CIT v. Is. Karala Estate

161 ITR 155Supreme Court of India1986#23021 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2022.

Judgments citing CIT v. Is. Karala Estate

M/S. SHANGRILA LATEX INDUSTRIES LIMITED,SURAT vs. ASSISTANT COMMISSIONER OF INCOME TAX - 4, SURAT

In the result, appeal filed by the assessees is allowed

ITA 38/SRT/2017[2006-07]Status: DisposedITAT Surat28 Sept 2022AY 2006-07

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.38/Srt/2017 Assessment Year: (2006-07) (Physical Court Hearing) Shangrila Latex Industries Limited, Vs. The Acit, Circle-4, C/O. B.M. Parekh & Co., 203, 2Nd Surat. Floor, Navjivan Society, Bldg. No. 03, Lamington Road, Mumbai-400008. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaics1479E (Appellant) (Respondent) Assessee By Shri Sanjay S. Kapadia, Ca Respondent By Shri H. P. Meena, Cit(Dr) Date Of Hearing 01/07/2022 28/09/2022 Date Of Pronouncement

Section 143(3)Section 147Section 148Section 234BSection 71

…supported by the decision of the judiciary in the following cases wherein it was held as under: In the case of Mohsin Rehman Penkar Vs CIT(1948) 16 ITR 183 (Bom) endorsed by the Supreme Court in the case of C. Ag It Vs. Kerala Estate Mooriad Chalapuram (1986) 161 ITR 155 (SC) that the amount remitted under a settlement even including interest would not have the character of income being capital receipt. The copy of the said decision is enclosed herewith for your ready reference and records. Since the Supreme Court has endorsed the view, we request your good self to kindly consider the said decision before passing…

DCIT CIR 3(3), MUMBAI vs. SICOM LTD, MUMBAI

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1685/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…ot understand". This decision has been consistently followed by the Indian Courts including in the case of Bombay High Court in Mohsin Rehman' s case (16 ITR 183 )(Bom) which has incidentally been approved in Supreme Court decision in CIT V Is. Karala Estate (161 ITR 155). 3) CIT V/so Karala Estate Moorad Chalapuram (161 ITR 155)(SC) This case was decided by the Supreme Court under agricultural Income tax Act which ( did not contain fiction parallel to the fiction contained in section 41 of the Act. The Court was concerned with taxability of waiver of interest which was deducted in computation of income of an ear…

SICOM LTD,MUMBAI vs. DCIT RG 3(3), MUMBAI

In the result, appeal of Revenue is dismissed whereas appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 1522/MUM/2009[2003-2004]Status: DisposedITAT Mumbai06 Dec 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm M/S. Sicom Ltd., Vs. Dcit – 3(3) – Mumbai-20 Nirmal, 1St Floor, Nariman Point, Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent) & Dcit – 3(3) – Mumbai- Vs. M/S. Sicom Ltd., Nirmal, 1St Floor, Nariman Point, 20 Mumbai – 400 021 Pan/Gir No. Aaacs5524J Appellant) .. Respondent)

Section 115JSection 143(3)Section 234BSection 41

…ot understand". This decision has been consistently followed by the Indian Courts including in the case of Bombay High Court in Mohsin Rehman' s case (16 ITR 183 )(Bom) which has incidentally been approved in Supreme Court decision in CIT V Is. Karala Estate (161 ITR 155). 3) CIT V/so Karala Estate Moorad Chalapuram (161 ITR 155)(SC) This case was decided by the Supreme Court under agricultural Income tax Act which ( did not contain fiction parallel to the fiction contained in section 41 of the Act. The Court was concerned with taxability of waiver of interest which was deducted in computation of income of an ear…

CIT v. Is. Karala Estate (161 ITR 155) — Cited in 3 Judgments | BharatTax