What is CIT v. K. S. Venkatksubbiah Reddiar authority for?

An activity is considered business if it involves a continuous course of activity and is carried on with a profit motive.

How many judgments cite CIT v. K. S. Venkatksubbiah Reddiar?

27 judgments on BharatTax cite CIT v. K. S. Venkatksubbiah Reddiar (221 ITR 18), spanning 2016 to 2024.

Which sections of the Income Tax Act does CIT v. K. S. Venkatksubbiah Reddiar come up under?

It is most often cited in judgments turning on Section 1961: Section 10(34), Section 1961: Section 115JB, Section 1961: Section 142(2), Section 1961: Section 143(3)(ii), Section 1961: Section 14A, Section 1961: Section 14A(1).

CIT v. K. S. Venkatksubbiah Reddiar (221 ITR 18)

TATA INDUSTRIES LIMITED,MUMBAI vs. ADDL.C.I.T., RANGE-2(3), MUMBAI

ITA 3676/MUM/2009[2005-06]Status: DisposedITAT Mumbai07 Jun 2024AY 2005-06

For Respondent: Shri P.C Chhottary

Section 115JSection 143(3)Section 143(3)(ii)Section 14A

…rplus Securities & Finance Vs Deputy Commissioner of Income Tax: 2006 285 ITR 112 (Delhi); (b) ACIT Range 10(1) Vs Citicorp Finance India Limited: 2008 300 ITR 398 (Mumbai)' (c) CIT Vs. Amrita Ben R Shah: 238 ITR 777; and (d) CIT Vs KS Venkatasubbiah Reddiar: 221 ITR 18. 4.7. We have given thoughtful consideration to the rival submissions 6 and perused the material on record including the various judicial precedents cited by both the sides. 4.8. On perusal of the assessment order for the Assessment Year 2005-06, we find that the Assessing Officer had made disallowance under Section 14A of the Act. No disallowance…

VARANASI DEVELOPMENT AUTHORITY,VARANASEE vs. ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

In the result appeal filed by assessee in ITA no

ITA 267/ALLD/2017[2014-15]Status: DisposedITAT Varanasi06 Jul 2022AY 2014-15

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…To Return Deposits To Consumers Would Not Indicate That It was Carrying On Business- Business as Contemplated By S.10 Of 1922 Act Is An Activity Capable of Producing A Profit Which Can Be Taxed.” 9.10 In the case of CIT V. K. S. VenkatksubbiahReddiar (1996), 221 ITR 18,21 (Mad.), Hon'ble Madras High Court has, while holding that profit - motive is essential to constitute a business, observed as under: “It is, therefore, clear that the two essential requirements for any activity to be considered asbusiness are (i) it must be a continuous course of activity; and (ii) it must be carried on with a profit motive." Si…

VARANASI DEVELOPMENT AUTHORITY,VARANASEE vs. ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

In the result appeal filed by assessee in ITA no

ITA 266/ALLD/2017[2013-14]Status: DisposedITAT Varanasi06 Jul 2022AY 2013-14

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…To Return Deposits To Consumers Would Not Indicate That It was Carrying On Business- Business as Contemplated By S.10 Of 1922 Act Is An Activity Capable of Producing A Profit Which Can Be Taxed.” 9.10 In the case of CIT V. K. S. VenkatksubbiahReddiar (1996), 221 ITR 18,21 (Mad.), Hon'ble Madras High Court has, while holding that profit - motive is essential to constitute a business, observed as under: “It is, therefore, clear that the two essential requirements for any activity to be considered asbusiness are (i) it must be a continuous course of activity; and (ii) it must be carried on with a profit motive." Si…

M/S. VARANASI DEVELOPMENT AUTHORITY,VARANASI vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION), VARANASI

In the result appeal filed by assessee in ITA no

ITA 265/ALLD/2017[2012-13]Status: DisposedITAT Varanasi06 Jul 2022AY 2012-13

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…To Return Deposits To Consumers Would Not Indicate That It was Carrying On Business- Business as Contemplated By S.10 Of 1922 Act Is An Activity Capable of Producing A Profit Which Can Be Taxed.” 9.10 In the case of CIT V. K. S. VenkatksubbiahReddiar (1996), 221 ITR 18,21 (Mad.), Hon'ble Madras High Court has, while holding that profit - motive is essential to constitute a business, observed as under: “It is, therefore, clear that the two essential requirements for any activity to be considered asbusiness are (i) it must be a continuous course of activity; and (ii) it must be carried on with a profit motive." Si…

M/S. VARANASI DEVELOPMENT AUTHORITY,VARANASI vs. ASSISTANT COMMISSIONER OF INCOME TAX , VARANASI

In the result appeal filed by assessee in ITA no

ITA 264/ALLD/2017[2011-12]Status: DisposedITAT Varanasi06 Jul 2022AY 2011-12

Bench: Shri Vijay Pal Rao & Shri Ramit Kochar

For Appellant: ShriAshishBansal, AdvocateFor Respondent: ShriSunil Bajpai, CIT- D.R

Section 11Section 12Section 12ASection 143(3)Section 2(15)

…To Return Deposits To Consumers Would Not Indicate That It was Carrying On Business- Business as Contemplated By S.10 Of 1922 Act Is An Activity Capable of Producing A Profit Which Can Be Taxed.” 9.10 In the case of CIT V. K. S. VenkatksubbiahReddiar (1996), 221 ITR 18,21 (Mad.), Hon'ble Madras High Court has, while holding that profit - motive is essential to constitute a business, observed as under: “It is, therefore, clear that the two essential requirements for any activity to be considered asbusiness are (i) it must be a continuous course of activity; and (ii) it must be carried on with a profit motive." Si…

M/S U.P AWAS EVAM VIKAS PARISHAD,LUCKNOW vs. DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION), LUCKNOW

In the result, the appeals of the assessee are partly allowed whereas the Cross Objections of the Revenue are partly allowed for statistical purposes

ITA 701/LKW/2019[2017-18]Status: DisposedITAT Lucknow10 Jun 2022AY 2017-18