CIT v. OM Metals and Minerals P Ltd.

373 ITR 406High Court2015#14153 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2025.

Sections most often in play

Section 115JBSection 144Section 14ASection 28Section 36(1)(vii)Section 36(2)Section 37(1)Section 43B

Issues it is cited on

wholly and exclusively for businesssection 36(2)prohibited by lawbusiness expediencysection 36(1)(vii)short term capital gainsspecified authoritymercantile system of accountingsection 50short term capital gaintax deducted at sourcedisallowance under section 14a

Judgments citing CIT v. OM Metals and Minerals P Ltd.

THE ASST. CIT.,CIRCLE-1(1),, BARODA vs. AMBALAL SARABHAI ENTERPRISES LIMITED,, BARODA

In the result, the appeal is allowed for statistical purposes

ITA 2033/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad08 Jul 2025AY 2012-13

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Bandish Soparkar, A.RFor Respondent: Shri Alpesh Parmar, CIT DR &
Section 115JSection 14ASection 50

…ally adjudicated. The assessee relied on several judicial precedents including IG Gandhi Silk Mills Ltd., National Newsprint & Paper Mills Ltd. [1978] 114 ITR 172 (MP), Ballarpur Industries Ltd. [2017] 84 taxmann.com 295 (Bom), and Om Metals & Minerals [2015] 373 ITR 406 (Raj.), to argue that where the sale proceeds have been taxed at full value, any consequential enforceable liability must also be allowed in the same or corresponding year to ensure a fair and just computation of income. The assessee also cited the case of CIT v. Shree Digvijay Cement Co. and CIT v. Excel Industries Ltd. to argue that booking of…

AMBALAL SARABHAI ENTERPRISES LIMITED,,BARODA vs. THE DY.CIT.,CIRCLE-1(1),, BARODA

In the result, the appeal is allowed for statistical purposes

ITA 1807/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad08 Jul 2025AY 2012-13

Bench: Dr. Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Bandish Soparkar, A.RFor Respondent: Shri Alpesh Parmar, CIT DR &
Section 115JSection 14ASection 50

…ally adjudicated. The assessee relied on several judicial precedents including IG Gandhi Silk Mills Ltd., National Newsprint & Paper Mills Ltd. [1978] 114 ITR 172 (MP), Ballarpur Industries Ltd. [2017] 84 taxmann.com 295 (Bom), and Om Metals & Minerals [2015] 373 ITR 406 (Raj.), to argue that where the sale proceeds have been taxed at full value, any consequential enforceable liability must also be allowed in the same or corresponding year to ensure a fair and just computation of income. The assessee also cited the case of CIT v. Shree Digvijay Cement Co. and CIT v. Excel Industries Ltd. to argue that booking of…

AMBALAL SARABHAI ENTERPRISES LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX-1(1)(1),, BARODA

In the result, the appeal is allowed for statistical purposes

ITA 954/AHD/2016[2011-12]Status: FixedITAT Ahmedabad08 Jul 2025AY 2011-12
For Respondent: \nShri Bandish Soparkar, A.R
Section 115JSection 144Section 50

…y adjudicated. The assessee relied on several judicial\nprecedents including IG Gandhi Silk Mills Ltd., National Newsprint & Paper\nMills Ltd. [1978] 114 ITR 172 (MP), Ballarpur Industries Ltd. [2017]\n84 taxmann.com 295 (Bom), and Om Metals & Minerals [2015] 373 ITR 406\n(Raj.), to argue that where the sale proceeds have been taxed at full value,\nany consequential enforceable liability must also be allowed in the same or\ncorresponding year to ensure a fair and just computation of income. The\nassessee also cited the case of CIT v. Shree Digvijay Cement Co. and CIT v.\nExcel Industries Ltd. to argue that bookin…

THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1),, VADODARA vs. AMBALAL SARABHI ENTERPRISES LIMITED,, VADODARA

In the result, the appeal is allowed for statistical purposes

ITA 1315/AHD/2016[2011-12]Status: DisposedITAT Ahmedabad08 Jul 2025AY 2011-12
For Appellant: \nShri Bandish Soparkar, A.RFor Respondent: \nShri Alpesh Parmar, CIT DR &
Section 115JSection 144Section 50

…y adjudicated. The assessee relied on several judicial\nprecedents including IG Gandhi Silk Mills Ltd., National Newsprint & Paper\nMills Ltd. [1978] 114 ITR 172 (MP), Ballarpur Industries Ltd. [2017]\n84 taxmann.com 295 (Bom), and Om Metals & Minerals [2015] 373 ITR 406\n(Raj.), to argue that where the sale proceeds have been taxed at full value,\nany consequential enforceable liability must also be allowed in the same or\ncorresponding year to ensure a fair and just computation of income. The\nassessee also cited the case of CIT v. Shree Digvijay Cement Co. and CIT v.\nExcel Industries Ltd. to argue that bookin…

SHRI VIJAY KUMAR AGGARWAL,JALANDHAR vs. INCOME TAX OFICER,WARD II(4), JALANDHAR

In the result, the appeals of the assessee are dismissed

ITA 119/ASR/2018[2014-15]Status: DisposedITAT Amritsar18 Mar 2019AY 2014-15

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 38/Asr./2017 : Asstt. Year : 2013-14 Ita No. 77/Asr./2017 : Asstt. Year : 2012-13

For Appellant: Sh. J. S. Bhasin, AdvFor Respondent: Ms. Shivani Bansal, DR
Section 43B

…position, the Tribunal had not erred in the view that that it had taken. The view taken was neither perverse nor vitiated by any error of law apparent on the face of the record." xiv) Hon'ble Rajasthan High Court in CIT vs OM Metals and Minerals P Ltd (2015) 373 ITR 406 (Raj), taking note of the effect of Supreme Court decision in Bharat Earth Movers vs CIT (2000) 245 ITR 428 and Rotork Controls India P Ltd vs. CIT (2009) 314 ITR 62, held that Liability accrued but to be discharged at future date, was deductible expenditure. xv) Of late, Hon'ble P&H High Court in its recent decision in the case of CIT vs. Haryan…

SH. VIJAY KUMAR AGGARWAL, PROP.,JALANDHAR vs. INCOME TAX OFFICER, JALANDHAR

In the result, the appeals of the assessee are dismissed

ITA 38/ASR/2017[2013-14]Status: DisposedITAT Amritsar18 Mar 2019AY 2013-14

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 38/Asr./2017 : Asstt. Year : 2013-14 Ita No. 77/Asr./2017 : Asstt. Year : 2012-13

For Appellant: Sh. J. S. Bhasin, AdvFor Respondent: Ms. Shivani Bansal, DR
Section 43B

…position, the Tribunal had not erred in the view that that it had taken. The view taken was neither perverse nor vitiated by any error of law apparent on the face of the record." xiv) Hon'ble Rajasthan High Court in CIT vs OM Metals and Minerals P Ltd (2015) 373 ITR 406 (Raj), taking note of the effect of Supreme Court decision in Bharat Earth Movers vs CIT (2000) 245 ITR 428 and Rotork Controls India P Ltd vs. CIT (2009) 314 ITR 62, held that Liability accrued but to be discharged at future date, was deductible expenditure. xv) Of late, Hon'ble P&H High Court in its recent decision in the case of CIT vs. Haryan…

DCIT, NEW DELHI vs. M/S. GETIT INFOSERVICES PVT. LTD.,, NOIDA

In the result, the appeal of the Revenue is dismissed

ITA 2429/DEL/2016[2009-10]Status: DisposedITAT Delhi10 Dec 2018AY 2009-10

Bench: Shri H.S. Sidhu & Shri O.P. Kantasstt. Year: 2009-10

For Appellant: Shri B.S. Rajpurohit, Sr. DRFor Respondent: None
Section 143(3)Section 263Section 37(1)

…ed liability into a conditional one, as held by the Apex Court in the case of Calcutta Co. Ltd. The appellant's case is fully supported by the case laws mentioned supra and latest Rajasthan High Court decision In CIT V. Om Metals and Minerals Pvt. Ltd. (2015) 373 ITR 406(Raj). In view of the above facts, the appeal is allowed and the addition of Rs.3,42,35,067/- is deleted.” 7. We find that the Ld. CIT(A) has examined the claim of the assessee that expenses were actually incurred against the revenue recognised. No revenue can be earned without incurring any expenses, however it may be that those expenses have bee…

CIT v. OM Metals and Minerals P Ltd. (373 ITR 406) — Cited in 7 Judgments | BharatTax