CIT v. Horizon Capital Ltd.

245 CTR 601High Court2011#17352 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2016 to 2019.

Judgments citing CIT v. Horizon Capital Ltd.

DCIT, New Delhi vs. M/S. Victory Portfolio Ltd., New Delhi

The appeal of the assessee is allowed with above direction

ITA 4500/DEL/2011[2008-09]Status: DisposedITAT Delhi25 Nov 2019AY 2008-09

Bench: Shri Kuldip Singh & Shri Prashant Maharishivictory Portfolio Ltd, Vs. Dcit, 209, Gupta Towers, Azardpur Circle-17(1), Commercial Complex, New Delhi New Delhi Pan: Aaafv9634K (Appellant) (Respondent) Dcit, Vs. Victory Portfolio Ltd, Circle-17(1), 209, Gupta Towers, Azardpur New Delhi Commercial Complex, New Delhi Pan: Aaafv9634K (Appellant) (Respondent)

For Appellant: Shri Ved Jain, AdvFor Respondent: Smt Naina Soin Kapil, Sr. DR
Section 115JSection 143Section 14ASection 225Section 36Section 40Section 80Section 88E

…the appeal. 7. On hearing of the parties it is apparent that above issue is squarely covered in favour of the assessee by the decision of the honourable Karnataka High Court in [2012] 17 taxmann.com 8 (Karnataka)/[2012] 204 Taxman 59 (Karnataka)(MAG.)/[2011] 245 CTR 601 (Karnataka) in CIT V Horizon Capital Limited as under :- 6. Section 115JB provides that if the tax payable on the total income is less than 7.5% of the book profit, the tax payable under this provision shall be the amount of income tax at the rate of 7.5% of book profit. In other words, if computation of income is done under the provisions of the…

M/S. Victory Portfolio Ltd., New Delhi vs. DCIT, New Delhi

The appeal of the assessee is allowed with above direction

ITA 4267/DEL/2011[2008-09]Status: DisposedITAT Delhi25 Nov 2019AY 2008-09

Bench: Shri Kuldip Singh & Shri Prashant Maharishivictory Portfolio Ltd, Vs. Dcit, 209, Gupta Towers, Azardpur Circle-17(1), Commercial Complex, New Delhi New Delhi Pan: Aaafv9634K (Appellant) (Respondent) Dcit, Vs. Victory Portfolio Ltd, Circle-17(1), 209, Gupta Towers, Azardpur New Delhi Commercial Complex, New Delhi Pan: Aaafv9634K (Appellant) (Respondent)

For Appellant: Shri Ved Jain, AdvFor Respondent: Smt Naina Soin Kapil, Sr. DR
Section 115JSection 143Section 14ASection 225Section 36Section 40Section 80Section 88E

…the appeal. 7. On hearing of the parties it is apparent that above issue is squarely covered in favour of the assessee by the decision of the honourable Karnataka High Court in [2012] 17 taxmann.com 8 (Karnataka)/[2012] 204 Taxman 59 (Karnataka)(MAG.)/[2011] 245 CTR 601 (Karnataka) in CIT V Horizon Capital Limited as under :- 6. Section 115JB provides that if the tax payable on the total income is less than 7.5% of the book profit, the tax payable under this provision shall be the amount of income tax at the rate of 7.5% of book profit. In other words, if computation of income is done under the provisions of the…

The DCIT, Circle-1, Surat vs. M/S. Ashok Finstock Pvt. Ltd., Surat

In the result, appeals of the Revenue are dismissed

ITA 1486/AHD/2014[2008-09]Status: DisposedITAT Surat23 Mar 2018AY 2008-09

Bench: Shri C .M. Garg & Shri O. P. Meena

Section 115JSection 143(3)Section 80Section 87Section 88Section 88ESection 8E

…itled to a deduction to the extent of the securities transaction tax borne by it during the course of business in the relevant previous year.” Similar view has been taken by Hon’ble High Court of Karnataka in the case CIT V/s. Horizon Capital Ltd. Reported in 245 CTR 601 wherein it has been held that rebate u/s.88E in respect of payment of STT is to be allowed even if total income is assessed u/s.115JB of the Act. It is further held that when the total income is assessed and tax chargeable is computed, it is from that tax which is chargeable, the tax paid u/s.88E is given deduction by way of rebate u/s.87 of the…

The DCIT, Circle-1, Surat vs. M/S. Ashok Finstock Pvt. Ltd., Surat

In the result, appeals of the Revenue are dismissed

ITA 1485/AHD/2014[2007-08]Status: DisposedITAT Surat23 Mar 2018AY 2007-08

Bench: Shri C .M. Garg & Shri O. P. Meena

Section 115JSection 143(3)Section 80Section 87Section 88Section 88ESection 8E

…itled to a deduction to the extent of the securities transaction tax borne by it during the course of business in the relevant previous year.” Similar view has been taken by Hon’ble High Court of Karnataka in the case CIT V/s. Horizon Capital Ltd. Reported in 245 CTR 601 wherein it has been held that rebate u/s.88E in respect of payment of STT is to be allowed even if total income is assessed u/s.115JB of the Act. It is further held that when the total income is assessed and tax chargeable is computed, it is from that tax which is chargeable, the tax paid u/s.88E is given deduction by way of rebate u/s.87 of the…

Asst CIT 4(3), Mumbai vs. Latin Manharlal Securities P. Ltd, Mumbai

In the result, appeal of the revenue stands dismissed

ITA 5822/MUM/2013[2007-08]Status: DisposedITAT Mumbai16 Mar 2016AY 2007-08

Bench: Shri Rajendra & Shri Amit Shukla

For Respondent: None
Section 115JSection 139(1)Section 143(3)Section 147Section 148Section 88E

…re and accordingly, such a reopening is bad in law. Apart from that, on merits also, he has decided the issue in favour of the assessee, after following the decision of Hon’ble Karnataka High Court in the case of CIT vs Horizon Capital Ltd, reported in [2011] 245 CTR 601. 5. After considering the relevant finding given in the impugned order and after hearing Ld. DR, we find that the sole reason for which the assessment completed under section 143(3) has been sought to be reopened is that, tax liability under section 115JB is more than the normal provision of the Act and further, assessee is not liable for deducti…

CIT v. Horizon Capital Ltd. (245 CTR 601) — Cited in 5 Judgments | BharatTax