CIT v. Jain Exports (P.) Ltd.

35 Taxmann.com 540High Court2013#3741 most cited

What is CIT v. Jain Exports (P.) Ltd. authority for?

A credit amount outstanding for several years cannot be treated as a remission or cessation of a trading liability under Section 41(1) merely because the assessee could not prove the genuineness of the transaction or because the liability is barred by limitation.

32

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2016 to 2026.

Also referred to as

CIT v. Jain Exports (P.) Ltd. · Section 41(1) · cessation of trading liability · sundry creditors · outstanding liability · limitation barred debt · unproved liability · remittance of liability

Also reported as

217 Taxmann 54

Sections most often in play

Section 41(1)Section 68Section 143(3)Section 133(6)Section 148Section 139(1)Section 142(1)Section 120(4)(b)
Read the full judgment

Issues it is cited on

section 80ia(4)(iii)remission or cessation of liabilitysection 2(31)section 41(1)section 41demergersundry creditorssection 80ia(4)mistake apparent from recorddeduction under section 80iaamalgamationdeduction u/s 80ia

Judgments citing CIT v. Jain Exports (P.) Ltd.

Reasonable Housing Ltd., Mumbai vs. DCIT 15(1)(1), Mumbai

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

ITA 4547/MUM/2019[2015-16]Status: DisposedITAT Mumbai08 Apr 2021AY 2015-16

Bench: Shri M. Balaganesh, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 4547/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Reasonable Housing Ltd. बिधम/ Dcit-15(1)(1) Room No.470, 4Th Floor, Hincon House, Lal Bahadur Vs. Shastri Marg, Vikhroli (W), Aayakar Bhawan, M. K. Mumbai-400083. Road, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aaecr4936K (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Sushil Lakhani Revenue By: Dr. Sanjay Sethi (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 03/02/2021 घोषणा की तारीख /Date Of Pronouncement: 08/04/2021 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 15.03.2019 Passed By The Commissioner Of Income Tax (Appeals) -24, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2015- 16. 2. At The Very Outset, We Find That There Is Delay Of 26 Days In Filing Of Appeal By The Assessee Before Us. We Find That The Assessee Has Filed An Affidavit Stating That It Went Into The Clutches Of Insolvency & Bankruptcy Code (Ibc) In That All The Employees Of Company Had Resigned & The Existing Counsel Has Been Appointed By The Interim Resolution Professional (Irp). This Collectively Had Contributed To The Delay Of 26 Days In Preferring Appeal Before Us. We Are Inclined To Condone The Delay Of 26 Days & Admit The Appeal For Adjudication. A.Y. 2015-16 3. The Assessee Has Raised The Following Grounds: -

For Appellant: Shri Sushil LakhaniFor Respondent: Dr. Sanjay Sethi (Sr. AR)
Section 143(1)Section 143(2)Section 257Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI M. BALAGANESH, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No. 4547/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2015-16) Reasonable Housing Ltd. बिधम/ DCIT-15(1)(1) Room No.470, 4th Floor, Hincon House, Lal Bahadur Vs. Shastri Marg, Vikhroli (W), Aayakar Bhawan, M. K. Mumbai-400083. Road, Mumbai-400020. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. :AAECR4936K (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Sushil Lakhani Revenue by: Dr. Sanjay Sethi (Sr. AR) सुनवाई की तारीख / Date of Hearing: 03/02/2021 घोषणा की तारीख /Date of…

The ACIT-5(1), Indore vs. M/S. Sunderdeep Construction Pvt. Ltd., Indore

In the result all the grounds raised by the Revenue are

ITA 380/IND/2017[2012-13]Status: DisposedITAT Indore25 Mar 2021AY 2012-13

Bench: Hon’Ble Kul Bharat & Hon’Ble Manish Boradassessment Year 2012-13

Section 143(2)Section 143(3)Section 40A(3)Section 41(1)(a)Section 68

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE HON’BLE KUL BHARAT, JUDICIAL MEMBER AND HON’BLE MANISH BORAD, ACCOUNTANT MEMBER Assessment Year 2012-13 ACIT-5(1), Indore : Revenue V/s M/s Sunderdeep Construction Pvt. Ltd, 35-A, Dindayal Upadhyay Nagar, Indore : Respondent PAN : AAACU2189B Revenue by Shri Harshit Bari, Sr. DR Assessee by S/Shri Girish Agrawal, Vijay Bansal & Ms. Nisha Lahoti, ARs Date of Hearing 08.03.2021 Date of Pronouncement 25.03.2021 O R D E R PER MANISH BORAD, A.M The above captioned appeals filed at the instance of the Revenue…

Deputy Commissioner of Income Tax Central Circle-4(2), Central Range-4, Mumbai vs. M/S.Sri Radhkrishna Shipping Limited, Mumbai

The appeal of the revenue is dismissed

ITA 691/MUM/2018[2013-14]Status: DisposedITAT Mumbai07 Aug 2019AY 2013-14

Bench: Shri Ravish Sood & Shri N.K. Pradhandeputy Commissioner Of Income M/S Sri Radhakrishna Tax, Central Circle-4(2), Shipping Ltd., R. No.1918, 19Th Floor, 40-Goa Street, Off Shahid Bhagat Vs. Air India Building, Singh Road, Ballard Estate, Fort, Nariman Point, Mumbai – 400 001 Mumbai-400 021 Pan – Aabcs5273M (Appellant) (Respondent)

For Appellant: Shri Rajesh Ojha, D.RFor Respondent: Shri Mihir Prakash Shah, A.R
Section 143(1)Section 143(2)Section 143(3)Section 37Section 41(1)

…P a g e | 1 ITA No. 691/Mum/2018 AY. 2013-14 Deputy Commissioner of Income Tax, Central Circle-4(2) Vs. M/s Sri Radhakrishna IN THE INCOME TAX APPELLATE TRIBUNAL “D” Bench, Mumbai Before Shri Ravish Sood, Judicial Member and Shri N.K. Pradhan, Accountant Member Deputy Commissioner of Income M/s Sri Radhakrishna Tax, Central Circle-4(2), Shipping Ltd., R. No.1918, 19th Floor, 40-Goa Street, Off Shahid Bhagat Vs. Air India Building, Singh Road, Ballard Estate, Fort, Nariman Point, Mumbai – 400 001 Mumbai-400 021 PAN – AABCS5273M (Appellant) (Respondent) Appellant by: Shri Rajesh Ojha, D.R Respondent by: Shri Mih…

Shri Om Parkash Legal Heiar Smt Pushpa Verma, Jalandhar vs. Income Tax Officer Ward-1(3), Jalandhar

In the result, the assessee’s appeal is dismissed

ITA 756/ASR/2017[2014-15]Status: DisposedITAT Amritsar31 Oct 2018AY 2014-15

Bench: Sh. Sanjay Arorai.T.A. No. 756/Asr/2017 Assessment Year: 2014-15

For Appellant: Sh. Ashray Sarna (C.A.)For Respondent: Sh. Charan Dass (D.R.)
Section 143(3)Section 145(3)Section 41(1)Section 41(1)(a)Section 68

…o. (in ITA No. 425/Asr/2017, dated 22/02/2018). Without prejudice, no addition u/s. 41(1) could be made in-as-much as the liability continues to be reflected in the assessee’s accounts, as explained by the Hon’ble Court in CIT v. Jain Exports Pvt. Ltd. [2013] 89 DTR 265 (Del). In fact, the liability in both accounts stood discharged in the following year, i.e., f.y. 2014-15. The fact that the said discharge is in cash, a fact found relevant by the ld. CIT(A), is immaterial. The impugned order, he would continue, is even otherwise inconsistent as the first appellate authority has deleted another addition for Rs.9,…

DCIT Cen Cir 4(2) Cen RG 4, Mumbai vs. Alliance Finstock Ltd, Mumbai

ITA 5616/MUM/2016[2013-14]Status: DisposedITAT Mumbai18 Jul 2018AY 2013-14

Bench: Shri Sandeep Gosain () & Shri N.K. Pradhan () Assessment Year: 2013-14 Deputy Commissioner M/S Alliance Finstock Ltd. Of Income Tax Central G-1, Court Chambers, Vs. Circle-4(2), Mumbai Ground Floor, V. Thakersay Central Range-4 Pr. Marg, 35, New Marine Cit(C)-2 Mumbai Lines, Mumbai-400020. Pan No. Aadca9058Q Appellant Respondent C.O. No. 53/Mum/2018 Assessment Year: 2013-14 M/S Alliance Finstock Ltd. Deputy Commissioner G-1, Court Chambers, Of Income Tax Central Vs. Ground Floor, V. Thakersay Circle-4(2), Mumbai Marg, 35, New Marine Central Range-4 Pr. Lines, Mumbai-400020. Cit(C)-2 Mumbai Pan No. Aadca9058Q Appellant Respondent Revenue By : Mr. Ram Tiwari, Dr Assessee By : Ms. Prakash Jhunjhunwala, Ar Date Of Hearing : 26/04/2018 Date Of Pronouncement: 18/07/2018

For Appellant: Ms. Prakash Jhunjhunwala, ARFor Respondent: Mr. Ram Tiwari, DR
Section 143(3)Section 41(1)

…IN THE INCOME TA X APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI SANDEEP GOSAIN (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2013-14 Deputy Commissioner M/s Alliance Finstock Ltd. of Income Tax Central G-1, Court Chambers, Vs. Circle-4(2), Mumbai Ground floor, V. Thakersay Central Range-4 Pr. Marg, 35, New Marine CIT(C)-2 Mumbai Lines, Mumbai-400020. PAN No. AADCA9058Q Appellant Respondent C.O. No. 53/MUM/2018 Assessment Year: 2013-14 M/s Alliance Finstock Ltd. Deputy Commissioner G-1, Court Chambers, of Income Tax Central Vs. Ground floor, V. Thakersay Circle-4(2), Mumb…

M/S. Airline Allied Services Ltd., New Delhi vs. DCIT, New Delhi

In the result, both the appeals of the assessee are allowed

ITA 2477/DEL/2014[2010-11]Status: DisposedITAT Delhi10 Nov 2017AY 2010-11

Bench: Shri N. K. Saini & Shri Amit Shukla

For Appellant: Shri P.K. Sahu, AdvocateFor Respondent: Smt. Aparna Karan, CIT (DR)
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”, NEW DELHI BEFORE SHRI N. K. SAINI, ACCOUNTANT MEMBER & SHRI AMIT SHUKLA, JUDICIAL MEMBER I.T.A. No.2476 & 2477/DEL/2014 Assessment Year: 2008-09, 2010-11 Airline Allied Services Ltd. v. DCIT Room No.205, 2nd Floor, G-5 Circle 1(1) Building New Delhi IGI Airport, Terminal 1 New Delhi TAN/PAN:AAACA1517B (Appellant) (Respondent) Appellant by: Shri P.K. Sahu, Advocate Respondent by: Smt. Aparna Karan, CIT (DR) Date of hearing: 17 10 2017 Date of pronouncement: 10 11 2017 O R D E R PER AMIT SHUKLA, J.M.: The aforesaid appeals have been filed by the assessee agai…

M/S. Airline Allied Services Ltd., New Delhi vs. DCIT, New Delhi

In the result, both the appeals of the assessee are allowed

ITA 2476/DEL/2014[2008-09]Status: DisposedITAT Delhi10 Nov 2017AY 2008-09

Bench: Shri N. K. Saini & Shri Amit Shukla

For Appellant: Shri P.K. Sahu, AdvocateFor Respondent: Smt. Aparna Karan, CIT (DR)
Section 143(3)Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”, NEW DELHI BEFORE SHRI N. K. SAINI, ACCOUNTANT MEMBER & SHRI AMIT SHUKLA, JUDICIAL MEMBER I.T.A. No.2476 & 2477/DEL/2014 Assessment Year: 2008-09, 2010-11 Airline Allied Services Ltd. v. DCIT Room No.205, 2nd Floor, G-5 Circle 1(1) Building New Delhi IGI Airport, Terminal 1 New Delhi TAN/PAN:AAACA1517B (Appellant) (Respondent) Appellant by: Shri P.K. Sahu, Advocate Respondent by: Smt. Aparna Karan, CIT (DR) Date of hearing: 17 10 2017 Date of pronouncement: 10 11 2017 O R D E R PER AMIT SHUKLA, J.M.: The aforesaid appeals have been filed by the assessee agai…

ITO 8(3)(1), Mumbai vs. Shiraz Develoers P.Ltd, Mumbai

In the result, Revenue’s appeal is dismissed

ITA 6631/MUM/2014[2011-12]Status: DisposedITAT Mumbai18 Oct 2017AY 2011-12

Bench: Shri Saktijit Dey & Shri Ramit Kochar

For Appellant: Shri S.E. Dastur, Sr. CounselFor Respondent: Shri V. Justin
Section 41(1)

…41(1) of the Act. In support of such submissions, he relied upon the following decisions:– i) Kohinoor Mills Ltd. v/s CIT, 49 ITR 578; ii) J.K. Chemical v/s CIT, 62 ITR 34; iii) CIT v/s Sugauli Sugar Works Ltd. 236 ITR 518; iv) CIT v/s Jain Exports Pvt. Ltd, 89 DTR 265; v) CIT v/s Wardhaman Overseas Ltd., 343 ITR 408; and vi) Principal CIT v/s Matru Prasad Pandey, 377 ITR 363. An entry in the Balance Sheet of assessee constitutes B) acknowledgement of assessee’s liability to honour his obligation and therefore, does not result in expiry of the period of limitation even assuming that mere expiry of the period of…

Asst CIT 14(1)(1), Mumbai vs. Batliboi Environmental Enginnering Ltd, Mumbai

In the result, both the appeals of Revenue and that of the assessee for A

ITA 3482/MUM/2015[2011-12]Status: DisposedITAT Mumbai15 Mar 2017AY 2011-12

Bench: Shri Jason P. Boaz & Shri Sanjay Gargm/S. Batliboi Environmental D C I T – 14(1)(1) Engineering Ltd. 5Th Floor, Aayakar Bhavan 25/26, Deonar Ancillary Indl. Vs. M.K. Road, Mumbai 400020 Estate. Deonar, Govandi (W) Mumbai 400043 Pan – Aaach1091B Appellant Respondent A C I T – 14(1)(1) M/S. Batliboi Environmental Room No. 460, 4Th Floor Engineering Ltd. Aayakar Bhavan, M.K. Road Vs. 25/26, Deonar Ancillary Indl. Mumbai 400020 Estate. Deonar, Govandi (W) Mumbai 400043 Pan – Aaach1091B Appellant Respondent

For Appellant: Shri V. MohanFor Respondent: Shri Saurabh Kumar Rai
Section 143(1)Section 143(3)Section 41(1)

…bmissions put forth before the authorities below and placed reliance on the decisions of the Hon'ble Gujarat High Court in the case of CIT vs. G.K. Patel & Co. (212 Taxman 384) and of the Hon'ble Delhi High Court in the case of CIT vs. Jain Exports Pvt. Ltd. (89 DTR 265). 5.3.1 We have heard the rival contentions and perused and carefully considered the material on record; including the judicial pronouncements cited. As per the details that emanate from the record, the AO required the assessee to furnish details of name, address, nature of transaction of all creditors; including those outstanding for more than th…

Batliboi Inviornmental Engineering Ltd, Kalyan vs. DCIT 14(1)(1), Mumbai

In the result, both the appeals of Revenue and that of the assessee for A

ITA 2840/MUM/2015[2011-12]Status: DisposedITAT Mumbai15 Mar 2017AY 2011-12

Bench: Shri Jason P. Boaz & Shri Sanjay Gargm/S. Batliboi Environmental D C I T – 14(1)(1) Engineering Ltd. 5Th Floor, Aayakar Bhavan 25/26, Deonar Ancillary Indl. Vs. M.K. Road, Mumbai 400020 Estate. Deonar, Govandi (W) Mumbai 400043 Pan – Aaach1091B Appellant Respondent A C I T – 14(1)(1) M/S. Batliboi Environmental Room No. 460, 4Th Floor Engineering Ltd. Aayakar Bhavan, M.K. Road Vs. 25/26, Deonar Ancillary Indl. Mumbai 400020 Estate. Deonar, Govandi (W) Mumbai 400043 Pan – Aaach1091B Appellant Respondent

For Appellant: Shri V. MohanFor Respondent: Shri Saurabh Kumar Rai
Section 143(1)Section 143(3)Section 41(1)

…bmissions put forth before the authorities below and placed reliance on the decisions of the Hon'ble Gujarat High Court in the case of CIT vs. G.K. Patel & Co. (212 Taxman 384) and of the Hon'ble Delhi High Court in the case of CIT vs. Jain Exports Pvt. Ltd. (89 DTR 265). 5.3.1 We have heard the rival contentions and perused and carefully considered the material on record; including the judicial pronouncements cited. As per the details that emanate from the record, the AO required the assessee to furnish details of name, address, nature of transaction of all creditors; including those outstanding for more than th…

ITO 2(3)(3), Mumbai vs. Sterlite Paper Ltd ( Sterlite Infra Ltd), Mumbai

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

ITA 4056/MUM/2012[2008-09]Status: DisposedITAT Mumbai22 Jun 2016AY 2008-09

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3865/Mum/2012 ("नधा"रण वष" / Assessment Year: 2008-09) M/S. Sterlite Infra Ltd. Income Tax Officer 2(3)(3) बनाम/ (Earlier Known As Sterlite Aayakar Bhawan, M.K.Road, Vs. Paper Ltd.) Mumbai - 400020 No.1, Sai Flats No.55, Pillayar Koil Street, Kangam Tharamani, Chennai - 600113 आयकर अपील सं/ I.T.A. No.4056/M/12 ("नधा"रण वष" / Assessment Year: 2008-09) Acit 2(3) बनाम/ M/S. Sterlite Infra Ltd. R.No.552, 5Th Floor, (Earlier Known As Sterlite Vs. Aayakar Bhavan, M. K.Road, Paper Ltd.) Mumbai - 400020 Khautau Bldg, 2Nd Floor, Sbs Road, Bank St., Fort, Mumbai - 400023 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aafcs1424A

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Chandrajit Singh
Section 142(1)Section 143(1)Section 41(1)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ ‘ई’ मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI "ी बी. आर. बा"करन, लेखा सद"य, एवं "ी अमरजीत "संह, "या"यक सद"य, के सम" BEFORE SHRI B.R.BASKARAN, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3865/MUM/2012 ("नधा"रण वष" / Assessment Year: 2008-09) M/s. Sterlite Infra Ltd. Income Tax Officer 2(3)(3) बनाम/ (Earlier known as Sterlite Aayakar Bhawan, M.K.Road, Vs. Paper Ltd.) Mumbai - 400020 No.1, Sai Flats No.55, Pillayar Koil Street, Kangam Tharamani, Chennai - 600113 आयकर अपील सं/ I.T.A. No.4056/M/12 ("नधा"रण वष" / Assessment Year: 2008-09) ACIT 2(3) बनाम/ M/…

Sterlite Infra Ltd (Earlier Known As Sterlite Paper Ltd), Chennai vs. ITO 2(3)(3), Mumbai

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

ITA 3865/MUM/2012[2008-09]Status: DisposedITAT Mumbai22 Jun 2016AY 2008-09

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3865/Mum/2012 ("नधा"रण वष" / Assessment Year: 2008-09) M/S. Sterlite Infra Ltd. Income Tax Officer 2(3)(3) बनाम/ (Earlier Known As Sterlite Aayakar Bhawan, M.K.Road, Vs. Paper Ltd.) Mumbai - 400020 No.1, Sai Flats No.55, Pillayar Koil Street, Kangam Tharamani, Chennai - 600113 आयकर अपील सं/ I.T.A. No.4056/M/12 ("नधा"रण वष" / Assessment Year: 2008-09) Acit 2(3) बनाम/ M/S. Sterlite Infra Ltd. R.No.552, 5Th Floor, (Earlier Known As Sterlite Vs. Aayakar Bhavan, M. K.Road, Paper Ltd.) Mumbai - 400020 Khautau Bldg, 2Nd Floor, Sbs Road, Bank St., Fort, Mumbai - 400023 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aafcs1424A

For Appellant: Shri Vimal PunmiyaFor Respondent: Shri Chandrajit Singh
Section 142(1)Section 143(1)Section 41(1)

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ ‘ई’ मुंबई IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI "ी बी. आर. बा"करन, लेखा सद"य, एवं "ी अमरजीत "संह, "या"यक सद"य, के सम" BEFORE SHRI B.R.BASKARAN, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.3865/MUM/2012 ("नधा"रण वष" / Assessment Year: 2008-09) M/s. Sterlite Infra Ltd. Income Tax Officer 2(3)(3) बनाम/ (Earlier known as Sterlite Aayakar Bhawan, M.K.Road, Vs. Paper Ltd.) Mumbai - 400020 No.1, Sai Flats No.55, Pillayar Koil Street, Kangam Tharamani, Chennai - 600113 आयकर अपील सं/ I.T.A. No.4056/M/12 ("नधा"रण वष" / Assessment Year: 2008-09) ACIT 2(3) बनाम/ M/…