CIT v. Kovur Textiles & Co.

136 ITR 61High Court1982#10180 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2023.

Judgments citing CIT v. Kovur Textiles & Co.

M/S SHRIRAM CHITS PVT LTD REP. BY ED, R. DURUVASAN, HYD vs. THE DY. COMMR. OF I.T., HYDERABAD

ITTA/325/2006HC Telangana01 Feb 2023

Bench: N.TUKARAMJI,UJJAL BHUYAN

Section 2(24)(x)Section 260ASection 36(1)(iv)Section 36(1)(va)Section 43B

…appellant for exemption of its income from chit fund business on the principle of mutuality holding that appellant is a business concern. 6. This question has already been decided by this Court in Commissioner of Income-Tax v. Kovur Textiles ((1982) 136 ITR 61 AP) holding that principle of mutuality cannot be extended to income earned by a chit fund company. 7. Appellant has proposed two more questions as substantial questions of law in I.T.T.A.No.316 of 2006, which are as under: 1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in no…

OM SWEETS P.LTD,NEW DELHI vs. DCIT, CIRCLE-19(1)&2, NEW DELHI

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 378/DEL/2018[2014-15]Status: DisposedITAT Delhi28 Sept 2021AY 2014-15

Bench: Shri O.P. Kant & Shri K. Narasimha Chary

For Appellant: Sh. Bharti Sharma, AdvocateFor Respondent: Sh. Vipul Kashyap, Sr. DR
Section 37

…in the chits for raising the funds for running the company and utilized the funds for the purpose of business. Any loss incurred in such transactions is allowable under law. Reliance is placed on the decisions reported in CIT vs. Kovur Textiles & Co., (1982) 136 ITR 61 (AP HC), CIT v. Kottayam Co-operative Bank Ltd. (1974) 96 ITR 181 (Ker), DCIT v. P.U.R. Polyurethene Products (P] [1999] 64 TTJ 507( Del. Trib), ITO v. Singh Radio Co. (India] (P.] Ltd. [1991] 59 Taxman 367( Del. Trib), ITO v. Chawla Bros [1990] 38 TTJ 402 ( Del. Trib.), ACIT v. K.S. Shetty and Co., (2003) 263 ITR 71, (Chennai Trib.), Rajees vs In…

OM SWEET (P) LTD.,NEW DELHI vs. DCIT, CIRCLE- 19(1) & (2), NEW DELHI

In the result, both the appeals of the assessee are allowed for statistical purposes

ITA 4139/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Sept 2021AY 2013-14

Bench: Shri O.P. Kant & Shri K. Narasimha Chary

For Appellant: Sh. Bharti Sharma, AdvocateFor Respondent: Sh. Vipul Kashyap, Sr. DR
Section 37

…in the chits for raising the funds for running the company and utilized the funds for the purpose of business. Any loss incurred in such transactions is allowable under law. Reliance is placed on the decisions reported in CIT vs. Kovur Textiles & Co., (1982) 136 ITR 61 (AP HC), CIT v. Kottayam Co-operative Bank Ltd. (1974) 96 ITR 181 (Ker), DCIT v. P.U.R. Polyurethene Products (P] [1999] 64 TTJ 507( Del. Trib), ITO v. Singh Radio Co. (India] (P.] Ltd. [1991] 59 Taxman 367( Del. Trib), ITO v. Chawla Bros [1990] 38 TTJ 402 ( Del. Trib.), ACIT v. K.S. Shetty and Co., (2003) 263 ITR 71, (Chennai Trib.), Rajees vs In…

INDUS STEELS AND ALLOYS LIMITED ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, both the appeals filed by the assessee are allowed for statistical purposes

ITA 2383/BANG/2018[2015-16]Status: DisposedITAT Bangalore20 Sept 2019AY 2015-16

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Vikas Suryavamshi, Addl. CIT (DR)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos. 2382 & 2383/Bang/2018 Assessment Years : 2014-15 & 2015-16 M/s. Indus Steels and Alloys Ltd., The Deputy No. 163/B, 2nd Floor, Commissioner of Kanakapura Road, Vs. Income Tax, Basavanagudi, Circle – 3 (1) (1), Bangalore – 560 004. Bangalore. PAN: AAACI4098M APPELLANT RESPONDENT Assessee by : Smt. Suman Lunkar, CA Revenue by : Shri Vikas Suryavamshi, Addl. CIT (DR) Date of hearing : 30.07.2019 Date of Pronouncement : 20.09.2019 O R D E R Per Shri A.K…

INDUS STEELS AND ALLOYS LIMITED ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, both the appeals filed by the assessee are allowed for statistical purposes

ITA 2382/BANG/2018[2014-15]Status: DisposedITAT Bangalore20 Sept 2019AY 2014-15

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

For Appellant: Smt. Suman Lunkar, CAFor Respondent: Shri Vikas Suryavamshi, Addl. CIT (DR)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos. 2382 & 2383/Bang/2018 Assessment Years : 2014-15 & 2015-16 M/s. Indus Steels and Alloys Ltd., The Deputy No. 163/B, 2nd Floor, Commissioner of Kanakapura Road, Vs. Income Tax, Basavanagudi, Circle – 3 (1) (1), Bangalore – 560 004. Bangalore. PAN: AAACI4098M APPELLANT RESPONDENT Assessee by : Smt. Suman Lunkar, CA Revenue by : Shri Vikas Suryavamshi, Addl. CIT (DR) Date of hearing : 30.07.2019 Date of Pronouncement : 20.09.2019 O R D E R Per Shri A.K…

CHALUVADI ANJANEYULU (HUF),,MACHILIPATNAM vs. THE CIT,, VIJAYAWADA

In the result appeals of the assessee are allowed

ITA 270/VIZ/2015[2009-10]Status: DisposedITAT Visakhapatnam31 May 2019AY 2009-10

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.248/Viz/2014 (ननधधारण वर्ा/ Assessment Year: 2009-2010) Chaluvadi Anjaneyulu (Huf) Vs. Commissioner Of Prop.: Sree Seetharamanjaneya Income Tax Rice Traders, 6-156, Fort Road Vijayawada Machilipatnam [Pan : Aaahc6340R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No. 270/Viz/2015 (ननधधारण वर्ा/ Assessment Year: 2009-2010) Chaluvadi Anjaneyulu (Huf) Income Tax Officer Prop.: Sree Seetharamanjaneya Ward-1 Rice Traders, 6-156, Fort Road Machilipatnam Machilipatnam [Pan : Aaahc6340R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri Siva Ram Kumar, Ar प्रत्यधथी की ओर से/ Respondent By : Shri Ch Sanjeev, Dr सुनवधई की तधरीख / Date Of Hearing : 08.01.2019 घोर्णध की तधरीख/Date Of Pronouncement : 11.01.2019

For Appellant: Shri Siva Ram Kumar, ARFor Respondent: Shri Ch Sanjeev, DR
Section 143(3)Section 263Section 40Section 44A

…आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर धसंह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.248/VIZ/2014 (ननधधारण वर्ा/ Assessment Year: 2009-2010) Chaluvadi Anjaneyulu (HUF) Vs. Commissioner of Prop.: Sree Seetharamanjaneya Income Tax Rice Traders, 6-156, Fort Road Vijayawada Machilipatnam [PAN : AAAHC6340R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No. 270/Viz/2015 (ननधधा…

CHALUVADA ANJANEYULU (HUF),,MACHILIPATNAM vs. THE CIT,, VIJAYAWADA

In the result appeals of the assessee are allowed

ITA 248/VIZ/2014[2009-10]Status: DisposedITAT Visakhapatnam11 Jan 2019AY 2009-10

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.248/Viz/2014 (ननधधारण वर्ा/ Assessment Year: 2009-2010) Chaluvadi Anjaneyulu (Huf) Vs. Commissioner Of Prop.: Sree Seetharamanjaneya Income Tax Rice Traders, 6-156, Fort Road Vijayawada Machilipatnam [Pan : Aaahc6340R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No. 270/Viz/2015 (ननधधारण वर्ा/ Assessment Year: 2009-2010) Chaluvadi Anjaneyulu (Huf) Income Tax Officer Prop.: Sree Seetharamanjaneya Ward-1 Rice Traders, 6-156, Fort Road Machilipatnam Machilipatnam [Pan : Aaahc6340R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri Siva Ram Kumar, Ar प्रत्यधथी की ओर से/ Respondent By : Shri Ch Sanjeev, Dr सुनवधई की तधरीख / Date Of Hearing : 08.01.2019 घोर्णध की तधरीख/Date Of Pronouncement : 11.01.2019

For Appellant: Shri Siva Ram Kumar, ARFor Respondent: Shri Ch Sanjeev, DR
Section 143(3)Section 263Section 40Section 44A

…आयकर अपीलीय अधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री िी. दुगाा राि,न्याधयक सदस्य एिं श्री धड.एस. सुन्दर धसंह, लेखा सदस्य के समक्ष BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.248/VIZ/2014 (ननधधारण वर्ा/ Assessment Year: 2009-2010) Chaluvadi Anjaneyulu (HUF) Vs. Commissioner of Prop.: Sree Seetharamanjaneya Income Tax Rice Traders, 6-156, Fort Road Vijayawada Machilipatnam [PAN : AAAHC6340R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No. 270/Viz/2015 (ननधधा…

DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE vs. M/S. SHRIRAM CHITS(KARANATAKA) PVT. LTD, BANGALORE

In the result, appeal of the Revenue stand dismissed

ITA 543/BANG/2017[2013-14]Status: DisposedITAT Bangalore28 Nov 2017AY 2013-14

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boazassessment Year : 2013-14

For Appellant: Smt. Lalitha Kameshwaran, AdvocateFor Respondent: Shri. Pradeep Kumar, Addl. CIT
Section 145(1)

…guishing the decision of the Hon’ble Supreme Court in the case of Madras Industrial Investment Corporation Ltd Vs CIT (197) 225 ITR 802 also following the decision of the Hon’ble Andhra Pradesh High Court in the case of CIT Vs Kovur Textiles & Co. reported in 136 ITR 61, held as under; “The Andhra Pradesh High Court in CIT vs. Kovur Textiles & Co. (1982) 136 ITR 61 (AP) found that the assessee company subscribed to a chit fund by joining in a chit group and after paying few instalments, the assessee bid the chit and claimed the difference between the chit amount and the price Page 3 of 8 for which it was bid as…

PANCHAJANYA CHITS PVT. LTD. vs. DCIT,

In the result, appeal stands dismissed

ITA 393/BANG/2013[2009-10]Status: DisposedITAT Bangalore04 May 2016AY 2009-10

Bench: Shri. Sunil Kumar Yadav & Shri. Abraham P. Georgei.T.A No.393/Bang/2013 (Assessment Year : 2009-10) Panchajanya Chits P. Ltd, No.344, 1St Floor, Vinaya Complex, Chickpet, Bangalore 560 053 .. Appellant Pan : Aaccp5556H V. Deputy Commissioner Of Income-Tax, Circle – 12(2), Bangalore .. Respondent Assessee By : Shri. C. R. Nulvi, Ca Revenue By : Dr. P. K. Srihari, Addl. Cit Heard On : 02.05.2016 Pronounced On : 04.05.2016 O R D E R Per Abraham P. George:

For Appellant: Shri. C. R. Nulvi, CAFor Respondent: Dr. P. K. Srihari, Addl. CIT

…erabad Bench in the case of Shriran'Chits (P)Ltd, v. CIT (83 ITD 792) wherein the principle of mutuality has been rejected after elaborately discussing the various case laws including the decision of the AP High court in the case of CIT v, Kovur Textiles Co. (136 ITR 61). Therefore, in the light of these discussions, we confirm the orders of the CIT(A) on this issue, ITA.393/Bang/2013 Page - 12 11. Against the latter decision, concerned assessee had moved before the Hon’ble jurisdictional High Court, but had later withdrawn their appeals. Now the only question to be answered by us is whether any distinction can…

ASST.C.I.T., BANGALORE vs. M/S SHRIRAM CHITS (KARNATAKA) PVT. LTD.,, BANGALORE

In the result, the appeals filed by the revenue are dismissed

ITA 1074/BANG/2015[2010-11]Status: DisposedITAT Bangalore04 Dec 2015AY 2010-11

Bench: Smt Asha Vijayaraghavan & Shri Inturi Rama Rao

For Appellant: Smt. Lalitha Rameswaran, CAFor Respondent: Dr. P.K.Srihari, Addl.CIT
Section 145(1)

…ishing the decision of the Hon’ble Supreme Court in the case of Madras Industrial Investment Corporation Ltd Vs CIT (197) 225 ITR 802 also following the decision of the Hon’ble Andhra Pradesh High Court in the case of CIT Vs Kovur Textiles & Co. reported in 136 ITR 61, held as under; “The Andhra Pradesh High Court in CIT vs. Kovur Textiles & Co. (1982) 136 ITR 61 (AP) found that the assessee company subscribed to a chit fund by joining in a chit group and after paying few instalments, the assessee bid the chit and claimed the difference between the chit amount and the price for which it was bid as a business l…

CIT v. Kovur Textiles & Co. (136 ITR 61) — Cited in 10 Judgments | BharatTax