CIT v. Nagri Mills Co. Ltd.

33 ITR 681High Court1958#590 most cited

What is CIT v. Nagri Mills Co. Ltd. authority for?

An addition to income is revenue neutral if its tax impact remains the same regardless of the year in which it is assessed. Assessments should not dispute the year of addition when the tax rate and impact are consistent, to avoid unnecessary disputes and potential loss to revenue.

165

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2010 to 2025.

Also referred to as

CIT v. Nagri Mills Co. Ltd. · 33 ITR 681 · revenue neutral · timing difference · pragmatic view · year of addition · impact of tax · loss to revenue · permissible deduction · Income Tax Act

Sections most often in play

Section 143(3)Section 14ASection 36(1)(vii)Section 194HSection 37(1)Section 40(a)(ia)Section 115JBSection 133(6)

Issues it is cited on

section 145(1)section 211section 145(2)project completion methodsection 35dpercentage completion methodsection 21written down valuemercantile system of accountingretracted statementsection 35section 34

Judgments citing CIT v. Nagri Mills Co. Ltd.

K & M Sheltors P.Ltd, Mumbai vs. DCIT 9(2), Mumbai

ITA 631/MUM/2015[2010-11]Status: DisposedITAT Mumbai31 Mar 2017AY 2010-11

Bench: Shri G.S. Pannu & Shri Ravish Sood: (A.Y : 2010-11)

For Appellant: Shri K. ShivaramFor Respondent: Shri Rajesh Kumar Yadav, DR
Section 143(3)

…For the aforesaid proposition, reliance has been placed on the judgment of the Hon'ble Supreme Court in the case of CIT vs. Excel Industries Ltd., 358 ITR 295 (SC) and the judgment of the Hon'ble Bombay High Court in the case of CIT vs. Nagri Mills Co. Ltd., 33 ITR 681 (Bom) respectively. At this point, the learned representative also pointed out that it is not the case of Revenue that the books of account maintained by the assessee are unreliable or that the declared profit from the project is otherwise incorrect, therefore, in such a situation there was no justification for tinkering with the manner in which t…

DCIT, New Delhi vs. M/S. Chemical Construction International Pvt. Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 3958/DEL/2011[2007-08]Status: DisposedITAT Delhi27 Mar 2017AY 2007-08

Bench: Sh. Amit Shukla & Sh. O.P. Kantassessment Year: 2007-08 Vs. M/S. Dcit, Circle-3(1), New Delhi Chemical Construction International Pvt. Ltd., 205, Kushal Bazar, 32-33, Nehru Place, New Delhi Pan : Aaacc0292M (Appellant) (Respondent) Appellant By Sh. Anil Kumar Sharma, Sr.Dr Respondent By Sh. A.K. Chadha, Ca Date Of Hearing 28.02.2017 Date Of Pronouncement 27.03.2017 Order Per O.P. Kant, A.M.: This Appeal By The Revenue Is Directed Against Order Dated 07/06/2011 Of Learned Commissioner Of Income-Tax (Appeals)-Iv (In Short “Cit-A”) For Assessment Year 2007-08, Raising Following Grounds: “1. On The Facts & Circumstances Of The Case, The Ld.Cit(A) Has Erred In Deleting Addition Of Rs.5614565/- On Account Of Contract Receipts, Ignoring The Fact That During The Assessment Proceedings The Assessee Company Failed To Justify Its Abnormally Low G. P. Rate Of 18.16% In Current Year From 28.9% Last Year. 2. On The Facts & Circumstances Of The Case, The Ld.Cit(A) Has Erred In Deleting Addition Of Rs.14591310/- On Account Of Payment Of Lurgi Life Science(Lls) Germany For Drawing Design Charges, Ignoring The Fact That Benefit Of Enduring Nature Was Drawn By The Assessee.

Section 143(2)Section 143(3)

…ted. Still addition is made. It has been held in CIT Vs Dinesh Kumar Goel [2011] 239 CTR (Del.) 46 as under: “27. In a decision rendered about 50 years ago, the Bombay High Court, speaking through Chief Justice Tendolkar in CIT vs. Nagri Mills Co. Ltd. [1958] 33 ITR 681 (Bom) observed as under: 6 AY: 2007-08 “We have often wondered why the IT authorities, in a matter such as this where the deduction is obviously a permissible deduction under the IT Act, raise disputes as to the year in which the deduction should be allowed. The question as to the year in which a deduction is allowable may be material when the r…

Mangalore Refinery and Petrochemicals Ltd, Mumbai vs. DCIT 3(2), Mumbai

In the result, the appeal filed by the assessee is treated as allowed

ITA 2630/MUM/2013[2003-04]Status: DisposedITAT Mumbai23 Mar 2017AY 2003-04

Bench: Shri B.R. Baskaran (Am)& Shri Ravish Sood (Jm)

Section 143(3)Section 41(1)Section 43B

…the inclusion of the Customs duty in the valuation of closing stock is undoubtedly on the footing that such a definite liability exists. Before us, reliance has been placed on the judgment of the Hon'ble Bombay High Court in the case of Nagri Mills Co. Ltd., 33 ITR 681 (Bom.) for the proposition that where a debit/credit in one year is off-set by a credit/debit in the subsequent year, the Assessing Officer would not be justified in disturbing what the assessee has done, particularly in the case of corporate assessees’, where tax is attracted at a uniform rate. At the time of hearing, the aforesaid factual matrix…

Networth Stock Broking Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

In the result, the appeal of assessee in ITA No

ITA 3332/MUM/2012[2007-08]Status: DisposedITAT Mumbai10 Mar 2017AY 2007-08

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

Section 143(3)Section 36(1)(ii)Section 43B

…r period expense of Rs.11,131/-. 31. We have heard rival contentions and gone through facts and circumstances of the case. We find that the CIT(A) has decided this issue by following the decision of Hon’ble Bombay High Court in the case of CIT v. Nagri Mills 33 ITR 681 (Bom) by observing that the said amount was incentive paid to an employee in August 2006 in respect of his performance in the preceding year. We find that the evaluation of employee was completed in financial year 2006-07 and the payment was also made Page 28 of 43 ITA No.3228,2268,3332&2288/Mum/2012 Networth Stock Broking Ltd.; 2007-08 & 2008-09…

ACIT 4(2), Mumbai vs. Networth Stock Broking Ltd, Mumbai

In the result, the appeal of assessee in ITA No

ITA 3228/MUM/2012[2007-08]Status: DisposedITAT Mumbai10 Mar 2017AY 2007-08

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

Section 143(3)Section 36(1)(ii)Section 43B

…r period expense of Rs.11,131/-. 31. We have heard rival contentions and gone through facts and circumstances of the case. We find that the CIT(A) has decided this issue by following the decision of Hon’ble Bombay High Court in the case of CIT v. Nagri Mills 33 ITR 681 (Bom) by observing that the said amount was incentive paid to an employee in August 2006 in respect of his performance in the preceding year. We find that the evaluation of employee was completed in financial year 2006-07 and the payment was also made Page 28 of 43 ITA No.3228,2268,3332&2288/Mum/2012 Networth Stock Broking Ltd.; 2007-08 & 2008-09…

Networth Stock Broking Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

In the result, the appeal of assessee in ITA No

ITA 2288/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Mar 2017AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

Section 143(3)Section 36(1)(ii)Section 43B

…r period expense of Rs.11,131/-. 31. We have heard rival contentions and gone through facts and circumstances of the case. We find that the CIT(A) has decided this issue by following the decision of Hon’ble Bombay High Court in the case of CIT v. Nagri Mills 33 ITR 681 (Bom) by observing that the said amount was incentive paid to an employee in August 2006 in respect of his performance in the preceding year. We find that the evaluation of employee was completed in financial year 2006-07 and the payment was also made Page 28 of 43 ITA No.3228,2268,3332&2288/Mum/2012 Networth Stock Broking Ltd.; 2007-08 & 2008-09…

ACIT 4(2), Mumbai vs. Networth Stock Broking Ltd, Mumbai

In the result, the appeal of assessee in ITA No

ITA 2268/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Mar 2017AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

Section 143(3)Section 36(1)(ii)Section 43B

…r period expense of Rs.11,131/-. 31. We have heard rival contentions and gone through facts and circumstances of the case. We find that the CIT(A) has decided this issue by following the decision of Hon’ble Bombay High Court in the case of CIT v. Nagri Mills 33 ITR 681 (Bom) by observing that the said amount was incentive paid to an employee in August 2006 in respect of his performance in the preceding year. We find that the evaluation of employee was completed in financial year 2006-07 and the payment was also made Page 28 of 43 ITA No.3228,2268,3332&2288/Mum/2012 Networth Stock Broking Ltd.; 2007-08 & 2008-09…

The Godavari Sugar Mills Ltd., Mumbai vs. ACIT(OSD) RG.2(1), Mumbai

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

ITA 2994/MUM/2010[2003-04]Status: DisposedITAT Mumbai08 Mar 2017AY 2003-04

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 115JSection 43(1)Section 80H

…ther items, the disallowing the same in the current year and allowing them in other years will be tax neutral. Hence there is no required to disallow the same as per the decision of Hon’ble Supreme Court rendered in the case of CIT Vs. Nagari Mills Ltd (1958)(33 ITR 681)(Bom). 24. We heard the Ld D.R on this issue. With regard to the claim of the assessee that the Sugarcane price got crystallized, we restore the same to the file of the AO for his examination. If the claim of the assessee is found to be correct, then the same has to be allowed as the date of crystallization of the liability shall be taken as date…

DCIT, Circle - 1, Kolkata vs. M/S. Mcnally Bharat Engineering Company Limited, Kolkata

In the result, appeal of revenue stands dismissed

ITA 99/KOL/2011[2003-04]Status: DisposedITAT Kolkata11 Jan 2017AY 2003-04

Bench: Shri Waseem Ahmed, Am & Shri S.S.Viswanethra Ravi, Jm आयकर अपील सं./Ita No.99/Kol/2011 ("नधा"रण वष" / Assessment Year :2003-2004) Dcit, Circle-1, Vs. M/S Mcnally Bharat 7Th Floor, Aayakar Bhawan, Engineering Company Ltd, Kolkata-700069 4, Mangoe Lane,Kolkata-1 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcm 9443 R .. (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से /Revenue By : Shri Ram Bilas Meena, Cit "नधा"रती क" ओर से /Assessee By : Shri Vijay Shah Ca सुनवाई क" तार"ख / Date Of Hearing : 21/12/2016 घोषणा क" तार"ख/Date Of Pronouncement 11/01/2017 आदेश / O R D E R Per Shri Waseem Ahmed, Am: The Above Appeal Is Directed By The Revenue Against The Order Dated 20.09.2010, Passed By The Ld. Commissioner Of Income Tax (Appeals)-I, Kolkata In Appeal No.605/Cit(A)-1/Cir.1/.09-10, Pertaining To Assessment Year 2003-04, Arising Out Of Assessment Order Dated 31.12.2009, Passed By The Cit-1 Kolkata U/S.143(3)/254 Of The Income Tax Act, 1961. The Revenue Has Raised The Following Grounds Of Appeal :-

For Appellant: Shri Vijay Shah CAFor Respondent: Shri Ram Bilas Meena, CIT
Section 143(3)Section 37

…rate of tax, the entire exercise of seeking to disturb the year of allowability of expenditure is, in any case, revenue neutral. In such circumstances, substantial questions of law that need to be answered do not arise.—CIT vs. vs. Nagri Mills Co. Ltd. (1958) 33 ITR 681 (Bom) and CIT vs. Shri Ram Pistons & Rings Ltd. (2008) 220 CTR (Del) 404 applied. As the assessee had to incur expenditure in excess of the provision made by it and the assessee being a company assessable at uniform rate of tax, the entire exercise of seeking to disturb the year of allowability of expenditure is revenue neutral and, therefore, no…

ACIT 3(2), Mumbai vs. Mangalore Refinery & Petrochemicals Ltd, Mumbai

In the result, the Cross objection filed by the assessee is allowed, as above

ITA 6835/MUM/2008[2004-2005]Status: DisposedITAT Mumbai23 Nov 2016AY 2004-2005

Bench: Shri G.S. Pannu & Shri Amit Shukla: (A.Y : 2004-05)

For Appellant: Shri S.E. Dastor & Shri Niraj ShethFor Respondent: Shri G.M. Doss
Section 115JSection 143(3)Section 40A(9)Section 43B

…the inclusion of the Customs duty in the valuation of closing stock is undoubtedly on the footing that such a definite liability exists. Before us, reliance has been placed on the judgment of the Hon'ble Bombay High Court in the case of Nagri Mills Co. Ltd., 33 ITR 681 (Bom.) for the proposition that where a debit/credit in one year is off-set by a credit/debit in the subsequent year, the Assessing Officer would not be justified in disturbing what the assessee has done, particularly in the case of corporate assessees’, where tax is attracted at a uniform rate. At the time of hearing, the aforesaid factual matrix…

Oricon Travels P.Ltd, Mumbai vs. DCIT CC 31, Mumbai

In the result appeal of the assessee is allowed for statistical purposes

ITA 4977/MUM/2013[1993-94]Status: DisposedITAT Mumbai04 Nov 2016AY 1993-94

Bench: Sh. B.R. Baskaran & Sh. Pawan Singh

Section 143(3)Section 147Section 148Section 220(2)Section 233ASection 253Section 254(1)

…Orion Travels Pvt. Ltd ITA No.4977/M/2103, AY 1993-94 IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH “C”, MUMBAI BEFORE SH. B.R. BASKARAN, ACCOUNTANT MEMBER AND SH. PAWAN SINGH, JUDICIAL MEMBER ITA No.4977/Mum/2013 for A Y: 1993-94) M/s Orion Travels Pvt Ltd. DCIT, CC 31, 32, Madhuli, Dr. A.B. Road, Room No. 409, Worli, Aayakar Bhavan , M.K. Road, Vs. Mumbai-400018 Mumbai-400020 PAN : AAACO1591K (Appellant) (Respondent) Assessee by Sh. Dharmesh Shah - Advocate Revenue by Dr. P. Daniel- Advocate (Standing Counsel) Date of hearing 04.11.2016 Date of pronouncement 09.11.2016 Order under section 254(1) of Incom…

Hero Motocorp Limited, New Delhi vs. JCIT, New Delhi

In the result appeal of the assessee in ITA No

ITA 1545/DEL/2015[2010-11]Status: DisposedITAT Delhi24 Oct 2016AY 2010-11

Bench: Sh. I. C. Sudhir & Shri Prashant Maharishihero Motocorp Limited, Jcit, 34, Basant Lok, Vasant Range-1, New Delhi Vs. Vihar, New Delhi Pan: Aaach0812J (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community Vs. New Delhi Centre, Basant Lok, Vasant Vihar, New Delhi-110057 (Appellant) (Respondent) Dcit, M/S. Hero Moto Corp. Circle-11(1), Ltd., 34, Community

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. NC Sawain, CIT DR
Section 143Section 143(3)Section 144CSection 92C

…d out in the opening stock of the succeeding year. c. The addition, if any, is revenue neutral, if seen in a macro perspective and, therefore, no adjustment is called for. [Refer: CIT v. Excel Industries Ltd.:358 ITR 295 (SC); CIT v. Nagri Mills Company Ltd.: 33 ITR 681 (Bom.); Triveni Engineering Industries Ltd.: 336 ITR 374 (Del.)] d. He further argued that The contention of the assessing officer that the revenue aspect will keep on changing from year to year, as there might be chances when in one year Hero MotoCorp Limited Vs. JCIT & DCIT Vs. Hero MotoCorp Ltd. ITA Nos. 1545/Del/2015 and 2424/Del/2015 (AY 2010…

M/S Bairavi Properties & Construction Pvt. Ltd vs. DCIT

In the result, the appeal of the assessee is dismissed

ITA 203/BANG/2014[2007-08]Status: DisposedITAT Bangalore30 Sept 2016AY 2007-08

Bench: Shri A.K. Garodia & Shri Vijay Pal Rao

For Appellant: Shri Tata Krishna, AdvocateFor Respondent: Shri S . Sundar Rajan, JCIT (D.R)
Section 143(3)Section 263

…imed this expenditure in the subsequent assessment year therefore this is revenue neutral claim as the assessee is being taxed at the maximum rates. In support of his contention, he has relied upon the following decision CIT Vs. Nagri Mills Co. Ltd. (1958) 33 ITR 681 (Bom.) The ld. AR has referred to the details of the total expenditure on completion of the project in the next year and submitted that the provision of expenditure claimed during the year under consideration is almost equivalent to the expenditure to be apportioned on the basis of the ratio of the saleable area of the total project and the area…

ADIT, New Delhi vs. M/S. Rolls Royce Singapore Pte Ltd., New Delhi

In the result all the four appeals of the Revenue are dismissed

ITA 862/DEL/2012[2001-02]Status: DisposedITAT Delhi24 Aug 2016AY 2001-02

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: Sh. V.R. Sonbhadra, Sr. DRFor Respondent: Sh Gaurav Gupta, Advocate &
Section 115ASection 143(3)Section 148Section 271(1)Section 271(1)(c)

…o tax on the FTS. The ld. AR has relied on following decisions for the proposition that where there is no loss of revenue but only issue is year of taxability, no penalty can be imposed : 9 ITA No.862 to 865/Del./2014 i). CIT vs. Nagri Mills Co. Ltd. (1958) 33 ITR 681 (Bom). (ii). CIT v Triveni Engineering & Industries Ltd. (2011) 336 ITR 374, (ii(i). CIT v Shriram Pistons & Rings Ltd., judgement dated 5.5.2008 in appeal number: ITR 133 / 1991 (iv). CIT v Vishnu Industrial Gases P. Ltd.: judgement date 06/05/2008 in appeal number: ITR No. 229/1988 (v). In the case of CIT v. Excel Industries Ltd. [2013] 358 ITR…

Royal Information Systems P Ltd, Mumbai vs. ITO WD 8(3)(3), Mumbai

Appeal of the assessee is partly allowed

ITA 7123/MUM/2014[2010-11]Status: DisposedITAT Mumbai13 Jul 2016AY 2010-11

Bench: Shri Joginder Singh () & Shri Ashwani Taneja (Acountant Member)

Section 143(3)Section 69A

…any case, the remaining amount has been included in the income of the subsequent year and has been accepted by the AO in the subsequent year, i.e. A.Y. 2011-12. He relied upon the judgement of Hon’ble Bombay High Court in the case of CIT vs Nagri Mills Co Ltd 33 ITR 681 (Bom) wherein the High Court has suggested the department to take liberal view in such issues. 6. Per contra, the Ld. DR supported the orders of the lower authorities. 4 I.T.A. No.7123 /Mum/2014 7. It is noted by us that the assessee had raised invoices on account of licence fee and annual maintenance charges for the calendar year January, 2010…

Sulzer India Ltd, Pune vs. Addl CIT 8(3), Mumbai

In the result, the appeal filed by the assessee company in ITA N0

ITA 7324/MUM/2012[2008-09]Status: DisposedITAT Mumbai16 May 2016AY 2008-09

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 7324/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) Sulzer India Ltd., Addl. Commissioner Of बनाम/ Gate No. 304, Income Tax – 8(3), V. Kondhapuri, Room No. 212, 2 Nd Floor, Tal- Shirur, Aayakar Bhavan, Dist. Pune – 412 209. M.K. Road, New Marine Lines, Mumbai – 400 020. "थायी लेखा सं./Pan : Aaacs 7876D (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

For Respondent: Shri Ritesh Misra,DR
Section 115JSection 143(3)Section 234B

…decisions in the case of CIT v. Hero Management Services Limited 360 ITR 68(Del), CIT v. Armour Consultants Private Limited , 355 ITR 418(Mad.) , CIT v. Rajasthan State Bridge and Construction Corporation Limited 346 ITR 53(Raj.) , CIT v. Nagri Mills Co. Ltd 33 ITR 681(Bom.) and CIT v. Triveni Engineering & Industries Limited, 196 Taxman 94(Del.). Thus the ld. Counsel submitted that provisions for expenses of Rs.11,15,000/-- should be allowed as the provisions for expenses of Rs.11,15,000/- are made on best estimate basis based on Prudence by making an estimate on the basis of services actually availed by the as…

DCIT, New Delhi vs. M/S. C.B. Richard Ellis South Asia Pvt. Ltd., New Delhi

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

ITA 775/DEL/2013[2008-09]Status: DisposedITAT Delhi07 Mar 2016AY 2008-09

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

For Appellant: S/Shri Gautam Jain and Piyush Kumar Kamal, AdvocatesFor Respondent: Shri B.R.R. Kumar, Senior DR
Section 143(1)Section 143(3)Section 14ASection 32Section 36(1)(ii)

…therwise, the entire disallowance is revenue neutral as there is no variation in tax rates. It has been held that, if the disallowance made is revenue neutral that no such disallowance is warranted. Reliance is placed on following judicial pronouncements: a) 33 ITR 681 (Born) CFI vs. Nagri Mills Co. Ltd. b) 331 ITR 10 (Del) CIT vs Dinesh Kumar Goel c) 196 Taxman 94 (Del) CIT vs Triveni E igd. and Industries Ltd. d) 53 DTR 1 (Del) Cyber Media (India) Ltd vs. CIT In view of the aforesaid submissions, it was most respectfully submitted commission paid to Shri Anshuman Magazine for the aforesaid years be allowed an…

ACIT, New Delhi vs. M/S. Cb Richard Ellis South Asia Pvt. Ltd., New Delhi

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

ITA 709/DEL/2012[2007-08]Status: DisposedITAT Delhi07 Mar 2016AY 2007-08

Bench: Shri A.T. Varkey & Shri Prashant Maharishi

For Appellant: S/Shri Gautam Jain and Piyush Kumar Kamal, AdvocatesFor Respondent: Shri B.R.R. Kumar, Senior DR
Section 143(1)Section 143(3)Section 14ASection 32Section 36(1)(ii)

…therwise, the entire disallowance is revenue neutral as there is no variation in tax rates. It has been held that, if the disallowance made is revenue neutral that no such disallowance is warranted. Reliance is placed on following judicial pronouncements: a) 33 ITR 681 (Born) CFI vs. Nagri Mills Co. Ltd. b) 331 ITR 10 (Del) CIT vs Dinesh Kumar Goel c) 196 Taxman 94 (Del) CIT vs Triveni E igd. and Industries Ltd. d) 53 DTR 1 (Del) Cyber Media (India) Ltd vs. CIT In view of the aforesaid submissions, it was most respectfully submitted commission paid to Shri Anshuman Magazine for the aforesaid years be allowed an…

Ifci Ltd vs. Commissioner of Income Tax

Appeal is dismissed

ITA/1931/2010HC Delhi30 Sept 2011

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

Section 36Section 36(1)(viia)Section 36(1)(viii)

…year 1998-99. Therefore, it was taxed neutral which fact was ignored and for this reason he referred to the judgment of the Bombay High Court in the case of Commissioner of Income Tax, Delhi, Ajmer, Rajasthan and Madhya Bharat Vs. Nagri Mills Co. Ltd., 33 ITR 681. Otherwise, contended the counsel, it amounts to double taxation, which is impermissible having regard to the ITA No.1931 of 2010 Page 12 of 13 judgments of the Supreme Court in the case of Income Tax Officer, ‘A’ Ward, Lucknow Vs. Bachu Lal Kapoor, 60 ITR 74, Laxmipat Singhania Vs. Commissioner of Income Vs. CIT, U…

Ifci Ltd vs. Commissioner of Income Tax

Appeal is dismissed

ITA-1931/2010HC Delhi30 Sept 2011
Section 36Section 36(1)(viia)Section 36(1)(viii)

…year 1998-99. Therefore, it was taxed neutral which fact was ignored and for this reason he referred to the judgment of the Bombay High Court in the case of Commissioner of Income Tax, Delhi, Ajmer, Rajasthan and Madhya Bharat Vs. Nagri Mills Co. Ltd., 33 ITR 681. Otherwise, contended the counsel, it amounts to double taxation, which is impermissible having regard to the 2011:DHC:5132-DB ITA No.1931 of 2010 Page 12 of 13 judgments of the Supreme Court in the case of Income Tax Officer, ‘A’ Ward, Lucknow Vs. Bachu Lal Kapoor, 60 ITR 74, Laxmipat Singhania Vs. Commissioner of I…