CIT v. Industry & Commerce Enterprises (P.)Ltd.

118 ITR 606High Court1979#10096 most cited

What is CIT v. Industry & Commerce Enterprises (P.)Ltd. authority for?

Losses incurred on the sale of government bonds or securities are allowable as a business loss if they were purchased to increase business with the government or retain its goodwill.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2023.

Also referred to as

CIT v. Industry & Commerce Enterprises · business loss · capital loss · revenue loss · government bonds · government securities · business with government · goodwill of authorities

Judgments citing CIT v. Industry & Commerce Enterprises (P.)Ltd.

Tata Chemicals Ltd, Mumbai vs. Addl Ciat 2(3), Mumbai

In the result, appeal filed by the assessee is partly allowed

ITA 120/MUM/2013[2008-09]Status: DisposedITAT Mumbai10 Nov 2023AY 2008-09

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 144C(5)Section 14ASection 43BSection 80

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H”, MUMBAI BEFORE SHRI VIKAS AWASTHY, HON'BLE JUDICIAL MEMBER & SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA.NO. 120/MUM/2013 (A.Y: 2008-09) Tata Chemicals Ltd v. ACIT-2(3) 24, HomiMody Street Aayakar Bhavan Bombay House, Fort M.K. Road, Mumbai- 400020 Mumbai- 400001 PAN: AAACT4059M (Appellant) (Respondent) Assessee Represented by : Shri Nitesh Joshi Department Represented by : Shri Rignesh Das Date of Conclusion of Hearing : 21.09.2023 Date of Pronouncement : 10.11.2023 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee against…

M/S. Chambal Fertilizers and Chemicals Limited, Kota vs. Assistant Commissioner of Income Tax, Circle-2, Kota

In the result, appeal of the revenue is dismissed

ITA 744/JPR/2018[2014-15]Status: DisposedITAT Jaipur13 May 2022AY 2014-15
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…id not bring in an asset of a capital nature, and that in the circumstances of the case the loss suffered by the assessee was a revenue loss and not a capital loss. It was held by the Orissa High Court in CIT v. Industry & Commerce Enterprises (P.)Ltd. [1979] 118 ITR 606 and by the Madras High Court in Addl. CIT v. B.M.S. (P.) Ltd. [1979] 119 ITR 321 and again in CIT v. Dhandayuthapani Foundry (P.) Ltd. [1980] 123 ITR 709, that where the Government bonds or securities were purchased by the assessee with a view to increasing his business with the Government or with the object of retaining the goodwill of the autho…

Chambal Fertilisers and Chemicals Limited, Kota vs. ACIT, Kota

In the result, appeal of the revenue is dismissed

ITA 291/JPR/2017[2013-14]Status: DisposedITAT Jaipur13 May 2022AY 2013-14
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…id not bring in an asset of a capital nature, and that in the circumstances of the case the loss suffered by the assessee was a revenue loss and not a capital loss. It was held by the Orissa High Court in CIT v. Industry & Commerce Enterprises (P.)Ltd. [1979] 118 ITR 606 and by the Madras High Court in Addl. CIT v. B.M.S. (P.) Ltd. [1979] 119 ITR 321 and again in CIT v. Dhandayuthapani Foundry (P.) Ltd. [1980] 123 ITR 709, that where the Government bonds or securities were purchased by the assessee with a view to increasing his business with the Government or with the object of retaining the goodwill of the autho…

Chambal Fertilisers and Chemicals Limited, Kota vs. DCIT, Kota

In the result, appeal of the revenue is dismissed

ITA 201/JPR/2017[2012-13]Status: DisposedITAT Jaipur13 May 2022AY 2012-13
For Appellant: Shri Percy PardiwallaFor Respondent: Shri Sanjay Dhariwal (CIT)
Section 40A(2)(b)

…id not bring in an asset of a capital nature, and that in the circumstances of the case the loss suffered by the assessee was a revenue loss and not a capital loss. It was held by the Orissa High Court in CIT v. Industry & Commerce Enterprises (P.)Ltd. [1979] 118 ITR 606 and by the Madras High Court in Addl. CIT v. B.M.S. (P.) Ltd. [1979] 119 ITR 321 and again in CIT v. Dhandayuthapani Foundry (P.) Ltd. [1980] 123 ITR 709, that where the Government bonds or securities were purchased by the assessee with a view to increasing his business with the Government or with the object of retaining the goodwill of the autho…

The DCIT, Circle-4, Ahmedabad vs. Ghcl Limited, Ahmedabad

ITA 976/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad05 Mar 2021AY 2009-10
For Appellant: Shri S. N. Soparkar, Sr. A.R. &For Respondent: Shri Mohd. Usman, CIR-D.R. &
Section 143(2)Section 144C(2)(b)Section 144C(5)Section 14ASection 37(1)Section 92C

…ture and that, in the circumstances of the cose, the loss suffered by the assessee was o revenue loss and not a capital loss.—CIT vs. Patnaik & Co. P. Ltd. [1979) 117 ITR 388 (Ori) : TC14R.517 reversed; CIT vs. Industry and Commerce Enterprises P. Ltd. (1979) 118 ITR 606 (Ori) : TC14R.519, Addl. CIT vs. B.M.S. (P) Ltd. (1979) 11 CTR (Mad) 146 : (1979) 119 ITR 321 (Mad) : TC14R.520 and CIT vs. Dandayuthaponi Foundry P. Ltd. (1980) 17 CTR (Mad) 338 : (1980) i23 ITR 709 (Mad) : TC14R.520#1 approved. Conclusion: Loss on sa e of securities, purchased with a view to obtain preferential treatment from the Government, is…

Ghcl Limited, Ahmedabad vs. The Dy.CIT., Circle-4, Ahmedabad

ITA 1042/AHD/2014[2009-10]Status: DisposedITAT Ahmedabad05 Mar 2021AY 2009-10
For Appellant: Shri S. N. Soparkar, Sr. A.R. &For Respondent: Shri Mohd. Usman, CIR-D.R. &
Section 143(2)Section 144C(2)(b)Section 144C(5)Section 14ASection 37(1)Section 92C

…ture and that, in the circumstances of the cose, the loss suffered by the assessee was o revenue loss and not a capital loss.—CIT vs. Patnaik & Co. P. Ltd. [1979) 117 ITR 388 (Ori) : TC14R.517 reversed; CIT vs. Industry and Commerce Enterprises P. Ltd. (1979) 118 ITR 606 (Ori) : TC14R.519, Addl. CIT vs. B.M.S. (P) Ltd. (1979) 11 CTR (Mad) 146 : (1979) 119 ITR 321 (Mad) : TC14R.520 and CIT vs. Dandayuthaponi Foundry P. Ltd. (1980) 17 CTR (Mad) 338 : (1980) i23 ITR 709 (Mad) : TC14R.520#1 approved. Conclusion: Loss on sa e of securities, purchased with a view to obtain preferential treatment from the Government, is…

M/S Ace Designers Limited vs. The Additional Commissioner of

In the result, the order of the Tribunal dated

ITA/184/2013HC Karnataka09 Sept 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 143(2)Section 260Section 260ASection 28

…1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 9TH DAY OF SEPTEMBER 2020 PRESENT THE HON’BLE MR. JUSTICE ALOK ARADHE AND THE HON’BLE MR. JUSTICE H.T.NARENDRA PRASAD I.T.A. NO.184 OF 2013 BETWEEN: M/S. ACE DESIGNERS LIMITED REPRESENTED BY ITS MANAGING DIRECTOR SHRINIVAS G. SHIRGURKR PLOT NO.7 & 8, II PHASE PEENYA INDUSTRIAL AREA BANGALORE-560058. ... APPELLANT (BY SRI. A. SHANKAR, SR. COUNSEL A/W SRI. M. LAVA, ADV.,) AND: THE ADDITIONAL COMMISSIONER OF INCOME TAX (LTU), JSS TOWERS 100 FEET RING ROAD BANASHANKARI III STAGE BANGALRE-560085. ... RES…

Hindustan Petroleum Corporation Ltd, Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result we affirm the order of ld CIT(A) id affirmed and

ITA 5378/MUM/2010[2006-07]Status: DisposedITAT Mumbai09 Oct 2019AY 2006-07

Bench: Shri Shamim Yahya () & Shri Pawan Singh () Hindustan Petroleum The Addl.Cit, Range-1(1), Corporation Ltd., Mumbai 17, Jamashedji Tata Road, V/S Mumbai-400 020 Pan: Aaach1118B Appellant Respondent

Section 14ASection 37Section 37(1)

…upholding the same. Appellants refer to and rely upon the following decisions in support of their contentions:-  Patnaik & Co.Ltd vs CIT(Orissa) 161 ITR 365 (SC)  CIT vs Gannon Dunkerley & Co. Ltd 119 ITR 595 (Bom) > CIT vs. Industry and Commerce Enterprise 118 ITR 606 (Orissa) > CIT vs. BMS 119 ITR 321 (MAD) > CIT vs. Dhandayuthanpani 123 ITR 709 (MAD) 7. Deduction for feasibility study expenses - Rs. 45,03,5807- Appellants submit that on the facts and in the circumstances of the case and a true and proper interpretation of the provisions of Section 37(1) of income Tax Act, 1961, the CIT(A) erred in disallowin…

JCIT, Rang-2, Kota vs. Chambal Fertilisers and Chemicals Limited, Kota

In the result, respective grounds of appeal are allowed for statistical purposes

ITA 575/JPR/2015[2011-12]Status: DisposedITAT Jaipur17 Oct 2018AY 2011-12
For Appellant: Shri Percy Pardiwala (Adv.)For Respondent: Shri Varinder Mehta (CIT)
Section 14A

…id not bring in an asset of a capital nature, and that in the circumstances of the case the loss suffered by the assessee was a revenue loss and not a capital loss. It was held by the Orissa High Court in CIT v. Industry & Commerce Enterprises (P.)Ltd. [1979] 118 ITR 606 and by the Madras High Court in Addl. CIT v. B.M.S. (P.) Ltd. [1979] 119 ITR 321 and again in CIT v. Dhandayuthapani Foundry (P.) Ltd. [1980] 123 ITR 709, that where the Government bonds or securities were purchased by the assessee with a view to increasing his business with the Government or with the object of retaining the goodwill of the autho…

Chambal Fertilisers and Chemicals Limited, Kota vs. JCIT, Kota

In the result, respective grounds of appeal are allowed for statistical purposes

ITA 461/JPR/2015[2011-12]Status: DisposedITAT Jaipur17 Oct 2018AY 2011-12
For Appellant: Shri Percy Pardiwala (Adv.)For Respondent: Shri Varinder Mehta (CIT)
Section 14A

…id not bring in an asset of a capital nature, and that in the circumstances of the case the loss suffered by the assessee was a revenue loss and not a capital loss. It was held by the Orissa High Court in CIT v. Industry & Commerce Enterprises (P.)Ltd. [1979] 118 ITR 606 and by the Madras High Court in Addl. CIT v. B.M.S. (P.) Ltd. [1979] 119 ITR 321 and again in CIT v. Dhandayuthapani Foundry (P.) Ltd. [1980] 123 ITR 709, that where the Government bonds or securities were purchased by the assessee with a view to increasing his business with the Government or with the object of retaining the goodwill of the autho…

CIT v. Industry & Commerce Enterprises (P.)Ltd. (118 ITR 606) — Cited in 10 Judgments | BharatTax