CIT v. Karamchand Prem Chand Ltd.

3 SCR 72Reported decision1960#24488 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2020 to 2025.

Judgments citing CIT v. Karamchand Prem Chand Ltd.

MR. NIKHIL SAWHNEY,NEW DELHI vs. ACIT, NOIDA

In the result, appeal of the assessee is dismissed

ITA 1249/DEL/2017[2013-14]Status: DisposedITAT Delhi10 Oct 2025AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumarmr. Nikhil Sawhney, Vs. Dcit, 17, Sunder Nagar, Central Circle, New Delhi-11003 Noida (Appellant) (Respondent) Pan: Aaups0222Q

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Harpreet Kaur hansra, Sr. DR

Section 10(38)Section 143(3)

…hat the words "income" or "profits and gains" should be understood as including losses also, so that, in one sense "profits and gains" represent "plus income" whereas losses represent "minus income" CIT v. Karamchand Prem Chand Ltd. [1960] 40 ITR 106 ; [1960] 3 SCR 72. In other words, loss is negative profit. Both positive and negative profits are of a revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee." (iii) Honourable Supreme Court also considered the above decision in case of Karamchand Premchand Ltd. (supra) and Hari Prasa…

SHIVAM BUILDERS PRIVATE LIMITED,AHMEDABAD vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1)(1), AHMEDABAD

In the result, appeal filed by the assessee is dismissed

ITA 317/AHD/2022[2015-16]Status: DisposedITAT Ahmedabad09 May 2024AY 2015-16

Bench: Ms. Suchitra Raghunath Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. No. 317/Ahd/2022 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2015-16) िनधा"रण वष" Shivam Builders Private Deputy Commissioner Of बनाम/ बनाम बनाम बनाम Limited Income Tax Vs. 802, 8Th Floor, Rajvi Circle 4(1)(1), Ahmedabad Arcade, Nr. Gurukul Drive In Road, Memnagar, Ahmedabad, Gujarat 380052 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaccs0296D (Appellant) .. (Respondent) Shri Hem Chhajed, A.R. अपीलाथ" ओर से /Appellant By : ""यथ" क" ओर से/Respondent By : Shri J L Bhatia, Sr. Dr Date Of Hearing 18/04/2024 09/05/2024 Date Of Pronouncement O R D E R Per Shri Narendra Prasad Sinha, Am: This Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi, (In Short ‘The Cit(A)’) Dated 27.07.2022 For The Assessment Year 2015-16. 2. The Assessee Has Raised The Following Grounds In This Appeal:

For Respondent: Shri J L Bhatia, Sr. DR

Section 143(2)Section 145(3)

…hat the words "income" or "profits and gains" should be understood as including losses also, so that, in one sense "profits and gains" represent "plus income" whereas losses represent "minus income" CIT v. Karamchand Prem Chand Ltd. [1960] 40 ITR 106 ; [1960] 3 SCR 72. In other words, loss is negative profit. Both positive and negative profits are of a revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. 10. In the subsequent decision of CIT vs. Gold Coin Health Food Pvt. Ltd. (2008) 304 ITR 308 (SC), it was reiterated by the A…

MR. NIKHIL SAWHNEY,NEW DELHI vs. ACIT, NOIDA

In the result, appeal of the assessee is dismissed

ITA 1248/DEL/2017[2012-13]Status: DisposedITAT Delhi17 Aug 2020AY 2012-13

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimr. Nikhil Sawhney Acit, 17 – Sunder Nagar, Central Circle, Vs. New Delhi – 110 003. Noida. Pan: Aaups0222Q (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR

Section 10(38)Section 143

…he words 'income' or 'profits and gains' should be understood as including losses also, so that, in one sense 'profits and gains' represent 'plus income' whereas losses represent 'minus income'*. In * CIT v. Karamchand Premchand Ltd. [1960] 40 ITR 106; [1960] 3 SCR 727 (SC) and CIT v. Elphinstone Spg. and Wvg. Mills Co. Ltd. [1960] 40 ITR 142; [1960] 3 SCR 953 (SC). other words, loss is negative profit. Both positive and negative profits are of a revenue character. Both must enter into computation, wherever it becomes material, in the same mode of the taxable income of the assessee. Although section 6 classifies…