Shri Amit Agarwal,AdvocateFor Respondent: Shri Sachidananda Srivastava, CIT(DR)
Section 14A

…of long term capital asset being equity shares should be allowed as deduction. The ld. DR relied on the order of CIT(A). 35. We are of the view that the stand taken by the Assessee is not acceptable. In Commissioner of Income-tax v. Harprasad and Co. P. Ltd. 99 ITR 118 (SC)., the assessee claimed capital loss on sale of shares of Rs.28,662 during the previous year relevant to assessment year 1955-56. The Income-tax Officer disallowed the loss on the ground that it was a loss of a capital nature. The CIT(A) confirmed the order of the ITO. Before Tribunal the Assessee modified its claim and sought that the loss wh…

ITO, Hassan vs. M/S Vokkaligara Sangha, Belur

In the result, Revenue’s appeals for Assessment Years 2005-06 to 2009-10 are treated as partly allowed for statistical purposes

ITA 281/BANG/2014[2005-06]Status: DisposedITAT Bangalore14 Aug 2015AY 2005-06

Bench: Shri Vijaypal Rao & Shri Jason P. Boaz

For Appellant: Dr.P.K. Srihari, Addl. CIT (D.R.)For Respondent: Shri V. Srinivasan, C.A
Section 11Section 12ASection 143(3)Section 147Section 148Section 2(24)(iia)

…income referred to in Section 5”. Secondly, it must be ”computed in the manner laid down in this Act”. If either of these conditions fails, the income will not be a part of the total income that can be brought to charge [CIT v. Harprasad & Co. P. Ltd., (1975) 99 ITR 118, 125 (SC)]”. M/s. Vokkaligara Sangha. 28. As argued by the Revenue, though by virtue of Section 2(24)(iia) voluntary contributions are income, to our mind this by itself does not entitle the tax gatherer to ignore all other well settled principles of taxation and general law and levy tax on gross receipts without considering the claim for deductio…

CIT vs. Hindustan Times Ltd

The appeals are dismissed

ITA/350/2012HC Delhi04 Sept 2012

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

Section 185Section 2(31)Section 263Section 67(2)Section 86

…g-14,23 * IN TIIE HIGH COURT OF DELHI AT NEW DELHI + ITA378/2012 CIT ""' APPellant Through: Mr. Sanjeev Rajpal, Advocate versus HINDUSTAN TIMES LTD ""' Respondent Through: Mr. Ajay Vohra, Ms. Kavita Jha & Mr. Somnath Shukla, Advocates \ + rT{350l20l2 CIT AND ..... APPellant Through: Mr. Sanjeev Rajpal, Advocate 3- versus HINDUSTAN TIMES LTD ""' Respondent Through: Mr. Ajay Vohra, Ms' Kavita Jha & Mr. Somnath Shukla, Advocates CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE R.V.EASWAR ORDER o 04.09.2012 1. The Revenue seems to be aggrieved by the impugned order of the Income Tax Appellate T…

Jt.Commr.of Income Tax, Surat vs. Saheli Leasing & Industries Ltd

Appeals stand allowed as mentioned hereinabove but with

C.A. No.-004278-004278 - 2010Supreme Court07 May 2010
Section 260

…cludes losses, that is, negative profit. This has been held so on the strength of earlier judgments of this Court C.As. @ SLP (C) No. 5241 of 2007 etc…. (contd.) 11 in CIT Vs. Harprasad and Co. P. Ltd (1975) 99 ITR 118 and followed in Reliance Jute and Industries Ltd. Vs. CIT (1979) 120 ITR 921. After elaborate and detailed discussion, this Court held with reference to the charging provisions of statute that the expression “income” should be understood to include losses. The expression “profits and gains” refers to positive income whereas “los…

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

…this judgment being under Section 28(1)(c) of the Income Tax Act, 1922, Dooars Tea Co. Ltd. v. Commissioner of Agricultural Income-tax, West-Bengal, 44 ITR 6 (SC) referring to the expression "total income", CIT (Central) Delhi v. Harparshad & Co. P. Ltd., 99 ITR 118 (SC), again referring to the expression word "total income". Reference is also made to CIT v. J.H. Gotla, 156 ITR 323 (SC) for the proposition as to whether word income would include loss. In this connection, the High Court also referred to CIT, Bombay v. Elphinstone Spinning & Weaving Mills Company Ltd., 40 ITR 142 (SC). Section…

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

…this judgment being under Section 28(1)(c) of the Income Tax Act, 1922, Dooars Tea Co. Ltd. v. Commissioner of Agricultural Income-tax, West-Bengal, 44 ITR 6 (SC) referring to the expression "total income", CIT (Central) Delhi v. Harparshad & Co. P. Ltd., 99 ITR 118 (SC), again referring to the expression word "total income". Reference is also made to CIT v. J.H. Gotla, 156 ITR 323 (SC) for the proposition as to whether word income would include loss. In this connection, the High Court also referred to CIT, Bombay v. Elphinstone Spinning & Weaving Mills Company Ltd., 40 ITR 142 (SC). Section…