CIT v. Mahindra & Mahindra Ltd.

404 ITR 1Supreme Court of India2018#601 most cited

What is CIT v. Mahindra & Mahindra Ltd. authority for?

The waiver of a loan taken for acquiring capital assets is considered a capital receipt and is not taxable as income under Section 28(iv) of the Income Tax Act. The ruling distinguishes between the waiver of trading liabilities and capital liabilities for tax purposes.

164

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Mahindra & Mahindra Ltd. · 404 ITR 1 SC · Section 28(iv) · Section 41(1) · waiver of loan · loan for capital assets · capital receipt · business income · trading liability · capital liability · taxability of loan waiver

Also reported as

93 Taxmann.com 3293 Taxmann 32

Sections most often in play

Section 143(3)Section 28(iv)Section 41(1)Section 36(1)(iii)Section 14ASection 40(a)(ia)Section 133ASection 37(1)

Issues it is cited on

waiver of loansection 28(iv)section 14bsection 35abbsection 35ddsection 41(1)section 41section 10(33)section 40a(7)wholly and exclusively for businesssection 43b(b)short deduction of tax

Judgments citing CIT v. Mahindra & Mahindra Ltd.

Sonam Trading P. Ltd, Mumbai vs. ITO 8(2)(3), Mumbai

In the result, the appeal by the assessee stands allowed

ITA 6816/MUM/2016[2007-08]Status: DisposedITAT Mumbai02 Jul 2018AY 2007-08

Bench: Shri Shamim Yahya, Am & Shri Sandeep Gosain, Jm आयकर अपील सं./I.T.A. No. 6816/Mum/2016 ("नधा"रण वष" / Assessment Year: 2007-08) M/S. Sonam Trading Private Limited Ito-8(2)(3), बनाम/ 401, Elegant, 8Th & 12Th Cross Lane, Aaykar Bhavan, Room N. 618, 6Th Floor, M. K. Road, Khar (W), Mumbai-400 052 Vs. Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aabcs 6120 K (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant By : Shri Subodh Ratna Parkhi ""यथ" क" ओर से/Respondent By : Ms. Aarju Garodia सुनवाई क" तार"ख / : 05.06.2018 Date Of Hearing घोषणा क" तार"ख / : 02.07.2018 Date Of Pronouncement आदेश / O R D E R Per Shamim Yahya, A. M.: This Appeal By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) – 14, Mumbai Dated 23.09.2016, Pertaining To Assessment Year 2007-08. 2. The Grounds Of Appeal Read As Under: 1. The Hon. Cit (A) Erred In Upholding The Re-Opening Of Assessment U/S 147 Of The It Act 1961, By Issue Of Notice U/S 148 On 26.03.2014, Inspite Of Absence Of Valid Reason That Income Chargeable To Tax In The Hands Of The Appellant Had Escaped Assessment.

For Appellant: Shri Subodh Ratna ParkhiFor Respondent: Ms. Aarju Garodia
Section 147Section 148Section 28

…आयकर अपील"य अ"धकरण “जे” "यायपीठ मुंबई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI SANDEEP GOSAIN, JM आयकर अपील सं./I.T.A. No. 6816/Mum/2016 ("नधा"रण वष" / Assessment Year: 2007-08) M/s. Sonam Trading Private Limited ITO-8(2)(3), बनाम/ 401, Elegant, 8th & 12th Cross Lane, Aaykar Bhavan, Room N. 618, 6th Floor, M. K. Road, Khar (W), Mumbai-400 052 Vs. Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. AABCS 6120 K (अपीलाथ" /Appellant) (""यथ" / Respondent) : अपीलाथ" क" ओर से / Appellant by : Shri Subodh Ratna Parkhi ""यथ" क" ओर से/Respondent by : Ms. Aarju Garod…

K. Bhatia Corporation, Mumbai vs. Ast CIT Cir 19(3), Mumbai

ITA 637/MUM/2012[2006-07]Status: PendingITAT Mumbai08 Jun 2018AY 2006-07

Bench: Shri R. C. Sharma, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 637/Mum/2012 (निर्धारणवर्ा / Assessment Year: 2006-07)

For Appellant: Shri NeelkanthFor Respondent: ShriH. Anoop
Section 37(1)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “H” BENCH, MUMBAI BEFORE SHRI R. C. SHARMA, AM & SH. SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 637/Mum/2012 (निर्धारणवर्ा / Assessment Year: 2006-07) ACIT Cir 19(3), M/s K. Bhatia Corporation Piramal Chambers, 3rd Flat No. 1, May Queen बिधम/ Floor, Lalabuag, Parel, Apartments, 33 Rd, Vs. Mumbai-400 013 Bandra (W), Mumbai-400 050. स्थायीलेखासं./जीआइआरसं./ PAN No. AAEFK9626Q (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Shri Neelkanth Khandelwal, AR प्रत्यथीकीओरसे/Respondent by : ShriH. Anoop Sadashiv, DR सुनवाईकीतारीख/ : 11.05.18 Date of Hearing…

ITO, Ward-2(4), Hyderabad vs. Tini Pharma Ltd., Hyderabad

In the result, appeal of the revenue is dismissed

ITA 669/HYD/2016[2007-08]Status: DisposedITAT Hyderabad23 May 2018AY 2007-08

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2007-08 Income-Tax Officer, Vs. Tini Pharma Ltd., Hyderabad. Ward – 2(4), Hyderabad. Pan – Aaact 7976K

For Appellant: Shri PVSS PrasadFor Respondent: Smt. N. Swapna
Section 143(2)Section 143(3)Section 147Section 148Section 28Section 41Section 41(1)

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “B”, HYDERABAD BEFORE SMT P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2007-08 Income-tax Officer, vs. Tini Pharma Ltd., Hyderabad. Ward – 2(4), Hyderabad. PAN – AAACT 7976K (Appellant) (Respondent) Revenue by : Smt. N. Swapna Assessee by : Shri PVSS Prasad Date of hearing 10/05/2018 Date of pronouncement 23/05/2018 O R D E R PER S. RIFAUR RAHMAN, A.M.: This appeal filed by the Revenue is directed against the order dated 29/01/2016 of CIT(A) – 2, Hyderabad for AY 2007-08. 2. Briefly the facts of the ca…

Commissioner of Income Tax vs. Agriculturel Market Committee

ITTA/219/2011HC Telangana27 Jun 2011

Bench: V.V.S.RAO,RAMESH RANGANATHAN