What is CIT v. Lakshmi Machine Works authority for?

Excise duty collected by the assessee as an agent on behalf of the government is not includible in the total turnover for the purpose of computing deduction under section 80HHC.

How many judgments cite CIT v. Lakshmi Machine Works?

163 judgments on BharatTax cite CIT v. Lakshmi Machine Works (290 ITR 667), spanning 2008 to 2026.

Which sections of the Income Tax Act does CIT v. Lakshmi Machine Works come up under?

It is most often cited in judgments turning on Section 80HHC, Section 143(3), Section 37(1), Section 28(iiid), Section 35D, Section 40(a)(i).

CIT v. Lakshmi Machine Works (290 ITR 667)

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1255/CHNY/2017[2011-12]Status: DisposedITAT Chennai22 Dec 2021AY 2011-12

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT

Section 28Section 37(1)

…by including excise duty/sales tax as part of turnover. On appeal, the ld. CIT(A) has directed the AO to re-compute deduction u/s. 80HHC by excluding excise duty/sales tax by following the decision of Hon’ble Supreme Court in the case of Lakshmi Machine Works 290 ITR 667 (SC). 12. We have heard both the parties, perused materials available on record and gone through orders of the authorities below. We find that the Hon’ble Supreme Court in the case of Lakshmi Machine Works vs CIT, (Supra) had considered an identical issue and held that excise duty/sales tax are not included in total turnover in the formula conte…

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

In the result, appeal filed by the Revenue in ITA Nos

ITA 1254/CHNY/2017[2010-11]Status: DisposedITAT Chennai22 Dec 2021AY 2010-11

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita Nos: 879, 880, 881, 882, 1254, 1255 & 1256/Chny/2017 िनधा"रण वष" / Assessment Years: 2001-02, 2002-03, 2003-04, 2004-05, 2010-11, 2011-12 & 2012-13 Deputy Commissioner Of Income Malladi Drugs & Tax, V. Pharmaceuticals Limited, Corporate Circle -4(1), No. 9, G.S.T. Road, Chennai. St. Thomas Mount, Chennai – 600 016. [Pan:Aaacm 5031A] आयकर अपील सं./Ita Nos: 1257, 1258 & 1259/Chny/2017 िनधा"रण वष" / Assessment Years: 2010-11, 2011-12 & 2012-13 Malladi Drugs & Pharmaceuticals V. Deputy Commissioner Of Income Limited, Tax, No. 9, G.S.T. Road, Corporate Circle -4(1), St. Thomas Mount, Chennai. Chennai – 600 016. [Pan:Aaacm 5031A] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Vikram Vijayaraghavan, Advocate Assessee By : Shri. Ar.V. Sreenivasan, Addl. Cit Revenue By सुनवाई क" तार"ख/Date Of Hearing : 09.11.2021 घोषणा क" तार"ख/Date Of Pronouncement : 22.12.2021 आदेश /O R D E R Per G. Manjunatha:

For Appellant: Shri. AR.V. Sreenivasan, Addl. CIT

Section 28Section 37(1)

…by including excise duty/sales tax as part of turnover. On appeal, the ld. CIT(A) has directed the AO to re-compute deduction u/s. 80HHC by excluding excise duty/sales tax by following the decision of Hon’ble Supreme Court in the case of Lakshmi Machine Works 290 ITR 667 (SC). 12. We have heard both the parties, perused materials available on record and gone through orders of the authorities below. We find that the Hon’ble Supreme Court in the case of Lakshmi Machine Works vs CIT, (Supra) had considered an identical issue and held that excise duty/sales tax are not included in total turnover in the formula conte…

Grasim Industries Ltd vs. Addl. CIT Range 6(3)

In the result, appeal filed by the assesse and revenue are partly allowed

ITA 4753/MUM/2004[2002-03]Status: DisposedITAT Mumbai14 Dec 2021AY 2002-03

Bench: Shri Saktijit Dey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blegrasim Industries Limited V. Addl. Cit, Range 6(3) Corporate Finance Division 5Th Floor, Room No. 505 Aditya Birla Centre “A” Wing Aayakar Bhavan 2Nd Floor, S.K. Ahire Marg, Worli Mumbai Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Dy. Cit, Range 6(3), V. Grasim Industries Limited, 5Th Floor, Room No. 505, Corporate Finance Division, Aayakar Bhavan, Aditya Birla Centre, “A” Wing, Mumbai-20. 2Nd Floor, S.K. Ahire Marg Worli, Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Assessee By : Shri J.D. Mistry Revenue By : Shri Sandeep Raj & Shri Vijay Kumar Menon

For Appellant: Shri J.D. MistryFor Respondent: Shri Sandeep Raj &

Section 143(3)Section 36(1)(vii)Section 43BSection 80Section 80H

…pertains to the ld. CIT(A)’s action for excluding the amount of excise duty and sales tax from the total turnover for computing deduction u/s 80HHC of the Act. 52. This issue has been settled by the Hon’ble Supreme Court in the case of Lakshmi Machine Works, 290 ITR 667 (SC). Similar issue has been decided by the Tribunal in assessee’s favour in assessment years 1986-87 to 1989- 90, 1990-91, 1994-95 to 1998-99. Further we found that Revenue is not in appeal against this issue before the Hon’ble High Court in assessment years 1994-95, 1995-96, 1996-97 and 1997-98 & 1998- 65 ITA No. 4753 & 5584/MUM/2004 (A.Y. 200…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

In the result, appeal filed by assessee stands partly allowed and appeal filed by Revenue stands dismissed

ITA 1227/BANG/2007[2004-05]Status: DisposedITAT Bangalore29 Sept 2021AY 2004-05

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2004-05

For Appellant: Ms. Vasanti Patel, AdvocateFor Respondent: Shri Dilip Reddy, Sr. Counsel

Section 28Section 80Section 801ASection 80I

…d that sales tax and central excise duty is to be regarded as a part of the turnover for computing deduction under section 80HHC of the Act. The CIT(A), however, following the decision of the Hon’ble Supreme Court in the case of CIT Vs. Lakshmi Machine Works (290 ITR 667) (SC) held that the sales tax and central excise duty should not be included as a part of the total turnover while computing deduction under section 80HHC of the Act. In view of the aforesaid decision of the Hon’ble Supreme Court in the case of Lakshmi Machine Works (supra), which has settled the issue, we are of the view that there is no merit i…

Perfetti Van Melle India Pvt. Ltd., Gurgaon vs. ACIT, Circle-3(1), Gurgaon

In the result, the additional ground raised by the assessee is allowed

ITA 463/DEL/2021[2016-17]Status: DisposedITAT Delhi22 Sept 2021AY 2016-17

Bench: The Income Tax Appellate Tribunal, Delhi Bench “I-2”, New Delhi

For Appellant: Mr. Deepak Chopra, AdvFor Respondent: Ms. Meera Shrivastava, CIT (DR)

Section 142(1)Section 143(2)Section 143(3)Section 271(1)(c)Section 80Section 80ISection 92C

…BEFORE THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH “I-2”, NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SH. B.R.R. KUMAR, ACCOUNTANT MEMBER I.T.A. No. 463/Del/2021 Assessment year 2016-17 Perfetti Van Melle India Pvt Ltd VS. Assistant Commissioner of 47th Milestone, Delhi Jaipur Income Tax, Highway, Circle – 3(1), Gurgaon Manesar, Gurgaon PAN : AAACP2626A (Appellant) (Respondent) Appellant by : Mr. Deepak Chopra, Adv Ms. Rashi Khanna, Adv Ms. Pratishtha Singh, Adv Department by : Ms. Meera Shrivastava, CIT (DR) Date of hearing 27 07 2021 Date of pronouncement 22 09 2021 ORDER PER AMIT SHUKLA, JM:…

ACIT 8(1), Mumbai vs. Aventis Pharma Ltd, Mumbai

In the result, appeal is dismissed

ITA 2072/MUM/2010[2002-03]Status: DisposedITAT Mumbai11 Aug 2021AY 2002-03

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

Section 271(1)(c)

…aa) to section 80HHC of the Act. Apart from relying upon the decisions of the Tribunal in assessee’s own case, learned senior counsel relied upon the following decisions as well:- 1. CIT vs Punjab Stainless Steel 364 ITR 144 (SC) 2. CIT vs Laxmi Machine Tools 290 ITR 667 (SC) 38. Insofar as deduction claimed on DEPB entitlement, learned senior counsel submitted, the departmental authorities have committed a fundamental mistake in holding that the assessee has received such income from sale of DEPB license / entitlement. Proceeding further, he submitted, the assessee has not sold any DEPB entitlement, but has rec…

ACIT Cir. - 8(1), Mumbai vs. M/S. Aventis Pharma Ltd., Mumbai

In the result, appeal is dismissed

ITA 3187/MUM/2006[2002-2003]Status: DisposedITAT Mumbai11 Aug 2021AY 2002-2003

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

Section 271(1)(c)

…aa) to section 80HHC of the Act. Apart from relying upon the decisions of the Tribunal in assessee’s own case, learned senior counsel relied upon the following decisions as well:- 1. CIT vs Punjab Stainless Steel 364 ITR 144 (SC) 2. CIT vs Laxmi Machine Tools 290 ITR 667 (SC) 38. Insofar as deduction claimed on DEPB entitlement, learned senior counsel submitted, the departmental authorities have committed a fundamental mistake in holding that the assessee has received such income from sale of DEPB license / entitlement. Proceeding further, he submitted, the assessee has not sold any DEPB entitlement, but has rec…

M/S. Aventis Pharma Ltd., Mumbai vs. ACIT - 8(1), Mumbai

In the result, appeal is dismissed

ITA 3092/MUM/2006[2002-2003]Status: DisposedITAT Mumbai11 Aug 2021AY 2002-2003

Bench: Shri Pramod Kumar () & Shri Saktijit Dey ()

Section 271(1)(c)

…aa) to section 80HHC of the Act. Apart from relying upon the decisions of the Tribunal in assessee’s own case, learned senior counsel relied upon the following decisions as well:- 1. CIT vs Punjab Stainless Steel 364 ITR 144 (SC) 2. CIT vs Laxmi Machine Tools 290 ITR 667 (SC) 38. Insofar as deduction claimed on DEPB entitlement, learned senior counsel submitted, the departmental authorities have committed a fundamental mistake in holding that the assessee has received such income from sale of DEPB license / entitlement. Proceeding further, he submitted, the assessee has not sold any DEPB entitlement, but has rec…

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 897/BANG/2008[2003-04]Status: DisposedITAT Bangalore23 Jul 2021AY 2003-04

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…d that sales tax and central excise duty is to be regarded as a part of the turnover for computing deduction under section 80HHC of the Act. The CIT(A), however, following the decision of the Hon’ble Supreme Court in the case of CIT Vs. Lakshmi Machine Works (290 ITR 667) (SC) held that the sales tax and central excise duty should not be included as a part of the total turnover while computing deduction under section 80HHC of the Act. In view of the aforesaid decision of the Hon’ble Supreme Court in the case of Lakshmi Machine Works (supra), which has settled the issue, we are of the view that there is no merit i…

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 896/BANG/2008[2002-03]Status: DisposedITAT Bangalore23 Jul 2021AY 2002-03

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…d that sales tax and central excise duty is to be regarded as a part of the turnover for computing deduction under section 80HHC of the Act. The CIT(A), however, following the decision of the Hon’ble Supreme Court in the case of CIT Vs. Lakshmi Machine Works (290 ITR 667) (SC) held that the sales tax and central excise duty should not be included as a part of the total turnover while computing deduction under section 80HHC of the Act. In view of the aforesaid decision of the Hon’ble Supreme Court in the case of Lakshmi Machine Works (supra), which has settled the issue, we are of the view that there is no merit i…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 791/BANG/2008[2003-04]Status: DisposedITAT Bangalore23 Jul 2021AY 2003-04

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…d that sales tax and central excise duty is to be regarded as a part of the turnover for computing deduction under section 80HHC of the Act. The CIT(A), however, following the decision of the Hon’ble Supreme Court in the case of CIT Vs. Lakshmi Machine Works (290 ITR 667) (SC) held that the sales tax and central excise duty should not be included as a part of the total turnover while computing deduction under section 80HHC of the Act. In view of the aforesaid decision of the Hon’ble Supreme Court in the case of Lakshmi Machine Works (supra), which has settled the issue, we are of the view that there is no merit i…

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. DCIT, Bangalore

In the result, ground No.3 raised by the assessee is dismissed

ITA 790/BANG/2008[2002-03]Status: DisposedITAT Bangalore23 Jul 2021AY 2002-03

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranita No.790 & 791/Bang/2008 Assessment Year : 2002-03 & 2003-04 M/S. Abb Ltd., Vs. The Deputy Commissioner Of Ii Floor, East Wing, Income Tax (Ltu), Khanija Bhavan, Bengaluru. Race Course Road, Bengaluru-560 001. Pan : Aaaca 3834 B Appellant Respondent

For Appellant: Shri. Percy Pardiwala, Sr. AdvocateFor Respondent: Shri. K. V. Aravind, Standing Counsel

Section 2Section 80H

…d that sales tax and central excise duty is to be regarded as a part of the turnover for computing deduction under section 80HHC of the Act. The CIT(A), however, following the decision of the Hon’ble Supreme Court in the case of CIT Vs. Lakshmi Machine Works (290 ITR 667) (SC) held that the sales tax and central excise duty should not be included as a part of the total turnover while computing deduction under section 80HHC of the Act. In view of the aforesaid decision of the Hon’ble Supreme Court in the case of Lakshmi Machine Works (supra), which has settled the issue, we are of the view that there is no merit i…

Vijaya Bank Employees Housing Co-Operative Society Ltd., Bangalore vs. ACIT, Bangalore

In the result, the appeal filed by the assessee is partly allowed, as indicated above

ITA 603/BANG/2014[2010-11]Status: DisposedITAT Bangalore15 Jul 2021AY 2010-11

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.V.Chandrashekhar, AdvocateFor Respondent: Shri Priyadarshi Mishtra, Addl.CIT-DR

Section 143(2)Section 251Section 251(2)

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, incl…

Novartis India Ltd, Mumbai vs. DCIT Cir 7(1), Mumbai

Appeal stand partly allowed

ITA 3379/MUM/2009[2001-02]Status: HeardITAT Mumbai30 Apr 2021AY 2001-02

For Appellant: Shri Jehangir D. Mistry (Ld. SrFor Respondent: Shri Salil Mishra-CIT DR and Shri Tharian Oommen-Ld. Sr. DR

Section 115JSection 143(3)

…further increased by profit on trading goods for Rs.178.35 Lacs. Finally, deduction against 90% of export incentive has been added to arrive at total deduction of Rs.167.14 Lacs. 17.3 The Ld. CIT(A), following decision of Hon‟ble Apex Court in Lakshmi Mills (290 ITR 667) directed Ld. AO not to include sales tax and excise duty in total turnover for the purpose of computing deduction u/s 80HHC. Regarding scrap sales, if the proceeds were out of scrap sales of raw material then they were to be excluded from total turnover. However, scrap sale of packing material was to be included as per the decision of Hon‟ble Bo…

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Income Tax Officer Ward-4(3)(3), Bangalore

In the result, the appeals filed by the assessee are partly allowed, as indicated above

ITA 772/BANG/2018[2014-15]Status: DisposedITAT Bangalore01 Apr 2021AY 2014-15

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Chandrashekar, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR

Section 143(3)Section 148

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, inc…

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistat Commissioner of Income Tax Circle-4(3)(1), Bangalore

In the result, the appeals filed by the assessee are partly allowed, as indicated above

ITA 771/BANG/2018[2013-14]Status: DisposedITAT Bangalore01 Apr 2021AY 2013-14

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Chandrashekar, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR

Section 143(3)Section 148

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, inc…

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistat Commissioner of Income Tax Circle-4(2)(1), Bangalore

In the result, the appeals filed by the assessee are partly allowed, as indicated above

ITA 770/BANG/2018[2012-13]Status: DisposedITAT Bangalore01 Apr 2021AY 2012-13

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Chandrashekar, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR

Section 143(3)Section 148

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, inc…

M/S Vijaya Bank Employees Housing Tax Co-Operative Society Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-10(1), Bangalore

In the result, the appeals filed by the assessee are partly allowed, as indicated above

ITA 769/BANG/2018[2011-12]Status: DisposedITAT Bangalore01 Apr 2021AY 2011-12

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Chandrashekar, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR

Section 143(3)Section 148

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, inc…

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-10(1), Bangalore

In the result, the appeals filed by the assessee are partly allowed, as indicated above

ITA 768/BANG/2018[2009-10]Status: DisposedITAT Bangalore01 Apr 2021AY 2009-10

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Chandrashekar, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR

Section 143(3)Section 148

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, inc…

M/S Viijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-10(1), Bangalore

In the result, the appeals filed by the assessee are partly allowed, as indicated above

ITA 767/BANG/2018[2008-09]Status: DisposedITAT Bangalore01 Apr 2021AY 2008-09

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Chandrashekar, AdvocateFor Respondent: Ms.Neera Malhotra, CIT-DR

Section 143(3)Section 148

…that revenue. This concept of adjusting / offsetting the expenses against revenue is the matching principle.” 12.6 The above proposition further draws strength from the judgment of the Hon’ble Apex Court in the case of CIT v. Lakshmi Machine Works reported in 290 ITR 667 (SC), wherein the Hon’ble Supreme Court had held as follows:- “The tax under the Act is upon income, profits and gains. It is not a tax on gross receipts. Under section 2(24) the word `income’ includes profits and gains. The charge is not on gross receipts but on profits and gains properly so-called. Gross receipts or sale proceeds, however, inc…

CIT v. Lakshmi Machine Works

What is CIT v. Lakshmi Machine Works authority for?

Also referred to as

Sections most often in play

Issues it is cited on

Judgments citing CIT v. Lakshmi Machine Works

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

DCIT, Chennai vs. Malladi Drugs & Pharmaceuticals Ltd., Chennai

Grasim Industries Ltd vs. Addl. CIT Range 6(3)

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

Perfetti Van Melle India Pvt. Ltd., Gurgaon vs. ACIT, Circle-3(1), Gurgaon

ACIT 8(1), Mumbai vs. Aventis Pharma Ltd, Mumbai

ACIT Cir. - 8(1), Mumbai vs. M/S. Aventis Pharma Ltd., Mumbai

M/S. Aventis Pharma Ltd., Mumbai vs. ACIT - 8(1), Mumbai

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

ACIT, Bangalore vs. M/S. Abb Limited, Bangalore

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. ACIT, Bangalore

M/S. Abb Limited(Formerly Asea Brown Boveri Limited), Bangalore vs. DCIT, Bangalore

Vijaya Bank Employees Housing Co-Operative Society Ltd., Bangalore vs. ACIT, Bangalore

Novartis India Ltd, Mumbai vs. DCIT Cir 7(1), Mumbai

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Income Tax Officer Ward-4(3)(3), Bangalore

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistat Commissioner of Income Tax Circle-4(3)(1), Bangalore

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistat Commissioner of Income Tax Circle-4(2)(1), Bangalore

M/S Vijaya Bank Employees Housing Tax Co-Operative Society Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-10(1), Bangalore

M/S Vijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-10(1), Bangalore

M/S Viijaya Bank Employees Housing Co-Operative Society Ltd, Bangalore vs. Assistant Commissioner of Income Tax Circle-10(1), Bangalore