CIT v. Official Liquidator, Palai Central Bank Ltd.

150 ITR 539Supreme Court of India1984#16777 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2020.

Judgments citing CIT v. Official Liquidator, Palai Central Bank Ltd.

Haresh Natvarlal Sanghvi, Thane vs. ACIT Cir 4, Thane

The appeal of the revenue is dismissed

ITA 2043/MUM/2017[2012-13]Status: DisposedITAT Mumbai09 Jun 2020AY 2012-13

Bench: Shri G. Manjunatha & Shri Ravish Soodharesh Natvarlal Sanghavi Acit, Circle-4, 6Th Floor Nikunj House, Manav Mandir A-Wing, Room No. 2, Ashar I.T Park, Vs. Ambadi Road, Vasai (W), Road No. 16-Z, Wagle Industrial Estate, Thane. Thane(W) – 400 604 Pan –Afcps7828F Acit, Circle-4, 6Th Floor Haresh Natvarlal Sanghavi A-Wing, Room No. 2, Ashar I.T Park, Nikunj House, Manav Mandir Vs. Road No. 16-Z, Wagle Industrial Estate, Ambadi Road, Vasai (W), Thane(W) – 400 604 Thane. Pan –Afcps7828F Assessee By: S/Shri Nirav Vora & Ankita Lunia, A.Rs Revenue By: Shri R. Bhoopathi, D.R Date Of Hearing: 05.03.2020 Date Of Pronouncement: 09.06.2020

For Appellant: S/shri Nirav Vora & Ankita Lunia, A.RsFor Respondent: Shri R. Bhoopathi, D.R
Section 143(1)Section 143(2)Section 143(3)Section 23(1)(a)Section 24Section 32Section 57

…arge under s. 22 of the Act to arise is that the property be inherently capable of being let out. 15. In this connection, we may refer to the judgment of the Supreme Court in CIT vs. Official Liquidator, Palai Central Bank Ltd. (1984) 43 CTR (SC) 164 : (1984) 150 ITR 539 (SC), to which our attention was invited by Mr. Dastur, learned counsel for the assessee. The Supreme Court, in Palai Central Bank's case (supra), cited with approval its earlier judgment in CIT vs. B. C. Srinivasa Setty (1981) 21 CTR (SC) 138 : (1981) 128 ITR 294 (SC), and held that, under the scheme of the IT Act, 1961, charge of tax will not g…

Direct Media Distribution Ventures Pvt. Ltd., Mumbai vs. Pr.CIT - Range -6, Mumbai

In the result, the appeal of the assessee is allowed

ITA 2211/MUM/2019[2014-15]Status: DisposedITAT Mumbai04 Oct 2019AY 2014-15

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm M/S. Direct Media Vs. Pr. Commissioner Of Distribution Ventures Pvt. Income Tax, Range-6 Ltd., Mumbai 18Th Floor, A-Wing Marathon Futurex N.M.Joshi Marg, Lower Parel Mumbai – 400 013 Pan/Gir No.Aadcd1940Q (Appellant) .. (Respondent)

Section 143(3)Section 14ASection 263

…code, which has been highlighted by the Hon'ble Supreme Court in the above case as well as in the following cases: . PNB Finance Ltd. v. CIT 307 ITR 75 (SC) CIT v. Infosys Technologies Ltd. 297 ITR 167 (SC) . CIT v. Official Liquidator Palai Central Bank Ltd. 150 ITR 539 (SC) Further attention is invited to the case of Amintit Interntionl Holding Ltd.. In re (322 ITR 678) wherein the Applicant had transferred shares of one 'AFIIL', an Indian Company to its wholly owned subsidiary 'ACHL', without consideration, the AAR held that since the full value of consideration was not capable of being computed, the computati…

Reliance Infrastructure Ltd, Mumbai vs. Addl CIT RG 10(1) Now DCIT Cir 14(3)(1), Mumbai

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

ITA 1480/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Jun 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

Section 143(3)

…ons of the Companies Act following the same accounting policies as followed in the Electricity Accounts presented before the shareholders." Further, reliance was placed on the decision of the Supreme Court in the case…….Liquidator, Palai Central Bank ltd. in 150 ITR 539. It was further submitted in their own case for AY 1988-89, the M/s Reliance Infrastructure Ltd. Tribunal has held that the provisions of sec. 115J are not applicable. 24. After taking into consideration the order of the Assessing Officer, ld CIT(A) and the submissions of the id DR and the Id counsel of the assessee, we find that the assessee d…

DCIT 14(3)(1), Mumbai vs. Reliance Infrstructure Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed and that of the assessee is allowed for statistical purposes

ITA 1422/MUM/2015[2010-11]Status: DisposedITAT Mumbai02 Jun 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dy. Commissioner Of Income Tax M/S Reliance Infrastructure 14(3)(1), 453, 4Th Floor, Aayakar Ltd. Bhavan, Mumbai-20 Reliance Energy Centre Vs. Santacruz East, Mumbai- 400055 Pan No. Aaccr7445Q Appellant .. Respondent M/S Reliance Infrastructure Ltd. Dy. Commissioner Of Income Tax Reliance Energy Centre 14(3)(1), 453, 4Th Floor, Aayakar Santacruz East, Mumbai- Vs. Bhavan, Mumbai-20 400055 Pan No. Aaccr7445Q Appellant .. Respondent

Section 143(3)

…ons of the Companies Act following the same accounting policies as followed in the Electricity Accounts presented before the shareholders." Further, reliance was placed on the decision of the Supreme Court in the case…….Liquidator, Palai Central Bank ltd. in 150 ITR 539. It was further submitted in their own case for AY 1988-89, the M/s Reliance Infrastructure Ltd. Tribunal has held that the provisions of sec. 115J are not applicable. 24. After taking into consideration the order of the Assessing Officer, ld CIT(A) and the submissions of the id DR and the Id counsel of the assessee, we find that the assessee d…

Dipsc Limited, Kolkata vs. D.C.I T Cir - VI, Kolkata

In the result, the appeal of the assessee is partly allowed

ITA 890/KOL/2013[2007-08]Status: DisposedITAT Kolkata04 May 2016AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am] Assessment Year : 2007-08

For Appellant: Shri Soumen Adak, FCA & Shri Amit Agarwal, ACAFor Respondent: Sallong Yaden, Addl. CIT, Sr.DR
Section 115JSection 143(3)Section 14ASection 211Section 616

…r the contentions of the Id counsel or the assessee, there will be a big anomaly in preparing the accounts as per Electricity Supply Act and as per Companies Act. The Hon'ble Supreme Court in the case of CIT vs Official liquidator, Palai Central Bank Ltd., in 150 ITR 539, on which reliance was placed by the ld counsel of the assessee supports the case of the assessee, This case was under Super Profits Tax Act. In this case the assessee was a banking company, which went into liquidation. For A.Y.63-64 the Assessing Officer was of the opinion that their taxable income would attract liable to Super Profits Tax Act.…

CIT v. Official Liquidator, Palai Central Bank Ltd. (150 ITR 539) — Cited in 5 Judgments | BharatTax