CIT v. J.H. Gotla

156 ITR 323Supreme Court of India1985#549 most cited

What is CIT v. J.H. Gotla authority for?

The Supreme Court holds that for income tax purposes, the term 'income' includes 'loss,' allowing for the set-off of a spouse's or minor child's business losses when their income is clubbed with the assessee. This decision emphasizes interpreting tax statutes, especially benevolent provisions, by considering the legislative scheme over a strict literal construction.

176

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2005 to 2026.

Also referred to as

CIT v. J.H. Gotla · J.H. Gotla · Section 64 · Section 16(3) 1922 Act · clubbing of income · set off of losses · income includes loss · statutory interpretation · liberal construction · benevolent provision · Section 273B · penalty

Also reported as

4 SCC 343

Sections most often in play

Section 143(1)Section 143(3)Section 250Section 43BSection 144BSection 10(38)Section 11Section 111A

Issues it is cited on

section 140a(1)section 215section 207section 2(43)section 262section 2(1)section 209section 208section 210section 115jaasection 140aminimum alternate tax

Judgments citing CIT v. J.H. Gotla

DCIT Corporate Circle 5(1), Chennai vs. Repco Home Finance P Ltd., Chennai

In the result, the appeal of Revenue in ITA no

ITA 2885/CHNY/2017[2013-14]Status: DisposedITAT Chennai17 Jun 2020AY 2013-14

Bench: Shri George Mathan & Shri Ramit Kochar

For Appellant: JCITFor Respondent: Shri M. Viswanathan, C.A
Section 143(3)Section 14ASection 36(1)Section 36(1)(va)Section 36(1)(viii)

…. However, the matter before us involves the principle of construction to be placed on the provisions of Finance Act, 2003. :- 50 -: 10. Before concluding, we extract hereinbelow the relevant observations of this Court in the case of CIT v. J.H. Gotla [1985] 156 ITR 323, which reads as under: "...We should find out the intention from the language used by the Legislature and if strict literal construction leads to an absurd result, i.e., a result not intended to be subserved by the object of the legislation found in the manner indicated before, then if another construction is possible apart from strict literal c…

Dulari Devi Hetamsaria, Legal Heir of Late Shyam Sunder Hetamsaria, Ranchi vs. ACIT, Circle - 3, Asansol

In the result, the appeal of the assessee is allowed

ITA 1290/KOL/2018[2008-09]Status: DisposedITAT Kolkata12 Jun 2020AY 2008-09

Bench: Shri S.S.Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1290/Kol/2018 ("नधा"रणवष" / Assessment Year:2008-09)

For Appellant: Shri K. M . Roy, FCAFor Respondent: Shri Supriyo Paul, JCIT
Section 142ASection 143(3)Section 69

…om 1-4-2004. However, the matter before us involves the principle of construction to be placed on the provisions of Finance Act, 2003. 10. Before concluding, we extract hereinbelow the relevant observations of this Court in the case of CIT v. J.H. Gotla[1985] 156 ITR 323, which reads as under: "...We should find out the intention from the language used by the Legislature and if strict literal construction leads to an absurd result, i.e., a result not intended to be subserved by the object of the legislation found in the manner indicated before, then if another construction is possible apart from strict literal co…

M/S. Voith Paper Gmbh, New Delhi vs. DDIT, New Delhi

In the result, appeal of the assessee is dismissed

ITA 1077/DEL/2014[2010-11]Status: DisposedITAT Delhi21 Feb 2020AY 2010-11

Bench: Shri O.P. Kant & Shri K.N. Charyassessment Year: 2010-11

Section 143(3)Section 144CSection 5(2)Section 9

…82 ITR 570 (SC), Hegde, J., opined thus: “It is true that equitable considerations are irrelevant in interpreting tax laws. But, those laws, like all other laws, have to be interpreted reasonably and in consonance with justice”. In CIT v. J.H. Gotla : (1985) 156 ITR 323 (SC), it was held by the Supreme Court that though equity and taxation are often strangers, attempts should be made (to ensure) that they do not always remain so and if a construction results in equity rather than injustice, that should be preferred to the literal or strict construction. In Calcutta Jute Manufacturing Co. v. Commercial Tax Office…

Manoj Mittal, Delhi vs. ACIT, New Delhi

Appeal is dismissed

ITA 4596/DEL/2016[2010-11]Status: DisposedITAT Delhi19 Feb 2020AY 2010-11

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Sh. C.S.Anand, C.AFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 2(22)(e)Section 50Section 50CSection 69

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘E’ NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.-4596/Del/2016 Assessment Year: 2010-11 Manoj Mittal Vs. Asstt. Commissioner of Income Tax H-1, Ashok Vihar, Phase I, Circle-19(1), New Delhi Delhi- 110052 Appellant Respondent Assessee by : Sh. C.S.Anand, C.A. Revenue by : Ms. Rakhi Vimal, Sr. DR ORDER PER ANADEE NATH MISSHRA, A.M.: (A) This appeal filed by the assessee is against impugned appellate order dated 04.07.2016 passed by the Ld. CIT (Appeals)-12, New Delhi for assessment year 2010-11. Fo…

Netesoft India Limited, Mumbai vs. Deputy Commissioner of Income Tax -10(3)(1), Mumbai

The appeal is dismissed for non-prosecution

ITA 5359/MUM/2017[2013-14]Status: DisposedITAT Mumbai20 Dec 2019AY 2013-14

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5359/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Netesoft India Limited Dcit-Central Circle-10(3)(1) 602, Maker Bhavan-Iii बनाम/ Room No.212, Aaykar Bhavan New Marin Lines Vs. Mumbai-400 020. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacn-9543-J (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Yogesh Thar-Ld. Ar ""थ"कीओरसे/Respondent By : Ms. Samatha Mullamudi-Ld.Sr.Dr सुनवाईकीतारीख/ : 30/09/2019 Date Of Hearing घोषणाकीतारीख / : 20/12/2019 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Assessee For Assessment Year [Ay] 2013-14 Contest The Order Of Ld. Commissioner Of Income-Tax (Appeals)-17, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-17/It-480/15- 16 Dated 02/05/2017 On Following Sole Ground Of Appeal: -

For Appellant: Shri Yogesh Thar-Ld. ARFor Respondent: Ms. Samatha Mullamudi-Ld.Sr.DR
Section 10(38)Section 143(3)Section 45Section 70

…n other capital assets. Further, Section 10(38) could not be read into Section 70 or 71 or Section 45 to 48. 2.4 However, placing reliance on the decision of Hon’ble Supreme Court in CIT V/s Gold Coin Health Food P. Ltd. (2008 304 ITR 308); CIT V/s J.H.Gotla (156 ITR 323) and CIT V/s Harprasad & Co. (99 ITR 118), the said submissions were rejected since income would include losses also. Applying the aforesaid logic i.e. income would include losses, Ld. AO formed an opinion that loss would bear the same character and quality as does the positive income. Accordingly, if a particular income was exempt from tax, it w…

Auto Finance Enterprises, Mumbai vs. Assistant Commissioner of Income Tax 12(3), Mumbai

The appeal stands allowed in terms of our above order

ITA 259/MUM/2018[2010-11]Status: DisposedITAT Mumbai16 Sept 2019AY 2010-11

Bench: Hon’Ble Shri C.N. Prasad, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ I.T.A. No.259/Mum/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Auto Finance Enterprises Acit-Circle 12(3) 1St Floor, Aaykar Bhavan, बनाम/ 41, Nariman Bhavan, 221, Nariman Point, M. K. Road Vs. Mumbai-400 021 Mumbai-400 020 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaafa-2325-G (अपीलाथ"/Appellant) (""यथ" / Respondent) :

For Appellant: Shri Vijay Mehta & Shri GovindFor Respondent: Shri Satish Chandra Rajore - Ld. DR
Section 139(1)Section 139(3)Section 143(3)Section 154Section 45(2)Section 74(1)Section 80

…1 M/s Auto Finance Enterprises Assessment Year 2010-11 आयकर अपील"य अ"धकरण “ए” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI माननीय "ी सी. एन. "साद,"या"यक सद"य एवं माननीय "ी मनोज कुमार अ"वाल ,लेखा सद"य के सम"। BEFORE HON’BLE SHRI C.N. PRASAD, JM AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकर अपील सं./ I.T.A. No.259/Mum/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Auto Finance Enterprises ACIT-Circle 12(3) 1st Floor, Aaykar Bhavan, बनाम/ 41, Nariman Bhavan, 221, Nariman Point, M. K. Road Vs. Mumbai-400 021 Mumbai-400 020 "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAAFA-2325-G (अपीलाथ"/Appellan…

ITO, Ward-3(2), Hyd, Hyderabad vs. R.K. Infra & Engineering (India) Pvt.Ltd., Hyd, Hyderabad

In the result, appeal of the revenue and the CO of the assessee are dismissed

ITA 1227/HYD/2016[2012-13]Status: DisposedITAT Hyderabad05 Sept 2019AY 2012-13

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

For Appellant: Shri Nilanjan DeyFor Respondent: Shri Pawan Kumar
Section 40

…matter before us involves the principle of construction to be placed on the provisions of Finance Act, 2003. 16. Before concluding, we extract hereinbelow the relevant observations of this Court in the case of CIT v. J.H. Gotla [1985] 48 CTR (SC) 363 : (1985) 156 ITR 323 (SC), which reads as under : "We should find out the intention from the language used by the legislature and if strict literal construction leads to an absurd result, i.e., a result not intended to be subserved by the object of the legislation found in the manner indicated before, then if another construction is possible apart from strict literal…

ITO, Ward-35(2), New Delhi vs. Vijay Gupta, Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4080/DEL/2018[2014-15]Status: DisposedITAT Delhi18 Jul 2019AY 2014-15

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri V.K. Tulsiyan, CAFor Respondent: Shri Surender Pal, Sr. DR
Section 1Section 3Section 6Section 8Section 801CSection 80I

…ITA No.- 4080/Del/2018. Sh. Vijay Gupta. IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘F’: NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 4080/Del/2018 (Assessment Year: 2014-15) Income Tax Officer, Shri Vijay Gupta, Ward – 35(2), New Delhi Vs. 19/12, Ground Floor, Shakti Nagar, Delhi-110007. PAN No: AAUPG6379A APPELLANT RESPONDENT Assessee by : Shri V.K. Tulsiyan, CA Revenue by : Shri Surender Pal, Sr. DR ORDER PER ANADEE NATH MISSHRA, AM This appeal has been filed by Revenue against the order of Learned Commissioner of Income Tax (…

Sadhvi Securities P.Ltd, New Delhi vs. ACIT, Central Circler-5, New Delhi

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

ITA 1047/DEL/2019[2014-15]Status: DisposedITAT Delhi16 Jul 2019AY 2014-15

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2014-15 Sadhvi Securities P. Ltd., Vs Acit, 13/34, Wea, Arya Samaj Road, Central Circle-5, Karol Bagh, New Delhi. New Delhi. Pan: Aahcs7130D (Appellant) (Respondent) Assessee By : Shri V.P. Gupta & Shri Anunav Kumar, Advocates Revenue By : Shri S.S. Rana, Cit, Dr Date Of Hearing : 02.05.2019 Date Of Pronouncement : 16.07.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 15Th January, 2019 Of The Cit(A)-24, Delhi, Relating To Assessment Year 2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company & Is Engaged In The Business Of Share Trading. It Filed Its Return Of Income On 27.11.2014 Declaring Total Income Of Rs.910/-. During The Course Of Assessment Proceedings, The Assessing Officer Noted That The Assessee Has Introduced Share Capital By Issuing 1800000 Equity Shares Of Rs.10 Each At A Premium Of Rs.90 Per Share Aggregating To Rs.18 Crore In The Balance Sheet As On 31.03.2014. Since The Assessee Has Charged Very High Premium On The Shares So Allotted, The Assessing Officer Asked The Assessee To Furnish Complete

For Appellant: Shri V.P. Gupta &For Respondent: Shri S.S. Rana, CIT, DR
Section 56(2)(viib)

…vices P. Ltd. v . ACIT, ITA No.532/Mum/2018 decided on 29.06.2018. iv) DCIT v. Dr. Rajan Pai (2016) 48 ITR (Trib) 170 (Bangalore). v) Extracts of certain decisions of Supreme Court vi) K.P. Varghese v. ITO, (1981) 131 ITR 597 (SC). vii) CIT v. JH Gotla (1985) 156 ITR 323 (SC). viii) Paharpur Cooling Towers Ltd. v. CIT (2011) 61 DTR 309. ix) CIT V. Modipon Ltd. (2011) 334 ITR 106 (HC) x) CIT v. Modipon Ltd., Paharpur Cooling Towers Ltd. (2018)400 ITR 1 (SC) xi) Pr. CIT v. IDMC Ltd., (2017) 393 ITR 441 (Guj.) xii) Pr. CIT v. IDMC Ltd., (2017) 10 TMI 732 (SC). xiii) CIT v. Suresh Nanda (2015) 375 ITR 172 (Del). xiv)…

ACIT, New Delhi vs. Smt. Seema Sobti, New Delhi

In the result, the appeal filed by the Revenue stand dismissed

ITA 5899/DEL/2015[2012-13]Status: DisposedITAT Delhi15 May 2019AY 2012-13

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

Section 142(1)Section 143(2)Section 143(3)Section 24Section 54Section 54E

…N. Aravinda Reddy (1979) 4 SCC 721; B. Civil Appeal nos. 5899-5900/2014 titled Sh Sanjeev Lai etc etc vs. CIT Chandigarh & Anr decided on 01/07/2014, 2014 (8) SCALE 432 C. Reference was made to the decision of Supreme court in CIT vs J.H. Gotla [1985] 156 ITR 323 (SC). D. Moreover in CIT vs Bharati C Kothari (2000) 244ITR 352 In the instant case, since the assessee entered into an agreement for construction of a bare shell of a house by periodic payment of installments and he had to carry the internal fit-outs to make it live- able as per Annexure-V of the agreement with the Builder Company, within…

ACIT, New Delhi vs. Shri Pradeep Sobti, New Delhi

In the result, both the 02 appeals filed by the Revenue stand

ITA 5901/DEL/2015[2012-13]Status: DisposedITAT Delhi10 May 2019AY 2012-13

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

Section 142(1)Section 143(2)Section 143(3)Section 54Section 54E

…N. Aravinda Reddy (1979) 4 SCC 721; B. Civil Appeal nos. 5899-5900/2014 titled Sh Sanjeev Lai etc etc vs. CIT Chandigarh & Anr decided on 01/07/2014, 2014 (8) SCALE 432 C. Reference was made to the decision of Supreme court in CIT vs J.H. Gotla [1985] 156 ITR 323 (SC). D. Moreover in CIT vs Bharati C Kothari (2000) 244ITR 352 In the instant case, since the assessee entered into an agreement for construction of a bare shell of a house by periodic payment of installments and he had to carry the internal fit-outs to make it live- able as per Annexure-V of the agreement with the Builder Company, within…

ACIT, New Delhi vs. Shri Akshay Sobti, New Delhi

In the result, both the 02 appeals filed by the Revenue stand

ITA 5900/DEL/2015[2012-13]Status: DisposedITAT Delhi10 May 2019AY 2012-13

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

Section 142(1)Section 143(2)Section 143(3)Section 54Section 54E

…N. Aravinda Reddy (1979) 4 SCC 721; B. Civil Appeal nos. 5899-5900/2014 titled Sh Sanjeev Lai etc etc vs. CIT Chandigarh & Anr decided on 01/07/2014, 2014 (8) SCALE 432 C. Reference was made to the decision of Supreme court in CIT vs J.H. Gotla [1985] 156 ITR 323 (SC). D. Moreover in CIT vs Bharati C Kothari (2000) 244ITR 352 In the instant case, since the assessee entered into an agreement for construction of a bare shell of a house by periodic payment of installments and he had to carry the internal fit-outs to make it live- able as per Annexure-V of the agreement with the Builder Company, within…

Indus Valley Partners (India) Pvt. Ltd., Noida vs. DCIT, New Delhi

In the result, appeal of the assessee is allowed for statistical purpose

ITA 1364/DEL/2016[2006-07]Status: DisposedITAT Delhi30 Apr 2019AY 2006-07

Bench: Shri G.D. Agarwal & Shri K.Narasimha Charyassessment Year: 2006-07 Indus Valley Partners (India) P.Ltd., Vs Dcit, Circle 12(1). Sdf, B-13, 14 & 15, 3Rd Floor, New Delhi. 8, Noida Special Economic Zone, Phase-Ii, Noida. Pan: Aaaci7597R

Section 10Section 147Section 148Section 14A

…ation which makes the enactment a consistent whole, should be the aim of the Courts and a construction which avoids inconsistency or repugnancy between the various sections or parts of the statue should be adopted. 16. In CIT v. J.H. Gotla[1985] 23 Taxman 14J/156 ITR 323 (SC) this Court has held as under: "46. Where the plain literal interpretation of a statutory provision produces a manifestly unjust result which could never have been intended by the Legislature, the Court might modify the language used by the Legislature so as to achieve the intention of the Legislature and produce a rational construction. The…

M/S Snowtex Investment Limited vs. Principal Commissioner of Income Tax, Central -2, Kolkata

The appeal is dismissed in terms of the signed reportable

C.A. No.-004483-004483 - 2019Supreme Court30 Apr 2019

Bench: HON'BLE THE CHIEF JUSTICE

Section 143(1)Section 143(2)Section 260ASection 43(5)Section 43(5)(d)Section 73

…m the same notes that a few other amendments in the Income Tax Act made by the same Finance Act specifically making those amendments retrospective. For example, clause 40 seeks to amend S.92-F. Clause (iii-a) of S.92-F is amended “so as to 7 (1985) 4 SCC 343 8 (2015) 1 SCC 1 9 Ed.: As per the Oxford Dictionary, “epigraphic” here means: intending to suggest the theme or purpose of the amendment 14 clarify that the activities mentioned in the said clause include the carrying out of any work in pursuance of a contract.” (emphasis supplied). This amendment takes effect retrospectively from 1-4-200…

Smt. Birma Devi, Jaipur vs. Income Tax Officer, Ward-6-2, Jaipur

In the result, appeal of the assessee is allowed in terms indicated

ITA 678/JPR/2018[2013-14]Status: DisposedITAT Jaipur12 Apr 2019AY 2013-14

Bench: The Hearing Of This Appeal.”

For Appellant: Shri S.L. Poddar (Adv)For Respondent: Shri B.K. Gupta (CIT-DR)
Section 139(1)Section 139(4)Section 143(3)Section 2(14)(iii)Section 54B

…ed from the date immediately following the date on which such compensation is received by the assesse. Reliance was placed on the judgment in the case of CIT Vs Mrs Shahzada Begum 179 ITR 397 (AP). Further, reliance was placed on the case of GST Vs J. H. Gola 156 ITR 323 (SC) where the Apex court held that where the literal interpretation of a statutory provision produces a manifestly unjust result, the same could never have been intended by the legislature. The conditions for deduction under section 54B are that the if the appellant has purchased an agricultural land within a period of two years after the date…

The ACIT 4(2)(1), Mumbai vs. M/S. Priyasha Meven Finance Ltd, Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 5655/MUM/2017[2013-14]Status: DisposedITAT Mumbai26 Mar 2019AY 2013-14

Bench: Shri Rajesh Kumar & Shri Amarjeet Singh

For Appellant: Shri Firoze Andhyarujina, A.RFor Respondent: Shri Abi Rama Kartikeyan, D.R
Section 143(1)Section 73

…obvious omission in the section and which is to be read into the section to give it a reasonable interpretation, it could be read as retrospective in operation to give effect to the section as a whole The Hon'ble Apex Court in the case of CIT vs. J.H. Gotla (156 ITR 323) at page 339 and 340 thereof has observed as under: " In the case of Varghese v, ITO [1981]131 ITR 597, this court emphasised that a statutory provision must be so construed, if possible, that absurdity and mischief may be avoided. "Where the plain literal interpretation of a statutory provision produces a manifestly unjust result which could nev…

Media Research Users Council, Mumbai vs. DDIT (E) 1(1), Mumbai

In the result, assessee’s appeal is dismissed

ITA 5594/MUM/2016[2007-08]Status: DisposedITAT Mumbai12 Oct 2018AY 2007-08

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwalmedia Research Users Council 128, T.V. Industrial Estate S.K. Ahire Marg, Worli ……………. Appellant Mumbai 400 012 Pan – Aaatm5433F V/S Dy. Director Of Income Tax ……………. Respondent Circle–1(1), Mumbai

For Appellant: Shri Niraj ShethFor Respondent: Shri Ram Tiwari
Section 10Section 11Section 115WSection 12ASection 29A

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER Media Research Users Council 128, T.V. Industrial Estate S.K. Ahire Marg, Worli ……………. Appellant Mumbai 400 012 PAN – AAATM5433F v/s Dy. Director of Income Tax ……………. Respondent Circle–1(1), Mumbai Assessee by : Shri Niraj Sheth Revenue by : Shri Ram Tiwari Date of Hearing – 26.07.2018 Date of Order – 12.10.2018 O R D E R PER SAKTIJIT DEY, J.M. Aforesaid appeal has been filed by the assessee challenging the order dated 30th June 2016, passed by the learned Commis…

Sm Holding & Finance P.Ltd, Mumbai vs. Asst CIT Cir 8(3), Mumbai

Appeal is dismissed

ITA 4689/MUM/2013[2009-10]Status: DisposedITAT Mumbai11 Oct 2018AY 2009-10

Bench: Hon’Ble Sh. R. C. Sharma, Am & Hon’Ble Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 4689/Mum/2013

For Appellant: Shri F. BFor Respondent: Shri Ashish Kumar
Section 143(3)Section 14ASection 45(2)Section 73

…interest paid on borrowed monies attributable to that business was rightly treated by the Tribunal as a loss in speculative business.-CIT vs. Harprasad & Co.(P) Ltd. 1975 CTR (SC) 65: (1975) 99 ITR 118 (SC) and CITvs J.H. Gotla (1985) 48 CTR (SC) 363: (1985) 156 ITR 323(SC) applied. However, the AR of the appellant has relied on the decision of Hon'ble Bombay High Court in the case of CIT vs. Darshan Securities Pvt. Ltd. As per the 9 I.T.A. No. 4689/Mum/2013 S. M Holding & Finance Pvt. Ltd. decision of Bombay High Court both income from service charges and loss in share trading activity would have to be put int…

Shri Neeraj Purohit, Jaipur vs. Joint Commissioner of Income Tax, Jaipur

In the result, the appeal of the assessee is allowed

ITA 109/JPR/2018[2013-14]Status: DisposedITAT Jaipur20 Jul 2018AY 2013-14
For Appellant: Shri Manish AgarwalFor Respondent: Smt. Seema Meena, JCIT - DR
Section 269SSection 269TSection 271(1)Section 271ESection 40A(3)

…f negligence, but a negligent person does not have any intention or mensrea to purposely violate any provision of law so as to be visited with stringent punishment of heavy penalty. The Hon’ble Supreme Court in the case of CIT v. J.H. Gotla (1985) reported in 156 ITR 323 has held “that where the plain literal interpretation of a statutory provision produces a manifestly unjust result which could never have been intended by the legislature, the Court might modify the language used by the legislature so as to achieve the intention of the legislature and produce a rational result.” It is worthwhile to mention that…

DCIT Cen Cir 7(3), Mumbai vs. Galaxy Premises P.Ltd, Mumbai

The appeals of the Revenue are dismissed

ITA 7129/MUM/2016[2009-10]Status: DisposedITAT Mumbai13 Jul 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunatha

Section 132Section 269SSection 269TSection 271DSection 271E

…ide transactions but even the genuine transactions would be affected. Relying on the judgments of the Apex Court in the case of Asstt. Director of Inspection (Investigation) v. Kum. 258 / 122 574 and CIT v. J.H. A.B. Shanthi [2002] 255 ITR Taxman Gotla [1985] 156 ITR 323 /23 Taxman 14J (SC) counsel for the assessee submitted that if a strict and literal construction of a statute leads to an absurd result, that is, a result not intended to be sub-served by the object of the legislation ascertained from the scheme of the legislation and if another construction is possible apart from the strict and literal construct…